Outbrain Q4 Ex-TAC gross profit up 7% YoY; closed $900M Teads acquisition in Feb 2025

Teads Holding Co.

2024-FY EPS reported -$0.11 revenue$889,875,000

Q4 revenue $234.6M (-5% YoY); Ex-TAC gross profit $68.3M (+7%); Adjusted EBITDA $17.0M (+21% YoY).
Completed Teads acquisition Feb 3, 2025 for ~$900M ($625M cash + 43.75M shares); combined company rebranded as Teads.
Issued $637.5M 10.0% senior secured notes due 2030 to refinance bridge facility; also entered $100M revolving credit facility.
Expects ~$65M–$75M annual cost synergies in 2026, ~$45M in compensation savings; ~70% of comp synergies actioned in Feb.
Full year 2024 net loss $0.7M (incl. $4.8M one-time expenses) vs net income $10.2M in 2023; free cash flow $51.3M vs -$6.5M.

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