Digital Turbine (NASDAQ: APPS) is a mobile advertising and app distribution technology company that connects wireless carriers, device OEMs, advertisers, and app publishers through two segments: On Device Solutions and App Growth Platform. It makes money by charging advertisers on cost-per-install (CPI), cost-per-action (CPA), cost-per-placement (CPP), and fixed CPM bases, and by taking a revenue share from programmatic ad auction activity between demand-side platforms and publishers. On Device Solutions generated $341.6M in net revenue for the fiscal year ended March 31, 2025, while App Growth Platform contributed $153.2M, together totaling $490.5M, down 9.9% year-over-year. Revenue share paid to carrier and publisher partners was $235.3M in FY2025, making it by far the largest cost item. The company reported a net loss of $92.1M in FY2025. CEO William Gordon Stone III signed the FY2025 10-K filed June 16, 2025. The company holds patents in the U.S., Israel, and Canada and relies on proprietary software, trade secrets, and contractual restrictions to protect its technology.

Revenue model

Revenue is generated through CPI, CPA, CPP, and fixed CPM arrangements with app developers, advertisers, and agencies. The App Growth Platform segment also earns a net revenue share by operating a programmatic real-time bidding auction between DSPs and publishers, billing DSPs on impressions and bid price then remitting payments to publishers net of an agreed share. FY2025 total net revenue was $490.5M.

Products and services

On Device Solutions includes Application Media (app delivery to end users via carrier and OEM partnerships) and Ad Monetization solutions (display, native, and video advertising for mobile app publishers and developers). App Growth Platform includes a programmatic exchange connecting DSPs and publishers, plus Brand and Performance offerings where the company manages ad campaigns directly on behalf of advertisers and agencies. Additional tools include DT DSP and DT Offer Wall.

Customers and end markets

Customers include wireless carriers, device OEMs, demand-side platforms, brand advertisers, advertising agencies, and mobile app developers and publishers. End markets are mobile app discovery, user acquisition, and in-app advertising. The company acts as an intermediary across the mobile advertising supply and demand chain.

Value-chain role

Digital Turbine sits between device manufacturers and carriers on one side and advertisers, app developers, and publishers on the other. It controls app placement slots on carrier and OEM devices and connects that inventory to advertiser demand, functioning as both a distribution platform and an ad exchange operator.

Geographic exposure

The company holds patents and patent applications in the U.S., Israel, and Canada, indicating international operations, but the FY2025 10-K excerpts do not provide a geographic revenue breakdown.

Competitors

Google Play, Facebook, Snapchat, Unity Software, InMobi, Magnite, AppLovin

Source: SEC 10-K, filed 2025-06-16

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