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" for detailed information about our business, the industry in which we operate, certain industry trends and important recent business developments. 2025 Highlights During the year ended December 31, 2025, our revenue grew by double digits, driven primarily by revenue growth of 90% in our advertising technology & services segment, partially offset by a decrease in revenue in our media segment c…
The business is unprofitable at the operating level (-18.63% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 22.6%, still solid. Margins contracted 4.4pp, which offsets some of the top-line progress.
Free cash flow declined 95% versus the prior year, cash generation momentum has weakened. ROIC dropped from -9.46% to -20.21%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$553M
▲ +22.6% YoY
Net Income (TTM)
-$19M
▲ +46.8% YoY
Op. Margin
-1.79%
▼ -4.4pp YoY
ROIC
-2.71%
▼ -10.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$40M
▼ -94.7% YoY
Op. Cash Flow (TTM)
$48M
▼ -85.7% YoY
Net Debt
$139M
Cash & Equiv.
$71M
5Y CAGR: +5.4%
5Y CAGR: -42.2%
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