$PUBM

PubMatic, Inc.

CIK:0001422930|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 78,593	$ 71,095	$ 141,160	$ 134,920
Cost of revenue	25,877	26,612	51,971	52,200
Gross profit	52,716	44,483	89,189	82,720
Operating expenses:
Technology and development	9,148	9,116	17,134	17,888
Sales and marketing	26,130	25,200	55,095	51,999
General and administrative	16,859	15,628	31,654	30,197
Total operating expenses	52,137	49,944	103,883	100,084
Operating income (loss)	579	(5,461)	(14,694)	(17,364)
Interest income	1,213	1,379	2,428	2,972
Other income (expense), net	89	(1,988)	(964)	(3,002)
Income (loss) before income taxes	1,881	(6,070)	(13,230)	(17,394)
Provision for (benefit from) income taxes	3,083	(862)	482	(2,700)
Net loss	$ (1,202)	$ (5,208)	$ (13,712)	$ (14,694)
Earnings Per Share
Basic net loss per share of Class A and Class B stock (in usd per share)	$ (0.03)	$ (0.11)	$ (0.29)	$ (0.31)
Diluted net loss per share of Class A and Class B stock (in usd per share)	$ (0.03)	$ (0.11)	$ (0.29)	$ (0.31)
Weighted-average shares used to compute net loss per share attributable to common stockholders:
Basic (in shares)	46,106	47,185	46,611	47,763
Diluted (in shares)	46,106	47,185	46,611	47,763

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
Net loss	$ (13,712)	$ (14,694)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	19,995	23,537
Stock-based compensation	16,835	19,499
Deferred income taxes	(1,143)	(9,024)
Accretion of discount on marketable securities	(110)	(819)
Non-cash operating lease expense	3,591	3,710
Other	(305)	(278)
Changes in operating assets and liabilities:
Accounts receivable	(24,957)	41,412
Prepaid expenses and other assets	4,046	(340)
Accounts payable	36,558	(25,865)
Accrued liabilities	(1,738)	(5,559)
Operating lease liabilities	(3,188)	(1,328)
Other liabilities, non-current	1,633	275
Net cash provided by operating activities	37,505	30,526
INVESTING ACTIVITIES:
Purchases of property and equipment	(2,966)	(2,781)
Capitalized software development costs	(10,171)	(11,180)
Purchases of marketable securities	(17,429)	(26,026)
Proceeds from maturities of marketable securities	0	39,859
Purchase of equity investments	(3,500)	0
Net cash used in investing activities	(34,066)	(128)
FINANCING ACTIVITIES:
Proceeds from issuance of common stock for employee stock purchase plan	1,054	1,357
Proceeds from exercise of stock options	884	1,174
Principal payments on finance lease obligations	(75)	(70)
Payments to acquire treasury stock	(30,500)	(43,649)
Net cash used in financing activities	(28,637)	(41,188)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(25,198)	(10,790)
Effect of foreign exchange rates on cash and cash equivalents	(349)	814
CASH AND CASH EQUIVALENTS - Beginning of period	145,518	100,452
CASH AND CASH EQUIVALENTS - End of period	119,971	90,476
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Income taxes paid	2,119	7,219
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Stock-based compensation capitalized as internal-use software costs	1,808	1,779
Property and equipment included in accounts payable and accrued liabilities	9,880	1,212
Capitalized software costs included in accounts payable and accrued liabilities	$ 1,367	$ 1,517

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 119,971,000	$ 145,518,000
Marketable securities	17,536,000	0
Accounts receivable, net	383,197,000	358,240,000
Prepaid expenses and other current assets	17,162,000	18,889,000
Total current assets	537,866,000	522,647,000
Property, equipment and software - net	58,528,000	52,657,000
Operating lease right-of-use assets	34,518,000	38,149,000
Acquisition-related intangible assets, net	1,914,000	2,704,000
Goodwill	29,577,000	29,577,000
Deferred income tax asset	32,128,000	30,986,000
Other assets, non-current	5,511,000	3,475,000
TOTAL ASSETS	700,042,000	680,195,000
Current liabilities
Accounts payable	390,046,000	343,619,000
Accrued liabilities	24,230,000	25,278,000
Operating lease liabilities, current	7,842,000	6,953,000
Total current liabilities	422,118,000	375,850,000
Operating lease liabilities, non-current	32,795,000	36,910,000
Other liabilities, non-current	6,401,000	4,846,000
TOTAL LIABILITIES	461,314,000	417,606,000
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock, $0.0001 par value per share, 10,000 shares authorized as of June 30, 2026 and December 31, 2025; No shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value per share; 1,000,000 Class A shares authorized as of June 30, 2026 and December 31, 2025; 52,673 shares issued and 37,148 shares outstanding as of June 30, 2026; 51,029 shares issued and 38,624 shares outstanding as of December 31, 2025; 1,000,000 Class B shares authorized as of June 30, 2026 and December 31, 2025; 11,400 shares issued and 8,259 shares outstanding as of June 30, 2026; 11,404 shares issued and 8,263 shares outstanding as of December 31, 2025	7,000	7,000
Treasury stock, at cost; 18,666 and 15,546 shares as of June 30, 2026 and December 31, 2025, respectively	(223,977,000)	(193,471,000)
Additional paid-in capital	341,643,000	321,062,000
Accumulated other comprehensive income (loss)	(156,000)	68,000
Retained earnings	121,211,000	134,923,000
TOTAL STOCKHOLDERS’ EQUITY	238,728,000	262,589,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 700,042,000	$ 680,195,000