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Mar 31, 2025
Magnite Q1 2025 Earnings Report
Reports First Quarter 2025 Results
Key Takeaways
Magnite reported a strong first quarter for 2025, exceeding top-line guidance for both CTV and DV+ Contribution ex-TAC. Revenue increased 4% year-over-year to $155.8 million, and Adjusted EBITDA grew significantly by 47% to $36.8 million, resulting in a 25% margin. The company posted a lower net loss compared to the prior year and achieved non-GAAP earnings per share of $0.12.
Revenue grew 4% year-over-year to $155.8 million in Q1 2025.
Adjusted EBITDA increased by 47% year-over-year to $36.8 million, with the margin expanding to 25%.
Contribution ex-TAC, a key performance metric, rose 12% year-over-year to $145.8 million, driven by 15% growth in CTV.
The company delivered non-GAAP earnings per share of $0.12, up significantly from $0.05 in the prior year quarter.
Forward Guidance
For Q2 2025, Magnite expects Total Contribution ex-TAC between $154 million and $160 million, with CTV Contribution ex-TAC between $70 million and $72 million and DV+ Contribution ex-TAC between $84 million and $88 million. Adjusted EBITDA operating expenses are expected to be between $110 million and $112 million. While Q2 performance to date is in line with expectations, the company is not reaffirming full-year 2025 expectations due to tariff-driven economic uncertainty.
Positive Outlook
- Q1 performance exceeded top-line guidance for both CTV and DV+.
- Significant outperformance in Adjusted EBITDA in Q1.
- Performance has remained strong to start Q2.
- Continued strong programmatic adoption in CTV.
- Pleased with the growth of Netflix and their global programmatic rollout.
- Antitrust ruling against Google has potential to transform the open internet and increase monetization opportunities and market share, possibly as soon as next year.
Challenges Ahead
- Not reaffirming full-year 2025 expectations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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