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Mar 31
PubMatic Q1 2025 Earnings Report
Reported First Quarter 2025 Financial Results
Key Takeaways
PubMatic exceeded its guidance for revenue and adjusted EBITDA in the first quarter of 2025. The company's underlying business grew 21% year-over-year, driven by strong performance in omnichannel video, including CTV. Supply Path Optimization activity also reached a record high.
Revenue for Q1 2025 was $63.8 million, slightly down from $66.7 million in Q1 2024.
GAAP net loss was $(9.5) million, or $(0.20) per diluted share.
Non-GAAP net loss was $(1.8) million, or $(0.04) per diluted share.
Adjusted EBITDA was $8.5 million, representing a 13% margin.
PubMatic
PubMatic
PubMatic Revenue by Segment
Revenue by Segment
Omnichannel Video (incl. CTV) Revenue
CapyFin.com Forward Guidance
For the second quarter of 2025, PubMatic estimates revenue to be between $66 million to $70 million and Adjusted EBITDA to be in the range of $9 million to $12 million.
Positive Outlook
- Underlying revenues are expected to continue growing 15%+
- Prudent operational plan implemented to continue investing behind fastest growing programmatic opportunities.
- Plan also protects profitability and balance sheet.
- Durable business model provides confidence in navigating the current environment.
- Well positioned for future market share gains.
Challenges Ahead
- Outlook assumes general market conditions do not significantly deteriorate.
- Guidance includes the impact from one of the top DSP buyers revising its auction approach.
- Adjusted EBITDA expectation assumes a negative foreign currency exchange impact.
- Unable to provide guidance for GAAP net income.
- Stock-based compensation expenses are not predictable.