Teads Holding Co. on March 5, 2026, reported fourth-quarter and full-year 2025 financial results that laid out the scale of integration costs from its $900 million merger while pointing to accelerating growth in connected television as the business heads into what management described as a pivotal year. Revenue for the quarter came in at $352.2 million – a 50% increase year over year on an as-reported basis, though the figure flatters the comparison given that Legacy Teads only entered the consolidated accounts from February 3, 2025 onwards. On a pro forma basis, Q4 revenue declined 17%.
The headline number obscuring the quarter's real operating picture was a $352.1 million non-cash goodwill impairment. According to CFO Jason Kiviat, “the operational challenges have led us to a timetable longer than we initially anticipated, resulting in this impairment charge.” The write-down had no effect on liquidity, operating cash flows, or debt covenants, the company said. Still, it contributed to a net loss of $428.2 million for the three months ended December 31, 2025, against a near-breakeven result of $0.2 million in the prior year period.
Strip out the impairment along with acquisition costs and restructuring charges and the quarter looks more stable. Adjusted EBITDA reached $36.5 million, above the guided range, while adjusted free cash flow was $2.6 million. For the full year, adjusted free cash flow was $6.0 million – a meaningful contraction from $55.3 million in 2024, but consistently positive throughout 2025, the company noted.
CTV crosses the $100 million threshold
The standout datapoint from the quarter – and the one management returned to repeatedly during the March 5 earnings call – was connected television. According to CEO David Kostman, “We crossed the $100 million annual revenue mark with growth hitting 55% in Q4, and with strong growth on the home screen placements.” That compares with approximately 40% year-over-year CTV growth in the…