---
schema_version: "secwatch.filing_event.v1"
accession: "0001818383-23-000139"
form_type: "8-K"
ticker: "MAX"
cik: "0001818383"
company_name: "MediaAlpha, Inc."
filed_at: "2023-11-01T23:59:59+00:00"
generated_at: "2026-06-09T03:07:49.807213+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# MediaAlpha Q3 revenue falls 16% to $74.6M, but Adjusted EBITDA rises 65% to $3.6M

## Summary
- Revenue $74.6M (-16% YoY); Transaction Value $109.0M (-26% YoY).
- P&C Transaction Value down 46% to $45M; Health up 11% to $51M.
- Net loss improved to $18.7M from $21.2M; Adjusted EBITDA $3.6M vs $2.2M.
- Gross margin expanded to 16.5% from 14.2%; Contribution margin 20.2% vs 17.4%.
- Q4 outlook: expect continued Adjusted EBITDA growth YoY, driven by margin expansion and cost discipline.

## SEC filing metadata
- accession: 0001818383-23-000139
- form_type: 8-K
- ticker: MAX
- cik: 0001818383
- company_name: MediaAlpha, Inc.
- filed_at: 2023-11-01T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1818383/000181838323000139/0001818383-23-000139-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1818383/000181838323000139/max-20231101.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001818383-23-000139
- JSON: https://secwatch.observer/filing/0001818383-23-000139.json
- Plain text: https://secwatch.observer/filing/0001818383-23-000139.txt

## Key facts
- Earnings Releases
  MediaAlpha, Inc. reported third quarter ended September 30, 2023 results: revenue $74.6 million, net income $(18.7) million.
  - Period: third quarter ended September 30, 2023
  - Revenue: $74.6 million
  - Net income: $(18.7) million
  - Result: reported results
  source text: and we expect growth to accelerate in 2024 as the P&C cycle turns and carrier advertising spending starts to normalize.” Third Quarter 2023 Financial Results • Revenue of $74.6 million, a decrease of 16% year over year; • Transaction Value of $109.0 million, a decrease of 26% year over year; • Gross margin of 16.5%, compared with 14.2% in the third quarter of
  evidence_url: https://www.sec.gov/Archives/edgar/data/1818383/000181838323000139/0001818383-23-000139-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.