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Sep 30
Perion Q3 2025 Earnings Report
Perion reported Q3 2025 results with $110.5M in revenue, an adjusted EBITDA of $12.1M, and a GAAP net loss of $4.1M.
Key Takeaways
Perion delivered solid top-line growth in Q3 2025, driven by strong performances in CTV, DOOH, and Retail Media. Despite a GAAP net loss, non-GAAP earnings improved and EBITDA margin expanded due to disciplined execution and cost management.
Revenue grew 8% YoY to $110.5M, led by 75% CTV growth and strong Retail Media momentum.
GAAP net loss was $4.1M, while non-GAAP net income rose to $12.5M.
Adjusted EBITDA increased 63% YoY to $12.1M, or 24% of Contribution ex-TAC.
Expanded share repurchase program to $200M, signaling long-term confidence.
Perion
Perion
Perion Revenue by Segment
Revenue by Segment
Advertising Solutions Revenue
CapyFin.comSearch Advertising Revenue
CapyFin.com Forward Guidance
Perion reiterated its FY 2025 outlook, expecting $430–$450M in revenue and adjusted EBITDA of $44–$46M, backed by growth in high-margin digital media segments.
Positive Outlook
- Strong growth in CTV (+75%) and DOOH (+26%) enhances revenue mix.
- Expanded global partnerships to scale Retail Media and DOOH.
- Launched AI-based SODA and DOOH Player to drive recurring revenue.
- Reaffirmed full-year revenue and EBITDA guidance.
- Expanded share repurchase program to $200M signals capital discipline.
Challenges Ahead
- GAAP net loss of $4.1M reflects ongoing transition costs.
- Web channel revenue declined 11% YoY.
- TAC increased to 54% of revenue, slightly pressuring gross margin.
- Cash and equivalents dropped to $124.4M from $156.2M at year-end.
- Search advertising still comprises over 20% of revenue, a risk area.
Revenue & Expenses
Visualization of income flow from segment revenue to net income