Financial EstimatesEstimates are lowered, projecting 2025 revenue to $100.0M, up 19% y/y, from $106.0M, and adjusted EBITDA estimate to a loss of ($2.9M), from +$1.0M.
Gross Margin PressureGross margin of 75.4% contracted 360bps largely due to changes in product and ad-format mix.
Revenue ChallengesRevenue for the 3Q25 was slightly below estimates due to a major government contract that was delayed but remains pending.