secwatch.observer — SEC 8-K summary
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Issuer:     PubMatic, Inc. (PUBM)
CIK:        0001422930
Form:       8-K
Filed at:   2025-11-10T23:59:59+00:00
Accession:  0001422930-25-000048
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1422930/000142293025000048/0001422930-25-000048-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1422930/000142293025000048/pubm-20251110.htm
  HTML page:      https://secwatch.observer/filing/0001422930-25-000048

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