10-K · February 26, 2026
PubMatic positions itself as an independent, AI-powered, omnichannel programmatic advertising platform (products cited: OpenWrap, Connect, Activate, Convert, Intelligent Yield) that emphasizes proprietary infrastructure…
Earnings analysis · 10-Q
PUBM earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
PubMatic's Q1 2026 financial results showed a decline in revenue and increased operating losses compared to the previous year. Revenue fell to $62.57 million, a 2% drop from Q1 2025, while the net loss rose to $12.51…
Read full summary
PubMatic's Q1 2026 financial results showed a decline in revenue and increased operating losses compared to the previous year. Revenue fell to $62.57 million, a 2% drop from Q1 2025, while the net loss rose to $12.51 million from $9.49 million in the prior year. Adjusted EBITDA decreased significantly, indicating challenges in maintaining profitability amidst a competitive landscape and macroeconomic concerns.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Gross margin
- 58%
What stood out
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Revenue Decreased 2% YoY
Q1 2026 revenue was $62.57 million, down $1.26 million from $63.83 million in Q1 2025.
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Operating Loss Increased
Operating loss for Q1 2026 was $15.27 million, compared to a $11.90 million loss in Q1 2025.
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Adjusted EBITDA Declined
Adjusted EBITDA fell to $2.59 million in Q1 2026 from $8.46 million in Q1 2025.
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Cash Flow from Operations Grew
Q1 2026 cash provided from operating activities was $17.30 million, up from $15.62 million in the same period last year.
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Increased Investment in Sales and Marketing
Sales and marketing expenses rose by $2.17 million, to $28.97 million in Q1 2026.
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Cash Reserves Remain Strong
As of March 31, 2026, cash and cash equivalents were $144.9 million.
What to watch
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Worsening Economic Conditions
Broader economic downturns and inflationary pressures are expected to impact advertising budgets and demand.
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Increased Operating Loss
The net loss widened significantly to $12.51 million in Q1 2026, compared to $9.49 million in Q1 2025.
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Risk from AI and Competition
Emerging AI technologies pose a risk to traditional programmatic advertising and could disrupt revenue streams.
Management's outlook
Management anticipates Q2 2026 revenue between $68 million and $70 million, signaling expected growth.
Earlier filings 4
10-Q · November 10, 2025
PubMatic reported third-quarter revenue of $67,960 (in thousands) and a GAAP net loss of $6,452 (in thousands), or $(0.14) per share. Gross margin held near 62.6% but operating loss widened to $(8,419) (‑12.4% operating…
10-Q · May 8, 2025
PubMatic reported first-quarter revenue of $63,825 (thousands) and a GAAP net loss of $9,486 (thousands), with diluted loss per share of $(0.20). Revenue and gross margin declined year-over-year while operating…
10-K · February 27, 2025
PubMatic positions itself as an independent, global, omnichannel programmatic advertising platform focused on publishers and buyer transparency, emphasizing products such as OpenWrap, Connect, Activate and Convert and a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.