Financial Performance - Revenue for Q3 2025 reached $68 million[10] - GAAP Net Loss was $(65) million[10] - Adjusted EBITDA was $112 million, representing a 16% margin[10] - Cash flow from operations amounted to $324 million[10] Growth Drivers - Omnichannel Video Revenue grew by over 20% year-over-year, excluding political advertising[42] - CTV Revenue increased by over 50% year-over-year, excluding political advertising[44] - Emerging Revenues experienced growth of over 80% year-over-year[45] - Ad spend from mid-tier DSP cohort grew over 25% year-over-year[24] - APAC revenues grew 12% year-over-year while EMEA revenues grew 7% year-over-year[46] Operational Efficiency - Share of platform activity from Supply Path Optimization in Q3 2025 exceeded 55%[26] - Growth in Activate campaigns year-over-year in Q3 2025 YTD was over 4X[26] - Year-over-year decline in unit cost TTM Q3 2025 was approximately 19%[49] Future Outlook - Q4 2025 Revenue is projected to be between $73 million and $77 million, with a year-over-year growth between -15% and -10%[62] - Full year 2025 Revenue is expected to be between $276 million and $280 million, with a year-over-year growth between -5% and -4%[62] - Full year capex outlook remains ~$15 million[63]

Group 1 - The creation of the Ad Context Protocol (AdCP) signifies significant changes driven by AI in the advertising industry, expanding its use beyond data analysis and campaign optimization into media planning, negotiation, and buying [3] - AdCP aims to establish a common language for AI agents across the advertising ecosystem, facilitating collaboration with existing programmatic infrastructures while developing new transactional protocols [4] - The initial release of AdCP will include protocols for audience activation, curation, and media buying, built on Anthropic's Model Context Protocol [5] Group 2 - Over 20 companies, including Yahoo, Optable, and PubMatic, are collaborating to create a framework that enhances the use of AI in media buying and selling across a fragmented publisher landscape [8] - The framework is designed to streamline the programmatic advertising process, similar to how OpenRTB standardized real-time bidding, allowing advertisers to execute media plans and budgets more efficiently [8] - AdCP will enable publishers to offer advertising products more efficiently and provide partners with flexible real-time transaction models based on audience segments and engagement metrics [7]