PubMatic delivered Q3 2025 results ahead of guidance on adjusted EBITDA despite a year-over-year revenue decline. The company posted a GAAP net loss but remained profitable on a non-GAAP basis. Key growth came from CTV, Activate, and AI-driven platform advancements.
Revenue reached $67.96 million, down from $71.79 million in Q3 2024, which included $5M in political ad revenue.
GAAP net loss widened to $6.45 million from $0.91 million a year ago.
Non-GAAP net income was $1.58 million, or $0.03 per share.
Free cash flow surged to $22.79 million from $2.87 million in Q3 2024.
PubMatic expects Q4 2025 revenue between $73M to $77M and adjusted EBITDA between $19M and $21M, assuming stable macroeconomic and geopolitical conditions.
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