Taboola Reports Strong Q3 2025 Financial Results, Surpassing High-End of Guidance; Raises Full-Year Outlook

NEW YORK, Nov. 05, 2025 (GLOBE NEWSWIRE) – Taboola (Nasdaq: TBLA), a global leader in delivering performance at scale for advertisers, today announced its results for the third quarter ended September 30, 2025.

“We delivered another strong quarter with our third quarter results beating the high-end of our guidance across all metrics” said Adam Singolda, CEO of Taboola. “Realize is at an inflection point and driving meaningful success for our advertisers. We’re building on that momentum and are even more confident in our strategy. As a result, we’re continuing to aggressively buy back shares, having already repurchased 14% of the company this year.”

Third Quarter 2025 Financial Results (All comparisons are to the third quarter of 2024 unless otherwise noted.)

**Revenu…

Third Quarter 2025 Financial Results (All comparisons are to the third quarter of 2024 unless otherwise noted.)

Revenues of $496.8 million, an increase of 14.7%. Revenues were primarily driven by a 4.4% growth in Scaled Advertisers, complimented by a 10.9% increase in Average Revenue per Scaled Advertiser. Q3 revenue growth reflects momentum in Realize, Taboola’s recently launched performance platform, and includes strong contributions from Taboola News and Bidded Supply.
**Gross Profit **of $139.0 million, an increase of 4.6%. Ex-TAC Gross Profit was $176.8 million, an increase of 6.3% which included a 0.6% benefit from currency. Ex-TAC Gross Profit growth was primarily driven by strong advertising spend partially offset by a margin headwind related to a one-time test on Yahoo supply last year.
Net Income of $5.2 improved from a Net Loss of $(6.5) million. Adjusted EBITDA was $48.2 million, up 0.6%. Adjusted EBITDA growth was primarily driven by ex-TAC Gross Profit growth and continued cost discipline, partially offset by higher hosting costs related to certain growth initiatives, FX headwinds, and marketing spend for Realize. Adjusted EBITDA margins of 27.3% compared to 28.8% from last year.
Cash Flow generated by operating activities was $53.2 million, compared to $49.8 million. Free Cash Flow was $46.3 million, compared to $42.9 million. Increases in cash flow generated by operating activities and free cash flow were primarily due to strong collections and continued cost discipline

Fourth Quarter and Full Year 2025 Guidance For the Fourth Quarter and Full Year 2025, the Company currently expects (dollars in millions):

Q4 2025 Guidance FY 2025 Guidance Unaudited (dollars in millions) Revenues$532 - $542 $1,914 - $1,932 Gross profit$166 - $171 $550 - $564 ex-TAC Gross Profit*$204 - $210 $700 - $710 Adjusted EBITDA*$83 - $85 $209 - $214 Non-GAAP Net Income (Loss)*$52 - $56 $139 - $144

Webcast & Conference Call Taboola’s senior management team will discuss the Company’s earnings on a call that can be accessed via webcast at https://investors.taboola.com.

To access the call by phone, please go to this link: https://register-conf.media-server.com/register/BI842849d723f6421fbfb0567e0a02ea41 to register at and you will be provided with dial in details. The webcast will be available for replay for one year, through the close of business on November 5, 2026.

***About Non-GAAP Financial Information ** This press release includes ex-TAC Gross Profit, Adjusted EBITDA, Ratio of Adjusted EBITDA to ex-TAC Gross Profit, Free Cash Flow, Non-GAAP Net Income (Loss), which are non-GAAP financial measures. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenues, gross profit, net income (loss), cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. The Company believes non-GAAP financial measures provide useful supplemental information to management and investors regarding future financial and business trends relating to the Company. The Company believes that the use of these measures provides an additional tool for investors to use in evaluating operating results and trends and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures are subject to inherent limitations because they reflect the exercise of judgments by management about which items are excluded or included in calculating them, which may vary from period to period. Please refer to the appendix at the end of this press release for reconciliations to the most directly comparable measures in accordance with GAAP.

Definitions

**ex-TAC Gross Profit: **Gross profit adjusted to add back other cost of revenues and non-cash amortization of the Commercial agreement asset. We add back the non-cash amortization of the Commercial agreement asset because it is unique primarily due to the issuance of equity rather than cash, such that ex-TAC Gross Profit includes solely direct cash contribution components.
Adjusted EBITDA: Net income (loss) before finance income (expenses), net, income tax expenses, depreciation and amortization and non-cash amortization of the Commercial agreement asset, further adjusted to exclude share-based compensation including Connexity holdback compensation expenses and other noteworthy income and expense items such as M&A costs and restructuring costs which may vary from period-to-period.
**Adjusted EBITDA margins: **The ratio of Adjusted EBITDA to ex-TAC Gross Profit as Adjusted EBITDA divided by ex-TAC Gross Profit.
Scaled Advertisers: An Advertiser that has more than $100,000 of cumulative gross spend on the network on a trailing four quarter basis.
Average Revenue per Scaled Advertiser: The aggregate cumulative gross spend of all Scaled Advertisers for a given period divided by the number of Scaled Advertisers for that period.

** Note Regarding Forward-Looking Statements ** Certain statements in this press release are forward-looking statements. Forward-looking statements generally relate to future events including future financial or operating performance of Taboola.com Ltd. (the “Company”). In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “guidance”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “target”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Uncertainties and risk factors that could affect the Company’s future performance and cause results to differ from the forward-looking statements in this press release include, but are not limited to: the Company’s ability to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; changes in applicable laws or regulations; the degree to which, or whether, Realize can achieve its intended performance objectives and attract, retain and grow advertisers and advertising spending; the Company’s estimates of expenses and profitability and underlying assumptions with respect to accounting presentations and purchase price and other adjustments; the extent to which we will buyback any of our shares pursuant to authority granted by the Company’s Board of Directors, which may depend upon market and economic conditions, other business opportunities and priorities, satisfying required conditions under the Israeli Companies Law and the Companies Regulations or other factors; the ability to attract new digital properties and advertisers; ability to meet minimum guarantee requirements in contracts with digital properties; intense competition in the digital advertising space, including with competitors who have significantly more resources; ability to grow and scale the Company’s ad and content platform through new relationships with advertisers and digital properties; ability to secure high quality content from digital properties; ability to maintain relationships with current advertiser and digital property partners; ability to prioritize investments to improve profitability and free cash flow; ability to make continued investments in the Company’s AI-powered technology platform; the need to attract, train and retain highly-skilled technical workforce; changes in the regulation of, or market practice with respect to, “third party cookies” and its impact on digital advertising; continued engagement by users who interact with the Company’s platform on various digital properties; reliance on a limited number of partners for a significant portion of the Company’s revenue; changes in laws and regulations related to privacy, data protection, advertising regulation, competition and other areas related to digital advertising; ability to enforce, protect and maintain intellectual property rights; the potential or expected impact of tariffs on advertising spend, consumer and business sentiment, and the general economic environment; risks related to the fact that we are incorporated in Israel and governed by Israeli law; the potential impacts of the war in Israel to the Company’s operations; and other risks and uncertainties set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 under Part 1, Item 1A “Risk Factors” and in the Company’s subsequent filings with the Securities and Exchange Commission.

Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no duty to update these forward-looking statements except as may be required by law.

About Taboola Taboola empowers businesses to grow through performance advertising technology that goes beyond search and social and delivers measurable outcomes at scale.

Taboola works with thousands of businesses who advertise directly on Realize, Taboola’s powerful ad platform, reaching approximately 600 million daily active users across some of the best publishers in the world. Publishers like NBC News, Yahoo, and OEMs such as Samsung, Xiaomi and others use Taboola’s technology to grow audience and revenue, enabling Realize to offer unique data, specialized algorithms, and unmatched scale.

Investor Contacts: Jessica Kourakos Aadam Anwar investors@taboola.com

Press Contact: Dave Struzzi press@taboola.com

**Third Quarter 2025 Financial Results ** The following table summarizes our consolidated financial results for the three months ended September 30, 2025 and 2024:

(dollars in millions, except per share data)Three months ended September 30, 2025 2024 Unaudited Revenues$496.8 $433.0 Gross profit$139.0 $132.9 Net income (loss)$5.2 $(6.5) EPS diluted (1)$0.02 $(0.02) Ratio of net income (loss) to gross profit 3.8% (4.9)% Cash flow provided by operating activities$53.2 $49.8 Cash, cash equivalents, short-term deposits and investments$115.5 $217.2

Non-GAAP Financial Data * ex-TAC Gross Profit$176.8 $166.4 Adjusted EBITDA$48.2 $47.9 Non-GAAP Net Income$34.3 $22.2 Ratio of Adjusted EBITDA to ex-TAC Gross Profit 27.3% 28.8% Free Cash Flow$46.3 $42.9

(1) The weighted-average shares used in the computation of the diluted EPS for the three months ended September 30, 2025 and 2024 are 305,679,079 and 342,886,216, respectively. The weighted-average shares for the three months ended September 30, 2025 and 2024, included 274,034,553 and 298,675,810 Ordinary shares, and 31,644,526 and 44,210,406 Non-voting Ordinary shares, respectively.

Fourth Quarter and Full Year 2025 Guidance For the Fourth Quarter and Full Year 2025, the Company currently expects (dollars in millions):

Although we provide guidance for Adjusted EBITDA and Non-GAAP Net Income (Loss), we are not able to provide guidance for projected net income (loss), the most directly comparable GAAP measure. Certain elements of net income (loss), including share-based compensation expenses and warrant valuations, are not predictable due to the high variability and difficulty of making accurate forecasts. As a result, it is impractical for us to provide guidance on net income (loss) or to reconcile our Adjusted EBITDA and Non-GAAP Net Income (Loss) guidance without unreasonable efforts. Consequently, no disclosure of projected net income (loss) is included. For the same reasons, we are unable to address the probable significance of the unavailable information.

**CONSOLIDATED BALANCE SHEETS ** U.S. dollars in thousands, except share and per share data ** September 30, December 31, 2025 2024 Unaudited ASSETS CURRENT ASSETS Cash and cash equivalents$115,475 $226,583 Short-term investments — 3,780 Restricted deposits — 200 Trade receivables (net of allowance for credit losses of $13,338 and $11,815 as of September 30, 2025 and December 31, 2024, respectively) (1) 308,900 370,110 Prepaid expenses and other current assets 67,721 55,328 Total current assets 492,096 656,001 NON-CURRENT ASSETS Long-term prepaid expenses 17,666 25,193 Commercial agreement asset 274,374 286,619 Restricted deposits 1,462 1,462 Operating lease right of use assets 85,490 58,997 Property and equipment, net 77,315 69,388 Intangible assets, net 25,012 65,067 Goodwill 555,931 555,931 Total non-current assets 1,037,250 1,062,657 Total assets$**1,529,346 **$**1,718,658

(1) Includes related party trade receivables of $37,941 and $76,677, as of September 30, 2025 and December 31, 2024, respectively.

CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands, except share and per share data September 30, December 31, 2025 2024 Unaudited LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Trade payables (2)$301,680 $309,229 Short-term operating lease liabilities 29,398 21,881 Accrued expenses and other current liabilities 135,145 154,472 Total current liabilities 466,223 485,582 LONG-TERM LIABILITIES Long-term loan and revolving credit facility (3) 74,000 116,452 Long-term operating lease liabilities 65,238 42,561 Warrants liability 897 3,368 Deferred tax liabilities, net 17 5,497 Other long-term liabilities 11,509 13,292 Total long-term liabilities 151,661 181,170 COMMITMENTS AND CONTINGENCIES (Note 11) SHAREHOLDERS’ EQUITY Ordinary shares with no par value - Authorized: 700,000,000 as of September 30, 2025 and December 31, 2024; 337,494,088 and 325,674,930 shares issued, and 260,491,794 and 293,134,865 shares outstanding as of September 30, 2025 and December 31, 2024, respectively — — Non-voting Ordinary shares with no par value - Authorized: 46,000,000 as of September 30, 2025 and December 31, 2024; 45,198,702 shares issued, and 30,401,133 and 44,210,406 shares outstanding as of September 30, 2025 and December 31, 2024, respectively — — Treasury Ordinary shares, at cost - 91,799,863 (77,002,294 Ordinary shares and 14,797,569 Non-voting Ordinary shares) and 33,528,361 (32,540,065 Ordinary shares and 988,296 Non-voting Ordinary shares) as of September 30, 2025 and December 31, 2024, respectively (314,881) (130,117) Additional paid-in capital 1,386,921 1,335,825 Accumulated other comprehensive income 1,493 418 Accumulated deficit (162,071) (154,220) Total shareholders’ equity 911,462 1,051,906 Total liabilities and shareholders’ equity**$**1,529,346 **$**1,718,658

(2) Includes related party trade payables of $67,690 and $68,556, as of September 30, 2025 and December 31, 2024, respectively. (3) The balance as of September 30, 2025, reflects $74,000 outstanding under the revolving credit facility. The December 31, 2024, balance reflects $116,452 under the long-term loan. See Note 8 of Notes to the Unaudited Consolidated Interim Financial Statements.

CONSOLIDATED STATEMENTS OF LOSS** ** U.S. dollars in thousands, except share and per share data** ** Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Unaudited Revenues (1)****$496,764 $433,012 **$1,389,731 **$1,275,180 Cost of revenues: Traffic acquisition cost (2) 324,079 267,997 901,299 821,737 Other cost of revenues 33,666 32,138 94,495 96,835 Total cost of revenues 357,745 300,135 995,794 918,572 Gross profit 139,019 132,877 393,937 356,608 Operating expenses: Research and development 37,867 36,727 111,305 106,264 Sales and marketing 70,090 67,808 207,228 200,253 General and administrative 24,557 23,784 75,117 71,397 Total operating expenses 132,514 128,319 393,650 377,914 Operating income (loss) 6,505 4,558 287 (21,306) Finance income (expenses), net (3) 500 (1,106) (6,491) (3,740) Income (loss) before income taxes 7,005 3,452 (6,204) (25,046) Income tax expenses (1,761) (9,906) (1,647) (11,857) **Net income (loss)$5,244 **$(6,454) $(7,851) $(36,903)

Net Income (loss) per share attributable to Ordinary and Non-voting Ordinary shareholders, basic$0.02 $(0.02) $(0.02) $(0.11) Net Income (loss) per share attributable to Ordinary and Non-voting Ordinary shareholders, diluted$0.02 $(0.02) $(0.02) $(0.11) Weighted-average shares used in computing net income (loss) per share attributable to Ordinary and Non-voting Ordinary shareholders, basic 300,723,658 342,886,216 318,600,917 343,606,187 Weighted-average shares used in computing net income (loss) per share attributable to Ordinary and Non-voting Ordinary shareholders, diluted 305,679,079 342,886,216 318,600,917 343,606,187

(1) Includes revenues from related party of $52,106 and $44,936, for the three months ended September 30, 2025 and 2024, respectively, and $146,886 and $157,362 for the nine months ended September 30, 2025 and 2024, respectively. (2) Includes traffic acquisition cost to related party of $93,088 and $53,104 for the three months ended September 30, 2025 and 2024, respectively, and $252,644 and $205,148 for the nine months ended September 30, 2025 and 2024, respectively. (3) Includes loss on extinguishment of debt of 6,597 for the nine months ended September 30, 2025.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ** U.S. dollars in thousands ** Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Unaudited Net income (loss)$5,244 **$(6,454)** $(7,851) $(36,903) Other comprehensive income (loss): Unrealized and realized gains on available-for-sale marketable securities, net — — — 6 Unrealized gains (losses) on derivative instruments, net (1,275) 204 1,075 (783) Other comprehensive income (loss) (1,275) 204 1,075 (777) Comprehensive income (loss)$3,969 **$(6,250)** $(6,776) $(37,680)

SHARE-BASED COMPENSATION BREAK-DOWN BY EXPENSE LINE ** U.S. dollars in thousands ** Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Unaudited Cost of revenues$905 $933 $2,728 $3,040 Research and development 6,415 6,785 19,543 20,015 Sales and marketing 4,270 4,671 13,093 13,526 General and administrative 4,124 4,797 12,439 15,311 Total share-based compensation expenses**$**15,714 **$**17,186 **$**47,803 **$**51,892

**DEPRECIATION AND AMORTIZATION BREAK-DOWN BY EXPENSE LINE ** U.S. dollars in thousands ** Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Unaudited Cost of revenues$9,073 $10,580 $26,516 $31,206 Research and development 540 1,384 1,595 3,493 Sales and marketing 10,354 12,669 32,807 39,597 General and administrative 364 160 859 1,680 Total depreciation and amortization expense$**20,331 **$**24,793 **$**61,777 **$**75,976

CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. dollars in thousands

Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Unaudited Cash flows from operating activities Net income (loss)$5,244 $(6,454) $(7,851) $(36,903) Adjustments to reconcile net loss to net cash flows provided by operating activities: Depreciation, amortization and write-off 20,441 24,793 64,828 75,976 Share-based compensation expenses 15,714 17,186 47,803 51,892 Net gain from financing expenses (221) (1,909) (4,896) (1,131) Revaluation of the Warrant liability (1,648) (738) (2,471) (4,625) Amortization of loan and credit facility issuance costs 277 363 874 1,092 Amortization of premium and accretion of discount on short-term investments, net — 147 — 230 Loss on extinguishment of debt — — 6,597 — Commercial agreement asset Amortization 4,126 1,390 12,245 1,390 Change in operating assets and liabilities: (Increase) decrease in trade receivables, net (1) (13,122) (11,656) 61,210 12,977 (Increase) decrease in prepaid expenses and other current assets and long-term prepaid expenses (1,861) 8,797 856 23,787 Increase (decrease) in trade payable (2) 12,126 (1,004) (7,595) (12,901) Increase (decrease) in accrued expenses and other current liabilities and other long-term liabilities 12,672 21,449 (21,110) 23,027 Decrease in deferred taxes, net (671) (3,061) (5,480) (10,962) Change in operating lease right of use assets 6,691 5,354 19,345 14,638 Change in operating Lease liabilities (6,565) (4,885) (15,644) (16,091) Net cash provided by operating activities 53,203 49,772 148,711 122,396 Cash flows from investing activities Purchase of property and equipment, including capitalized internal-use software (6,914) (6,908) (32,191) (25,130) Business acquisition deferred payment — — — (719) Proceeds from maturities of short-term investments 200 — 3,980 5,765 Net cash (used in) investing activities (6,714**)** (6,908**)** (28,211**)** (20,084**)** Cash flows from financing activities Issuance costs — — (938) (695) Exercise of options and vested RSUs 2,090 968 5,296 5,709 Payments of tax withholding for share-based compensation (1,156) (709) (3,133) (2,396) Repurchase of ordinary shares and non-voting ordinary shares (34,591) (9,578) (184,599) (64,517) Payments on account of repurchase of ordinary shares 1,181 (422) (1,879) (422) Repayment of Long term loan — — (122,736) — Proceeds from revolving credit line, net of issuance costs — — 123,985 — Additional proceeds from revolving credit line 152,700 — 228,700 — Repayment of revolving credit line (166,700) — (281,200) — Net cash used in financing activities (46,476**)** (9,741**)** (236,504**)** (62,321**)** Exchange rate differences on balances of cash and cash equivalents 221 1,909 4,896 1,131 Increase (decrease) in cash and cash equivalents 234 35,032 (111,108) 41,122 Cash and cash equivalents - at the beginning of the period 115,241 182,198 226,583 176,108 Cash and cash equivalents - at end of the period**$**115,475 **$**217,230 **$**115,475 **$**217,230

(1) Includes a decrease (increase) in related party trade receivables of $(3,389) and $(8,526), for the three months ended September 30, 2025 and 2024, respectively, and a decrease (increase) of $38,736 and $(39,461) for the nine months ended September 30, 2025 and 2024, respectively. (2) Includes an increase (decrease) in related party trade payables of $6,774 and $(8,573), for the three months ended September 30, 2025 and 2024, respectively, and a (decrease) increase in related party trade payables of $(866) and $11,964, for the nine months ended September 30, 2025 and 2024, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS ** U.S. dollars in thousands ** Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Unaudited Supplemental disclosures of cash flow information: Cash paid during the year for: Income taxes$9,202 $3,796 $23,409 $13,396 Interest$907 $3,760 $4,862 $11,054 Non-cash investing and financing activities: Purchase of property and equipment, including capitalized internal-use software$(1,220) $4,508 $678 $4,508 Share-based compensation included in capitalized internal-use software$403 $1,045 $1,130 $1,745 Creation of operating lease right-of-use assets and operating lease liability$13,751 $9,557 $45,838 $13,221

APPENDIX: Non-GAAP Reconciliation

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

The following table provides a reconciliation of revenues to ex-TAC Gross Profit.

Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 (dollars in thousands) Revenues**$**496,764 **$**433,012 **$**1,389,731 **$1,275,180 Traffic acquisition cost 324,079 267,997 901,299 821,737 Other cost of revenues 33,666 32,138 94,495 96,835 Gross profit$139,019 $132,877 $393,937 $356,608 Add back: Other cost of revenues and amortization (1) 37,792 33,528 106,740 98,225 ex-TAC Gross Profit$**176,811 **$**166,405 **$**500,677 **$**454,833

_____________________________

1 The three and nine months ended September 30, 2025, included $4,126 and $12,245 amortization expense of the non-cash based Commercial agreement asset respectively, and the three and nine months ended September 30, 2024 included $1,390 amortization expense of the non-cash based Commercial agreement asset. See Note 1(b) of Notes to the Unaudited Interim Consolidated Financial Statements.

The following table provides a reconciliation of net income (loss) to Adjusted EBITDA.

Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 (dollars in thousands) Net income (loss)$5,244 **$(6,454)** $(7,851) $(36,903) Adjusted to exclude the following: Finance expenses, net (500) 1,106 6,491 3,740 Income tax expenses 1,761 9,906 1,647 11,857 Depreciation and amortization (1) 24,456 26,183 76,822 77,366 Share-based compensation expenses 15,714 15,423 47,803 44,838 Holdback compensation expenses (2) — 1,763 — 7,054 Other costs (3) 1,548 — 4,424 695 Adjusted EBITDA**$**48,223 **$**47,927 **$**129,336 **$**108,647

__________________________________________

1 The nine months ended September 30, 2025, included a write-off of internal use software in the amount of $2,800. The three and nine months ended September 30, 2025 included amortization expenses of the non-cash based Commercial agreement asset in the amount of $4,126 and $12,245, respectively. The three and nine months ended September 30, 2024 included $1,390 amortization expense of the non-cash based Commercial agreement asset. See Note 1(b) of Notes to the Unaudited Interim Consolidated Financial Statements. 2 Represents share-based compensation due to holdback of Ordinary shares issuable under compensatory arrangements relating to Connexity acquisition. 3 The three and nine months ended September 30, 2025, includes professional and legal expenses related to a litigation matter in which the Company is the plaintiff and is not related to our ongoing business operations in the amount of $1,548 and $4,424, respectively. The nine months ended September 30, 2024 included one-time professional service costs in the amount of $695.

The following table provides a reconciliation of net income (loss) to Non-GAAP Net Income (loss).

Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 (dollars in thousands) Net income (loss)$5,244 **$(6,454**) $(7,851) $(36,903) Amortization of acquired intangibles (1) 16,988 16,474 52,599 48,163 Share-based compensation expenses 15,714 15,423 47,803 44,838 Holdback compensation expenses (2) — 1,763 — 7,054 Other costs (3) 1,548 — 4,424 695 Revaluation of Warrants (1,648) (737) (2,471) (4,624) Foreign currency exchange rate losses (gains) (4) (667) (738) (1,926) 650 Income tax effects (2,916) (3,520) (9,704) (10,820) Loss on extinguishment of debt (5) — — 6,597 — Non-GAAP Net Income**$**34,263 **$**22,211 **$**89,471 **$**49,053

_________________________________________

1 The nine months ended September 30, 2025, included a write-off of internal use software in the amount of $2,800. The three and nine months ended September 30, 2025 included amortization expenses of the non-cash based Commercial agreement asset in the amount of $4,126 and $12,245, respectively. The three and nine months ended September 30, 2024 included $1,390 amortization expense of the non-cash based Commercial agreement asset. See Note 1(b) of Notes to the Unaudited Interim Consolidated Financial Statements. 2 Represents share-based compensation due to holdback of Ordinary shares issuable under compensatory arrangements relating to Connexity acquisition. 3 The three and nine months ended September 30, 2025, included professional and legal expenses related to a litigation matter in which the Company is the plaintiff and is not related to our ongoing business operations it the amount of $1,548 and $4,424, respectively. The nine months ended September 30, 2024 included one-time professional service costs in the amount of $695. 4 Represents foreign currency exchange rate gains or losses related to the remeasurement of monetary assets and liabilities to the Company’s functional currency using exchange rates in effect at the end of the reporting period. 5 See Note 8 of Notes to the Unaudited Interim Consolidated Financial Statements.

The following table provides a reconciliation of net cash provided by operating activities to Free Cash Flow.

Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 (dollars in thousands) Net cash provided by operating activities**$**53,203 **$**49,772 **$**148,711 **$122,396 Purchases of property and equipment, including capitalized internal-use software (6,914) (6,908) (32,191) (25,130) Free Cash Flow$**46,289 **$**42,864 **$**116,520 **$**97,266

APPENDIX: Non-GAAP Guidance Reconciliation

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q4 2025 AND FULL YEAR 2025 GUIDANCE

(Unaudited)

The following table provides a reconciliation of projected Gross profit to ex-TAC Gross Profit.

Q4 2025 Guidance FY 2025 Guidance Unaudited (dollars in millions) Revenues$532 - $542 $1,914 - $1,932 Traffic acquisition cost($328) - ($332) ($1,214) - ($1,222) Other cost of revenues($38) - ($39) ($150) - ($146) Gross profit$166 - $171 $550 - $564 Add back: Other cost of revenues($38) - ($39) ($150) - ($146) ex-TAC Gross Profit$204 - $210 $700 - $710

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