PubMatic(PUBM) - 2025 Q1 - Quarterly Results

Financial Performance - Revenue for Q1 2025 was $63.8 million, a decrease from $66.7 million in Q1 2024[5] - Total revenue for Q1 2025 was $63,825,000, a decrease of 4.0% from $66,701,000 in Q1 2024[26] - Gross profit for Q1 2025 was $38,237,000, down 7.4% from $41,277,000 in Q1 2024[26] - GAAP net loss was $(9.5) million, or $(0.20) per diluted share, compared to a loss of $(2.5) million, or $(0.05) per diluted share in Q1 2024[5] - Net loss for Q1 2025 was $9,486,000, compared to a net loss of $2,454,000 in Q1 2024, representing a significant increase in losses[26] - Operating loss increased to $11,903,000 in Q1 2025 compared to a loss of $5,525,000 in Q1 2024[26] - Adjusted EBITDA was $8.5 million, representing a 13% margin, down from $15.1 million, or a 23% margin in the same period of 2024[5] - Adjusted EBITDA for Q1 2025 was $8,457,000, with an adjusted EBITDA margin of 13%, down from 23% in Q1 2024[32] - Free cash flow for Q1 2025 was $7,300,000, down from $16,262,000 in Q1 2024[34] Cash and Assets - Total cash, cash equivalents, and marketable securities were $144.1 million as of March 31, 2025, with no debt[7] - Cash and cash equivalents at the end of Q1 2025 were $101,811,000, an increase from $100,452,000 at the end of Q4 2024[30] - Net cash provided by operating activities was $15,621,000 in Q1 2025, a decrease from $24,294,000 in Q1 2024[30] - Total assets decreased to $668,602,000 in Q1 2025 from $739,519,000 in Q4 2024[24] - Total liabilities decreased to $393,001,000 in Q1 2025 from $462,256,000 in Q4 2024[24] Revenue Growth and Projections - CTV revenue grew over 50% year-over-year, with omnichannel video revenue increasing 20% and accounting for 40% of total revenue[11] - The company expects revenue for Q2 2025 to be between $66 million and $70 million, with adjusted EBITDA projected to be in the range of $9 million to $12 million[16] Strategic Initiatives - Supply Path Optimization represented over 55% of total activity on the platform in Q1 2025, up from 50% a year ago[11] - The upgraded Gen AI buyer platform was launched to enhance operational efficiencies and drive revenue growth[9] Shareholder Actions - The Board of Directors authorized a $100 million expansion of the share repurchase program through 2026[1] Retention Metrics - Net dollar-based retention rate was 102% for the trailing twelve months ended March 31, 2025, down from 106% a year ago[5]