[PART I: FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1: Financial Statements (unaudited)](index=7&type=section&id=Item%201%20Financial%20Statements%20(unaudited)) BuzzFeed's H1 2025 revenue grew 5% to $82.4 million, narrowing losses, with assets decreasing and liabilities increasing due to new debt [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $210.4 million, liabilities increased to $126.5 million due to new debt, and equity declined Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $29,706 | $38,648 | | Total current assets | $85,517 | $100,886 | | Total assets | $210,354 | $221,398 | | **Liabilities & Equity** | | | | Total current liabilities | $69,306 | $96,836 | | Debt (non-current) | $38,333 | $0 | | Total liabilities | $126,454 | $114,456 | | Total stockholders' equity | $83,900 | $106,942 | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue grew 13% to $46.4 million, narrowing operating loss, but a debt extinguishment expense resulted in a higher net loss Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $46,394 | $41,115 | $82,415 | $78,124 | | Loss from continuing operations | ($3,466) | ($5,591) | ($17,208) | ($29,057) | | Net loss from continuing operations | ($10,627) | ($5,374) | ($23,088) | ($32,324) | | Net loss attributable to BuzzFeed, Inc. | ($10,820) | ($7,487) | ($23,491) | ($43,215) | | Basic and diluted EPS (continuing ops) | ($0.28) | ($0.15) | ($0.61) | ($0.88) | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 operating cash flow improved, with financing providing $6.4 million, leading to an $8.9 million overall cash decrease Cash Flow Summary - Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($8,755) | ($25,703) | | Net cash (used in) provided by investing activities | ($7,116) | $102,302 | | Net cash provided by (used in) financing activities | $6,445 | ($66,396) | | **Net (decrease) increase in cash** | **($8,942)** | **$9,824** | - Financing activities in H1 2025 were highlighted by **$39.2 million** in borrowings from a new Term Loan, which were used for a **$30.0 million** payment on Convertible Notes and a **$3.3 million** repurchase of common stock[33](index=33&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail 'going concern' resolution, a $40.0 million term loan, a reverse stock split, and asset dispositions - The company resolved the substantial doubt about its ability to continue as a going concern by securing a **$40.0 million** asset-backed term loan in May 2025 and using the proceeds to fully repay its convertible notes[36](index=36&type=chunk) - A **1-for-4** reverse stock split of Class A and Class B common stock became effective on May 6, 2024, with all share and per-share amounts retroactively adjusted[44](index=44&type=chunk)[47](index=47&type=chunk) - The company completed the disposition of Complex Networks on February 21, 2024, for **$108.6 million** and First We Feast on December 11, 2024, for **$82.5 million**, both presented as discontinued operations[50](index=50&type=chunk)[154](index=154&type=chunk)[165](index=165&type=chunk) - In August 2025, the company announced a plan to reduce its workforce by approximately **6%**, expecting to incur restructuring charges of **$1.3 million to $1.8 million** in Q3 2025[174](index=174&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q2 2025 revenue grew 13% to $46.4 million, Adjusted EBITDA improved, and a new $40.0 million term loan resolved 'going concern' risk Revenue by Type - Q2 (in thousands) | Revenue Type | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Advertising | $22,589 | $23,188 | (3)% | | Content | $10,699 | $6,985 | 53% | | Commerce and other | $13,106 | $10,942 | 20% | | **Total revenue** | **$46,394** | **$41,115** | **13%** | - The **53%** increase in Content revenue for Q2 2025 was primarily driven by a **$4.7 million** increase in studio revenue, largely due to the timing of revenue recognition for a feature film[206](index=206&type=chunk) Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net loss from continuing operations | ($10,627) | ($5,374) | ($23,088) | ($32,324) | | **Adjusted EBITDA** | **$1,984** | **$831** | **($3,910)** | **($13,536)** | - The company secured a **$40.0 million** asset-backed term loan in May 2025, maturing in 2028, with a portion of proceeds used to fully repay the remaining **$30.0 million** of its convertible notes, resolving the 'going concern' risk[234](index=234&type=chunk)[243](index=243&type=chunk) [Item 3: Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include foreign currency exchange, interest rate fluctuations, and equity investment risk - The company's primary market risks include **foreign currency exchange risk** (primarily British pound, Japanese yen, Australian and Canadian dollars), **interest rate fluctuation risk** on cash equivalents, and **equity investment risk** in a privately-held company[263](index=263&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk) [Item 4: Controls and Procedures](index=73&type=section&id=Item%204%20Controls%20and%20Procedures) Material weaknesses in internal control over financial reporting persist, with ongoing remediation for financial close and IT controls - Material weaknesses in internal control over financial reporting remain unremediated, relating to a lack of formalized controls and segregation of duties in the financial statement close process, and insufficient IT general controls for change management and logical security over financial IT systems[268](index=268&type=chunk) - Management is continuing to implement remediation plans to address the identified material weaknesses, including enhancing documentation, enforcing segregation of duties, and centralizing IT security administration[270](index=270&type=chunk)[271](index=271&type=chunk)[272](index=272&type=chunk) [PART II: OTHER INFORMATION](index=74&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1: Legal Proceedings](index=74&type=section&id=Item%201%20Legal%20Proceedings) Mass arbitrations initiated by former employees regarding share trading post-Business Combination have been resolved and are now closed - The mass arbitrations initiated by **91** former employees regarding the trading of their shares post-Business Combination have been resolved between the parties, and the matters are now considered closed[276](index=276&type=chunk)[283](index=283&type=chunk) [Item 1A: Risk Factors](index=76&type=section&id=Item%201A%20Risk%20Factors) New risk factors include reliance on third-party financing for studio productions and disruption from AI-enabled search features - A new risk factor highlights the company's reliance on third-party loans and co-financing for its studio productions, noting the inherent uncertainty in the commercial performance of films and television content[287](index=287&type=chunk)[288](index=288&type=chunk) - The company has identified a significant new risk from AI-enabled search features, which could disrupt its business model by reducing referral traffic, lowering advertising revenue, and diminishing brand recognition as users consume AI-generated summaries instead of clicking through to the source content[290](index=290&type=chunk)[291](index=291&type=chunk) [Item 2: Unregistered Sales of Equity Securities and Use of Proceeds](index=78&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities were reported during the period [Item 3: Defaults Upon Senior Securities](index=78&type=section&id=Item%203%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities [Item 4: Mine Safety Disclosures](index=78&type=section&id=Item%204%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations [Item 5: Other Information](index=78&type=section&id=Item%205%20Other%20Information) No other material information was reported for the period [Item 6: Exhibits](index=79&type=section&id=Item%206%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including key agreements and certifications

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Q2 2025 Overview and Strategic Progress](index=1&type=section&id=Q2%202025%20Overview%20and%20Strategic%20Progress) BuzzFeed, Inc. reported strong revenue growth in Q2 2025, increasing 13% year-over-year to $46.4 million, advancing strategic priorities in direct audience growth, AI development, and platform independence - BuzzFeed, Inc. delivered strong revenue growth in Q2 2025, increasing **13% year-over-year**[1](index=1&type=chunk)[5](index=5&type=chunk) - The company is executing a strategy to reduce platform dependencies, expand scalable revenue streams, and invest in future-oriented initiatives[1](index=1&type=chunk) [CEO and CFO Commentary](index=1&type=section&id=CEO%20and%20CFO%20Commentary) CEO Jonah Peretti highlighted a return to growth driven by double-digit gains in commerce and programmatic advertising, a successful feature film, and the beta testing of BF Island, an AI-native social media app, while CFO Matt Omer emphasized strong performance in scalable revenue lines, an efficient cost structure, and growing direct audience engagement - CEO Jonah Peretti noted a return to growth, driven by double-digit gains in commerce and programmatic advertising[2](index=2&type=chunk) - The company has begun beta testing BF Island, an AI-native social media app[2](index=2&type=chunk) - CFO Matt Omer highlighted strong performance in programmatic advertising and affiliate commerce, combined with a more efficient cost structure and growing direct audience engagement[2](index=2&type=chunk) [Q2 2025 Financial and Operational Highlights](index=1&type=section&id=Q2%202025%20Financial%20and%20Operational%20Highlights) [Revenue Performance by Segment](index=1&type=section&id=Revenue%20Performance%20by%20Segment) Total revenue for Q2 2025 increased 13% year-over-year to $46.4 million, primarily driven by a 53% increase in Content revenue due to a feature film project and a 20% rise in Commerce and other revenue, particularly organic affiliate commerce, despite a slight 3% decline in overall Advertising revenue | Revenue Segment | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | Year-over-Year Change | Key Drivers | | :---------------- | :--------------------- | :--------------------- | :-------------------- | :---------- | | Total Revenue | $46.4 | $41.1 | +13% | | | Advertising | $22.6 | $23.2 | -3% | Programmatic +11%, Direct-sold -31% | | Content | $10.7 | $7.0 | +53% | Feature film project | | Commerce and Other| $13.1 | $10.9 | +20% | Organic affiliate commerce +23% | [Profitability and Adjusted EBITDA](index=1&type=section&id=Profitability%20and%20Adjusted%20EBITDA) BuzzFeed reported a net loss from continuing operations of $10.6 million in Q2 2025, a significant increase from $5.4 million in Q2 2024, primarily due to a non-recurring charge on loss on extinguishment of convertible notes, while Adjusted EBITDA improved to $2.0 million, up from $0.8 million in Q2 2024, benefiting from a one-time $2.4 million reversal | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | Year-over-Year Change | | :----- | :--------------------- | :--------------------- | :-------------------- | | Net Loss from Continuing Operations | $(10.6) | $(5.4) | -98% | | Adjusted EBITDA | $2.0 | $0.8 | +139% | - The increased net loss was primarily driven by a non-recurring charge on loss on extinguishment of convertible notes[5](index=5&type=chunk) - Adjusted EBITDA was positively impacted by a one-time **$2.4 million reversal** that will not recur[5](index=5&type=chunk) [Audience Engagement (Time Spent)](index=2&type=section&id=Audience%20Engagement%20%28Time%20Spent%29) Total U.S. Time Spent across BuzzFeed's properties was 69.9 million hours in Q2 2025, a slight decrease year-over-year but a 3% increase relative to Q1 2025, making BuzzFeed the only company in its competitive set to grow Time Spent this period | Metric | Q2 2025 (Million Hours) | Q2 2024 (Million Hours) | Change YoY | Change QoQ | | :----- | :---------------------- | :---------------------- | :--------- | :--------- | | Total U.S. Time Spent | 69.9 | 71.0 | -1.5% | +3% | - BuzzFeed was the only company in its competitive set to grow Time Spent in Q2 2025 relative to Q1 2025[6](index=6&type=chunk) [Business and Content Highlights](index=2&type=section&id=Business%20and%20Content%20Highlights) [Traffic Diversification and Audience Engagement](index=2&type=section&id=Traffic%20Diversification%20and%20Audience%20Engagement) BuzzFeed has successfully diversified its traffic, with 61% of owned and operated traffic now coming from direct visits, internal referrals, and app activity, reducing reliance on external platforms, while audience engagement is strong, with nearly half of BuzzFeed and HuffPost's daily users returning more than once a week, and logged-in users on BuzzFeed.com tripling over the past two years - **61% of BuzzFeed owned and operated traffic** now originates from direct visits, internal referrals, and app activity, decreasing dependence on external algorithms[9](index=9&type=chunk) - HuffPost's homepage referrals increased **12% year-over-year**, now accounting for three-quarters of its total pageviews[9](index=9&type=chunk) - Nearly half of BuzzFeed and HuffPost's daily users return more than once a week, and logged-in users on BuzzFeed.com have tripled in the last two years[9](index=9&type=chunk) [High-Margin Revenue Stream Growth](index=2&type=section&id=High-Margin%20Revenue%20Stream%20Growth) Both programmatic advertising and organic affiliate commerce have demonstrated consistent year-over-year growth for five consecutive quarters, highlighting the success of BuzzFeed's strategy to expand scalable and reliable revenue lines - Programmatic advertising and organic affiliate commerce have shown year-over-year growth for five consecutive quarters[9](index=9&type=chunk) [Studio Business Momentum](index=2&type=section&id=Studio%20Business%20Momentum) The studio business is gaining momentum with a renewed focus on IP development and long-form content, providing protection from algorithmic shifts, with a feature film topping Hulu charts, another highly anticipated film wrapped production, and three additional film projects scheduled for production in the second half of 2025 - Renewed focus on IP development and long-form content in the studio business offers protection from algorithmic shifts[9](index=9&type=chunk) - The feature film "F*** Marry Kill" with Lionsgate was the **1 movie on Hulu in June**[9](index=9&type=chunk) - Three more film projects are slated to enter production in the second half of 2025[9](index=9&type=chunk) [AI Development: BF Island](index=2&type=section&id=AI%20Development%3A%20BF%20Island) BuzzFeed has initiated beta testing for BF Island, its AI-native social media platform, with plans to expand access to select BuzzFeed community members by the end of Q3 - Beta testing has commenced for BF Island, an AI-native social media platform[9](index=9&type=chunk) - Expansion to select BuzzFeed community members is planned by the end of Q3[9](index=9&type=chunk) [First Half 2025 Results and Full Year Outlook](index=2&type=section&id=First%20Half%202025%20Results%20and%20Full%20Year%20Outlook) [First Half 2025 Financial Performance](index=2&type=section&id=First%20Half%202025%20Financial%20Performance) For the first half of 2025, total revenue increased 5% to $82.4 million compared to the first half of 2024, with net loss from continuing operations improving by 29% to $23.1 million, and Adjusted EBITDA losses significantly improving by 71% to $3.9 million | Metric | H1 2025 (Millions USD) | H1 2024 (Millions USD) | Year-over-Year Change | | :----- | :--------------------- | :--------------------- | :-------------------- | | Total Revenue | $82.4 | $78.1 | +5% | | Net Loss from Continuing Operations | $(23.1) | $(32.3) | +29% | | Adjusted EBITDA | $(3.9) | $(13.5) | +71% | [Full Year 2025 Financial Outlook](index=3&type=section&id=Full%20Year%202025%20Financial%20Outlook) BuzzFeed reaffirmed its full-year 2025 financial outlook, expecting revenue in the range of $195 million to $210 million and Adjusted EBITDA between $10 million and $20 million | Metric | Full Year 2025 Outlook (Millions USD) | | :----- | :------------------------------------ | | Revenue | $195 - $210 | | Adjusted EBITDA | $10 - $20 | - The company has not provided GAAP guidance for net income (loss) from continuing operations due to inherent forecasting difficulties[10](index=10&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) [About BuzzFeed, Inc.](index=3&type=section&id=About%20BuzzFeed%2C%20Inc.) BuzzFeed, Inc., founded in 2006, is a digital media company known for its entertainment, news, food, pop culture, and commerce brands, aiming to provide trusted, quality, brand-safe content, promote inclusivity, and inspire audiences - BuzzFeed, Inc. operates across entertainment, news, food, pop culture, and commerce, driving conversation and inspiring audience engagement[14](index=14&type=chunk) - The company is committed to providing trusted, quality, brand-safe news and entertainment, and making content more inclusive, empathetic, and creative[14](index=14&type=chunk) [Key Definitions (Revenue Streams, Time Spent)](index=3&type=section&id=Key%20Definitions%20%28Revenue%20Streams%2C%20Time%20Spent%29) BuzzFeed defines its primary revenue lines as Advertising, Content, and Commerce and other, with Advertising revenue from programmatic and direct-sold ads, Content revenue from custom assets, films, and content licensing, and Commerce and other revenues primarily from affiliate commissions and product licensing, while 'Time Spent' measures audience engagement across owned and operated sites, YouTube, and Apple News, as reported by Comscore - Advertising revenues are primarily generated from programmatic and direct-sold ads distributed across owned and operated sites and third-party platforms like YouTube and Apple News[16](index=16&type=chunk) - Content revenues are derived from custom assets, including long-form and short-form content, films, content licensing, and TV projects inspired by BuzzFeed IP[16](index=16&type=chunk) - Commerce and other revenues mainly comprise affiliate commissions from editorial shopping content and product licensing[16](index=16&type=chunk) - Time Spent measures audience engagement on owned and operated sites, YouTube, and Apple News, as measured by Comscore, excluding platforms with minimal advertising capabilities[16](index=16&type=chunk) [Non-GAAP Financial Measures (Adjusted EBITDA)](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20%28Adjusted%20EBITDA%29) Adjusted EBITDA is a non-GAAP financial measure used by management and the board to assess operational strength and performance, defined as net (loss) income from continuing operations, excluding various non-cash and non-recurring items, which the company believes provides relevant information for investors despite its limitations and non-comparability with other companies' similarly titled measures - Adjusted EBITDA is a non-GAAP financial measure used by management to gauge operational strength, performance, and to set budgets and goals[17](index=17&type=chunk) - It excludes items like net (loss) income attributable to noncontrolling interests, income tax, interest expense, depreciation and amortization, stock-based compensation, change in fair value of warrant liabilities, restructuring costs, transaction-related costs, certain litigation costs, and other non-cash and non-recurring items[17](index=17&type=chunk) - Adjusted EBITDA should not be considered a substitute for GAAP measures, and its comparability with other companies' measures may be limited[18](index=18&type=chunk)[19](index=19&type=chunk) [Condensed Consolidated Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, BuzzFeed's total assets were $210.4 million, a decrease from $221.4 million at December 31, 2024, while total liabilities increased to $126.5 million from $114.5 million, and total stockholders' equity decreased to $83.9 million from $106.9 million | Balance Sheet Item | June 30, 2025 (Thousands USD) | December 31, 2024 (Thousands USD) | | :----------------- | :------------------------------ | :-------------------------------- | | Total Assets | $210,354 | $221,398 | | Total Liabilities | $126,454 | $114,456 | | Total Stockholders' Equity | $83,900 | $106,942 | | Cash and Cash Equivalents | $29,706 | $38,648 | [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, total revenue was $46.4 million, leading to a net loss from continuing operations of $10.6 million, and for the six months ended June 30, 2025, total revenue was $82.4 million, with a net loss from continuing operations of $23.1 million, resulting in basic and diluted net loss per share from continuing operations of $(0.28) for Q2 2025 and $(0.61) for the first half of 2025 | Metric | Three Months Ended June 30, 2025 (Thousands USD) | Three Months Ended June 30, 2024 (Thousands USD) | Six Months Ended June 30, 2025 (Thousands USD) | Six Months Ended June 30, 2024 (Thousands USD) | | :----- | :----------------------------------------------- | :----------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Revenue | $46,394 | $41,115 | $82,415 | $78,124 | | Net Loss from Continuing Operations | $(10,627) | $(5,374) | $(23,088) | $(32,324) | | Basic and Diluted Net Loss per Share | $(0.28) | $(0.15) | $(0.61) | $(0.88) | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was $8.8 million, an improvement from $25.7 million used in the prior year period, with net cash used in investing activities at $7.1 million, and net cash provided by financing activities at $6.4 million, primarily due to borrowings from Term Loan and 2X Blind Loan Commitment, partially offset by payment on Convertible Notes and common stock repurchase | Cash Flow Activity | Six Months Ended June 30, 2025 (Thousands USD) | Six Months Ended June 30, 2024 (Thousands USD) | | :----------------- | :--------------------------------------------- | :--------------------------------------------- | | Net Cash Used in Operating Activities | $(8,755) | $(25,703) | | Net Cash Used in Investing Activities | $(7,116) | $(6,273) | | Net Cash Provided by (Used in) Financing Activities | $6,445 | $(66,396) | | Cash and Cash Equivalents at End of Period | $29,706 | $45,461 | - Financing activities in H1 2025 included **$39.2 million from Term Loan borrowings** and **$2.4 million from 2X Blind Loan Commitment**, offset by a **$30.0 million payment on Convertible Notes** and **$3.3 million for common stock repurchase**[31](index=31&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=12&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) [Adjusted EBITDA Reconciliation (Q2 & H1 2025)](index=12&type=section&id=Adjusted%20EBITDA%20Reconciliation%20%28Q2%20%26%20H1%202025%29) The reconciliation shows how Net loss from continuing operations is adjusted to arrive at Adjusted EBITDA, which for Q2 2025 was $2.0 million (4.3% margin), improving from $0.8 million (2.0% margin) in Q2 2024, and for the first half of 2025, was $(3.9) million (-4.7% margin), a significant improvement from $(13.5) million (-17.3% margin) in the prior year period | Metric | Three Months Ended June 30, 2025 (Thousands USD) | Three Months Ended June 30, 2024 (Thousands USD) | Six Months Ended June 30, 2025 (Thousands USD) | Six Months Ended June 30, 2024 (Thousands USD) | | :----- | :----------------------------------------------- | :----------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Net Loss from Continuing Operations | $(10,627) | $(5,374) | $(23,088) | $(32,324) | | Adjustments (e.g., Interest, Depreciation, Stock-based Comp) | $12,611 | $6,205 | $19,178 | $18,788 | | Adjusted EBITDA | $1,984 | $831 | $(3,910) | $(13,536) | | Adjusted EBITDA Margin | 4.3% | 2.0% | (4.7)% | (17.3)% | - Restructuring expenses are excluded from non-GAAP measures as they are not indicative of core operating performance[33](index=33&type=chunk) [Supplemental 2024 Quarterly Adjusted EBITDA Reconciliation](index=15&type=section&id=Supplemental%202024%20Quarterly%20Adjusted%20EBITDA%20Reconciliation) This section provides a quarterly breakdown of Adjusted EBITDA for fiscal year 2024, which was $5.45 million (2.9% margin), with positive Adjusted EBITDA in Q2, Q3, and Q4 2024, following a loss in Q1 2024 | Metric | Q1 2024 (Thousands USD) | Q2 2024 (Thousands USD) | Q3 2024 (Thousands USD) | Q4 2024 (Thousands USD) | FY 2024 (Thousands USD) | | :----- | :---------------------- | :---------------------- | :---------------------- | :---------------------- | :---------------------- | | Net (Loss) Income from Continuing Operations | $(26,950) | $(5,374) | $2,512 | $(4,144) | $(33,956) | | Adjusted EBITDA | $(14,367) | $831 | $8,056 | $10,931 | $5,451 | | Adjusted EBITDA Margin | (38.8)% | 2.0% | 14.5% | 19.5% | 2.9% | - Transaction-related costs and certain litigation costs are excluded from non-GAAP measures as they are not representative of underlying operations or are singular in nature[40](index=40&type=chunk)[41](index=41&type=chunk) [Additional Disclosures](index=3&type=section&id=Additional%20Disclosures) [Quarterly Conference Call Information](index=3&type=section&id=Quarterly%20Conference%20Call%20Information) BuzzFeed's management team held a conference call on August 7, 2025, at 5:00 PM ET to discuss Q2 2025 results, with the webcast and replay available on the investor relations section of their website - A conference call to discuss Q2 2025 results was held on August 7, 2025, at 5:00 PM ET[11](index=11&type=chunk) - The webcast and replay are accessible via investors.buzzfeed.com under 'News and Events'[11](index=11&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements regarding future expectations, forecasts, and events, which are subject to substantial risks and uncertainties including macroeconomic factors, industry competition, demand for products, regulatory changes, capital requirements, and technological developments like AI, and actual results may differ materially from these statements, with no obligation to update them except as required by law - Statements regarding future expectations, forecasts, and the 2025 outlook are forward-looking and involve substantial risks and uncertainties[20](index=20&type=chunk) - Key risks include macroeconomic conditions, competition in the digital media industry, demand for products, regulatory changes, capital requirements, and technological developments such as artificial intelligence[20](index=20&type=chunk)[21](index=21&type=chunk) - The company does not undertake any obligation to update or revise forward-looking statements, except as required by applicable securities laws[22](index=22&type=chunk) [Contacts](index=5&type=section&id=Contacts) Contact information for media and investor relations is provided - Media Contact: juliana.clifton@buzzfeed.com[23](index=23&type=chunk) - Investor Relations: investors@buzzfeed.com[23](index=23&type=chunk)

Core Insights - PHEXXI, a non-hormonal birth control brand, has sparked a national conversation on microfeminism through a viral TikTok with over 10 million views, highlighting women's empowerment and daily practices of microfeminism [1][2][3] - The brand's messaging aligns with the cultural shift towards women's autonomy and choice in health, emphasizing that microfeminism involves small, intentional acts that reclaim equity [3][4] - Evofem Biosciences, the creator of PHEXXI, is focused on addressing unmet needs in women's sexual and reproductive health, with two FDA-approved products generating revenue [5][7] Company Overview - Evofem Biosciences, Inc. is commercializing innovative products for women's sexual and reproductive health, including PHEXXI and SOLOSEC, both of which are FDA-approved [5][7] - The company is in the process of being acquired by Aditxt, which aims to enhance its social innovation platform with a dedicated women's health program, targeting a close in the second half of 2025 [6] Product Details - PHEXXI is the first and only hormone-free, on-demand prescription contraceptive vaginal gel, applied 0-60 minutes before sexual activity, available in boxes of 12 pre-filled applicators [7] - SOLOSEC is an FDA-approved oral antibiotic for treating bacterial vaginosis and trichomoniasis, providing a complete course of therapy in just one dose [7]

[PART I: FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%3A%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements, management's discussion and analysis of financial condition, and disclosures on market risk and internal controls [Item 1: Financial Statements (unaudited)](index=7&type=section&id=Item%201%3A%20Financial%20Statements%20%28unaudited%29) This section presents BuzzFeed's unaudited condensed consolidated financial statements for the quarter ended March 31, 2025, highlighting a net loss of $12.5 million, a cash position of $34.3 million, and total assets of $203.2 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $34,326 | $38,648 | | Total current assets | $88,029 | $100,886 | | Total assets | $203,249 | $221,398 | | Total current liabilities | $96,096 | $96,836 | | Total liabilities | $106,957 | $114,456 | | Total stockholders' equity | $96,292 | $106,942 | Condensed Consolidated Statement of Operations Highlights (in thousands, except per share amounts) | Income Statement Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | $36,021 | $37,009 | | Loss from continuing operations | ($13,742) | ($23,466) | | Net loss from continuing operations | ($12,461) | ($26,950) | | Net loss | ($12,461) | ($35,782) | | Net loss per share (Basic & Diluted) | ($0.33) | ($0.74) | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Cash provided by (used in) operating activities | $1,344 | ($13,299) | | Cash (used in) provided by investing activities | ($3,449) | $105,157 | | Cash used in financing activities | ($2,454) | ($65,828) | | Net (decrease) increase in cash | ($4,322) | $25,870 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide critical context to the financial statements, highlighting a "substantial doubt" about the company's ability to continue as a going concern due to liquidity issues - The company's financial statements were prepared on a going concern basis, but uncertainties related to its net losses and the upcoming put option on its convertible notes raise "substantial doubt" about its ability to continue as a going concern, with **$34.3 million** in cash and a net loss of **$12.5 million** for the quarter as of March 31, 2025[32](index=32&type=chunk)[33](index=33&type=chunk)[40](index=40&type=chunk) - The company has **$29.7 million** in convertible notes outstanding, with holders having the right to demand cash repurchase on or after May 31, 2025, and is seeking a new asset-backed term loan of up to **$40.0 million** as it currently lacks sufficient cash to fund this potential put[34](index=34&type=chunk)[36](index=36&type=chunk)[38](index=38&type=chunk) Revenue by Type and Geography (in thousands) | Revenue Type | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Advertising | $21,387 | $20,944 | | Content | $4,424 | $6,735 | | Commerce and other | $10,210 | $9,330 | | **Total** | **$36,021** | **$37,009** | | **By Geography** | | | | United States | $32,799 | $33,287 | | International | $3,222 | $3,722 | | **Total** | **$36,021** | **$37,009** | - The company implemented a **5% workforce reduction** in February 2025, incurring **$1.9 million** in restructuring costs, following a **16% workforce reduction** in February 2024 that cost **$2.9 million**[113](index=113&type=chunk)[114](index=114&type=chunk) - The sales of the Complex Networks business for **$108.6 million** in February 2024 and the First We Feast business for **$82.5 million** in December 2024 are classified as discontinued operations, with their historical results reclassified and reported separately from continuing operations[146](index=146&type=chunk)[147](index=147&type=chunk)[156](index=156&type=chunk) - The mass arbitrations initiated by former employees regarding stock conversion issues following the 2021 Business Combination have been resolved and are now closed[135](index=135&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=Item%202%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Q1 2025 financial results, highlighting a 3% revenue decline to $36.0 million, a narrowed net loss, and improved Adjusted EBITDA due to cost-cutting, with significant liquidity risk tied to convertible notes becoming puttable in May 2025 - The company's financial results have been adversely impacted by macroeconomic factors affecting advertising budgets, and this trend is expected to continue in 2025[178](index=178&type=chunk) Key Operational Highlights (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **GAAP** | | | | Total revenue | $36,021 | $37,009 | | Net loss from continuing operations | ($12,461) | ($26,950) | | **Non-GAAP** | | | | Adjusted EBITDA | ($5,894) | ($14,367) | | **Non-Financial** | | | | Time Spent | 67,858 | 67,324 | [Results of Operations](index=51&type=section&id=Results%20of%20Operations) Total revenue for Q1 2025 decreased by 3% year-over-year to $36.0 million, driven by a 34% decline in Content revenue, partially offset by increases in Commerce and Advertising revenue, leading to significantly reduced operating expenses and a narrowed loss from continuing operations Revenue by Category (in thousands) | Category | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Advertising | $21,387 | $20,944 | 2% | | Content | $4,424 | $6,735 | (34)% | | Commerce and other | $10,210 | $9,330 | 9% | | **Total revenue** | **$36,021** | **$37,009** | **(3)%** | - The **34% decrease** in Content revenue was primarily driven by a **$3.2 million** drop in direct sold content, attributed to a leaner sales team and a strategic shift towards programmatic and affiliate products[194](index=194&type=chunk)[196](index=196&type=chunk) - Operating costs decreased significantly year-over-year due to cost-saving actions: Cost of Revenue was down **13%**, Sales & Marketing was down **49%**, and General & Administrative was down **12%**[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk) Reconciliation of Net Loss from Continuing Operations to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss from continuing operations | ($12,461) | ($26,950) | | Adjustments: | | | | Income tax provision | 80 | 682 | | Interest expense, net | 1,171 | 2,209 | | Other (income) expense, net | (1,298) | 556 | | Depreciation and amortization | 4,585 | 5,479 | | Stock-based compensation | 1,377 | 704 | | Change in fair value of warrant liabilities | (1,234) | 37 | | Restructuring | 1,886 | 2,916 | | **Adjusted EBITDA** | **($5,894)** | **($14,367)** | [Liquidity and Capital Resources](index=60&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces a critical liquidity situation, raising "substantial doubt" about its ability to continue as a going concern, with $34.3 million in cash and a significant risk from $29.7 million in convertible notes puttable by holders in May 2025 - The company's history of significant losses and its current cash position of **$34.3 million** as of March 31, 2025, contribute to the going concern uncertainty[216](index=216&type=chunk) - A key risk is the **$29.7 million** in convertible notes, which have a holder put option exercisable on or after May 31, 2025, and the company does not have sufficient cash to fund a full repurchase[217](index=217&type=chunk)[226](index=226&type=chunk) - To address its capital needs, the company has entered into a non-binding term sheet for an asset-backed term loan of up to **$40.0 million**, with proceeds intended to repurchase the remaining notes[218](index=218&type=chunk) - These factors combined raise "substantial doubt about our ability to continue as a going concern," and the financial statements do not include any adjustments that might result from this uncertainty[221](index=221&type=chunk) Cash Flows from Continuing Operations (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Operating Activities | $1,344 | ($3,853) | | Investing Activities | ($3,449) | ($3,418) | | Financing Activities | ($2,454) | ($65,828) | [Item 3: Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to several market risks in its ordinary course of business, primarily including foreign currency exchange risk, interest rate fluctuation risk on cash holdings, and equity investment risk - The company is exposed to foreign currency risk as it transacts business in various foreign currencies, primarily the British pound, Japanese yen, Australian dollar, and Canadian dollar[248](index=248&type=chunk) - Interest rate fluctuations pose a risk to the interest income generated from the company's cash and cash equivalents[249](index=249&type=chunk) - The company holds a **$0.8 million** equity investment in a privately-held company, which carries valuation risk due to the lack of a readily determinable fair value[250](index=250&type=chunk) [Item 4: Controls and Procedures](index=67&type=section&id=Item%204%3A%20Controls%20and%20Procedures) The company acknowledges that material weaknesses in its internal control over financial reporting, identified in prior years, remain unremediated as of March 31, 2025, pertaining to the financial statement close process and IT general controls - Material weaknesses in internal control over financial reporting, identified in previous audits, remain unremediated[252](index=252&type=chunk) - The weaknesses are related to: (i) a lack of formalized controls and segregation of duties in the financial statement close process, and (ii) insufficient IT general controls over financial systems, specifically in change management and logical security[252](index=252&type=chunk) - Management is continuing to execute remediation plans, including enhancing documentation, redesigning workflows, centralizing IT functions, and implementing stricter policies and procedures[253](index=253&type=chunk)[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) [PART II: OTHER INFORMATION](index=68&type=section&id=PART%20II%3A%20OTHER%20INFORMATION) This section covers legal proceedings, updated risk factors, unregistered equity sales, defaults on senior securities, mine safety disclosures, other information, and a list of exhibits [Item 1: Legal Proceedings](index=68&type=section&id=Item%201%3A%20Legal%20Proceedings) This section reports on legal matters, focusing on the "Mass Arbitrations" case initiated in March 2022 by 91 former employees concerning their ability to trade stock post-Business Combination, which has since been resolved and closed - Two mass arbitrations were initiated in March 2022 by **91 former employees** of Legacy BuzzFeed regarding alleged harm from being unable to convert and sell shares on the first day of trading after the Business Combination[261](index=261&type=chunk) - After a series of legal actions, including complaints filed by BuzzFeed in the Delaware Court of Chancery, the arbitrations were ultimately resolved between the parties and are now considered closed[267](index=267&type=chunk) [Item 1A: Risk Factors](index=71&type=section&id=Item%201A%3A%20Risk%20Factors) The company states that there have been no material changes to its risk factors since those disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - The company's risk factors have not changed materially since December 31, 2024[269](index=269&type=chunk) [Item 2: Unregistered Sales of Equity Securities and Use of Proceeds](index=71&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[270](index=270&type=chunk) [Item 3: Defaults Upon Senior Securities](index=71&type=section&id=Item%203%3A%20Defaults%20Upon%20Senior%20Securities) This item is not applicable - Not applicable[271](index=271&type=chunk) [Item 4: Mine Safety Disclosures](index=71&type=section&id=Item%204%3A%20Mine%20Safety%20Disclosures) This item is not applicable - Not applicable[272](index=272&type=chunk) [Item 5: Other Information](index=71&type=section&id=Item%205%3A%20Other%20Information) This item is not applicable - Not applicable[273](index=273&type=chunk) [Item 6: Exhibits](index=72&type=section&id=Item%206%3A%20Exhibits) This section provides a list of all exhibits filed with the Quarterly Report on Form 10-Q, including key corporate and financial documents such as merger agreements, debt indentures, and officer certifications - The exhibits include various agreements related to the 2021 business combination, asset purchase agreements for the Complex and First We Feast dispositions, and the indenture and its four supplemental amendments governing the company's convertible notes[274](index=274&type=chunk)[275](index=275&type=chunk)

Company Overview - BuzzFeed, Inc. held its first quarter 2025 earnings conference call with key participants including CEO Jonah Peretti and CFO Matt Omer [2][3]. Financial Performance - The company presented both GAAP and non-GAAP financial measures during the call, highlighting adjusted EBITDA and adjusted EBITDA margin as important metrics for assessing operational strength and performance [4][5]. Forward-Looking Statements - The remarks included forward-looking statements based on current assumptions, with a disclaimer that actual results may differ materially due to various risks and factors [3][4].

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $36 million, a slight decline from $37 million in Q1 2024, primarily due to declines in direct sold offerings, offset by improvements in programmatic advertising and affiliate commerce [12] - Advertising revenues grew to $21.4 million from $20.9 million year over year, marking the fourth consecutive quarter of growth in programmatic advertising [12] - Net loss from continuing operations improved significantly to $12.5 million compared to a loss of $27 million in the same quarter of 2024, cutting losses by more than half [14] - Adjusted EBITDA loss was $5.9 million, an improvement of $8.5 million year over year, reflecting a streamlined organizational structure and a lean cost base [15] Business Line Data and Key Metrics Changes - Content revenues totaled $4.4 million, down from $6.7 million in the prior year, driven by fewer direct sold content deals [13] - Commerce and other revenue rose to $10.2 million from $9.3 million a year ago, driven by a $1 million increase in organic affiliate commerce, marking the fourth straight quarter of growth in this category [14] Market Data and Key Metrics Changes - The company reported that 62% of U.S. traffic to BuzzFeed.com comes from direct visits, internal referrals, and app usage, indicating reduced dependency on external platforms [6] Company Strategy and Development Direction - The company is focused on running a leaner, more profitable core publishing business while investing in transformative new applications powered by generative AI [5] - Development of BF Island, a new AI-native social media app, is underway, with expectations of significant growth in engagement and time spent on the platform [10] Management's Comments on Operating Environment and Future Outlook - Management noted a chaotic macroeconomic environment with uncertainty affecting advertiser spending, but overall economic conditions appear strong [19] - The continued improvement of generative AI technology is seen as a major macro trend that will have a significant impact on the economy and the company's growth opportunities [20] Other Important Information - The company reaffirmed its full-year 2025 guidance, expecting revenue in the range of $195 million to $210 million and adjusted EBITDA between $10 million and $20 million [16] Q&A Session Summary Question: What is BuzzFeed's outlook for macro conditions and advertiser spending? - Management indicated that advertisers are cautious and taking a wait-and-see approach due to uncertainty in the macro environment, but the overall economy seems fairly strong [19] Question: Will BuzzFeed lean into more programmatic revenue in uncertain macro conditions? - Management expressed confidence in programmatic advertising as it is efficient and scalable, and it is expected to be a more resilient revenue source during economic uncertainty [22][23] Question: Have there been changes from commerce partners due to tariffs? - Management reported no meaningful impact from tariffs so far, citing a diversified commerce business that reduces risk exposure [25] Question: What is the outlook for cash flow generation in 2025? - While specific guidance on free cash flow was not provided, management expects positive cash flow from operations to be offset by modest capital expenditures [26]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $36 million, a slight decline from $37 million in Q1 2024, primarily due to declines in direct sold offerings, offset by improvements in programmatic advertising and affiliate commerce [12] - Advertising revenues grew to $21.4 million from $20.9 million year over year, marking the fourth consecutive quarter of growth in programmatic advertising [12] - Net loss from continuing operations improved significantly to a loss of $12.5 million compared to a loss of $27 million in the same quarter of 2024, cutting losses by more than half [14] - Adjusted EBITDA loss was $5.9 million, an improvement of $8.5 million year over year, reflecting a streamlined organizational structure and cost management [15] Business Line Data and Key Metrics Changes - Content revenues totaled $4.4 million, down from $6.7 million in the prior year, driven by fewer direct sold content deals [13] - Commerce and other revenue rose to $10.2 million from $9.3 million a year ago, driven by a $1 million increase in organic affiliate commerce [14] Market Data and Key Metrics Changes - The company reported that 62% of U.S. traffic to buzzfeed.com comes from direct visits, internal referrals, and app usage, indicating reduced dependency on external platforms [6] Company Strategy and Development Direction - The company is focused on running a leaner, more profitable core publishing business while investing in transformative applications powered by generative AI [5] - Development of BF Island, a new AI-native social media app, is underway, with expectations of significant growth in user engagement and time spent on the platform [10] Management's Comments on Operating Environment and Future Outlook - Management noted a chaotic macroeconomic environment with uncertainty affecting advertiser spending, but overall economic conditions appear strong [20] - The continued improvement of generative AI technology is seen as a major macro trend that could drive significant economic growth and opportunities for the business [21] Other Important Information - The company reaffirmed its full-year 2025 guidance, expecting revenue in the range of $195 million to $210 million and adjusted EBITDA between $10 million and $20 million [16] Q&A Session Summary Question: What is BuzzFeed's outlook for macro conditions and advertiser spending? - Management indicated that advertisers are cautious and taking a wait-and-see approach due to uncertainty in the macro environment, but overall economic conditions seem strong [20] Question: Will BuzzFeed lean into more programmatic revenue in uncertain macro conditions? - Management expressed confidence in programmatic advertising as it is efficient and scalable, likely to be a higher percentage of revenue in a downturn [24] Question: Have there been changes from commerce partners due to tariffs? - Management reported no meaningful impact from tariffs so far, citing a diversified commerce business that mitigates risk exposure [26] Question: What is the outlook for cash flow generation in 2025? - While specific guidance on free cash flow was not provided, management expects positive cash flow from operations to be offset by modest capital expenditures [28]

[Q1 2025 Earnings Release](index=1&type=section&id=BUZZFEED%2C%20INC.%20REPORTS%20Q1%202025%20RESULTS) [Q1 2025 Financial and Operational Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20and%20Operational%20Highlights%20for%20Continuing%20Operations) BuzzFeed's Q1 2025 revenue slightly decreased to $36.0 million, while net loss narrowed to $12.5 million and Adjusted EBITDA loss improved to $5.9 million Q1 2025 Key Financial Metrics (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$36.0M** | **$37.0M** | **(3)%** | | Advertising Revenue | $21.4M | $20.9M | +2% | | Content Revenue | $4.4M | $6.7M | (34)% | | Commerce & Other Revenue | $10.2M | $9.3M | +9% | | **Net Loss (Continuing Ops)** | **($12.5M)** | **($27.0M)** | **+54%** | | **Adjusted EBITDA** | **($5.9M)** | **($14.4M)** | **59%** | - Revenue from programmatic advertising increased by **$2.5 million**, offsetting a **$2.1 million** decline in direct-sold ads[5](index=5&type=chunk) - Content revenue decline was driven by a **$3.2 million** decrease in direct-sold content deals[5](index=5&type=chunk) - Commerce revenue growth was supported by a **$1.0 million** increase in organic affiliate commerce[5](index=5&type=chunk) - Audience engagement remained stable, with Time Spent across BuzzFeed's properties increasing slightly to **67.9 million hours** from **67.3 million hours** in Q1 2024[5](index=5&type=chunk) [Business and Content Highlights](index=2&type=section&id=Business%20and%20Content%20Highlights) BuzzFeed leverages AI to boost content engagement and efficient revenue streams, successfully shifting to direct audience relationships with 62% of U.S. traffic now direct - A new pilot AI tool improved pageviews per article by an average of **25%**, and editorial output increased during the quarter[2](index=2&type=chunk) - Programmatic advertising and affiliate commerce have both delivered year-over-year growth for the **fourth consecutive quarter**[12](index=12&type=chunk) - The company is successfully shifting toward direct audience relationships, with **62%** of U.S. BuzzFeed.com traffic now originating from direct visits, internal referrals, and app activity[12](index=12&type=chunk) - BuzzFeed.com ranks as the **1** individual media brand in the U.S. for time spent, particularly among Gen Z and Millennial audiences, reaching **32.9 million hours** in Q1 2025 (a **7% YoY increase**)[12](index=12&type=chunk) [Full Year 2025 Financial Outlook](index=2&type=section&id=Confirming%20Full%20Year%202025%20Financial%20Outlook) The company confirmed its full-year 2025 guidance, projecting revenue of $195-210 million and Adjusted EBITDA of $10-20 million Full Year 2025 Guidance | Metric | Expected Range | YoY Change | | :--- | :--- | :--- | | Revenue | $195M - $210M | 3% - 10% growth | | Adjusted EBITDA | $10M - $20M | ~$10M improvement at midpoint | [Financial Statements](index=5&type=section&id=Financial%20Statements) Unaudited condensed consolidated financial statements for Q1 2025 are presented, including Statements of Operations, Balance Sheets, and Cash Flows [Financial Highlights (Summary Table)](index=5&type=section&id=Financial%20Highlights) Key financial metrics for Q1 2025 and Q1 2024 are summarized, detailing revenue, net loss, and Adjusted EBITDA Q1 2025 Financial Highlights (in thousands) | | Three Months Ended March 31, | % Change | | :--- | :--- | :--- | | | **2025** | **2024** | | | **Total revenue** | **$36,021** | **$37,009** | **(3)%** | | Advertising | $21,387 | $20,944 | 2% | | Content | $4,424 | $6,735 | (34)% | | Commerce and other | $10,210 | $9,330 | 9% | | **Loss from continuing operations** | **$(13,742)** | **$(23,466)** | **41%** | | **Net loss from continuing operations** | **$(12,461)** | **$(26,950)** | **54%** | | **Adjusted EBITDA** | **$(5,894)** | **$(14,367)** | **59%** | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The unaudited condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024 are presented Q1 2025 Statement of Operations (in thousands, except per share) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | **Revenue** | **$36,021** | **$37,009** | | Total costs and expenses | $49,763 | $60,475 | | Loss from continuing operations | $(13,742) | $(23,466) | | **Net loss from continuing operations** | **$(12,461)** | **$(26,950)** | | Net loss | $(12,461) | $(35,782) | | **Net loss per share (Basic & Diluted)** | **$(0.33)** | **$(0.74)** | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The unaudited condensed consolidated balance sheets as of March 31, 2025, and December 31, 2024 are presented Balance Sheet Highlights (in thousands) | | Mar 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $34,326 | $38,648 | | Total current assets | $88,029 | $100,886 | | **Total assets** | **$203,249** | **$221,398** | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $96,096 | $96,836 | | **Total liabilities** | **$106,957** | **$114,456** | | **Total stockholders' equity** | **$96,292** | **$106,942** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2025 and 2024 are presented Q1 2025 Cash Flow Highlights (in thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | **Cash from operating activities (continuing ops)** | **$1,344** | **$(3,853)** | | Cash used in investing activities (continuing ops) | $(3,449) | $(3,418) | | Cash used in financing activities | $(2,454) | $(65,828) | | **Net decrease in cash and cash equivalents** | **$(4,322)** | **$25,870** | | Cash and cash equivalents at end of period | $34,326 | $61,507 | [Reconciliation of GAAP to Non-GAAP Measures](index=12&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP) This section reconciles Net loss from continuing operations (GAAP) to Adjusted EBITDA (non-GAAP), detailing Q1 2025 adjustments for depreciation, stock-based compensation, and restructuring costs Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | **Net loss from continuing operations** | **$(12,461)** | **$(26,950)** | | Depreciation and amortization | $4,585 | $5,479 | | Stock-based compensation | $1,377 | $704 | | Restructuring | $1,886 | $2,916 | | Other adjustments | $(1,221) | $3,415 | | **Adjusted EBITDA** | **$(5,894)** | **$(14,367)** | [Definitions](index=2&type=section&id=Definitions) Key definitions for revenue streams (Advertising, Content, Commerce) and the 'Time Spent' audience engagement metric are provided - **Advertising revenues:** Generated from programmatic and direct-sold ads distributed against editorial and news content on owned sites and third-party platforms (e.g., YouTube, Apple News)[11](index=11&type=chunk) - **Content revenues:** Generated from clients for custom assets (e.g., branded quizzes, sponsored content) and studio projects (e.g., films, TV) inspired by BuzzFeed IP[18](index=18&type=chunk) - **Commerce and other revenues:** Consist primarily of affiliate commissions from transactions initiated from editorial shopping content[18](index=18&type=chunk) - **Time Spent:** Measures audience engagement time across owned and operated sites, YouTube, and Apple News, as reported by Comscore It excludes platforms with minimal advertising capabilities like Instagram and TikTok[18](index=18&type=chunk)

Company Overview - BuzzFeed, Inc. (NASDAQ: BZFD) recently reported its Q4 FY 2024 results on March 13, 2025, indicating ongoing developments within the company [2]. Investment Strategy - Second Wind Capital focuses on small cap value and special situation equities, achieving a compounded annual growth rate of 54% (pre-tax) from January 1, 2020, to December 30, 2024 [1]. Analyst Background - The analyst associated with Second Wind Capital has extensive experience, including in-depth analysis of under-the-radar small cap value ideas and regular management interviews, emphasizing a fundamental research approach [2].

Financial Performance - The company reported a total revenue of $30.0 million for the fiscal year, with a year-over-year decrease of 15%[12] - The company is facing macroeconomic challenges, including high inflation and interest rates, which could affect its financial performance[12] - The company is actively pursuing cost-saving measures to improve its financial condition[12] Future Growth Opportunities - The company anticipates a potential increase in advertising demand, which could positively impact future revenue growth[12] - The company is focused on launching new products and platforms, including advancements in artificial intelligence (AI) technology[12] - The company is exploring market expansion opportunities to enhance its competitive position[12] Compliance and Governance - The company is committed to maintaining compliance with regulatory requirements to avoid potential legal issues[12] - The company is utilizing its investor relations website and SEC filings to communicate material business information to stakeholders[12] Organizational Development - The company is focused on retaining key talent and improving its organizational structure to support growth initiatives[12] Financial Obligations - The company has $30.0 million in unsecured convertible notes due in 2026, which may require repayment under certain conditions[12]