PubMatic, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable revenue growth and improvements in profitability metrics compared to the previous fiscal period.
For Q3 2024, PubMatic generated revenue of $71.8 million, a 13% increase from $63.7 million in Q3 2023. For the nine months ended September 30, 2024, total revenue reached $205.8 million, also reflecting a 13% rise from $182.4 million in the same period last year. This growth was attributed to an increase in ad impressions processed, new revenue streams, and enhanced customer relationships, particularly through Supply Path Optimization (SPO) agreements, which accounted for over 50% of total activity in Q3 2024.
Gross profit for Q3 2024 was $46.3 million, up 23% from $37.6 million in Q3 2023, while gross profit for the nine-month period increased by 21% to $129.7 million from $107.4 million. The gross margin improved to 64% in Q3 2024, compared to 59% in the prior year. Operating expenses for Q3 2024 totaled $47.6 million, up from $38.2 million in Q3 2023, driven by increased personnel costs in technology, development, sales, and marketing.
Despite the revenue growth, PubMatic reported an operating loss of $1.4 million for Q3 2024, compared to a loss of $0.6 million in Q3 2023. The net loss for Q3 2024 was $0.9 million, a decline from a net income of $1.8 million in the same quarter last year. However, the net loss for the nine months ended September 30, 2024, improved to $1.4 million from a loss of $9.8 million in the prior year.
The company’s cash and cash equivalents as of September 30, 2024, were $78.9 million, with total current assets at $529.8 million, down from $561.9 million at the end of 2023. Total liabilities increased to $425.9 million from $399.0 million, while total stockholders’ equity decreased to $263.2 million from $296.2 million.
In terms of strategic developments, PubMatic has been actively repurchasing shares, with $50.9 million remaining under its 2024 Repurchase Program as of September 30, 2024. The company repurchased 3.6 million shares for $64.8 million during the nine months ended September 30, 2024. Additionally, PubMatic has continued to invest in technology and development, with expectations for increased expenses in these areas moving forward.
Overall, PubMatic's performance in Q3 2024 reflects a solid revenue trajectory, although challenges remain in achieving consistent profitability amidst rising operational costs and market dynamics.
About PubMatic, Inc.
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