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Sep 30, 2025
Nexxen International Q3 2025 Earnings Report
Nexxen International reported record programmatic revenue and Contribution ex-TAC in Q3 2025 but lowered its full-year guidance due to Q4 headwinds.
Key Takeaways
Nexxen delivered strong programmatic performance in Q3 2025, setting new records for programmatic revenue and Contribution ex-TAC. However, the company reported a significant drop in net income and adjusted EBITDA margins and revised its full-year outlook downward.
Record Q3 programmatic revenue of $89.6M and Contribution ex-TAC of $92.6M
CTV revenue fell 17% YoY, accounting for 27% of programmatic revenue
Adjusted EBITDA decreased 11% YoY to $28.2M with margin compression
Full-year guidance lowered due to reduced activity from key DSP partners
Revenue by Segment
Forward Guidance
Nexxen lowered its full-year 2025 guidance due to weak performance in its open marketplace channel, reduced customer spending, and continued softness in non-core businesses.
Positive Outlook
- Programmatic revenue expected to comprise ~95% of FY25 revenue
- Demand from Nexxen DSP to Nexxen SSP remains in-line with expectations
- New and expanded VIDAA partnership offers long-term CTV growth potential
- Launch of first-to-market Smart TV home screen activation solution
- Increased focus on enterprise DSP adoption and data platform
Challenges Ahead
- Lower-than-expected activity from third-party DSPs in Q4
- Reduced spending from a key DSP customer impacting Q4 Contribution ex-TAC
- Softness in specific verticals and customer segments
- Continued weakness in non-core, non-programmatic business
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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