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Jun 30, 2025
Perion Q2 2025 Earnings Report
Perion reported Q2 2025 results with $103.0M revenue, driven by 8% YoY growth in Advertising Solutions, offset by declines in Search Advertising, resulting in a GAAP net loss and solid adjusted free cash flow.
Key Takeaways
Revenue was $103.0M; GAAP EPS was -$0.08 (net loss $3.471M) while non-GAAP diluted EPS was $0.26. Advertising Solutions delivered $80.571M in revenue, while Search Advertising contributed $22.410M. Adjusted EBITDA came in at $7.064M, and adjusted free cash flow reached $20.747M.
Total revenue was $103.0M, down 5% YoY, with Advertising Solutions up 8% and Search Advertising down 35%.
GAAP net loss was $3.471M (-$0.08 per share); non-GAAP net income was $11.964M ($0.26 per share).
Adjusted EBITDA totaled $7.064M, representing 15% of contribution ex-TAC.
Adjusted free cash flow was $20.747M, supported by $21.292M in operating cash flow.
Revenue by Segment
Forward Guidance
Perion reiterated FY 2025 guidance, expecting revenue of $430M–$450M and adjusted EBITDA of $44M–$46M, with a target adjusted EBITDA to contribution ex-TAC margin of 22% at midpoint.
Positive Outlook
- Reiterated full-year 2025 revenue guidance of $430M–$450M.
- Targeting adjusted EBITDA of $44M–$46M for FY 2025.
- Advertising Solutions revenue returned to YoY growth for the first time since Q3 2023.
- Growth in high-margin DOOH and Web channels.
- Strategic expansion into Korea and EMEA DOOH markets.
Challenges Ahead
- Search Advertising revenue declined 35% YoY due to Bing changes in 2024.
- CTV revenue fell 5% YoY, impacting channel mix.
- Continued reliance on Advertising Solutions for growth amid Search declines.
- Competitive and fast-changing digital ad environment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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