<span item_type="fundamental" item_id="6eec71a5a1a9286ff331b16bc906ea4d" counter_id="ST/US/TEAD" env="prod"></span><span item_type="announcement" item_id="640940007829412097" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 1.3 B, missing the estimate of USD 1.304 B.</p><p>EPS: As of FY2025, the actual value is USD -5.69, missing the estimate of USD -1.115.</p><p>EBIT: As of FY2025, the actual value is USD -399.02 M.</p><p></p><p>Teads Holding Co. operates as a single reporting segment, presenting the following key financial and operational metrics.</p><h4>Gross Profit</h4><p>Gross profit increased by $237.0 million, or 123.3%, to $429.1 million in 2025 from $192.1 million in 2024, with gross margins of 33.0% and 21.6% respectively.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> On a constant currency basis, gross profit increased by $235.0 million, or 122.4%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> This increase was primarily due to $249.3 million associated with the Acquisition, offset by a $12.3 million decrease related to Outbrain.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span></p><h4>Ex-TAC Gross Profit (Non-GAAP)</h4><p>Ex-TAC Gross Profit (Non-GAAP) rose by $293.5 million, or 124.3%, to $529.7 million in 2025 from $236.1 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> On a constant currency basis, it increased by $291.6 million, or 123.5%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> This growth was mainly attributable to $302.9 million associated with the Acquisition, offset by a $9.4 million decrease related to Outbrain.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span></p><h4>Operating Expenses</h4><p>Total operating expenses increased by $623.3 million, or 304.5%, to $828.1 million in 2025 compared to $204.7 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> Research and development expenses increased by $6.5 million to $43.6 million in 2025 from $37.0 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> Sales and marketing expenses rose by $180.4 million to $277.3 million in 2025 from $96.9 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> General and administrative expenses increased by $54.1 million to $124.1 million in 2025 from $70.1 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> The company recorded $15.6 million in impairment of intangible assets in 2025, primarily from the write-off of intangible assets related to video intelligence AG’s video product offering.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> A non-cash goodwill impairment charge of $352.1 million was recognized in 2025 due to a decline in market capitalization.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> Restructuring charges increased by $14.5 million to $15.3 million in 2025 from $0.7 million in 2024, primarily due to two workforce reduction actions.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span></p><h4>Net Loss</h4><p>Teads Holding Co. reported a net loss of -$517.1 million in 2025, compared to a net loss of -$0.7 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span></p><h4>Adjusted EBITDA (Non-GAAP)</h4><p>Adjusted EBITDA (Non-GAAP) increased by $56.1 million to $93.4 million in 2025 from $37.3 million in 2024, largely driven by the Acquisition.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> Adjusted EBITDA as a percentage of Ex-TAC Gross Profit was 17.6% in 2025, up from 15.8% in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span></p><h4>Cash Flow</h4><p>Net cash provided by operating activities was $7.6 million in 2025, a decrease from $68.6 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> Free cash flow (Non-GAAP) was -$15.2 million in 2025, compared to $51.3 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> Adjusted free cash flow (Non-GAAP) was $6.0 million in 2025, down from $55.3 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span></p><h4>Debt Obligations</h4><p>As of December 31, 2025, Teads Holding Co. had $628.2 million outstanding in Senior Secured Notes, bearing an annual interest rate of 10.000% and maturing on February 15, 2030.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> An overdraft facility of $17.6 million was also outstanding as of the same date, with a variable interest rate.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span></p><h4>Outlook / Guidance</h4><p>Teads Holding Co. initiated two restructuring plans in 2025 aimed at streamlining operations and reducing costs.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> The Strategic Restructuring Plan, announced in December 2025, is projected to incur charges between $8.0 million and $12.0 million, primarily for severance and legal costs, and is expected to yield annualized savings of $35.0 million to $40.0 million when fully implemented in the first half of 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span> Anticipated capital expenditures for 2026 are between $3 million and $5 million, with capitalized software development costs expected to range from $20 million to $27 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1454938/000145493826000015/tead-20251231.htm"></span></p>

Teads | 10-K: FY2025 Revenue Misses Estimate at USD 1.3 B