#adjusted-ebitda

#adjusted-ebitda

Global monthly active users (MAUs) -- 619 million, up 12%, marking the tenth consecutive record quarter. MAUs by region -- 105 million in US and Canada, up 4%; 158 million in Europe, up 9%; 356 million in Rest of World, up 16%. Q4 revenue -- $1.3 billion, a 14% increase (13% on constant currency), with global ad impressions rising 41% and ad pricing declining 19% due to international mix shifts.

Proprietary revenue growth -- Proprietary revenue increased 17% in fiscal 2025 and 23% in fiscal Q4 (period ended Dec. 31, 2025), outperforming overall trends. Network channel revenue decline -- The network channel saw approximately a 60% year-over-year decline, which management expects to stabilize at lower levels for fiscal 2026. Total revenue outlook -- Full-year revenue is guided to low single-digit percentage growth (1%-3%), with an expected flat to slightly down fiscal second quarter and mid-single-digit growth in the second half as network revenue stabilizes.

Revenue -- $496.8 million for Q3 2025, up 15% year over year, with growth attributed to increased advertiser traction on the Realize platform. Ex-TAC Gross Profit -- Ex-TAC gross profit was $176.8 million for Q3 2025, up 6.3% year over year; growth was driven by Realize and higher advertising spend from scaled advertisers. Adjusted EBITDA -- Adjusted EBITDA was $48.2 million for Q3 2025, with a 27.3% margin; reflects company focus on cost discipline and strategic investments to support expansion.

Our owned and operated marketplace decline of 31% quarter over quarter, exacerbated by strong regulatory headwinds.