--- title: "Teads | 10-K: FY2025 Revenue Misses Estimate at USD 1.3 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/283972389.md" datetime: "2026-04-24T09:39:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283972389.md) - [en](https://longbridge.com/en/news/283972389.md) - [zh-HK](https://longbridge.com/zh-HK/news/283972389.md) --- # Teads | 10-K: FY2025 Revenue Misses Estimate at USD 1.3 B Revenue: As of FY2025, the actual value is USD 1.3 B, missing the estimate of USD 1.304 B. EPS: As of FY2025, the actual value is USD -5.69, missing the estimate of USD -1.115. EBIT: As of FY2025, the actual value is USD -399.02 M. Teads Holding Co. operates as a single reporting segment, presenting the following key financial and operational metrics. #### Gross Profit 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. On a constant currency basis, gross profit increased by $235.0 million, or 122.4%. This increase was primarily due to $249.3 million associated with the Acquisition, offset by a $12.3 million decrease related to Outbrain. #### Ex-TAC Gross Profit (Non-GAAP) 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. On a constant currency basis, it increased by $291.6 million, or 123.5%. This growth was mainly attributable to $302.9 million associated with the Acquisition, offset by a $9.4 million decrease related to Outbrain. #### Operating Expenses Total operating expenses increased by $623.3 million, or 304.5%, to $828.1 million in 2025 compared to $204.7 million in 2024. Research and development expenses increased by $6.5 million to $43.6 million in 2025 from $37.0 million in 2024. Sales and marketing expenses rose by $180.4 million to $277.3 million in 2025 from $96.9 million in 2024. General and administrative expenses increased by $54.1 million to $124.1 million in 2025 from $70.1 million in 2024. 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. A non-cash goodwill impairment charge of $352.1 million was recognized in 2025 due to a decline in market capitalization. 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. #### Net Loss Teads Holding Co. reported a net loss of -$517.1 million in 2025, compared to a net loss of -$0.7 million in 2024. #### Adjusted EBITDA (Non-GAAP) 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. Adjusted EBITDA as a percentage of Ex-TAC Gross Profit was 17.6% in 2025, up from 15.8% in 2024. #### Cash Flow Net cash provided by operating activities was $7.6 million in 2025, a decrease from $68.6 million in 2024. Free cash flow (Non-GAAP) was -$15.2 million in 2025, compared to $51.3 million in 2024. Adjusted free cash flow (Non-GAAP) was $6.0 million in 2025, down from $55.3 million in 2024. #### Debt Obligations 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. An overdraft facility of $17.6 million was also outstanding as of the same date, with a variable interest rate. #### Outlook / Guidance Teads Holding Co. initiated two restructuring plans in 2025 aimed at streamlining operations and reducing costs. 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. 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. ### Related Stocks - [TEAD.US](https://longbridge.com/en/quote/TEAD.US.md) ## Related News & Research - [Teads Chief Commercial Officer Mary Spilman buys 105,000 shares worth $103,950](https://longbridge.com/en/news/287120612.md) - [Analyst Reiterates Buy Rating on Teads, Maintains $1 Price Target on AI-Driven Growth and Agency Integration](https://longbridge.com/en/news/286286865.md) - [Yext to Announce First Quarter Fiscal Year 2027 Financial Results on June 2, 2026 | YEXT Stock News](https://longbridge.com/en/news/286970613.md) - [Home Depot Was Once My Greatest Investment, But Now It's a Flaming Mess](https://longbridge.com/en/news/286951517.md) - [Is Nvidia spending its cash on the right things? Investors will soon get an update.](https://longbridge.com/en/news/286948142.md)