BuzzFeed(BZFD) - 2025 Q1 - Quarterly Results

Q1 2025 Earnings Release Q1 2025 Financial and Operational Highlights 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] - Content revenue decline was driven by a $3.2 million decrease in direct-sold content deals[5] - Commerce revenue growth was supported by a $1.0 million increase in organic affiliate commerce[5] - 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] Business and Content Highlights 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] - Programmatic advertising and affiliate commerce have both delivered year-over-year growth for the fourth consecutive quarter[12] - 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] - 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] Full Year 2025 Financial Outlook 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 Unaudited condensed consolidated financial statements for Q1 2025 are presented, including Statements of Operations, Balance Sheets, and Cash Flows Financial Highlights (Summary Table) 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 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 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 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 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 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] - 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] - Commerce and other revenues: Consist primarily of affiliate commissions from transactions initiated from editorial shopping content[18] - 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]