Filing Flows › PubMatic (PUBM) › Q1 2025
PubMatic (PUBM) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
PubMatic (PUBM) reported revenue of $63.8M for the first quarter 2025 (Q1 2025), -4% from a year earlier and -25% from the quarter before. Operating margin was -18.6%, net loss $9.5M (14.9% of revenue).
PubMatic, Q1 2025: revenue $63.8M (-4% year over year), operating margin -18.6%, net loss $9.5M, operating cash flow $15.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $63.8M | -25% | -4% |
| Operating profit | −$11.9M | -180% | — |
| Net earnings | −$9.5M | -168% | — |
| Operating cash flow | $15.6M | -13% | -36% |
| Free cash flow | $7.3M | — | -55% |
What changed
Revenue was $63.8M in Q1 2025, down 4% year over year and down 25% from the previous quarter.
Gross margin was 59.9%, down 2.0 points from a year earlier. Operating costs exceeded revenue by $11.9M, an operating margin of -18.6%. Operating expenses grew 7% against a revenue fall of 4%. The fastest-growing cost line was Research & development (+10%). The quarter ended with a net loss of $9.5M, after a profit of $13.9M the previous quarter.
Operating cash flow was $15.6M (down 36% year over year). Non-cash charges added back $5.8M of depreciation and amortization and $9.7M of share-based compensation. Working capital and other items added $9.6M. After capitalized software development costs ($6.9M) and purchases of property and equipment ($1.4M), free cash flow as the company reports it was $7.3M.
Questions
What was PubMatic's revenue in the first quarter 2025?
PubMatic (PUBM) reported revenue of $63.8M for the first quarter 2025 (Q1 2025), -4% from a year earlier and -25% from the quarter before.
Was PubMatic profitable in the first quarter 2025?
Operating loss was $11.9M (-18.6% of revenue) and net loss $9.5M.
Source: PubMatic 10-Q on SEC EDGAR.