"The CFO stated, "our total billings were $89.2 million, a 20.3% decrease," directly attributing the decline to content restrictions from the largest FI partner. Guidance projects a 26%-17% year-over-year decline in Q4 billings, reflecting ongoing and possibly intensifying content restrictions. Amit Gupta described last month's 30% workforce reduction as "difficult but necessary," signaling material operational restructuring that could affect execution or morale."
"Total Billings -- $89.2 million in billings for Q3 2025, down 20.3% year over year, due to supply restrictions from the company's largest FI partner. Revenue -- Revenue was $52 million, down 22.4% from the prior year, driven by lower billings. Consumer Incentives -- Consumer incentives were $37.2 million, a 17.2% reduction from the prior year. Bridge Revenue -- Down 15% year over year in Q3 2025, due to the loss of a major account in earlier quarters."
Total billings for Q3 2025 were $89.2 million, a 20.3% year-over-year decline attributed to content restrictions from the company's largest FI partner. Revenue fell 22.4% to $52 million, and consumer incentives decreased 17.2% to $37.2 million. The company guided to a 26%–17% year-over-year decline in Q4 billings, indicating continued or worsening content restrictions. Management implemented a 30% workforce reduction described as "difficult but necessary" and cut operating expenses (excl. SBC) to $26.8 million. Adjusted contribution declined to $30 million while margin rose to a record 57.7%. Adjusted EBITDA improved to $3.2 million, and free cash flow was negative $2.7 million.
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