PubMatic Q3 2025 revenue down 5% YoY; CTV up 50% ex-political; adjusted EBITDA margin falls to 16%

PubMatic, Inc.

2025-Q3 EPS reported -$0.45 revenue$202,880,000

Revenue $68.0M (down from $71.8M); GAAP net loss $(6.5)M ($0.14 loss per share) vs $(0.9)M loss in Q3 2024.
Adjusted EBITDA $11.2M (16% margin) vs $18.5M (26% margin); non-GAAP net income $1.6M ($0.03/share) vs $6.6M ($0.12/share).
CTV revenue grew >50% YoY excluding political advertising; Activate revenue more than doubled YoY.
Net dollar-based retention fell to 98% from 112%; operating cash flow $32.4M, up from $19.1M.
Cash $136.5M, no debt; repurchased 12.4M shares for $180.6M (24% of fully diluted shares).

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