PubMatic, Inc. reported a revenue of $291.3 million for the fiscal year ending December 31, 2024, marking a 9% increase from $267.0 million in 2023. The company's net income also rose to $12.5 million, up from $8.9 million in the previous year. Operating income, however, saw a modest increase to $3.9 million compared to $2.0 million in 2023, reflecting a significant decline from the $40.5 million reported in 2022. The adjusted EBITDA for 2024 was $92.3 million, up from $75.3 million in 2023, indicating improved operational efficiency despite the fluctuations in net income.
The company experienced notable changes in its operational metrics, with the number of publishers on its platform increasing to approximately 1,900 in 2024 from 1,800 in 2023. This growth was complemented by a net dollar-based retention rate of 107% for 2024, up from 101% in 2023, suggesting enhanced customer satisfaction and engagement. Additionally, PubMatic processed around 74.7 trillion ad impressions in the fourth quarter of 2024, compared to 59.4 trillion in the same quarter of 2023, highlighting a significant increase in platform usage.
Strategically, PubMatic has focused on expanding its supply path optimization (SPO) agreements, which accounted for about 50% of total activity in 2024. The company also launched new products, including Activate and Convert, aimed at enhancing buyer transparency and improving revenue streams. However, the company faced challenges due to changes in bidding methodologies from key demand-side platforms (DSPs), which impacted revenue generation.
Geographically, the United States remained the largest market for PubMatic, contributing $176.2 million in revenue, followed by EMEA at $83.4 million and APAC at $25.0 million. The company’s total cash, cash equivalents, and marketable securities stood at $140.6 million as of December 31, 2024, with net working capital of $156.7 million, indicating a solid liquidity position. Looking ahead, PubMatic anticipates continued revenue growth driven by mobile and omnichannel video advertising, although it remains cautious about potential macroeconomic impacts and the effects of recent changes in buyer bidding strategies.
About PubMatic, Inc.
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