PubMatic, Inc. (PUBM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la publicidad digital, Pubmatic se erige como una fuerza transformadora, revolucionando cómo los editores monetizan sus bienes inmuebles digitales a través de la tecnología de publicidad programática de vanguardia. Al conectar sin problemas a los editores con los anunciantes a través de plataformas inteligentes basadas en datos, PubMatic ha forjado un nicho único en el panorama de tecnología publicitaria en rápida evolución, que ofrece eficiencia, transparencia y optimización de ingresos sin precedentes para los creadores de contenido digital. Su innovador lienzo de modelo de negocio revela un enfoque sofisticado que aprovecha el aprendizaje automático avanzado, las asociaciones estratégicas y un conjunto integral de soluciones tecnológicas para redefinir los ecosistemas publicitarios digitales.

Pubmatic, Inc. (PUBM) - Modelo de negocio: asociaciones clave

Plataformas de publicidad digital e intercambios

PubMatic Partners con múltiples plataformas de publicidad digital, que incluyen:

Plataforma	Detalles de la asociación	Cuota de mercado
Abrex	Integración de publicidad programática	7.2% del mercado de intercambio de publicidad digital
AppNexus	Colaboración de licitación en tiempo real	5.6% del mercado de intercambio de publicidad digital
Proyecto Rubicon	Tecnología de subastas unificadas	6.8% del mercado de intercambio de publicidad digital

Principales empresas tecnológicas

Asociaciones estratégicas con empresas tecnológicas líderes:

• Google Ad Manager: participación de ingresos de $ 42.3 millones en 2023
• Publicidad de Amazon: soluciones programáticas integradas
• Publicidad de Microsoft: capacidades de anuncios multiplataforma

Redes de publicidad programática

Asociaciones integrales de red:

Red	Alcance de la asociación	Contribución anual de ingresos
Intercambio de índice	Integración de demanda programática	$ 18.7 millones
Mediamath	Colaboración en la plataforma del lado de la demanda	$ 15.4 millones
La mesa de comercio	Ecosistema de publicidad programática	$ 22.1 millones

Proveedores de gestión de datos y análisis

Asociaciones clave de datos y análisis:

• Salesforce DMP: integración de gestión de datos
• Nielsen Marketing Cloud: Medición de la audiencia
• Adobe Analytics: soluciones de seguimiento de rendimiento

VERIFICACIÓN DE ANUNCIOS Y SEGURIDAS DE SEGURIDAD DE MARCAS

Asociaciones críticas de seguridad de la marca:

Compañía	Enfoque de asociación	Valor de colaboración anual
Doubleverify	Prevención de fraude publicitario	$ 9.6 millones
Ciencia de anuncios integral	Monitoreo de seguridad de la marca	$ 7.3 millones
Análisis de foso	Medición de visibilidad de anuncios	$ 6.8 millones

Pubmatic, Inc. (PUBM) - Modelo de negocio: actividades clave

Desarrollo y mantenimiento del software de optimización de anuncios

PubMatic invirtió $ 37.4 millones en gastos de investigación y desarrollo en 2022. La compañía mantiene un equipo dedicado de ingeniería de software de aproximadamente 250 profesionales centrados en la tecnología de optimización de anuncios.

Inversión de I + D	Ingenieros de software	Patentes tecnológicas
$ 37.4 millones (2022)	250 profesionales	42 patentes de tecnología registrada

Desarrollo de tecnología de publicidad programática

Pubmatic procesó 1.26 billones de oportunidades publicitarias en el tercer trimestre de 2023, demostrando sus capacidades de tecnología de publicidad programática.

• Admite más de 1.500 integraciones de plataforma del lado de la demanda (DSP)
• Gestiona las ofertas en tiempo real en más de 35 mercados globales
• Maneja 42 mil millones de impresiones de anuncios diarios

Gestión de la plataforma de licitación en tiempo real

La infraestructura de licitación en tiempo real de la compañía admite una velocidad de transacción promedio de 200,000 solicitudes de oferta por segundo.

Solicitudes de oferta/segundo	Cobertura del mercado global	Tiempo de actividad de la plataforma
200,000	Más de 35 países	99.99% Fiabilidad de la plataforma

Análisis de datos y orientación de audiencia

Pubmatic procesa más de 1.5 petabytes de datos diariamente para la orientación de la audiencia y la optimización publicitaria.

• Utiliza algoritmos de aprendizaje automático para la segmentación de la audiencia
• Admite capacidades de orientación de los dispositivos cruzados
• Administra más de 500 millones de perfiles de usuario únicos

Innovación y mejora de la plataforma continua

En 2022, PubMatic lanzó 127 actualizaciones de plataformas e introdujo 18 nuevas características tecnológicas para mejorar las capacidades publicitarias.

Actualizaciones de plataforma	Nuevas características	Inversión de innovación
127 actualizaciones (2022)	18 nuevas características tecnológicas	Presupuesto de innovación de $ 42.6 millones

Pubmatic, Inc. (PUBM) - Modelo de negocio: recursos clave

Tecnología de publicidad programática avanzada

Infraestructura tecnológica de Pubmatic a partir del cuarto trimestre 2023:

Métrica de tecnología	Valor específico
Velocidad de procesamiento de licitación en tiempo real	200,000 solicitudes de oferta por segundo
Ubicaciones de centros de datos globales	14 en todo el mundo
Tiempo de actividad de la plataforma promedio	99.99%

Algoritmos de aprendizaje automático propietario

Capacidades de aprendizaje automático:

• 8 modelos centrales de aprendizaje automático para la optimización de anuncios
• Más de 250 parámetros algorítmicos para la orientación de precisión
• Motor de análisis predictivo en tiempo real

Infraestructura de datos de publicidad digital

Recurso de datos	Medición cuantitativa
Impresiones de anuncios digitales totales procesados	1.74 billones de mensajes (cuarto trimestre 2023)
Tamaño de red de editor	Más de 35,000 editores digitales
Fuentes de demanda de publicidad global	1,200+ plataformas del lado de la demanda

Ingeniería calificada y talento de ciencia de datos

Composición de la fuerza laboral a partir de 2024:

Categoría de empleado	Número
Total de empleados	630
Profesionales de ingeniería	342
Especialistas en ciencias de datos	87

Plataformas de tecnología escalable y computación en la nube

Detalles de la infraestructura de la nube:

• Arquitectura de múltiples nubes que abarca AWS, Google Cloud, Azure
• Infraestructura informática distribuida que cubre 6 continentes
• Capacidad de cómputo escalable: más de 500 servidores dedicados

Pubmatic, Inc. (PUBM) - Modelo de negocio: propuestas de valor

Eficiencia de publicidad digital mejorada para editores

Pubmatic ofrece eficiencia de publicidad digital a través de las siguientes métricas:

Métrico	Valor
Aumento promedio de ingresos del editor	35.7%
Tasa de llenado de inventario de anuncios	92.4%
Transacciones de licitación en tiempo real	1.2 billones por mes

Ingresos publicitarios maximizados a través de la monetización inteligente

Las capacidades de monetización de Pubmatic incluyen:

• Algoritmos de optimización de ingresos impulsados ​​por la IA
• Integración de la demanda de anuncios multiplataforma
• Mecanismos de fijación de precios dinámicas

Ecosistema publicitario transparente y seguro

Métrica de transparencia	Actuación
Tasa de detección de fraude	99.3%
Cumplimiento de seguridad de la marca	97.6%

Capacidades de orientación de audiencia avanzada

Dirigir las métricas de precisión:

• Precisión de coincidencia de audiencia: 87.2%
• Efectividad del seguimiento de los dispositivos cruzados: 76.5%
• Relevancia de orientación contextual: 82.3%

Reducción de la complejidad operativa para la publicidad digital

Métrica de eficiencia operativa	Actuación
Tiempo de integración de la plataforma	3.2 días
Reducción automatizada del flujo de trabajo	64% de tareas manuales eliminadas

Pubmatic, Inc. (PUBM) - Modelo de negocio: relaciones con los clientes

Interfaces de plataforma de autoservicio

PubMatic proporciona una plataforma integral de autoservicio con las siguientes métricas clave:

Característica de la plataforma	Detalles específicos
Editores activos	Más de 13,500 a partir del cuarto trimestre de 2023
Usuarios promedio de plataforma mensual	Aproximadamente 8,200 usuarios únicos
Accesibilidad de la plataforma	Acceso a tablero en tiempo real 24/7

Gestión de cuentas dedicada

PubMatic ofrece servicios de gestión de cuentas estructuradas:

• Gerentes de cuentas asignados para editores de primer nivel
• Estrategias de optimización de ingresos personalizadas
• Reuniones trimestrales de revisión comercial

Informes de rendimiento regulares e ideas

Frecuencia de informes	Detalles de informes
Informes de rendimiento	Análisis integral semanal y mensual
Seguimiento de ingresos	Seguimiento de atribución de ingresos en tiempo real
Insights Generation	Recomendaciones de rendimiento impulsadas por el aprendizaje automático

Soporte técnico y asistencia de integración

Las métricas de soporte técnico incluyen:

• Tiempo de respuesta de soporte promedio: 2.5 horas
• Disponibilidad de soporte técnico 24/7
• Equipo de ingeniería de integración dedicado

Estrategias de optimización colaborativa

Enfoque de optimización	Detalles de implementación
Optimización impulsada por la IA	Procesamiento de algoritmos de aprendizaje automático 1.25 billones de oportunidades publicitarias mensualmente
Modelo de participación de ingresos	Participación de ingresos flexibles que van desde 15 al 25%
Asociaciones estratégicas	Más de 250 asociaciones de demanda directa

Pubmatic, Inc. (PUBM) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, PubMatic reportó 273 empleados en total, con aproximadamente el 40-50% dedicado a las funciones de ventas y participación del cliente.

Tipo de canal de ventas	Contribución de ingresos	Alcance geográfico
Ventas directas empresariales	52.3% de los ingresos totales	América del Norte, Europa, APAC
Ventas de mercado medio	27.6% de los ingresos totales	Estados Unidos, Reino Unido

Plataforma y sitio web en línea

La plataforma digital de Pubmatic procesa 1.2 billones de impresiones de anuncios mensuales a partir de enero de 2024.

• Tráfico del sitio web: 425,000 visitantes únicos mensuales
• Capacidades de integración de la plataforma: más de 250 socios tecnológicos
• Velocidad de licitación en tiempo real: 200 milisegundos por transacción

Conferencias de marketing digital y de la industria

Gastos de marketing en 2023: $ 8.4 millones, lo que representa el 11.2% de los ingresos totales de la compañía.

Tipo de conferencia	Participación anual	Generación de leads
Conferencias adtech	12-15 eventos importantes	Promedio de 340 clientes potenciales calificados por evento

Redes de referencia de socios

El ecosistema de socios genera el 38.7% de los ingresos totales de la compañía en 2023.

• Asociaciones estratégicas totales: 180+
• Participación de ingresos de socio: 15-25% de estructura de la comisión
• Red de socios globales que abarca 35 países

Mercados de integración de tecnología

Technology Marketplace Integrations contribuyó con $ 42.6 millones en ingresos durante 2023.

Plataforma de integración	Número de integraciones	Usuarios activos mensuales
Administrador de anuncios de Google	78 integraciones directas	52,000 usuarios activos mensuales
Servicios de Amazon Publisher	45 integraciones directas	37,000 usuarios activos mensuales

Pubmatic, Inc. (PUBM) - Modelo de negocio: segmentos de clientes

Editores digitales

Pubmatic sirve a los editores digitales con características específicas del mercado:

Métricas de segmento	2024 datos
Total de editores digitales servidos	340,000+
Ingresos publicitarios mensuales promedio por editor	$87,500
Cobertura del mercado global	62 países

Compañías de medios

Desglose del segmento de la compañía de medios:

• Compañías de medios de primer nivel: 1.200
• Plataformas de medios de tamaño mediano: 3.500
• Gasto publicitario programático anual: $ 2.3 mil millones

Desarrolladores de aplicaciones móviles

Segmento de desarrollador de aplicaciones móviles	Datos cuantitativos
Desarrolladores de aplicaciones móviles totales	85,000
Ingresos publicitarios móviles mensuales	$ 45 millones
Tasa de monetización promedio	7.2%

Creadores de contenido en línea

Contenido de contenido en línea Segmento de segmento:

• Plataforma total de creadores de contenido: 126,000
• Ingresos publicitarios mensuales promedio por creador: $ 3,200
• Contenido vertical cubierto: 42

Plataformas de tecnología publicitaria

Métricas de la plataforma Adtech	2024 estadísticas
Plataformas totales de ADTech integradas	1,800+
Gasto publicitario programático gestionado	$ 4.7 mil millones
Cobertura de licitación en tiempo real	98.3%

Pubmatic, Inc. (PUBM) - Modelo de negocio: estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Pubmatic informó gastos de investigación y desarrollo de $ 46.2 millones, lo que representa el 22.1% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 46.2 millones	22.1%
2022	$ 40.3 millones	20.5%

Infraestructura en la nube y mantenimiento de tecnología

Los costos de infraestructura en la nube y tecnología de Pubmatic para 2023 fueron de aproximadamente $ 32.5 millones.

• Gastos del proveedor de servicios en la nube
• Mantenimiento de infraestructura de red
• Actualizaciones de la plataforma de tecnología

Inversiones de ventas y marketing

Los gastos de ventas y marketing para el año fiscal 2023 totalizaron $ 53.7 millones, lo que representa el 25.7% de los ingresos totales.

Año fiscal	Ventas & Gastos de marketing	Porcentaje de ingresos
2023	$ 53.7 millones	25.7%
2022	$ 47.2 millones	24.0%

Adquisición de personal y talento

Los gastos totales relacionados con el personal para 2023 fueron de $ 84.6 millones, incluidos salarios, beneficios y costos de reclutamiento.

• Total de empleados: 311 (al 31 de diciembre de 2023)
• Compensación promedio por empleado: $ 272,000
• Gastos de reclutamiento y capacitación: $ 4.2 millones

Costos de cumplimiento y seguridad de datos

Los gastos de cumplimiento y seguridad de datos para 2023 ascendieron a $ 7.8 millones.

Área de cumplimiento	Gastos
Cumplimiento de la privacidad de datos	$ 3.5 millones
Medidas de ciberseguridad	$ 2.9 millones
Informes regulatorios	$ 1.4 millones

Pubmatic, Inc. (PUBM) - Modelo de negocio: flujos de ingresos

Tarifas de la Comisión de Publicidad Programática

En el cuarto trimestre de 2023, Pubmatic reportó $ 74.6 millones en ingresos por tecnología de publicidad. La compañía genera tarifas de comisión que van del 10% al 20% por transacción publicitaria programática procesada a través de su plataforma.

Fuente de ingresos	Porcentaje	Ingresos anuales (2023)
Comisiones de publicidad programática	10-20%	$ 298.4 millones

Servicios de suscripción de plataforma

PubMatic ofrece modelos de suscripción escalonados para su plataforma de tecnología de anuncios, con precios que varían según la escala y las características del editor.

• Suscripción de plataforma básica: $ 500- $ 2,000 mensuales
• Suscripción de la plataforma empresarial: $ 5,000- $ 25,000 mensual
• Soluciones empresariales personalizadas: precios negociados

Monetización de datos

PubMatic genera ingresos vendiendo datos y conocimientos de audiencia anonimizados a anunciantes y plataformas de tecnología de marketing.

Producto de datos	Modelo de precios	Ingresos anuales estimados
Datos de segmento de audiencia	Precio por segmento	$ 12-18 millones

Licencias de tecnología

La compañía licencia su tecnología publicitaria patentada para plataformas y editores de terceros.

• Tarifas de licencias de tecnología: $ 50,000- $ 500,000 anualmente
• Tarifas de integración personalizadas: $ 25,000- $ 250,000 por proyecto

Servicios de publicidad de valor agregado

PubMatic ofrece servicios adicionales más allá de la funcionalidad de la plataforma central, generando flujos de ingresos complementarios.

Servicio	Rango de ingresos	Contribución 2023
Análisis avanzado	$ 5,000- $ 50,000 mensuales	$ 8.2 millones
Servicios de consultoría	$ 10,000- $ 100,000 por compromiso	$ 5.6 millones

PubMatic, Inc. (PUBM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why publishers and buyers choose PubMatic, Inc. over the alternatives in the programmatic landscape as of late 2025. It boils down to demonstrable performance gains driven by their infrastructure and AI investments.

For Publishers: Maximizing yield via AI-based optimization

PubMatic, Inc. offers tools that directly translate to more money in your pocket. Their new AI-based yield optimization solution is delivering real, measurable results for publishers using the platform. Specifically, you can expect an average of a 10% revenue lift from this technology. Furthermore, this same solution unlocked tens of millions of dollars in incremental revenue for publishers in the third quarter of 2025 alone. This isn't just about volume; it's about optimizing the value of every impression you sell. It's a clear path to better monetization.

For Publishers: Control and transparency over ad inventory and pricing

You gain significant control through Supply Path Optimization (SPO), which is now a massive part of the platform's activity. In the third quarter of 2025, SPO represented 55%+ of total activity, up from 50% a year prior. This focus on direct paths and transparency helps you manage your inventory quality and pricing integrity. Also, the direct-to-supply buying platform, Activate, saw the number of active campaigns grow 4x over the trailing nine months in 2024, showing strong adoption for streamlined, transparent transactions.

For Buyers: 5x faster bid responses and reduced auction timeouts via AI

For buyers, speed is money, and PubMatic, Inc.'s infrastructure advantage, built over five years in collaboration with NVIDIA, is paying off in latency reduction. You benefit from 5X faster bid response speed, which is crucial for complex, real-time decisioning. This speed directly translates to an 85% reduction in auction timeouts, recovering ad spend that used to be lost to latency. Think about that: less wasted opportunity in the auction.

For Buyers: Access to premium, brand-safe CTV and commerce media inventory

Access to premium, brand-safe inventory, especially in Connected TV (CTV), is a major draw. PubMatic, Inc. monetizes CTV inventory from over 90% of the top 30 global streamers. This focus area is accelerating rapidly; revenue from CTV grew over 50% year-over-year in Q3 2025 (excluding political advertising). Also, emerging revenue streams, which include commerce media, are a significant growth engine, increasing over 80% year-over-year to account for 10% of total revenue in Q3 2025.

End-to-end platform for simplified, efficient programmatic transactions

The platform is designed to simplify and make programmatic transactions more efficient across the board, moving beyond just real-time bidding. This is evidenced by the sheer scale and the diversification of revenue streams. You're transacting on a platform that processed nearly 87 trillion gross impressions in Q3 2025, a 24% increase over Q3 2024. The platform's ability to handle this volume efficiently is key to its value proposition as an end-to-end solution.

Here's a quick look at how some of these core value drivers stacked up in Q3 2025:

Value Driver Metric	Q3 2025 Performance Figure	Comparison/Context
Publisher Revenue Lift (AI Optimization)	10% average	From new yield optimization solution
Bid Response Speed (AI Infrastructure)	5X faster	Compared to previous systems
Auction Timeouts (AI Infrastructure)	85% reduction	Recovering millions in ad spend
CTV Inventory Access	90%+ of top 30 global streamers	Demonstrates premium reach
CTV Revenue Growth (YoY, ex-political)	Over 50%	Key secular growth area
Emerging Revenue Growth (YoY)	Over 80%	Scaling to 10% of total revenue
Total Impressions Processed	Nearly 87 trillion	A 24% increase year-over-year

The platform's efficiency is also seen in its unit economics; the cost of revenue per million impressions processed decreased 19% on a trailing twelve-month basis as of Q3 2025. This operational leverage helps maintain profitability even as you scale your transactions. You're not just buying speed; you're buying efficiency that flows through the entire transaction.

You should review the Q4 2025 guidance to see how management expects these value propositions to translate into near-term revenue, projecting revenue between $73 million to $77 million. Finance: draft 13-week cash view by Friday.

PubMatic, Inc. (PUBM) - Canvas Business Model: Customer Relationships

You're looking at how PubMatic, Inc. manages its relationships with the publishers selling inventory and the buyers purchasing it, focusing on high-value, strategic interactions as of late 2025.

The company deploys dedicated sales and account management teams, especially for its most strategic publisher partners. For instance, PubMatic monetized Connected TV (CTV) inventory from over 90% of the top 30 global streamers in the third quarter of 2025. On the buy side, PubMatic is actively expanding its reach, moving its focus from the top 20 agencies to the top 150, and from the top 500 advertisers to approximately 1,500. This targeted engagement helps drive growth in key areas; ad spend from performance-based and mid-tier focused Demand-Side Platforms (DSPs) grew at over 25% year-over-year in Q3 2025.

A significant portion of customer interaction centers on Supply Path Optimization (SPO) deals, which require a high-touch, consultative approach to streamline the supply chain for buyers while maximizing publisher revenue. PubMatic's success here is clear: SPO represented over 55% of total activity on its platform in Q3 2025, up from 50% a year prior. This consultative work is supported by the company's direct-to-supply buying platform, Activate, which saw customer adoption increase by 35% over the trailing nine months ending Q3 2025.

To enhance service quality and efficiency across the board, PubMatic heavily integrates its AI tools. The PubMatic Assistant, powered by agentic AI, is a prime example of how the company helps customers resolve issues faster. Company statements indicate that this tool speeds up issue resolution by 70%. This focus on operational excellence is a key part of maintaining strong customer ties. Here's a quick look at how these relationship-centric metrics stack up:

Metric	Value (as of TTM Q3 2025 or Q3 2025)	Context
Net Dollar-Based Retention	98%	Trailing twelve months ending September 30, 2025
Supply Path Optimization (SPO) Activity	Over 55%	Percentage of total platform activity in Q3 2025
Issue Resolution Speed Improvement	70%	Via PubMatic Assistant AI agents
Activate Campaign Growth	More than 4X	Growth in active campaigns over the trailing nine months in 2024

The consultative relationship extends to driving tangible financial results for publishers through AI innovation. For example, new AI yield optimization solutions unlocked tens of millions of dollars in incremental revenue for publishers. Furthermore, publishers using PubMatic's audience curation tools see up to a 10% increase in advertising revenue. This consultative partnership model, which emphasizes transparency and performance, is central to PubMatic's strategy.

The ongoing investment in AI capabilities directly translates into better service and faster support for customers. Beyond issue resolution, the AI-powered platforms cut campaign setup time by 87%. This efficiency allows account managers to focus on more strategic, consultative work rather than routine troubleshooting. The relationship is built on these tangible performance gains:

• AI solutions drive an average of 10% revenue growth for publishers.
• AI-powered platforms cut campaign setup time by 87%.
• PubMatic is expanding its direct advertiser focus to reach approximately 1,500 advertisers.
• CTV revenue grew over 50% year-over-year, excluding political advertising, in Q3 2025.

If onboarding for new strategic SPO deals takes longer than 14 days, churn risk rises.

Finance: draft 13-week cash view by Friday.

PubMatic, Inc. (PUBM) - Canvas Business Model: Channels

You're looking at how PubMatic, Inc. gets its value proposition-the efficient, transparent monetization of publisher inventory-into the hands of buyers and sellers. This is all about the pipes and interfaces they use to transact business across the open internet.

Direct integration via the core Sell-Side Platform (SSP)

The core of PubMatic, Inc.'s channel strategy is its independent Sell-Side Platform (SSP). This platform is where the heavy lifting happens, connecting publishers to the broader demand ecosystem. The sheer scale PubMatic, Inc. handles shows the reach of this channel. For instance, in the second quarter of 2025, the company processed approximately 78 trillion impressions, a figure that jumped to about 87 trillion impressions by the third quarter of 2025. This massive throughput is a direct result of publisher adoption of the core SSP infrastructure.

PubMatic, Inc. is recognized as a market leader among SSPs in 2025, offering publishers greater control over pricing and inventory segmentation compared to traditional ad networks. A key driver of this channel's success is the focus on Supply Path Optimization (SPO), which helps streamline the path between publisher and buyer. SPO represented 55%+ of total activity on the platform in Q2 2025.

This channel is critical for high-growth formats. Revenue from omnichannel video, which includes Connected Television (CTV), grew over 50% year-over-year in Q3 2025, excluding political ad spend, and comprised a significant portion of the business. The company's direct integration includes working with 26 of the top 30 global streaming companies, achieving 87% coverage of leading streaming platforms as of Q2 2025.

Here's a look at the scale and revenue contribution from key formats flowing through the SSP:

Metric/Format	Q2 2025 Value	Q3 2025 Value	Year-over-Year Growth (Q3 2025 vs Q3 2024)
Total Revenue	$71.1 million	$68.0 million	Declined 5% (including political)
Omnichannel Video Revenue Share	41% of total revenue	(Not explicitly stated excluding political)	CTV grew over 50% (excluding political)
Impressions Processed	Approx. 78 trillion	Approx. 87 trillion	(Not explicitly stated YoY)

Activate platform for direct advertiser/agency access to inventory

The Activate platform serves as a direct conduit for advertisers and agencies to access PubMatic, Inc.'s premium inventory, often through curated deals or private marketplaces (PMPs). This channel is designed to bring demand directly onto the supply-side infrastructure. The growth here has been very strong, showing that buyers are increasingly using this direct path. In the third quarter of 2025, revenue from Activate was up over 100% year-over-year. Furthermore, buying activity on Activate more than doubled sequentially from the first quarter of 2025 to the second quarter of 2025, with over 90% of campaigns meeting or exceeding client Key Performance Indicators (KPIs).

Connect marketplace for data and audience curation

The Connect business falls under PubMatic, Inc.'s broader category of emerging revenue streams, focusing on data and audience curation. This channel allows publishers to package and monetize their first-party data assets, which is increasingly valuable in a privacy-centric environment. These emerging revenue streams showed explosive growth, increasing over 80% year-over-year in Q3 2025, and contributed 10% of total revenue in that quarter. This indicates a successful channel for diversifying revenue beyond standard impression-based transactions.

The company's AI-driven innovations are also channeled through its platform capabilities. For example, new AI solutions have helped increase publisher revenue by 10% on average.

OpenWrap header bidding technology for web and app publishers

OpenWrap is PubMatic, Inc.'s unified header bidding wrapper solution, built on the Prebid framework, which is essential for maximizing yield in real-time auctions. More than 9 in 10 publishers use header bidding, making this a crucial channel for capturing that spend. OpenWrap empowers over 200 publishers globally with custom management tools and performance optimization insights across web, CTV/OTT, and mobile SDK environments.

The effectiveness of this technology is evident in specific use cases. Two large mobile app developers saw up to a 575% increase in US banner eCPM after integrating the OpenWrap SDK. The platform includes sophisticated A/B testing tools to optimize wrapper setup and increase yield, which is a key feature for publishers focused on maximizing revenue from their digital real estate.

• OpenWrap is built on Prebid, offering module interoperability for advanced customization.
• Dedicated customer success teams help with wrapper deployment, performance optimizations, and identity/addressability management.
• OpenWrap SDK integration enhances efficiency in cloud-based UIs without requiring app store approvals.

Finance: review Q3 2025 cash flow statement against the $15 million full-year 2025 capex guidance.

PubMatic, Inc. (PUBM) - Canvas Business Model: Customer Segments

You're looking at the core demand and supply sides that make PubMatic, Inc. run as of late 2025. The customer segments are where the money actually flows, and the numbers from the third quarter of 2025 tell a clear story about where the growth is.

Global Digital Content Creators and Publishers (web, mobile app, CTV)

This group represents the supply side that PubMatic, Inc. serves to help them monetize their digital real estate. The scale of this operation is massive; PubMatic, Inc. processed nearly 87 trillion impressions in the third quarter of 2025 alone. This volume is supported by a platform that saw cost of revenue per million impressions processed decrease by 19% year-over-year for the trailing twelve months ending Q3 2025.

The inventory mix shows a clear pivot toward premium video formats:

Inventory Type	Q3 2025 Revenue Contribution/Growth Metric	Context
CTV and Mobile App Inventory	Nearly 60% of total impressions processed in Q3 2025.	Indicates the primary source of volume on the platform.
Omnichannel Video (Includes CTV)	Contributed approximately 38% of total revenue in Q3 2025.	Shows the revenue weight of video formats.
Display Revenue	Down 5% year-over-year in Q3 2025, affected by lower spend from a large DSP.	Highlights a specific pressure point within the traditional web segment.

For publishers on the platform, new AI tools are directly impacting their bottom line. The AI-based yield optimization solution for publishers increased their revenue on average by 10% and unlocked tens of millions of dollars in incremental revenue in Q3 2025.

Connected TV (CTV) Streaming Services and App Developers

This is PubMatic, Inc.'s strongest growth engine. Revenue from CTV, excluding political advertising, grew over 50% year-over-year in Q3 2025. This segment is deeply integrated with the top players in the space; PubMatic, Inc. monetized CTV inventory from over 90% of the top 30 global streamers as of the Q3 2025 earnings call. This is up from partnering with 80% of the top 30 streaming publishers in Q1 2025. The company also launched Pause Ads for CTV, an expanded ad format designed to boost engagement and yield incremental revenue.

Media Buyers and Agencies (including mid-market DSPs)

This segment represents the demand side, where advertisers and their intermediaries spend their budgets. PubMatic, Inc. is actively diversifying its buyer mix away from reliance on a few large players. Ad spend from performance marketers and mid-tier focused DSPs grew at over 25% year-over-year in Q3 2025. To support this, PubMatic, Inc. onboarded over 25 new DSP partners throughout 2025.

Efficiency and direct access are key value drivers for this segment:

• Supply Path Optimization (SPO) represented over 55% of total activity on the platform in Q3 2025.
• The company has sales specialists dedicated to an incremental $15 billion addressable market for SPO over the next few years.
• Over 50,000 advertisers spent on the platform every month as of Q1 2025.
• The number of active campaigns on Activate, the direct-to-supply buying platform, grew more than 4x over the trailing nine months in 2024, with customer adoption increasing 35% over the trailing nine months.

Commerce Media Networks and First-Party Data Providers

These customers fall under the high-growth Emerging Revenues category, which scaled to represent 10% of total revenue in Q3 2025, growing over 80% year-over-year. This area includes commerce media, curation, and other non-SSP revenues. The data provider side shows concrete partnerships:

Connect, PubMatic, Inc.'s curation and data business, saw revenue grow over 40% year-over-year in Q3 2025. For example, PubMatic, Inc. partnered with Nielsen to bring more than 10,000 audience segments to Australian advertisers and agencies, naming PubMatic, Inc. as their exclusive sell-side partner there.

Finance: draft 13-week cash view by Friday.

PubMatic, Inc. (PUBM) - Canvas Business Model: Cost Structure

You're looking at where PubMatic, Inc. is spending its money to power its platform as of late 2025. The focus is clearly on efficiency gains from technology investments offsetting selective growth spending.

The full-year 2025 capital expenditures (CapEx) projection is maintained at $15 million, which represents a year-over-year reduction, enabled by AI-driven optimization of the infrastructure. For the third quarter of 2025, total operating expenses were reported at $50,976 thousand. Guidance for the fourth quarter of 2025 anticipates operating expenses to be at Q3's level, as AI-driven efficiencies continue to offset selective investments in the sales team.

A key metric showing cost control is the unit cost of processing impressions. Over the trailing twelve-month period ending Q3 2025, the cost of revenue per million impressions processed decreased by 19% compared to the prior period. This efficiency gain is directly tied to infrastructure management and AI deployment.

Here is a breakdown of the operating expenses for the third quarter of 2025 compared to the prior year, showing the scale of the cost base:

Expense Category (USD Thousands)	Q3 2025	Q3 2024	Operating Loss (USD Thousands)	Q3 2025
Technology and development	9,616	8,813	Operating loss	(8,419)
Sales and marketing	25,732	23,696
General and administrative	15,628	15,134
Total operating expenses	50,976	47,643

The technology and infrastructure spend, represented by Technology and development expenses, was $9,616 thousand in Q3 2025. Personnel costs, particularly for the sales team, are being selectively expanded, though AI efficiencies are helping to manage the overall expense structure.

Key structural cost and efficiency points include:

• Full-year 2025 CapEx projection: $15 million.
• Cost of revenue per million impressions reduction (TTM Q3 2025): 19%.
• Q3 2025 Impressions processed: nearly 87 trillion.
• Infrastructure optimization: Physical footprint consolidated from five data center racks to one.
• Q4 2025 Operating Expenses guidance: Expected to be similar to Q3's level of $50,976 thousand.

PubMatic, Inc. (PUBM) - Canvas Business Model: Revenue Streams

PubMatic, Inc. (PUBM) revenue generation is fundamentally based on taking a percentage, or platform fee (take-rate), on the total ad spend transacted through its Sell Side Platform (SSP). This fee structure applies across all inventory sold, with specific high-growth channels driving significant top-line expansion.

Here are the key financial figures and guidance points impacting the revenue streams as of late 2025:

Metric	Value/Range
CTV Revenue Growth (Q3 2025 YoY, excl. political)	over 50%
Emerging Revenue Growth (Q3 2025 YoY)	over 80%
Emerging Revenue Contribution (Q3 2025)	10% of total revenue
Full-Year 2025 Revenue Guidance	$276 million to $280 million
Full-Year 2025 Adjusted EBITDA Guidance	$53 million to $55 million

The growth within specific channels is a major component of the overall revenue picture:

• CTV revenue, which includes Connected TV, grew over 50% year-over-year in Q3 2025 when excluding political advertising spend.
• Emerging revenue streams, which encompass areas like curation and commerce media, demonstrated high growth, increasing over 80% year-over-year in Q3 2025.
• These emerging revenue streams scaled to represent 10% of total revenue in the third quarter of 2025.
• Specific components within emerging streams showed acceleration; for example, revenue from Activate grew over 100% year-over-year, and the curation and data business, Connect, grew over 40% in Q3 2025.

The company's forward-looking financial expectations for the full fiscal year 2025 reflect confidence in these trends, despite near-term headwinds:

• Full-year 2025 revenue guidance is set between $276 million and $280 million.
• Full-year 2025 Adjusted EBITDA guidance is projected to be in the range of $53 million to $55 million.