PubMatic, Inc. (Nasdaq: PUBM), a leading independent technology company in digital advertising, announced its financial results for the third quarter ended September 30, 2025. The company reported revenue of $68.0 million, down from $71.8 million in the same period of 2024, which included $5.0 million in political advertising. Excluding political revenue, the company’s performance showed strong growth, particularly in CTV, online video, and mobile app segments. Despite a decline in revenue, PubMatic delivered adjusted EBITDA of $11.2 million, or 16% of revenue, compared to $18.5 million, or 26%, in the prior-year quarter. The company also reported a net loss of $6.5 million, or $0.14 per diluted share, under GAAP, compared to a net loss of $0.9 million, or $0.02 per share, in Q3 2024. Non-GAAP net income was $1.6 million, or $0.03 per share, down from $6.6 million, or $0.12 per share, a year ago. A key highlight was the company’s strong cash flow, with $32.4 million in net cash provided by operating activities—up from $19.1 million in the same period of 2024. As of September 30, 2025, PubMatic held $136.5 million in cash and cash equivalents with no debt. The company continued to execute on its strategic initiatives, including the launch of an AI-powered publisher platform that automates yield optimization, enables first-party data monetization, and provides direct access to high-value demand. The platform features 17 AI agents that assist with yield management, diagnostics, and creative setup, driving an average 10% revenue increase for publishers. PubMatic’s AI platform has also reduced campaign setup time by 87% and improved issue resolution speed by 70%. In the CTV space, PubMatic reported over 50% year-over-year growth, significantly outpacing market rates. Supply Path Optimization accounted for more than 55% of platform activity in Q3 2025, up from 50% a year ago. The company also expanded its DSP partnerships, including a top-three DSP and a new integration with Blis, a global omnichannel DSP serving major brands in automotive, retail, and financial services. Ad spend from performance marketers and mid-market DSPs grew by over 25% year-over-year. PubMatic’s leadership in AI was highlighted by its collaboration with NVIDIA, which the company says has given it a technological edge in infrastructure, application, and transaction layers of programmatic advertising. The company’s efficient, infrastructure-driven model continues to support margin expansion and operational efficiency. The company also announced a share repurchase program, using $180.6 million to buy back 12.4 million shares—24% of fully diluted shares since the program began. Looking ahead, PubMatic expects fourth-quarter 2025 adjusted EBITDA to be in line with its guidance, though it cannot provide GAAP net income guidance due to unpredictable factors like stock-based compensation and litigation expenses. PubMatic will host a conference call on Monday, November 10, 2025, at 1:30 p.m. Pacific Time to discuss the results, with a live webcast available on its Investor Relations website.