Friday, March 28, 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.
Q4 in line with previously revised guidance. Q4 and full year 2024 revenue of $9.1 million and $62.3 million, respectively, were in line with the company’s revised guidance but were below our expectations of $14.5 million and $67.7 million, respectively. Consequently, an adj. EBITDA loss of $3.4 million was below our estimate of a loss of $2.3 million. We believe that investors will likely focus on the revenue outlook, which appears encouraging.
A sanguine revenue outlook. Management highlighted recent client “wins”, which are expected to be reflected starting in Q2. We believe that this gave management confidence to provide full year 2025 revenue guidance of $90 million to $110 million. The high margin Buy Side segment is expected to be a key area of focus to grow revenue and achieve improved cash flow.
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