Filing Flows › MediaAlpha (MAX) › Q1 2025
MediaAlpha (MAX) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
MediaAlpha (MAX) reported revenue of $264M for the first quarter 2025 (Q1 2025), +109% from a year earlier and -12% from the quarter before. Operating margin was 0.0%, net loss $2.3M (0.9% of revenue).
MediaAlpha, Q1 2025: revenue $264M (+109% year over year), operating margin 0.0%, net loss $2.3M, operating cash flow $23.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $264M | -12% | +109% |
| Operating profit | $116K | — | — |
| Net earnings | −$2.3M | — | — |
| Operating cash flow | $23.7M | +63% | 14× |
| Free cash flow | $23.6M | +63% | 14× |
What changed
Revenue was $264.3M in Q1 2025, up 109% year over year and down 12% from the previous quarter. Property & casualty insurance was the largest line at 84% of revenue. Property & casualty insurance added $154.0M year over year (up 222%), 112% of the total change. Other declined 39%.
Operating profit was $116K, a 0.0% margin (down 1.8 points year over year). Operating profit fell $2.3M even though revenue rose $137.7M versus a year earlier, so costs grew faster than sales. Total costs grew 113% against revenue growth of 109%. The fastest-growing cost line was Cost of revenue (+116%). The quarter ended with a net loss of $2.3M, after a profit of $7.3M the previous quarter. Minority interests bore $386K of it: to shareholders the quarter was a loss of $1.9M. Net interest and other expense of $2.5M was the main reason.
Operating cash flow was $23.7M (up 1312% year over year). Non-cash charges added back $1.5M of depreciation and amortization and $7.0M of share-based compensation. Working capital and other items added $17.5M. Capital expenditures of $57K left free cash flow of $23.6M.
Questions
What was MediaAlpha's revenue in the first quarter 2025?
MediaAlpha (MAX) reported revenue of $264M for the first quarter 2025 (Q1 2025), +109% from a year earlier and -12% from the quarter before.
Was MediaAlpha profitable in the first quarter 2025?
Operating profit was $116K (0.0% of revenue) and net loss $2.3M.
Source: MediaAlpha 10-Q on SEC EDGAR.