PubMatic, Inc.

pubmatic.com

What Do They Do?

Runs a digital advertising platform that helps publishers and app developers sell advertising space to advertisers, agencies, and ad-buying platforms.

How Do They Make Money?

PubMatic earns fees, usually a percentage of the value of ad impressions monetized through its platform, as buyers win and purchase inventory; it invoices buyers for those purchases.

FY2025 revenue

Who Are Their Customers?

PubMatic works directly with large publishers and app developers, while channel partners aggregate inventory from smaller sites and apps. Advertisers, agencies, and ad-buying platforms buy inventory through the platform; data partners and retail and commerce media participants also use it.

Do Revenues Turn Into Profits?

Not on paper. It lost $14.5M in FY2025, but brought in more cash than it spent: $66.7M of free cash flow.

Operating income, FY2025

−6% of revenue

▼ Now a loss vs FY2024 ($3.9M, 1%)

Net income, FY2025

−5% of revenue

▼ Now a loss vs FY2024 ($12.5M, 4%)

Free cash flow, FY2025

24% of revenue

▲ +19% vs FY2024 ($55.8M, 19%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +11%; vs $71.1M in Q2 FY2025
Net income: ▼ −77% (Loss); vs −$5.2M in Q2 FY2025

Aug 6, 2026 CFO plans to retire; company expects continued double-digit revenue growth Pantelick is expected to remain CFO into the first quarter of 2027, then serve as an adviser through July 1, 2027.

Growing. Revenue grew 25% in 4 years, from $226.9M in FY2021 to $282.9M in FY2025, about 6% a year.

Broader customer set The latest report adds data providers and retail and commerce media participants as customer types; the earlier description centered on publishers and app developers, advertisers and agencies.

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