11Lun·

PubMatic Q3’25 Earnings Highlights

$PUBM


🔹 Revenue: $68.0M (Est. $63.97M) 🟢

🔹 EPS: $0.03 (Est. ($0.22)) 🟢

🔹 Adj EBITDA: $11.2M (16% margin)

🔹 Net Loss: ($6.5M)


Guidance (Q4’25)

🔹 Revenue: $73–77M (Est. $74.97M) 🟡

🔹 Adjusted EBITDA: $19–21M (~27% margin midpoint)


Growth Drivers

🔹 CTV revenue UP >50% YoY (ex-political)

🔹 Activate revenue UP >100% YoY

🔹 Mid-market DSP ad spend UP +25% YoY


AI Platform & Efficiency

🔹 AI platform reduces campaign setup time -87%

🔹 Issue resolution time -70%

🔹 Infrastructure improvements deliver 3x more ad requests per server


Balance Sheet

🔹 Cash: $136.5M

🔹 No debt

🔹 Share repurchases: $180.6M (24% of shares since program start)


Management

🔸 “We outperformed guidance, driven by CTV and accelerated AI adoption.” – CEO Rajeev Goel

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