Wednesday, May 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.
Mixed Q1 results. The company reported Q1 revenue of $8.2 million, below our estimate of $10.5 million, and adj. EBITDA loss of $3.0 million, which was in line with our estimate of a loss of $3.1 million. Notably, the variance in revenue was attributed to softness in the company’s sell-side business, which is still recovering from the defamatory article that was released in 2024. Sell-side revenue trends improved from Q4 when taking into account the seasonality strong quarter and influx of $700,000 in Political advertising.
Segment results. The company reported Q1 Buy-side revenue of $6.1 million, an increase of 6.1% over the prior year period and in line with our estimate of $6.5 million. While Sell-side revenue of $2.0 million was lower than our $4.0 million estimate, the segment should improve volume in the second half of the year, which should provide a meaningful step up in revenue.
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