PUBM — what changed in the latest 10-Q
A section-by-section comparison of PUBM's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-06 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +18 | −13 | ~18 | 41 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 2 |
| Controls & procedures | Text added/removed | 0 | 0 | ~3 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | Some risk factors updated | 0 | −53 | ~1 | 0 |
| Other information | Text added/removed | +1 | −2 | ~1 | 4 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-06
Revenue for the three months ended June 30, 2026 increased by $7.5 million, or 11%, compared to the three months ended June 30, 2025. Revenue for the six months ended June 30, 2026 increased by $6.2 million, or 5%, compared to the six months ended June 30, 2025. Our revenues were primarily driven by…
For the remainder of the year, we expect revenue growth to continue primarily due to CTV, mobile app and emerging revenue streams.
Cost of revenue decreased $0.2 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to a $3.2 million decrease in depreciation and amortization and a $0.2 million decrease in facilities, offset by an increase of $3.4 million in data center cost…
Our gross margin of 67% for the three months ended June 30, 2026 increased compared to 63% for the three months ended June 30, 2025, and our gross margin of 63% for the six months ended June 30, 2026 increased compared to 61% for the six months ended June 30, 2025 primarily due to an increase in rev…
We expect the cost of revenue to be higher in 2026 compared to 2025 in absolute dollars as we continue to invest in revenue driving business initiatives. Cost of revenue may fluctuate from quarter to quarter and period to period, on an absolute dollar basis and as a percentage of revenue, depending …
Text removed vs the prior filing · source: 10-Q · 2026-05-07
Revenue for the three months ended March 31, 2026 decreased by $1.3 million, or (2)%, compared to the three months ended March 31, 2025. Our revenues were primarily driven by impressions processed on our platform, new revenue streams, and growth in customer relationships. These increases were negati…
We expect our revenues to be affected by macroeconomic conditions for the remainder of 2026, and will continue to be impacted by the platform changes implemented by one of our buyers in 2025 in the near term. The magnitude of these impacts on our future revenues is difficult to predict.
Our gross margin of 58% for the three months ended March 31, 2026 decreased compared to 60% for the three months ended March 31, 2025, primarily due to a decrease in revenue.
We expect the cost of revenue to be higher in 2026 compared to 2025 in absolute dollars as we continue to support our data centers. Cost of revenue may fluctuate from quarter to quarter and period to period, on an absolute dollar basis and as a percentage of revenue, depending on revenue levels and …
The decrease in technology and development costs for the three months ended March 31, 2026 was primarily due to a decrease of $1.5 million in personnel costs, offset by a $0.7 million decrease in capitalized internal-use software costs.
Risk factors
Text removed vs the prior filing · source: 10-Q · 2026-05-07
Risks Related to Our Business, Results of Operations and Growth
Our revenue and results of operations are highly dependent on the overall demand for advertising.
Our business depends on the overall demand for advertising and on the economic health of our current and prospective publishers and buyers. In recent years, macroeconomic factors such as general economic volatility, recessionary fears, inflation, volatile interest rates and softening demand in certa…
Our results of operations may fluctuate significantly and may not meet our expectations or those of securities analysts and investors.
We operate in an evolving industry with ever-changing customer needs and behavior, and, as a result, our business has evolved over time such that our operating history makes it difficult to evaluate our business and future prospects. Our results of operations have fluctuated in the past, and future …
Other information
Text added vs the prior filing · source: 10-Q · 2026-08-06
(1)The aggregate number of RSU Shares that will be available for sale under the Plan is not yet determinable because the shares available will be net of shares sold to satisfy tax withholding obligations that arise in connection with the vesting and settlement of such RSU awards. As such, for purpos…
Text removed vs the prior filing · source: 10-Q · 2026-05-07
(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…
(3)The aggregate number of RSU Shares that will be available for sale under the Plan is not yet determinable because the shares available will be net of shares sold to satisfy tax withholding obligations that arise in connection with the vesting and settlement of such RSU awards. As such, for purpos…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice