Company generated $694 million in revenue for Q2 2025, reflecting a 19% increase year-over-year. Adjusted EBITDA reached $271 million, approximately 39% of revenue. Over 70% of client spending focused on Kokai. CTV emerged as the fastest-growing channel, with a significant portion of total business attributed to CTV-led video. North America accounted for 86% of ad spend, while international markets grew faster. Double-digit growth was observed in most verticals, especially in technology and health, although home and garden and style and fashion lagged. Operating expenses rose to $448 million, primarily from platform investments, with adjusted net income at $203 million and cash reserves of $1.7 billion.
CEO Jeff Green stated that "the impact of tariffs and related policies on these businesses are very real," referencing that major brands faced volatility, which could negatively impact ad spend.
Green added, "this fact that we concentrate on the large ones is not generally a negative. It is almost always a positive. But just in this moment, it's negative because of how uniquely they're being affected by the tariffs and related policies."
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