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Taboola Reports Strong Q1 2025 Financial Results; Results Above High-End of Guidance Across All Key Metrics

1. Taboola's Q1 2025 revenue rose 3% to $427 million. 2. Operating loss narrowed to $6 million from $18 million year-over-year. 3. Adjusted EBITDA increased by 53% to $36 million, indicating strong cost discipline. 4. Cash flow from operations improved to $48 million, reflecting better collections. 5. Second quarter and full-year guidance reflects continued revenue growth expectations.

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Why Bullish?

Taboola's improved financial performance and cost discipline indicate a positive trend, enhancing investor confidence. Historical context shows similar upward trends in stock prices following strong earnings reports.

How important is it?

The article provides critical financial updates and forward guidance that typically influence stock prices. Increased revenues and improved margins contribute significantly to market sentiment.

Why Short Term?

The immediate impact from positive earnings is likely to boost stock prices short-term. However, long-term sustainability will depend on ongoing growth and market conditions.

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NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) -- Taboola (Nasdaq: TBLA), a global leader in delivering performance at scale for advertisers, today announced its results for the first quarter ended March 31, 2025. “We’re pleased to start the year off strong, coming in above our guidance across all key metrics,” said Adam Singolda, CEO of Taboola. “We’re building real momentum — fueled by disciplined execution, traction on our Realize platform, and a deep belief in our long-term opportunity. We’ll continue to invest where we see growth, return capital through share repurchases, and stay focused on becoming the leader in performance advertising beyond search and social.” First Quarter 2025 Financial Results(All comparisons are to the first quarter of 2024 unless otherwise noted.) Revenues of $427 million, an increase of 3%. Revenues were primarily driven by 9% growth in Scaled Advertisers partially offset by a 3% decline in Average Revenue per Scaled Advertiser. Q1 revenue growth primarily reflects broad-based growth, including growth in our existing Native business.Gross Profit of $119 million, an increase of 10%. ex-TAC Gross Profit was $152 million, an increase of 9%, including a (0.7%) impact from currency. Ex-TAC Gross Profit was primarily driven by growth in advertising spend as well as a mix shift to higher margin digital property partners.Operating loss was $6 million, improved from an operating loss of $18 million. Ratio of net loss to gross profit improved to (7.3%) from (24%). Adjusted EBITDA was $36 million, up 53%. Adjusted EBITDA margins expanded to 23.7% from 16.9%. Adjusted EBITDA growth was primarily driven by ad spend growth and continued cost discipline.Cash flow generated by operating activities was $48 million, compared to $32 million. Free Cash Flow was $36 million, compared to $27 million. Increases in cash flow provided by operating activities and free cash flow were primarily due to strong collections, lower publisher prepayments, and continued cost discipline. Second Quarter and Full Year 2025 GuidanceFor the Second Quarter and Full Year 2025, the Company currently expects (dollars in millions):  Q2 2025Guidance​FY 2025Guidance UnauditedRevenues$438 - $458 $1,838 - $1,888Gross profit$124 - $134 $536 - $552ex-TAC Gross Profit*$156 - $166 $674 - $690Adjusted EBITDA*$38 - $44 $201 - $209Non-GAAP Net Income (Loss)*$26 - $32 $122 - $128     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. See Appendix: Non-GAAP Guidance Reconciliation for further information. Webcast & Conference CallTaboola’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 to register at https://register-conf.media-server.com/register/BIacaf2c7404e543c8b93182315564cfb5 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 May 7, 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. Note Regarding Forward-Looking StatementsCertain 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 TaboolaTaboola 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 KourakosAadam Anwarinvestors@taboola.com Press Contact:Dave Struzzipress@taboola.com First Quarter 2025 Financial Results The following table summarizes our consolidated financial results for the Three Months Ended March 31, 2025 and 2024: (dollars in millions, except per share data)Three months endedMarch 31,  2025 ​ 2024  UnauditedRevenues$427.5  $414.0 Gross profit$119.3  $109.0 Net Income (loss)$(8.8) $(26.2)EPS diluted (1)$(0.03) $(0.08)Ratio of net loss to gross profit (7.3)%  (24.0)%Cash flow provided by operating activities$48.1  $32.4 Cash, cash equivalents, short-term deposits and investments$216.2  $181.0     Non-GAAP Financial Data *   ex-TAC Gross Profit$151.7  $138.9 Adjusted EBITDA$35.9  $23.5 Non-GAAP Net Income (Loss)$25.0  $3.8 Ratio of Adjusted EBITDA to ex-TAC Gross Profit 23.7%  16.9%Free Cash Flow$36.1  $26.8          (1) The weighted-average shares used in the computation of the diluted EPS for the three months ended March 31, 2025 and 2024 are 341,960,999 and 345,502,643, respectively. The weighted-average shares for the three months ended March 31, 2025 and 2024, included 298,323,708 and 300,303,941 Ordinary shares, and 43,637,291 and 45,198,702 Non-voting Ordinary shares, respectively. Second Quarter and Full Year 2025 GuidanceFor the Second Quarter and Full Year 2025, the Company currently expects (dollars in millions):  Q2 2025Guidance​FY 2025Guidance Unaudited (dollars in millions)Revenues$438 - $458 $1,838 - $1,888Gross profit$124 - $134 $536 - $552ex-TAC Gross Profit*$156 - $166 $674 - $690Adjusted EBITDA*$38 - $44 $201 - $209Non-GAAP Net Income (Loss)*$26 - $32 $122 - $128     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  March 31, December 31,  2025   2024  Unaudited  ASSETS   CURRENT ASSETS   Cash and cash equivalents$216,223  $226,583 Short-term investments —   3,780 Restricted deposits 200   200 Trade receivables (net of allowance for credit losses of $12,458 and $11,815 as of March 31, 2025 and December 31, 2024, respectively) (1) 304,914   370,110 Prepaid expenses and other current assets 56,577   55,328 Total current assets 577,914   656,001 NON-CURRENT ASSETS   Long-term prepaid expenses 24,385   25,193 Commercial agreement asset 282,583   286,619 Restricted deposits 1,462   1,462 Operating lease right of use assets 81,708   58,997 Property and equipment, net 75,479   69,388 Intangible assets, net 51,320   65,067 Goodwill 555,931   555,931 Total non-current assets 1,072,868   1,062,657 Total assets$1,650,782  $1,718,658  (1) Includes related party trade receivables of $48,584 and $76,677, as of March 31, 2025 and December 31, 2024, respectively. CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands, except share and per share data  March 31, December 31,  2025   2024  Unaudited  LIABILITIES AND SHAREHOLDERS' EQUITY   CURRENT LIABILITIES   Trade payables (2)$279,510  $309,229 Short-term operating lease liabilities 26,304   21,881 Accrued expenses and other current liabilities 131,455   154,472 Current maturities of long-term loan —   — Total current liabilities 437,269   485,582 LONG-TERM LIABILITIES   Long-term loan and revolving credit facility 126,500   116,452 Long-term operating lease liabilities 60,672   42,561 Warrants liability 1,642   3,368 Deferred tax liabilities, net 2,377   5,497 Other long-term liabilities 14,113   13,292 Total long-term liabilities 205,304   181,170 COMMITMENTS AND CONTINGENCIES (Note 11)   SHAREHOLDERS' EQUITY   Ordinary shares with no par value - Authorized: 700,000,000 as of March 31, 2025 and December 31, 2024; 329,070,716 and 325,674,930 shares issued, and 284,444,554 and 293,134,865 shares outstanding as of March 31, 2025 and December 31, 2024, respectively —   — Non-voting Ordinary shares with no par value - Authorized: 46,000,000 as of March 31, 2025 and December 31, 2024; 45,198,702 shares issued, and 40,054,344 and 44,210,406 shares outstanding as of March 31, 2025 and December 31, 2024, respectively —   — Treasury Ordinary shares, at cost - 49,770,520 (44,626,162 Ordinary shares and 5,144,358 Non-voting Ordinary shares) and 33,528,361 (32,540,065 Ordinary shares and 988,296 Non-voting Ordinary shares) as of March 31, 2025 and December 31, 2024, respectively (179,624)  (130,117)Additional paid-in capital 1,351,576   1,335,825 Accumulated other comprehensive income (loss) (773)  418 Accumulated deficit (162,970)  (154,220)Total shareholders' equity 1,008,209   1,051,906 Total liabilities and shareholders' equity$1,650,782  $1,718,658  (2) Includes related party trade payables of $57,833 and $68,556, as of March 31, 2025 and December 31, 2024, respectively. CONSOLIDATED STATEMENTS OF LOSS U.S. dollars in thousands, except share and per share data  Three months endedMarch 31,  2025   2024  UnauditedRevenues (1)$427,493  $414,008 Cost of revenues:   Traffic acquisition cost (2) 279,797   275,120 Other cost of revenues 28,389   29,935 Total cost of revenues 308,186   305,055 Gross profit 119,307   108,953 Operating expenses:   Research and development 35,956   36,249 Sales and marketing 65,890   67,608 General and administrative 23,723   23,329 Total operating expenses 125,569   127,186 Operating Loss (6,262)  (18,233)Finance expenses, net (3) (4,500)  (3,638)Loss before income taxes (10,762)  (21,871)Income tax benefit (expenses) 2,012   (4,287)Net Loss$(8,750) $(26,158)    Net loss per share attributable to Ordinary and Non-voting Ordinary shareholders, basic and diluted$(0.03) $(0.08)Weighted-average shares used in computing net loss per share attributable to Ordinary and Non-voting Ordinary shareholders, basic and diluted 341,960,999   345,502,643  (1) Includes revenues from related party of $48,324 and $52,124, for the three months ended March 31, 2025 and 2024, respectively.(2) Includes traffic acquisition cost to related party of $82,159 and $73,611 for the three months ended March 31, 2025 and 2024, respectively.(3) Includes loss on extinguishment of debt of $6,597 for the three months ended March 31, 2025 CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS U.S. dollars in thousands  Three Months Ended March 31, 2025  2025   2024  UnauditedNet Loss$(8,750) $(26,158)Other comprehensive loss:   Unrealized losses on derivative instruments, net (1,191)  (777)Other comprehensive loss (1,191)  (777)Comprehensive loss$(9,941) $(26,935)   SHARE-BASED COMPENSATION BREAK-DOWN BY EXPENSE LINE U.S. dollars in thousands  Three months endedMarch 31,  2025   2024  UnauditedCost of revenues$867  $1,011 Research and development 6,394   6,378 Sales and marketing 4,221   4,323 General and administrative 4,035   4,689 Total share-based compensation expenses$15,517  $16,082    DEPRECIATION AND AMORTIZATION BREAK-DOWN BY EXPENSE LINE U.S. dollars in thousands  Three months endedMarch 31,  2025   2024  UnauditedCost of revenues$8,699  $10,717 Research and development 531   887 Sales and marketing 11,263   13,518 General and administrative 177   199 Total depreciation and amortization expense$20,670  $22,601  CONSOLIDATED STATEMENTS OF CASH FLOWSU.S. dollars in thousands     Three months endedMarch 31,  2025   2024  UnauditedCash flows from operating activities   Net Loss$(8,750) $(26,158)Adjustments to reconcile net loss to net cash flows provided by operating activities: —   — Depreciation and amortization and write-offs 20,682   25,321 Share-based compensation expenses 15,517   16,401 Net gain from financing expenses (1,038)  (408)Revaluation of the Warrants liability (1,726)  39 Amortization of loan and credit facility issuance costs 413   354 Amortization of premium and accretion of discount on short-term investments, net —   142 Loss on extinguishment of debt 6,597  $— Commercial agreement asset amortization 4,037  $— Change in operating assets and liabilities:   Decrease in trade receivables, net (1) 65,196   22,068 Decrease in prepaid expenses and other current assets and long-term prepaid expenses 4,434   9,199 Decrease in trade payables (2) (31,758)  (8,262)Decrease in accrued expenses and other current liabilities and other long-term liabilities (22,196)  (1,476)Decrease in deferred taxes, net (3,120)  (3,685)Change in operating lease right of use assets 6,211   4,453 Change in operating lease liabilities (6,388)  (5,593)Net cash provided by operating activities 48,111   32,395 Cash flows from investing activities   Purchase of property and equipment, including capitalized internal-use software (12,041)  (5,589)Proceeds from business acquisition holdback liability —   719 Proceeds from maturities of short-term investments 3,780   3,265 Net cash used in investing activities (8,261)  (1,605)Cash flows from financing activities   Issuance costs (663)  (456)Exercise of options and vested RSUs 705   1,809 Payment of tax withholding for share-based compensation expenses (842)  (709)Repurchase of ordinary shares and non-voting ordinary shares (49,342)  (27,758)Payments on account of repurchase of ordinary shares (2,355)  (1,658)Proceeds from revolving credit line, net of issuance costs 123,985   — Repayment of Long-term loan (122,736)  — Net cash used in financing activities (51,248)  (28,772)Exchange rate differences on balances of cash and cash equivalents 1,038   408 Increase (decrease) in cash and cash equivalents (10,360)  2,426 Cash and cash equivalents - at the beginning of the period 226,583   176,108 Cash and cash equivalents - at end of the period$216,223  $178,534  (1) Includes an increase (decrease) in related party trade receivables of $(28,093) and $29,694, for the three months ended March 31, 2025 and 2024, respectively.(2) Includes a decrease in related party trade payables of $(10,723) and $(22,480), for the three months ended March 31, 2025 and 2024, respectively. CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. dollars in thousands  Three Months Ended March 31, 2025  2025   2024  UnauditedSupplemental disclosures of cash flow information:   Cash paid during the year for:   Income taxes$3,764  $3,243 Interest$2,189   3,610 Non-cash investing and financing activities:   Purchase of property and equipment, including capitalized internal-use software$1,895  $4,262 Share-based compensation included in capitalized internal-use software$279  $606 Exercise of options and vested RSUs$92  $— Creation of operating lease right-of-use assets and operating lease liability$28,922  $12  APPENDIX: Non-GAAP Reconciliation RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE THREE MONTHS ENDED MARCH 30, 2025 AND 2024 (UNAUDITED) The following table provides a reconciliation of revenues to ex-TAC Gross Profit.  Three Months Ended March 31, 2025  2025   2024  (dollars in thousands)Revenues$427,493 ​$414,008 Traffic acquisition cost (1) 279,797   275,120 Other cost of revenues 28,389   29,935 Gross profit$119,307  $108,953 Add back: Other cost of revenues (1) 32,426 ​ 29,935 ex-TAC Gross Profit$151,733 ​$138,888  ________________________ 1 The three months ended March 31, 2025 included $4,037 amortization expense of the non-cash based Commercial agreement asset. See Note 1b of Notes to the Unaudited Consolidated Interim Financial Statements. The following table provides a reconciliation of net income (loss) to Adjusted EBITDA.  Three Months Ended March 31, 2025  2025   2024  (dollars in thousands)Net Loss$(8,750) $(26,158)Adjusted to exclude the following:​ ​Finance expenses, net 4,500   3,638 Income tax expenses (benefit) (2,012)  4,287 Depreciation and amortization (1) 24,707   25,321 Share-based compensation expenses 15,518   13,756 Holdback compensation expenses (2) —   2,645 Other costs (3) 1,972   0 Adjusted EBITDA$35,935  $23,489  ________________________ (1) The three months ended March 31, 2025 included $4,037 amortization expense of the non-cash based Commercial agreement asset. See Note 1b and Note 2 of the Notes to the Unaudited Consolidated Interim Financial Statements.(2) Represents share-based compensation due to holdback of Ordinary shares issuable under compensatory arrangements relating to Connexity acquisition.(3) The three months ended March 31, 2025 included $1,972 in professional and legal expenses related to a litigation matter in which the Company is the plaintiff and is not related to our ongoing business operations. The following table provides a reconciliation of net income (loss) to Non-GAAP Net Income (loss).  Three Months Ended March 31, 2025  2025   2024  (dollars in thousands)Net Loss$(8,750) $(26,158)Amortization of acquired intangibles (1) 17,783   15,935 Share-based compensation expenses 15,518   13,756 Holdback compensation expenses (2) —   2,645 Other costs (3) 1,972   — Revaluation of Warrants (1,726)  39 Foreign currency exchange rate losses (4) (1,524)  1,041 Income tax effects (4,870)  (3,426)Loss on extinguishment of debt (5) 6,597   — Non-GAAP Net Income$25,000  $3,832  ________________________ (1) The three months ended March 31, 2025 included $4,037 amortization expense of the non-cash based Commercial agreement asset. See Note 1b and Note 2 of the Notes to the Unaudited Consolidated Interim Financial Statements.(2) Represents share-based compensation due to holdback of Ordinary shares issuable under compensatory arrangements relating to Connexity acquisition.(3) The three months ended March 31, 2025 included $1,972 in 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. See Note 1b of Notes to the Unaudited Consolidated Interim Financial Statements.(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 Consolidated Interim Financial Statements The following table provides a reconciliation of net cash provided by operating activities to Free Cash Flow.  Three Months Ended March 31, 2025  2025   2024  (dollars in thousands)Net cash provided by operating activities$48,111  $32,395 Purchases of property and equipment, including capitalized internal-use software (12,041)  (5,589)Free Cash Flow$36,070  $26,806  APPENDIX: Non-GAAP Guidance ReconciliationRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q2 2025 AND FULL YEAR 2025 GUIDANCE(Unaudited) The following table provides a reconciliation of projected Gross profit to ex-TAC Gross Profit.  Q2 2025Guidance​FY 2025Guidance Unaudited (dollars in millions)  Revenues$438 - $458 $1,838 - $1,888Traffic acquisition cost($282) - ($292) ($1,164) - ($1,198)Other cost of revenues($32) - ($32) ($138) - ($138)Gross profit$124 - $134 $536 - $552Add back: Other cost of revenues($32) - ($32)​($138) - ($138)ex-TAC Gross Profit$156 - $166​$674 - $690     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.

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