The flat Contribution ex-TAC and 75% drop in Adjusted EBITDA signal that growth in CTV/Outmax is coming at the expense of margin. Watch for Q2 2026 results to see if the high-growth channels begin to improve unit economics. The reiterated guidance provides a floor but the GAAP loss trajectory is concerning — monitor cash burn and whether the $293M cash pile supports the buyback without depleting the balance sheet.
Price Chart
Executive Summary
Perion reported Q1 2026 results with total revenue of $90.4M (+1% YoY), GAAP net loss of $10.0M (wider than $8.3M loss in Q1 2025), and Adjusted EBITDA of $0.5M (down 75% from $1.8M). The company reiterated its full-year 2026 guidance for Contribution ex-TAC of $215-235M and Adjusted EBITDA of $50-54M. While CTV spend grew 68% and Outmax AI agent spend surged 316% YoY, the core Advertising Solutions revenue declined 4% YoY and GAAP net loss widened, signaling ongoing margin pressure from the shift toward lower-margin growth channels.
Key Facts
- Total revenue of $90.4M, up 1% YoY from $89.3M
- GAAP net loss of $10.0M, compared to $8.3M loss in Q1 2025
- Adjusted EBITDA of $0.5M, down 75% from $1.8M in Q1 2025
- Advertising Solutions revenue declined 4% YoY to $66.7M
- Search Advertising revenue grew 21% YoY to $23.7M
- Contribution ex-TAC flat at $39.7M with 44% margin
- Non-GAAP net income of $4.8M, down 11% from $5.4M
- Non-GAAP diluted EPS flat at $0.11
- Cash flow from operations of $6.7M vs. -$7.1M in Q1 2025
- Repurchased 2.5M shares for $24.1M in Q1 2026
- Reiterated FY2026 guidance: Contribution ex-TAC $215-235M, Adjusted EBITDA $50-54M
- CTV spend grew 68% YoY, Outmax AI agent spend grew 316% YoY
Financial Impact
Revenue up 1% YoY to $90.4M; GAAP net loss widened to $10.0M from $8.3M; Adjusted EBITDA collapsed 75% to $0.5M
Risk Factors
- Advertising Solutions revenue declining 4% YoY as legacy Web channel erodes
- GAAP net loss widening 20% YoY despite revenue growth
- Adjusted EBITDA margin compressing from 5% to 1% of Contribution ex-TAC
- Heavy share buyback ($24.1M in Q1) consuming cash while operating losses persist
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-002825 |
| Document: zk2635380.htm | 0001178913-26-002825 |
| Document: 0001178913-26-002825-index-headers.html | 0001178913-26-002825 |
| Document: 0001178913-26-002825-index.html | 0001178913-26-002825 |
| Document: 0001178913-26-002825.txt | 0001178913-26-002825 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 26, 2026 5w ago | 6-K | $9.52 $8.68 | ▼ −8.82% | ▼ −9.05% | $8.50 (−10.71%) |
Aug 10, 2026 7w ago | 6-K | $9.81 $8.94 | ▲ +8.87% | ▲ +7.95% | $8.50 (+13.35%) |
Jul 20, 2026 10w ago | 6-K | $9.63 $9.68 | ▲ +0.52% | ▼ −3.60% | $8.50 (−11.73%) |
Jul 2, 2026 13w ago | Insider Cluster | $9.40 $9.58 | ▲ +1.91% | ▲ +2.33% | $8.50 (−9.57%) |
Jul 2, 2026 13w ago | Insider Cluster | $9.40 $9.58 | ▲ +1.91% | ▲ +2.33% | $8.50 (−9.57%) |
Jun 29, 2026 13w ago | 6-K | $9.44 $9.32 | ▼ −1.27% | ▼ −0.99% | $8.50 (−9.96%) |
Jun 16, 2026 15w ago | 6-K | $8.63 $9.34 | ▲ +8.23% | ▲ +8.03% | $8.50 (−1.51%) |
May 20, 2026 19w ago | 6-K | $9.01 $8.51 | ▼ −5.55% | ▼ −6.29% | $8.50 (−5.66%) |
Apr 23, 2026 23w ago | 6-K | $10.23 $9.01 | ▼ −11.93% | ▼ −16.56% | $8.50 (−16.91%) |
Apr 1, 2026 26w ago | Insider Cluster | $9.82 $10.27 | ▲ +4.58% | ▼ −5.14% | $8.50 (−13.44%) |
US Market Status
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