Friday, November 07, 2025
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q3 Results. The company reported Q3 revenue of $8.0 million, below our forecast of $14.5 million, partially driven by continued underperformance in the Sell-side business, which generated $0.6 million vs. our forecast of $5.0 million. Furthermore, while the company has been focusing on cost reductions, it has not been enough to offset the softness in the Sell-side. As such, adj. EBITDA loss of $3.0 million came in lower than our estimate of a loss of $0.1 million.
Buy-side grew. Notably, Buy-side revenue grew 7% YoY to $7.3 million, driven by expansion into larger performance-based clients. Notably, the company announced a new Reach TV partnership, which adds premium airport video inventory and aligns with the company’s tourism-focused customer base. The Buy-side is the primary profit driver and likely will be for the next several quarters.
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