Core Viewpoint - A lawsuit has been filed against DoubleVerify Holdings, Inc. by an investor, alleging violations of securities laws related to undisclosed shifts in customer ad spending and the company's competitive position in the market [2]. Group 1: Lawsuit Details - The lawsuit claims that DoubleVerify failed to disclose that its customers were moving ad spending from open exchanges to closed platforms, where the company's technological capabilities were limited [2]. - It is alleged that the development of technology for closed platforms was significantly more expensive and time-consuming than disclosed, impacting the monetization of DoubleVerify's high-margin Activation Services [2]. - The plaintiff argues that DoubleVerify's competitors are better positioned to incorporate AI into their offerings on closed platforms, adversely affecting the company's profits and competitive ability [2]. Group 2: Financial Implications - The lawsuit states that DoubleVerify systematically overbilled customers for ad impressions served to declared bots, which raises concerns about the accuracy of the company's financial disclosures [2]. - The risk disclosures provided by DoubleVerify were characterized as materially false and misleading, as they presented adverse facts as mere possibilities [2]. - As a result of these allegations, the positive statements made by DoubleVerify regarding its business operations and prospects are claimed to be materially false or misleading [2].

Company Performance - DoubleVerify Holdings (DV) reported quarterly earnings of $0.05 per share, missing the Zacks Consensus Estimate of $0.06 per share, but showing an increase from $0.04 per share a year ago [1] - The earnings surprise for this quarter was -16.67%, and the company has only surpassed consensus EPS estimates once in the last four quarters [2] - The company posted revenues of $189.02 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 3.98% and up from $155.89 million year-over-year [3] Stock Performance - DoubleVerify shares have declined approximately 19.6% since the beginning of the year, contrasting with the S&P 500's gain of 7.6% [4] - The current consensus EPS estimate for the upcoming quarter is $0.09 on revenues of $187.54 million, and for the current fiscal year, it is $0.32 on revenues of $742.1 million [8] Industry Outlook - The Internet - Software industry, to which DoubleVerify belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook [9] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [6]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 increased by 21% year over year to $189 million, surpassing the raised guidance [6][24] - Adjusted EBITDA grew by 22% year over year to $57 million, with a margin of 30%, up from 27% in Q1 2025 [24][29] - Media transactions measured (NTMs) increased by 19% year over year, while measured transaction fees (NTS) declined by 1% year over year, indicating a relative improvement [25][51] Business Line Data and Key Metrics Changes - Activation revenue grew by 25% year over year, with all four activation solution groupings contributing to growth [25] - Social measurement revenue rose by 14%, driven by platforms like YouTube, TikTok, and Meta, which collectively accounted for over 90% of Q2 social measurement revenue [27][12] - Supply side revenue increased by 26% year over year, reflecting growth from existing and new platform and publisher customers [28] Market Data and Key Metrics Changes - CTV measurement impressions grew by 45% year over year, representing 11% of total measurement impression volumes [15] - Social media remains a significant growth opportunity, with social measurement revenue growth led by major platforms [11][12] - Programmatic volume saw healthy growth, with ABS (Authentic Brand Suitability) growing by 23% year over year [19][48] Company Strategy and Development Direction - The company is focused on expanding relationships with existing advertisers and scaling new ones, emphasizing a strategy of "attach, stack, and scale" [7][10] - The recently launched Media Advantage Platform (MAP) integrates verification, optimization, and outcomes measurement, enhancing customer engagement [8][22] - The company aims to leverage AI innovations and expand its product suite to navigate a shifting market [10][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory, supported by strong enterprise win rates and an active pipeline [22][33] - The company raised its full-year 2025 revenue growth guidance to approximately 15% year over year, up from 13% [32] - Management noted that 2025 is viewed as a transition year, with gradual monetization expected from new solutions like Meta Prescreen and DV Authentic Advantage [34] Other Important Information - The company ended the quarter with approximately $217 million in cash and cash equivalents, maintaining a strong financial position [31][34] - Capital expenditures were approximately $10 million, reflecting ongoing investments in cloud infrastructure and product development [30][29] Q&A Session Summary Question: What drove the acceleration in social growth? - Management indicated that growth was driven by both new user expansion and existing customers increasing their usage, alongside the addition of new partners [38][40] Question: Can you elaborate on the drivers of outperformance relative to guidance? - The strong activation quarter, particularly around ABS, was highlighted as a key driver of growth, alongside resilient advertiser spending despite macro uncertainties [46][48] Question: How confident is the company in the sustainability of social product growth? - Management expressed increased confidence due to improvements in product offerings and the ability to provide both pre- and post-bid solutions [56][58] Question: What is the outlook for margins moving forward? - The company is guiding for a 32% EBITDA margin for the year, with continued investments in growth initiatives [91][92] Question: How is the company approaching capital allocation? - The strategy remains balanced between investments in the business, evaluating M&A opportunities, and considering share repurchases [82][84]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 increased by 21% year over year to $189 million, surpassing the raised guidance [5][22][29] - Adjusted EBITDA grew 22% year over year to $57 million, with a margin of 30%, up from 27% in Q1 2025 [22][27] - Media transactions measured (NTMs) increased by 19% year over year, while measured transaction fees (NTS) declined by 1% year over year, indicating a relative improvement [23][24] Business Line Data and Key Metrics Changes - Advertiser revenue grew by 21% year over year, driven by stronger measurement attach and deeper product stacking [22][23] - Activation revenue increased by 25% year over year, with all four activation solution groupings contributing to growth [23][24] - Social measurement revenue rose by 14%, accounting for 48% of total measurement revenue, primarily driven by platforms like YouTube, TikTok, and Meta [25][26] Market Data and Key Metrics Changes - CTV measurement impressions grew by 45% year over year, representing 11% of total measurement impression volumes [15][16] - Supply side revenue increased by 26% year over year, driven by new platform and publisher customers [26] - International measurement revenue grew by 8% year over year, representing 28% of total measurement revenue [25] Company Strategy and Development Direction - The company is focused on expanding relationships with existing advertisers and rapidly scaling new ones, emphasizing a strategy of "attach, stack, and scale" [6][10] - The recently launched Media Advantage Platform (MAP) integrates verification, optimization, and outcomes measurement, enhancing customer engagement [6][12] - The company aims to leverage innovations in AI and expand its product suite to navigate a shifting market [8][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory, supported by strong enterprise win rates and an active pipeline [21][30] - The company raised its full-year 2025 revenue growth guidance to approximately 15% year over year, up from 13% [29][30] - Management acknowledged macroeconomic uncertainties but noted resilience in advertiser spending levels [60] Other Important Information - The company ended the quarter with approximately $217 million in cash and cash equivalents, maintaining a strong financial position [28][31] - Capital expenditures were approximately $10 million, reflecting ongoing investments in cloud infrastructure and product development [27] Q&A Session Summary Question: What drove the acceleration in social growth? - Management noted that growth was driven by both new user expansion and existing customers increasing their usage, with significant contributions from platforms like TikTok and the addition of the Meta Prebid solution [34][36] Question: How does the evolving advertising landscape impact DoubleVerify? - Management highlighted the importance of transparency and independence in their offerings, which are increasingly valued by customers using AI tools on platforms like Meta [38][39] Question: What were the drivers of outperformance relative to guidance? - Strong activation performance, particularly around the ABS product, was identified as a key driver, alongside resilience in programmatic spending [42][46] Question: How does the company view the future of the open web? - Management believes the open web still has significant traffic and traction, with a focus on social, CTV, and retail media as key growth areas [90][92] Question: What is the status of CTV product development? - Future iterations of the CTV measurement solution are expected to roll out before the end of the year, with a more robust implementation planned for early 2026 [96]

Financial Performance - Total revenue for Q2 2025 reached $189 million, representing a 21% year-over-year growth[8, 43] - Adjusted EBITDA for Q2 2025 was $57 million, resulting in a 30% margin[43] - The company has no long-term debt[43] Revenue Growth Drivers - Scaling new advertisers contributed to approximately one-third of the first half of 2025 revenue growth, with 1 percentage point of the 19% revenue growth coming from 2024 Moat advertiser wins[8] - Activation revenue grew by 25% year-over-year in Q2 2025[33] - Measurement revenue increased by 15% year-over-year in Q2 2025[33] - Supply-side revenue experienced a 26% year-over-year growth in Q2 2025[33] Strategic Initiatives - The company is focused on an "Attach, Stack and Scale" revenue strategy, emphasizing verification measurement expansion and activation product upsells[9, 10] - The company is expanding coverage across Retail Media Networks, with total supply-side revenue growth of 26% and retail media supply-side growth of 39% in Q2 2025[26, 28, 29] Market Expansion - Social measurement revenue grew 14% year-over-year in Q2 2025[19] - CTV measurement impressions grew 45% year-over-year in Q2 2025[21]

Part I [Item 1. Condensed Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents DoubleVerify Holdings' unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, shows increased total assets driven by goodwill, decreased cash, and higher total liabilities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $211,784 | $292,820 | | Total current assets | $462,361 | $559,051 | | Goodwill | $516,587 | $427,621 | | Total assets | $1,296,928 | $1,276,210 | | **Liabilities & Equity** | | | | Total current liabilities | $104,901 | $103,482 | | Total liabilities | $206,913 | $192,751 | | Total stockholders' equity | $1,090,015 | $1,083,459 | - Goodwill increased by approximately **$89 million**, primarily due to the acquisition of Rockerbox, Inc.[15](index=15&type=chunk)[39](index=39&type=chunk) - Cash and cash equivalents decreased by **$81.0 million**, reflecting cash used for the Rockerbox acquisition (**$82.6 million**) and share repurchases (**$82.2 million**), partially offset by cash from operations[15](index=15&type=chunk)[20](index=20&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Q2 2025 revenue grew 21.2% with increased net income, while H1 2025 revenue grew 19.4% but net income decreased due to higher tax expense Key Performance Metrics (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $189,021 | $155,890 | $354,082 | $296,672 | | Income from operations | $13,548 | $11,049 | $20,311 | $17,944 | | Net income | $8,758 | $7,474 | $11,119 | $14,630 | | Diluted EPS | $0.05 | $0.04 | $0.07 | $0.08 | - Operating expenses increased across all categories, with notable rises in Product development (**18.6% YoY for Q2**) and General and administrative (**28.2% YoY for Q2**), reflecting continued investment and acquisition-related costs[16](index=16&type=chunk) - Income tax expense for the first six months of 2025 was **$13.6 million**, a significant increase from **$7.2 million** in the same period of 2024, leading to a decrease in year-to-date net income despite higher pre-tax income[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased, while significant cash was used for investing (acquisitions) and financing (share repurchases), resulting in a net cash decrease Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $87,276 | $67,655 | | Net cash used in investing activities | ($86,707) | ($95,495) | | Net cash used in financing activities | ($86,044) | ($24,562) | | **Net decrease in cash** | **($80,928)** | **($53,252)** | - The primary use of cash in investing activities was **$82.6 million** for the acquisition of Rockerbox, net of cash acquired[20](index=20&type=chunk) - Financing activities were dominated by **$82.2 million** used for share repurchases under the company's authorized programs[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail revenue disaggregation, the Rockerbox acquisition, share repurchase programs, and a new class action lawsuit Disaggregated Revenue by Customer Type (Six Months Ended June 30, in thousands) | Type | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Activation | $204,121 | $166,793 | +22.4% | | Measurement | $116,326 | $104,092 | +11.8% | | Supply-side | $33,635 | $25,787 | +30.4% | | **Total revenue** | **$354,082** | **$296,672** | **+19.4%** | - On March 13, 2025, the Company acquired Rockerbox, Inc., a marketing attribution leader, for a total purchase price of **$82.3 million**, net of cash acquired, adding **$72.1 million** to goodwill[32](index=32&type=chunk)[33](index=33&type=chunk) - The company fully utilized its **$150.0 million** Repurchase Program and began a new **$200.0 million** program, spending a total of **$82.2 million** to repurchase **5.1 million shares** across both programs in the first six months of 2025[83](index=83&type=chunk)[85](index=85&type=chunk) - A class action lawsuit was filed against the Company on May 22, 2025, alleging violations of the Securities Exchange Act of 1934, which the company intends to defend vigorously[89](index=89&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and operational results for the second quarter and first half of 2025 [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Revenue grew significantly in Q2 and H1 2025 across all segments, driven by increased media transactions, while operating expenses also rose due to investments Revenue Growth by Customer Type (Q2 2025 vs Q2 2024) | Customer Type | Q2 2025 Revenue | Q2 2024 Revenue | % Change | | :--- | :--- | :--- | :--- | | Activation | $108,950 | $87,471 | 25% | | Measurement | $62,895 | $54,817 | 15% | | Supply-side | $17,176 | $13,602 | 26% | | **Total revenue** | **$189,021** | **$155,890** | **21%** | - Total Advertiser revenue growth was driven by a **19% increase** in Media Transactions Measured for the three months ended June 30, 2025[113](index=113&type=chunk) - General and administrative expenses increased by **28%** in Q2 2025, primarily due to higher personnel costs, professional fees, and **$0.5 million** in costs related to the Rockerbox acquisition[120](index=120&type=chunk) [Adjusted EBITDA](index=34&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA increased in Q2 and H1 2025, with margins remaining stable, reflecting adjustments for non-cash and M&A-related expenses Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income | $8,758 | $7,474 | $11,119 | $14,630 | | Adjustments | $48,516 | $39,293 | $90,809 | $70,270 | | **Adjusted EBITDA** | **$57,274** | **$46,767** | **$101,928** | **$84,900** | | **Adjusted EBITDA Margin** | **30%** | **30%** | **29%** | **29%** | [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with substantial cash and an undrawn credit facility, financing operations primarily through cash flow and using funds for acquisitions and share repurchases - As of June 30, 2025, the company had cash and cash equivalents of **$211.8 million** and an undrawn **$200.0 million** revolving credit facility[129](index=129&type=chunk)[130](index=130&type=chunk) - In August 2024, the company entered into a new credit agreement for a **$200.0 million** senior secured revolving credit facility, replacing its prior facility, with no debt outstanding as of June 30, 2025[53](index=53&type=chunk)[132](index=132&type=chunk)[136](index=136&type=chunk) - During the first six months of 2025, the company repurchased a total of **5.1 million shares** for **$82.2 million**, with **$140.0 million** remaining available under the New Repurchase Program as of June 30, 2025[85](index=85&type=chunk)[140](index=140&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section confirms no material changes to the company's market risks since the 2024 Annual Report on Form 10-K - Market risks as of June 30, 2025, have not materially changed from those discussed in the 2024 Annual Report on Form 10-K[149](index=149&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Based on an evaluation as of June 30, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[149](index=149&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[150](index=150&type=chunk) Part II [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) This section discloses a class action lawsuit filed against the company, which it intends to vigorously defend - A securities class action lawsuit was filed on May 22, 2025, alleging violations of the Securities Exchange Act of 1934 between November 10, 2023, and February 27, 2025[154](index=154&type=chunk) - The company believes it is not necessary to accrue a litigation reserve at this time and intends to vigorously defend against the claims[154](index=154&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) This section confirms no material changes to the company's risk factors since the 2024 Annual Report on Form 10-K - No material changes have been made to the risk factors described in the 2024 Annual Report on Form 10-K[155](index=155&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no common stock repurchases during the three months ended June 30, 2025 - The company did not repurchase any of its common stock during the three-month period ending June 30, 2025[156](index=156&type=chunk) [Item 5. Other Information](index=43&type=section&id=Item%205.%20Other%20Information) This section discloses the Chief Legal Officer's adoption of a Rule 10b5-1 trading plan for share sales - On June 18, 2025, Chief Legal Officer Andrew E. Grimmig adopted a Rule 10b5-1 trading plan for the sale of **26,076 shares**, expiring March 17, 2026[159](index=159&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications and XBRL data - The report includes standard exhibits such as Sarbanes-Oxley certifications (31.1, 31.2, 32.1, 32.2) and Inline XBRL documents (101 series)[160](index=160&type=chunk)

[Financial & Business Highlights](index=1&type=section&id=Financial%20%26%20Business%20Highlights) DoubleVerify reported strong Q2 2025 results with **21%** revenue growth to **$189.0 million**, driven by balanced segment and strategic wins [Q2 2025 Financial Performance](index=1&type=section&id=Q2%202025%20Financial%20Performance) Q2 2025 Key Financial Metrics (YoY Growth) | Metric | Q2 2025 Value | YoY Growth | | :--- | :--- | :--- | | **Total Revenue** | **$189.0M** | **21%** | | Activation Revenue | $108.9M | 25% | | Measurement Revenue | $62.9M | 15% | | Supply-Side Revenue | $17.2M | 26% | | Net Income | $8.8M | - | | Adjusted EBITDA | $57.3M | - | | Adj. EBITDA Margin | 30% | - | - Growth was driven by strong performance across all key vectors, including Social, CTV, and programmatic solutions, with significant contributions from existing customers adopting more products and expanding geographically[2](index=2&type=chunk) [Q2 2025 Business & Operational Highlights](index=2&type=section&id=Q2%202025%20Business%20%26%20Operational%20Highlights) - The company maintained a Gross Revenue Retention rate of over **95%** in the second quarter[6](index=6&type=chunk) - Secured several new enterprise customer wins, including Banco do Brasil, Emaar, Haribo, Lidl, Puma, Riyadh Air, Six Flags, and Tractor Supply[6](index=6&type=chunk) - Key strategic developments include expanded brand suitability measurement on Meta, introduction of DV Authentic AdVantage, launch of DV Authentic Attention® for Social on Snap, and partnership with Lyft for in-app ad authentication[6](index=6&type=chunk) [Financial Guidance](index=3&type=section&id=Financial%20Guidance) DoubleVerify raised full-year 2025 revenue growth guidance to **~15%** and reaffirmed a **32%** Adjusted EBITDA margin, providing Q3 outlook [Third Quarter 2025 Guidance](index=3&type=section&id=Third%20Quarter%202025%20Guidance) Q3 2025 Outlook | Metric | Guidance Range | Midpoint YoY Growth / Margin | | :--- | :--- | :--- | | Revenue | $188M - $192M | 12% | | Adjusted EBITDA | $60M - $64M | 33% Margin | [Full-Year 2025 Guidance](index=3&type=section&id=Full-Year%202025%20Guidance) Full-Year 2025 Outlook | Metric | Guidance | | :--- | :--- | | Revenue Growth | ~15% | | Adjusted EBITDA Margin | ~32% | [Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Consolidated%20Financial%20Statements%20%28Unaudited%29) The unaudited financial statements detail the company's financial position, income, and cash flows for the period ending June 30, 2025 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $211,784 | $292,820 | | Total Assets | $1,296,928 | $1,276,210 | | Total Liabilities | $206,913 | $192,751 | | Total Stockholders' Equity | $1,090,015 | $1,083,459 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Income Statement Summary - Three Months Ended June 30 (in thousands) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | $189,021 | $155,890 | | Income from operations | $13,548 | $11,049 | | Net income | $8,758 | $7,474 | | Diluted EPS | $0.05 | $0.04 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary - Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from Operating | $87,276 | $67,655 | | Net cash used in Investing | ($86,707) | ($95,495) | | Net cash used in Financing | ($86,044) | ($24,562) | | **Net decrease in cash** | **($80,928)** | **($53,252)** | - Significant cash outflows in the first six months of 2025 included **$82.6 million** for business acquisitions and **$82.2 million** for share repurchases[17](index=17&type=chunk) [Supplemental Financial Information](index=9&type=section&id=Supplemental%20Financial%20Information) This section provides detailed revenue breakdown by customer type and reconciles GAAP Net Income to Adjusted EBITDA for Q2 2025 [Revenue by Customer Type](index=9&type=section&id=Revenue%20by%20Customer%20Type) Q2 Revenue Breakdown & YoY Growth (in thousands) | Customer Type | Q2 2025 Revenue | Q2 2024 Revenue | YoY Growth % | | :--- | :--- | :--- | :--- | | Activation | $108,950 | $87,471 | 25% | | Measurement | $62,895 | $54,817 | 15% | | Supply-side | $17,176 | $13,602 | 26% | | **Total Revenue** | **$189,021** | **$155,890** | **21%** | [Adjusted EBITDA Reconciliation](index=9&type=section&id=Adjusted%20EBITDA%20Reconciliation) Reconciliation of Net Income to Adjusted EBITDA - Q2 (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net Income** | **$8,758** | **$7,474** | | Depreciation & Amortization | $14,697 | $11,004 | | Stock-based compensation | $27,007 | $24,715 | | Income tax expense | $6,452 | $5,406 | | Other adjustments | ($131) | ($2,065) | | **Adjusted EBITDA** | **$57,274** | **$46,767** | | Adjusted EBITDA Margin | 30% | 30% | [Key Definitions and Disclosures](index=4&type=section&id=Key%20Definitions%20and%20Disclosures) This section defines key business terms and includes standard forward-looking statement disclaimers outlining potential risks and uncertainties [Key Business Terms](index=4&type=section&id=Key%20Business%20Terms) - The report defines key operational and financial terms, including Activation revenue from programmatic/social platforms, Measurement revenue from direct ad buys, Supply-Side revenue from platforms/publishers, and Media Transactions Measured (MTM) volume[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [Forward-Looking Statements](index=11&type=section&id=Forward-Looking%20Statements) - The press release contains forward-looking statements, including financial guidance, which are not guarantees of future performance and are subject to known and unknown risks and uncertainties[25](index=25&type=chunk) - Key risks cited include market competitiveness, technological developments, system failures, economic downturns, and data privacy regulations[25](index=25&type=chunk)[26](index=26&type=chunk)

Core Viewpoint - Dolly Varden Silver Corporation has expanded its 2025 drilling program from 35,000 meters to 55,000 meters, focusing on the Wolf vein extension and other exploration targets in the Kitsault Valley and Big Bulk Projects [1][2]. Drilling Program Expansion - The company has completed approximately 17,000 meters of drilling, prioritizing exploration targets at Moose, Chance, and Red Point Prospects [3]. - A fifth drill rig has been added to the project, with two rigs focused on the Wolf vein and two others at the Homestake Silver deposit [4]. Geological Work and Future Plans - The geological team has intensified fieldwork, including mapping and sampling of underexplored areas, covering a total of 100,000 hectares of prospective Hazelton formation rocks [5]. - This geological work aims to develop drill targets for late 2025 and 2026 exploration programs [5]. Drilling Strategy - The company is implementing a more precise drilling strategy by utilizing directional drilling, which allows for fewer total meters drilled while achieving the same number of mineralized intercepts [8]. - The estimated 55,000 meters includes re-drilled mother hole lengths, with actual new core expected to be around 41,000 meters [8]. Company Overview - Dolly Varden Silver Corporation is focused on advancing its 100% held Kitsault Valley Project, which includes the Dolly Varden and Homestake Ridge Projects, located in British Columbia's Golden Triangle [10][11]. - The Kitsault Valley Project is considered prospective for hosting further precious metal deposits and includes the Big Bulk property, which is prospective for copper and gold mineralization [11].

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of DoubleVerify Holdings, Inc. regarding a class action lawsuit due to alleged misleading statements and failure to disclose critical information during the class period from November 10, 2023, to February 27, 2025 [1][3]. Allegations - Allegations include that DoubleVerify's customers shifted ad spending to closed platforms, limiting the company's technological capabilities and competing with tools from Meta Platforms and Amazon [3]. - The complaint states that the monetization of DoubleVerify's Activation Services was hindered by the high costs and time required for technology development for closed platforms [3]. - It is claimed that monetization of these services would take several years, and competitors were better positioned to integrate AI, negatively impacting DoubleVerify's competitiveness and profits [3]. - The company allegedly overbilled customers for ad impressions served to bots, and its risk disclosures were misleading, presenting adverse facts as mere possibilities [3]. - As a result, the positive statements made by the defendants regarding the company's business and prospects were deemed materially false or misleading [3]. Next Steps for Shareholders - Shareholders are encouraged to register for the class action by the deadline of July 21, 2025, to participate in the case without any cost or obligation [4]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the lifecycle of the case [4]. Law Firm Background - The Gross Law Firm is recognized nationally for class action lawsuits, focusing on protecting investors from deceit and illegal business practices [5]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [5].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased DoubleVerify Holdings, Inc. common stock during the specified Class Period of the upcoming lead plaintiff deadline on July 21, 2025 [1] Group 1: Class Action Details - Investors who purchased DoubleVerify common stock between November 10, 2023, and February 27, 2025, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2] - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by July 21, 2025 [3] - Investors are encouraged to select qualified legal counsel with a successful track record in securities class actions [4] Group 2: Allegations Against DoubleVerify - The lawsuit alleges that DoubleVerify made false and misleading statements regarding its business operations, including the shift of customer ad spending to closed platforms where its capabilities were limited [5] - It is claimed that DoubleVerify's high-margin Activation Services faced significant challenges in monetization due to the high costs and time required for technology development on closed platforms [5] - The lawsuit also states that DoubleVerify systematically overbilled customers for ad impressions served to declared bots, and its risk disclosures were materially misleading [5]