Advertising Macro RisksA step down in the advertising macro would be the key risk to achieving the expected adjusted EBITDA.
Negative SynergiesThere is concern about the negative revenue growth at Teads legacy business, which may indicate negative synergies from combining these two cultures.
Revenue DeclineOn a pro forma basis, as if Outbrain and Teads had been together in both years, PF net revs fell by 6% y/y in 2Q25, which was disappointing.