Pubmatic | 8-K: FY2025 Q3 Revenue Beats Estimate at USD 67.96 M

Revenue: As of FY2025 Q3, the actual value is USD 67.96 M, beating the estimate of USD 63.95 M.

EPS: As of FY2025 Q3, the actual value is USD -0.14, beating the estimate of USD -0.217.

EBIT: As of FY2025 Q3, the actual value is USD -9.617 M.

Financial Data and Metrics

Revenue

• Revenue for Q3 2025 was $68.0 million, compared to $71.8 million in Q3 2024, which included $5.0 million from political advertising.

Net Income

• GAAP net loss for Q3 2025 was - $6.5 million with a margin of - 9%, or - $0.14 per diluted share, compared to a GAAP net loss of - $0.9 million with a margin of - 1%, or - $0.02 per diluted share in Q3 2024.

Adjusted EBITDA

• Adjusted EBITDA for Q3 2025 was $11.2 million, or a 16% margin, compared to $18.5 million, or a 26% margin, in Q3 2024.

Non-GAAP Net Income

• Non-GAAP net income for Q3 2025 was $1.6 million, or $0.03 per diluted share, compared to $6.6 million, or $0.12 per diluted share in Q3 2024.

Cash Flow

• Net cash provided by operating activities was $32.4 million in Q3 2025, an increase from $19.1 million in Q3 2024.
• Free cash flow for Q3 2025 was $22.8 million, compared to $2.9 million in Q3 2024.

Unique Metrics

• CTV revenue grew over 50% year-over-year excluding political ad spend.
• Activate revenue increased over 100% year-over-year.
• Ad spend from mid-market focused DSP partners increased by 25% year-over-year.

Financial Outlook

• For Q4 2025, PubMatic estimates revenue to be between $73 million to $77 million, inclusive of an impact from one of its top DSP buyers.
• Adjusted EBITDA is expected to be in the range of $19 million to $21 million, representing approximately a 27% margin at the midpoint, with a negative foreign currency exchange impact predominantly from Euro and Pound Sterling.