Nexxen (NEXN) Q4 2025 Earnings Call Transcript | The Motley Fool

"Contribution ex-TAC -- $97.8 million in Q4, down 7% year over year, or 1% decrease excluding political advertising impact. Programmatic Revenue -- $94.3 million in Q4, declining 4% year over year but up 2% excluding political. CTV Revenue -- $30.1 million in Q4, a decrease of 19% year over year or 12% excluding political, primarily affected by one DSP customer and other listed factors."

"Desktop Video Revenue -- Rose 21% year over year in Q4, while video overall comprised 72% of programmatic revenue. Contribution ex-TAC from Data Products -- Increased by 51% year over year in Q4. Contribution ex-TAC per Active Customer -- Reached approximately $563,000, up 7% year over year."

"Adjusted EBITDA -- $33.9 million in Q4, reflecting a 35% margin as a percentage of contribution ex-TAC. Net Cash from Operating Activities -- $37.7 million in Q4, down from $52.3 million in the year-ago quarter. Cash and Cash Equivalents -- $133.3 million at period end with no long-term debt and $50 million undrawn under the revolving credit facility."

"Guidance for 2026 -- Contribution ex-TAC expected between $375 million and $390 million (over 8% growth at midpoint); programmatic revenue guidance provided alongside expectations for continued data products growth and operational efficiency improvements."

Q4 financial results show mixed performance across revenue streams. Contribution ex-TAC decreased 7% year-over-year to $97.8 million, with programmatic revenue declining 4% to $94.3 million and CTV revenue falling 19% to $30.1 million, primarily due to one DSP customer loss. Desktop video revenue grew 21% year-over-year, comprising 72% of programmatic revenue, while mobile video declined 9%. Data products contribution ex-TAC increased significantly by 51%. Adjusted EBITDA reached $33.9 million with a 35% margin. Operating cash flow decreased to $37.7 million from $52.3 million year-ago. The company maintained strong liquidity with $133.3 million cash and no long-term debt. Non-IFRS diluted EPS was $0.33 versus $0.48 prior year. Contribution ex-TAC per active customer increased 7% to approximately $563,000. 2026 guidance projects contribution ex-TAC between $375-390 million, representing over 8% growth at midpoint.

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