PUBM — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-07

• We are an independent, artificial intelligence-powered advertising technology company that delivers digital advertising performance. Our mission is to fuel the endless potential of internet content creators and to enable a thriving, advertisement-funded digital ecosystem where global audiences can g…

• Our integrated technology platform connects buyers, publishers, data providers, and commerce media networks on a single, unified platform, to deliver advertising performance, control, transparency and efficiency. Our platform empowers the world’s leading digital content creators (which we collective…

• The digital advertising ecosystem continues to evolve and adapt at a rapid pace. Some noted trends include the continued growth of digital media across multiple platforms, an increased focus on performance driven media, and a desire for transparency and control throughout the supply chain from both …

• (1)For a definition of Adjusted EBITDA, an explanation of our management’s use of this measure, and a reconciliation of Adjusted EBITDA to net loss, see “Non-GAAP Financial Measures.”

• Our platform and suite of solutions serve four primary customer types: publishers, buyers, data partners and curators, and retail and commerce media participants. Through these customers, we generate revenue from the use of our platform for the purchase and sale of digital advertising inventory and …

Text removed vs the prior filing · source: 10-Q · 2025-11-10

• We are an independent technology company seeking to maximize customer value by delivering digital advertising’s supply chain of the future.

• Our technology platform empowers the world’s leading digital content creators (which we refer to as “publishers”) across the open internet to maximize monetization of their advertising inventory. Our platform also provides control and transparency to buyers, which includes advertisers, agencies, age…

• The digital advertising ecosystem continues to evolve and adapt at a rapid pace. Some noted trends include the continued growth of digital media across multiple platforms, a continued increase in the number of ad impressions processed and analyzed in real-time by each participant in the digital adve…

• Three Months Ended September 30,Nine Months Ended September 30,

• (1)For a definition of Adjusted EBITDA, an explanation of our management’s use of this measure, and a reconciliation of Adjusted EBITDA to net income, see “Non-GAAP Financial Measure.”

Text added vs the prior filing · source: 10-Q · 2026-05-07

• •changes in buyer bidding algorithms, including the deployment of artificial intelligence or automated optimization technologies by buyers that reduce the volume or value of impressions purchased through our platform;

• •disruption to the digital advertising ecosystem driven by artificial intelligence, including the displacement of traditional programmatic advertising channels or reduction in open-web publisher traffic resulting from AI-powered search features or large language model-based services;

• Risks Related to Artificial Intelligence and Machine Learning

• We rely on machine learning and artificial intelligence technologies that may produce inaccurate or biased outputs, and our models may become less effective over time.

• Our core platform operations, including real-time bidding, auction optimization, yield management, and audience targeting, depend on machine learning and artificial intelligence technologies that require large volumes of high-quality data. These models may produce inaccurate, incomplete, biased, or …

Text removed vs the prior filing · source: 10-Q · 2025-11-10

• Our litigation with Google LLC presents several risks to our business that could adversely affect our business, results of operations and financial condition.

• On September 8, 2025, we filed a lawsuit against Google LLC ("Google"), seeking damages and injunctive relief in connection with Google's alleged anticompetitive behavior in the publisher ad server and ad exchange markets for open-web display (the "Google Lawsuit"). The Google Lawsuit followed an Ap…

• Google is a significant participant in the digital advertising ecosystem and both a major partner and competitor to PubMatic. A material portion of our revenue is generated through our relationship with Google and the Google DV360 DSP. The Google Lawsuit is in its early stages, and the outcome and t…

• The Google Lawsuit presents several risks to our business, including the potential for retaliatory actions by Google. Such actions could include, but are not limited to, altering our access to their platforms, seeking to modify commercial terms between PubMatic and Google in a manner unfavorable to …

• The Google Lawsuit may be costly, protracted, and divert management's attention and resources from our business operations. Any damages awarded may not be commensurate with our expectations, and we may not receive any monetary damages at all. The injunctive relief sought in the Google Lawsuit may no…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• In the first quarter of 2026, the following trading plans were adopted or terminated:

• NameTitleActionDateRule 10b5-1*Non-Rule 10b5-1**Total Shares to be SoldExpiration Date

• * Intended to satisfy the affirmative defense of Rule 10b5-1(c).

• ** Not intended to satisfy the affirmative defense of Rule 10b5-1(c).

• (1)Mr. Kumar modified his existing 10b5-1 plan on March 3, 2026. Pursuant to Rule 10b5-1(c)(1)(iv), the modification to Mr. Kumar's 10b5-1 plan is deemed a termination of his prior plan and an adoption of a new plan. Mr. Kumar is subject to a 90-day cooling off period following the deemed adoption o…

Text removed vs the prior filing · source: 10-Q · 2025-11-10

• In the third quarter of 2025, no Section 16 director or officer adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K of the Exchange Act).

• There were no “non-Rule 10b5-1 trading arrangements” (as defined in Item 408 of Regulation S-K of the Exchange Act) adopted, modified, or terminated during the third quarter of 2025 by our directors and Section 16 officers.