Teads (TEAD) Q4 2024 earnings summary

Executive summary

• Completed the $900 million acquisition of Teads in February 2025, merging two open internet advertising leaders under the Teads brand to deliver omnichannel solutions and accelerate growth and profitability.

• Integration focused on unifying teams, cross-selling, and leveraging combined technology and data assets for enhanced advertiser outcomes.

• Early synergy realization and positive momentum in cross-selling and operational integration, with significant enthusiasm from both teams.

Financial highlights

• Q4 2024 revenue was $234.6 million, down 5% year-over-year; ex-TAC gross profit grew 7% to $68.3 million; adjusted EBITDA increased 21% to $17 million.

• Free cash flow reached $38 million in Q4 and $51.3 million for the year; ended Q4 with $166.1 million in cash and no debt.

• FY 2024 revenue was $889.9 million, down 5% year-over-year; ex-TAC gross profit up 4% to $236.1 million.

• FY 2024 net loss was $0.7 million, including $4.8 million in one-time expenses; adjusted net income was $4.1 million.

Outlook and guidance

• Q1 2025 guidance: ex-TAC gross profit of $100–$105 million and adjusted EBITDA of $8–$12 million.

• Full year 2025 adjusted EBITDA expected to be at least $180 million, including Teads' contribution.

• Synergy realization to ramp up through 2025, reaching $65–$75 million annualized impact by 2026, with $60 million from cost savings, 70% already actioned.

• Anticipate year-over-year ex-TAC gross profit decline in Q1, with improvement and return to growth in H2 2025.