Overview
- Third-quarter revenue rose to $337 million, up 26% year over year (28% excluding political and LiveIntent), as the net loss narrowed to $3.6 million from $17.37 million.
- Direct platform sales reached 75% of total revenue, up from 70% a year earlier, highlighting a higher-margin mix tied to enterprise adoption of ZMP.
- Fourth-quarter revenue guidance is now $363–366 million, and full-year 2025 revenue guidance increased to $1.273–$1.276 billion.
- Full-year 2025 adjusted EBITDA guidance rose to $273.2–$274.1 million, with free cash flow now projected at $156.9–$157.9 million.
- Initial 2026 targets call for $1.54 billion in revenue, $354 million in adjusted EBITDA (23% margin), and $209 million in free cash flow (59% conversion), as shares gained 7.9% after hours and finished up 19.4% the next session; the company notes valuation near 5x EV/EBITDA and $199 million remaining under its buyback program.