Magnite (MGNI) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue grew 4% year-over-year to $155.8 million, with Contribution ex-TAC up 12% to $145.8 million and CTV up 15%, DV+ up 9%.

• Adjusted EBITDA increased 47% to $36.8 million, with margin improving to 25% from 19% last year.

• Net loss narrowed to $9.6 million ($0.07 per share) from $17.8 million ($0.13 per share) in Q1 2024.

• Strong performance was driven by deeper partnerships with major streamers, agency marketplace traction, and live sports growth.

• New SpringServe platform launched, integrating ad server and SSP for improved efficiency and transparency.

Financial highlights

• Gross profit was $93.0 million, up 11% year-over-year; Contribution ex-TAC: $145.8 million, up 12%.

• CTV Contribution ex-TAC was $63.2 million (+15%), DV+ was $82.6 million (+9%).

• Non-GAAP EPS was $0.12, up from $0.05 last year; GAAP loss per share improved to $0.07 from $0.13.

• Operating cash flow reached $18.2 million, up from $10.3 million a year ago.

• Cash and equivalents at quarter-end were $429.7 million.

Outlook and guidance

• Q2 2025 Contribution ex-TAC guidance: $154–$160 million; CTV: $70–$72 million; DV+: $84–$88 million.

• Adjusted EBITDA margin expected at 29% for Q2 at mid-point; Q2 operating expenses forecasted at $110–$112 million.

• Full-year 2025 guidance not reaffirmed due to tariff-driven economic uncertainty.

• Early Q2 trends show continued growth in CTV (mid-teens) and DV+ (mid-single digits).

• Guidance range widened due to anticipated softness in auto, retail, and travel verticals.