Image source: The Motley Fool.
DATE
Thursday, May 7, 2026 at 4:30 p.m. ET
CALL PARTICIPANTS
-
Chief Executive Officer — Rajeev Goel
-
Chief Financial Officer — Steven Pantelick
TAKEAWAYS
-
Revenue — $62.6 million reported, with both revenue and adjusted EBITDA exceeding guidance ranges.
-
Adjusted EBITDA — $2.6 million, representing a 4% margin and marking the 40th consecutive quarter of positive adjusted EBITDA.
-
Free Cash Flow — $10.7 million generated, reflecting a 17% free cash flow margin and a 47% increase from last year.
-
Underlying Business Growth — 13% year over year, representing 83% of total revenues when excluding the legacy DSP buyer.
-
Emerging Revenues — Grew over 80% year over year and comprised 14% of total revenues, primarily driven by adoption of AI products, notably Agentic OS.
-
CTV Revenue — Grew 13% in the Americas, accounting for 80% of total CTV revenue; global CTV revenue (excluding the legacy DSP) grew 18% year over year.
-
Mobile App Revenue — Increased over 25% year over year, benefiting from expanded integration with leading mediation platforms and a global publisher base.
-
Display Revenue — Rose 5% year over year, supported by growth in mobile app video and display segments.
-
Activate Direct Buy — More than tripled year over year, reflecting sharp uptake in direct buying via platform tools.
-
Mid-Market DSP Ad Spend — Up over 20% year over year, underscoring diversification away from the largest DSPs.
-
Impressions Processed — Increased 26% year over year, now surpassing 1 trillion impressions per day due to optimization and targeted CapEx.
-
Cost of Revenue — Managed to 2% year-over-year growth, while unit cost declined 20% on a trailing twelve-month basis.
-
Operating Expenses — Rose 3% year over year due to investments in sales and product, though total company headcount declined.
-
Net Loss — GAAP net loss of $12.5 million, or negative $0.27 per diluted share, including a $1 million foreign exchange headwind.
-
APAC and EMEA Revenue — Grew 25% and 10%…