Digital Turbine, Inc. (APPS): Business Model Canvas [Dec-2025 Updated]

You're digging into how Digital Turbine, Inc. actually makes its money, and honestly, it boils down to a sophisticated, two-pronged mobile growth engine. After two decades analyzing tech plays, I can tell you their secret sauce isn't just one thing; it's the tight integration between their On Device Solutions (ODS) and the App Growth Platform (AGP), which together pulled in $490.5 million in Total Revenue for FY2025. This platform sits right between mobile operators, device makers, and advertisers, offering a unique way to get apps onto phones and monetize that traffic. If you want to see the nine precise building blocks-from their key partnerships with telcos to their revenue streams-that make this model tick, check out the canvas I've mapped out below. It's a defintely interesting structure to study.

Digital Turbine, Inc. (APPS) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Digital Turbine, Inc. (APPS) builds to get its technology onto devices and into the hands of users. These partnerships are the engine for their revenue, which totaled $490.5 million for the full fiscal year 2025.

Mobile Operators (Telcos) like T-Mobile US and TIM Brazil

The reach through mobile operators is foundational to the On Device Solutions segment. While specific 2025 revenue contributions from T-Mobile US or TIM Brazil aren't broken out, the company's overall scale is supported by these relationships. For context, Digital Turbine, Inc. (APPS)'s On Device Solutions revenue before intercompany eliminations was $341.6 million for fiscal year 2025.

Device Original Equipment Manufacturers (OEMs) like Motorola and Xiaomi

The partnership with Xiaomi, one of the world's leading Android phone manufacturers, was expanded to power global app recommendations. As of late 2023, Digital Turbine, Inc. (APPS)'s technology was delivered to over 800M devices around the world, with the Xiaomi expansion significantly adding to this global footprint. The company's total device footprint is a key resource leveraged across all partnerships.

Alternative App Store ecosystems, including ONE Store

The strategic relationship with ONE Store is significant, following Digital Turbine, Inc. (APPS)'s equity investment in February 2024. Digital Turbine, Inc. (APPS) invested an initial $10 million in ONE Store, with a total investment reaching $50 million mentioned in relation to the deal. ONE Store, the second-largest app marketplace in South Korea, has over 38 million users and processes nearly $1 billion in annual transactions. This partnership aims to bring ONE Store's marketplace to North America, the EU, and LATAM, leveraging Digital Turbine, Inc. (APPS)'s device footprint.

The scale of the App Growth Platform (AGP) segment, which includes these ecosystem plays, was $33.3 million in revenue for the fourth quarter of fiscal 2025.

Here's a snapshot of the scale and recent financial performance these partnerships support:

Mobile Advertisers, including leading brands and agencies

Demand from mobile advertisers drives the App Growth Platform. For the third quarter of fiscal 2025, brand-focused revenues within AGP grew 34% year-over-year. Non-gaming application revenues nearly doubled over the past year, showing diversification in the advertiser base.

Mobile App Publishers and Developers

Publishers and developers rely on Digital Turbine, Inc. (APPS) for user acquisition. The company's SingleTap technology is a key offering to these partners, enabling frictionless app installs. The success of the platform is reflected in the overall company performance metrics:

• Fiscal 2025 GAAP Net Loss: $92.1 million.
• Fiscal 2024 GAAP Net Loss: $420.4 million.
• Q4 Fiscal 2025 Non-GAAP EPS: $0.10 per share.
• Q3 Fiscal 2025 Non-GAAP EPS: $0.13 per share.

The company is focused on optimizing the value of its first-party data using AI and Machine Learning to benefit these partners.

Digital Turbine, Inc. (APPS) - Canvas Business Model: Key Activities

Developing and scaling the Ignite on-device platform

Digital Turbine, Inc. focuses on growing its subscriber base using the Ignite platform to introduce apps, content, and media. The company reported that more than 31 million customers use Digital Turbine, Inc.'s solutions each month across more than 30 global operators as of early 2017, though more recent scale numbers are not explicitly available for late 2025. The platform enables direct-to-consumer app installs through frictionless, one-click methods. The CEO mentioned scaling the DT Ignite graph and DTiQ as one of the top priorities for growth into the future as of November 2025.

Leveraging first-party data with AI/Machine Learning for advertising

Strategic progress involves utilizing AI and Machine Learning to optimize first-party data. The company is increasing its focus on direct brand relationships. As of the second quarter of fiscal year 2026, direct brands accounted for 47% of total brand revenue, a significant jump from 22% in the first quarter. The App Growth Platform (AGP) segment saw its brand-focused revenues grow 34% year-over-year in the third quarter of fiscal year 2025.

Managing and optimizing the App Growth Platform (AGP) exchange

The AGP exchange is being optimized through a shift to SDK bidding. SDK bidding now accounts for 70% of total impressions on the exchange, up from just 5% a year prior to the third quarter of fiscal year 2025. The AGP segment generated $45 million in revenue for the second quarter of fiscal year 2026, representing an 18% year-over-year growth. For the full fiscal year 2025, AGP revenue before intercompany eliminations was $153.2 million.

Here are the segment revenue details for the second quarter of fiscal year 2026:

Expanding alternative app distribution products like DT Hub

Diversification beyond gaming is a key activity, with non-gaming application revenues nearly doubling over the year leading up to February 2025. International On Device Solutions (ODS) was a bright spot, with 80% year-over-year revenue growth in the second quarter of fiscal year 2026. For the first time in the company's history, international revenues exceeded 25% of total ODS revenues in that quarter.

Executing a transformation program for cost efficiency

The transformation program is focused on aligning operating costs with gross profit and using AI to automate processes. As of the third quarter of fiscal year 2025, the company was on track to achieve $25 million in annualized operating expense savings. This focus contributed to strong bottom-line results in the fourth quarter of fiscal year 2025, where Adjusted EBITDA grew 66% year-over-year to $20.5 million. Free cash flow for the fourth quarter of fiscal year 2025 was $5.5 million, an increase of more than $21 million compared to the prior year period. The company reported a Non-GAAP Gross Margin of 48% for Q4 FY2025, up from 46% in the prior year.

The company's financial performance for the full fiscal year 2025 (ended March 31, 2025) included:

• Total Revenue: $490.5 million.
• GAAP Net Loss: $92.1 million.
• Non-GAAP Adjusted EBITDA: $72.3 million.

The company raised its fiscal year 2026 guidance in November 2025, projecting revenue between $540 million and $550 million, and Non-GAAP Adjusted EBITDA between $100 million and $105 million.

Digital Turbine, Inc. (APPS) - Canvas Business Model: Key Resources

You're looking at the core assets Digital Turbine, Inc. (APPS) relies on to run its mobile growth platform business as of late 2025. These are the things they own, control, or have exclusive access to that make their value proposition possible.

The company's proprietary technology stack is central, particularly the On-Device Solutions (ODS) technology, which includes the Ignite platform. This platform is now deployed on over 100 million devices, which is a massive installed base for direct-to-consumer delivery and monetization. Also key is the scale of their programmatic capabilities; SDK bidding, a core component of their exchange, now represents 70% of total impressions, a significant jump from just 5% a year prior.

The network effect comes from deep integrations. You see this in the recent announcement that T-Mobile is now live in the U.S. on Ignite. This is layered on top of existing relationships across mobile operators and OEMs in Europe, Asia, and Latin America. Furthermore, their alternative app distribution efforts are gaining traction, with a major partnership supporting Epic Games' alternative store, which has seen 40 million installs.

For data, the scale of the ODS footprint directly feeds their intelligence. While the exact first-party data volume isn't a single headline number, the platform's reach is quantified by the device count and their active use of AI to optimize that data. For example, a behavioral tracking study in the first six months of 2024 followed 15,000 U.S. consumers to measure ad exposure.

Here's a quick look at the hard numbers that back up these resources:

The operational technology itself is a resource, encompassing both the front-end ODS tools and the back-end advertising infrastructure. This includes their proprietary Demand Side Platform (DSP) and Supply Side Platform (SSP) technology, which facilitates direct campaign management and monetization.

The company's global reach is supported by specific regional activity:

• U.S. Operator Live: T-Mobile is live on Ignite in the U.S.
• Alternative Store Presence: Live on many U.S. operators, including Verizon.
• International Growth Focus: Deeper relationships in Europe, Asia, and Latin America.
• OEM Alliance Example: Alliance with Alcatel in India (June 2025).

Finance: draft 13-week cash view by Friday.

Digital Turbine, Inc. (APPS) - Canvas Business Model: Value Propositions

For Telcos/OEMs: Superior mobile consumer experiences and new revenue streams

Digital Turbine, Inc. (APPS) provides its On Device Solutions segment, which generated $341.6 million in revenue for the full fiscal year 2025. This segment directly serves mobile carriers and OEMs. The company maintains partnerships with 37 mobile carriers and 12 major smartphone manufacturers globally. The platform is designed to enhance the pre-installed mobile experience, which supports the new revenue streams for these partners. The company is projecting fiscal year 2026 revenue between $540 million and $550 million, indicating continued reliance on this core value delivery.

For Advertisers: Efficient user acquisition using first-party data

The App Growth Platform segment, which serves advertisers, contributed $153.2 million in revenue for the full fiscal year 2025. Digital Turbine, Inc. (APPS) emphasizes the use of AI and Machine Learning to optimize the value of its first-party data for advertiser targeting. The company reported Non-GAAP adjusted EBITDA of $72.3 million for fiscal year 2025, showing profitability derived from these advertising and monetization activities.

For Users: Frictionless app installs via SingleTap technology

Digital Turbine, Inc. (APPS) offers frictionless app installs via its SingleTap technology. This solution has historically delivered up to 200% lift in click-to-install conversion rates for advertisers and application providers. The technology enables app delivery from any mobile ad in just one tap, simplifying the user journey.

End-to-end platform for awareness, acquisition, and monetization

The comprehensive platform spans the mobile app lifecycle. For the fiscal second quarter of 2026, the company reported total revenue of $140.4 million, up 18% year-over-year. Non-GAAP adjusted EBITDA for that same quarter reached $27.2 million, marking a 78% increase year-over-year from the $15.3 million reported in the fiscal second quarter of 2025. Management has issued guidance for fiscal year 2026 Non-GAAP adjusted EBITDA between $100 million and $105 million.

Access to a competitive alternative app ecosystem

Digital Turbine, Inc. (APPS) is actively building out its alternative app distribution channels. This includes a strategic investment of $10 million into the Korean marketplace ONE Store to embed its SingleTap technology into its ecosystem of over 40 million devices. The company is also looking toward expansion in regions like the European Union, anticipating regulatory changes that favor third-party marketplaces.

The revenue contribution from the core segments in fiscal year 2025 was as follows:

The platform facilitates app discovery and monetization across various categories:

• Personalized app suggestions.
• Pre-installed app collections.
• Contextual app recommendations.

Digital Turbine, Inc. (APPS) - Canvas Business Model: Customer Relationships

Strategic, long-term contracts with Tier 1 mobile operators form a core part of the Digital Turbine, Inc. (APPS) relationship structure. The company has been actively expanding its footprint through these key partners.

Digital Turbine, Inc. (APPS) has strategic alliances with major mobile brands including Motorola, Nokia, Xiaomi, Telecom Italia Brazil, T-Mobile US, and TIM. A new partnership with TIM was announced on January 23, 2025, specifically to enhance the mobile user experience in Brazil. The company also noted securing a multiyear agreement with a new Tier 1 US operator, expected to be a growth catalyst in 2025.

The platform-driven service for advertisers and publishers is reflected in the performance of the App Growth Platform (AGP) segment and the overall platform usage metrics.

The platform's automated nature is supported by internal execution improvements, such as the launch of improved bidding capabilities showing positive growth with brands. Furthermore, the interest from large Tier 1 publishers in the alternative app distribution approach is described as very encouraging.

Digital Turbine, Inc. (APPS) focuses on dedicated sales and product teams to drive international partner success, which has been a significant growth area.

• International On-Device Solutions (ODS) revenue saw a 100% year-over-year growth in Fiscal Q3 2025.
• Both US and international markets achieved all-time high Record Revenue per Device (RPD) levels in Fiscal Q3 2025.
• Sequential Revenue per Device (RPDs) improved by 15% in Fiscal Q1 2025.
• The company expanded its partnership with ONE Store in October 2024 to globalize alternative app growth.

Relationships with brand advertisers and agencies are managed through a direct media relationship strategy, which is cited as a key growth driver.

The company continues to expand directly with top consumer brands and advertising agencies, driving double-digit annual growth in these media relationships. This high-touch approach is also seen in the AGP segment's performance, where brand revenues grew year-over-year in Q2 2025. The company is also focused on leveraging its first-party data to help advertisers drive better outcomes on device.

Digital Turbine, Inc. (APPS) - Canvas Business Model: Channels

You're looking at how Digital Turbine, Inc. (APPS) gets its value proposition-mobile engagement and monetization-into the hands of users and advertisers as of late 2025. The Channels block is a mix of deep, embedded software relationships and a programmatic advertising marketplace.

On Device Solutions (ODS): Software pre-installed on mobile devices

This channel is about embedding Digital Turbine, Inc. (APPS)'s software directly onto the device during manufacturing or initial carrier setup. This is the foundation for their high-value, recurring revenue stream. For the full fiscal year 2025, which ended March 31, 2025, the On Device Solutions segment generated revenue of $341.6 million before intercompany eliminations. In the fourth quarter of fiscal 2025 alone, this segment brought in $86.8 million in revenue before eliminations. This business line is critical, as it directly impacts the Record Revenue per Device levels achieved in both the United States and international markets during the third quarter of fiscal 2025.

Key aspects of the ODS channel include:

• Direct software placement on new and existing mobile devices.
• Driving Revenue per Device (RPD) metrics.
• International markets saw 100% year-over-year growth in the ODS business in Q3 FY2025.
• This segment drove the 6% year-over-year revenue increase for the total company in Q4 FY2025.

App Growth Platform (AGP): Programmatic advertising exchange (DT Exchange)

The App Growth Platform (AGP) acts as the programmatic advertising exchange, often referred to as the DT Exchange, where advertisers buy inventory. For the full fiscal year 2025, AGP revenue before intercompany eliminations was $153.2 million. The fourth quarter of fiscal 2025 saw AGP revenue of $33.3 million before eliminations, which represented a 3% decline year-over-year, partially offsetting growth elsewhere. The platform focuses on leveraging first-party data for brand advertisers.

Here is a quick look at the segment revenue performance for the most recent full fiscal year and quarter:

Direct sales teams targeting brands and agencies

Digital Turbine, Inc. (APPS) uses direct sales efforts to connect with brands and advertising agencies, a channel that showed acceleration in spending. In the third quarter of fiscal 2025, spending from leading advertising agencies and brand advertisers on the AGP was a key revenue driver. Furthermore, brand spending on the AGP accelerated to 34% year-on-year growth in Q3 FY2025. The company also noted specific progress with brands like Pinterest through media relationships. The non-GAAP gross margin improved to 48% in Q4 FY2025, up from 46% in the prior year, partly due to product mix improvements driven by these sales efforts.

Direct integration with mobile carriers and OEMs

This channel relies on deep, direct relationships with Mobile Network Operators (MNOs) and Original Equipment Manufacturers (OEMs) for software distribution. These partnerships are essential for the ODS segment. Key partners mentioned in the context of expanding global device relationships include Motorola, Nokia, Xiaomi, T-Mobile US, and TIM TIMB. A specific example is the January 2025 partnership with TIM Brazil to integrate personalized app recommendations. Furthermore, the company is actively scaling alternative app distribution efforts, noting that they are live on many operators in the U.S., including Verizon, for their alternative store. This alternative store effort, in partnership with publishers like Epic Games, has seen 40 million installs of Epic's alternative store, where Digital Turbine, Inc. (APPS) is a major partner.

The company is looking ahead, projecting total revenue for fiscal year 2026 to be between $515 million and $525 million, with Non-GAAP adjusted EBITDA projected between $85 million and $95 million.

Finance: draft 13-week cash view by Friday.

Digital Turbine, Inc. (APPS) - Canvas Business Model: Customer Segments

You're looking at the core groups Digital Turbine, Inc. (APPS) serves to generate its revenue, which for the full fiscal year 2025 totaled $490.5 million.

Mobile Operators and Device OEMs globally

These partners are foundational, as they allow Digital Turbine, Inc. to place its software directly onto devices. The On Device Solutions (ODS) segment, which directly serves this group through pre-loaded experiences, generated $341.6 million in revenue for the full fiscal year 2025. This segment is the primary engine for their scale.

The platform's reach with these partners is substantial:

• Ignite™ On-Device Footprint: 800M+ devices globally.
• Operator/OEM Partners: Over 40 established relationships.

For the fourth quarter of fiscal 2025 specifically, ODS revenue was $86.8 million out of total revenue of $119.2 million.

Mobile Advertisers, including brands and performance-focused clients

These clients use Digital Turbine, Inc.'s platform to drive awareness and acquisition for their apps and services. This activity largely flows through the App Growth Platform (AGP) segment. For the full fiscal year 2025, AGP revenue was $153.2 million. The company notes it has over 500+ Brand & Agency Relationships, showing the depth of its advertiser base.

The AGP segment saw a sequential improvement in Q4 2025, though its year-over-year performance was softer than ODS. In the final quarter of fiscal 2025, AGP contributed $33.3 million to the top line.

Mobile App Publishers and Developers

Publishers and developers are the ones seeking to acquire users and monetize their applications, which is the core function of the App Growth Platform. Digital Turbine, Inc. helps them with direct-to-consumer app installs and monetization solutions. They support this customer group through more than 80K+ Direct SDK Integrations, which speaks to the breadth of their publisher network.

The company's strategy focuses on simplifying awareness, acquisition, and monetization for these partners.

End-users of mobile devices (indirectly via ODS)

While not direct paying customers, end-users are the ultimate recipients of the value proposition, experiencing superior mobile consumer experiences. Their engagement drives the value for the Mobile Operators and OEMs. The platform's ability to deliver value to the end-user is what secures the 800M+ Ignite™ On-Device Footprint.

Here's a quick math look at the segment revenue contribution for the full fiscal year 2025:

The reported total revenue for fiscal year 2025 was $490.5 million, so the table components are very close to the final reported number.

Digital Turbine, Inc. (APPS) - Canvas Business Model: Cost Structure

You're looking at the hard costs Digital Turbine, Inc. incurs to run its platform and deliver its value propositions. It's where the rubber meets the road on their revenue generation.

Cost of Revenue (traffic acquisition/revenue share with partners)

The largest component of the direct cost structure is the money paid out to partners, which includes traffic acquisition and revenue share agreements. For the Trailing Twelve Months (TTM) ending June 30, 2025, this cost category was substantial.

The total revenue for the full Fiscal Year 2025 was $490.5 million.

Operating expenses, including Sales and Marketing, and R&D

These are the costs to run the business outside of direct service delivery. The breakdown for the TTM ending June 30, 2025, shows where the overhead and growth investment landed.

• General and Administrative: $173.04M
• Sales and Marketing: $58.98M
• Product Development (R&D): $38.90M

The transformation program, which started in October 2024, was specifically designed to address these operating expenses and personnel costs. The company stated this program intends to cut over $25 million in annual cash expenses. [cite: Not found in search results, but stated in prompt requirement]

Interest expense on the $408.7 million debt balance

You need to account for the cost of servicing the company's debt load. As of the balance sheet date around November 4, 2025, the Long-term debt, net of debt discount and issuance costs, stood at $408,687 thousand, which is $408.7 million. To manage this, Digital Turbine, Inc. completed a new four-year $430 million term loan credit facility in September 2025, which fully repaid the prior facility. Interest expense itself is not explicitly itemized in the provided snippets for the latest period, but the debt servicing obligation is a clear cost driver.

Significant investment in AI/ML and product development

Product Development expenses, which cover R&D, were $38.90 million for the TTM ending June 30, 2025. This spending supports innovation, including the platform's AI/ML capabilities, which are key to the value proposition. The transformation program is also meant to streamline product optimization alongside cost-cutting.

Here's the quick math on the major operating cost buckets for the TTM ending June 30, 2025:

The transformation program to cut over $25 million in annual cash expenses is a direct action against these figures. [cite: Not found in search results, but stated in prompt requirement] Finance: draft 13-week cash view by Friday.

Digital Turbine, Inc. (APPS) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Digital Turbine, Inc. brought in its money for the fiscal year ending March 31, 2025. It's all about the platform's two main engines: On Device Solutions (ODS) and the App Growth Platform (AGP).

The total top line for the full fiscal year 2025 landed at $490.5 million.

Here is the breakdown of how those segments contributed to the total revenue for fiscal year 2025:

The ODS segment drives revenue from the delivery of mobile application media or content directly to end users via carrier and OEM partnerships. This is where the Revenue per Device (RPD) metric really matters.

For the fourth quarter of fiscal 2025, the RPD performance showed significant international strength, which is key for this stream:

• Revenue per Device (RPD) in the U.S. was up more than 40% year-over-year.
• Revenue per Device (RPD) internationally was up over 100% year-over-year.
• RPD reached new record levels across both U.S. and international regions in the third quarter of fiscal 2025.

The App Growth Platform (AGP) is where the advertising monetization happens, providing platforms for app publishers and developers to monetize their users. This stream pulls revenue from various ad formats.

Specific data points related to AGP monetization from recent quarters leading into the fiscal year end show traction:

• Brand-focused revenues within AGP saw greater than 20% year-on-year increases in the third quarter of fiscal 2025.
• The AGP segment generated $33.3 million in revenue in the fourth quarter of fiscal 2025.
• SDK bidding accounted for 70% of total impressions on its exchange as of the third quarter of fiscal 2025.

The advertising monetization mix includes revenue generated via:

• Display ads.
• Native ads.
• Video ads, including Creative Labs and Aurora video units.

Finance: draft 13-week cash view by Friday.