NASDAQ: PUBM

Increased Focus on Performance Driven Media: As spend shifts to digital formats, media budgets are further consolidating around measurable, outcome-based media. As a result, spend is shifting towards media channels where authenticated audiences, rich first-party data, commerce transactions, and deeper engagement enable more durable and measurable monetization. These media channels include:

•CTV and premium video,

•Retail and commerce media, which leverages authenticated users and closed-loop attribution tied to transaction data, and

•Applications designed specifically for mobile devices (e.g., mobile apps) and emerging AI-native environments that offer richer signals and higher-quality engagement than traditional browser-based surfaces.

These channels emphasize outcome measurement, closed-loop attribution, high quality supply, and curated transaction paths, reflecting the industry’s migration away from the traditional browser-based model.

Automation and Data Processing: As consumers increasingly engage with digital media, and as advertisers bid on a growing array of ad formats and impressions, an immense amount of data is generated. Additionally, we see a shift toward increased automation and AI-driven data processing as media consumption fragments across platforms, devices, and formats. The growth of programmatic advertising, real-time bidding, header bidding, retail media, and CTV has materially increased the volume, velocity, and complexity of data generated across the advertising supply chain.

As a result, the ability to rapidly process and act on large, diverse data sets has become foundational to effective participation in the digital advertising ecosystem while also prioritizing efficiency and user experience. Machine learning and AI have become critical to enabling this automation and increasingly power pricing, yield optimization, demand allocation, fraud detection, and performance measurement. Platforms that embed intelligent automation and AI into their core infrastructure are better positioned to scale efficiently, manage rising transaction volumes, and control unit economics, while supporting increasingly complex advertising workflows.

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Data Privacy and Regulatory Challenges: There continues to be an increasing awareness of how digital user data is being leveraged to target ads, resulting in the continued expansion of privacy laws and regulations. This expansion includes provisions for private right of action, resulting in an increase in class-action litigation involving digital advertising specifically. In addition to governmental actors, including legislatures and regulatory agencies at the national and state level, there have also been a growing number of consumer-focused non-profit organizations and commercial entities advocating for privacy rights. These laws and institutions enable consumers to assert their rights over the use of their digital data in advertising transactions, a trend which we support. Digital advertising as an industry must continue to adapt to these trends they are signals of what consumers tolerate in the wake of their digital footprint.

Our Digital Advertising Solutions

Our platform and suite of solutions serve four primary customer types:

•Publishers, primarily large omnichannel partners, across display, video, mobile web, app, and CTV,

•Buyers, including DSPs, agency holding companies, independent agencies, and advertisers, mostly for brand-oriented spend,

•Data partners and curators that leverage our platform for activation, measurement, and privacy-safe audience solutions, and

•Retail and commerce media participants using our platform for onsite monetization today and offsite monetization in the future.

Through these customers, we generate revenue from the use of our platform for the purchase and sale of digital advertising inventory and value-added features and functionality.

We primarily work with large publishers and app developers who allow us direct access to their ad inventory, as well as select channel partners that meet our quality and scale thresholds. Our channel partners aggregate and provide further access to thousands of sites and apps from smaller publishers. We generate revenue through fees charged to our publishers, which are generally a percentage of the value of the advertising impressions that publishers monetize on our platform.

We also generate revenues from new and add-on features and functionality, such as Connect, our solution that provides additional data and insights to buyers, Activate, which allows buyers to execute direct deals on our platform across our publisher inventory, and OpenWrap, our header bidding solution. These solutions, among many others, are sold separately from or in conjunction with use of our platform. We are also investing in AI products that are creating incremental revenue streams such as Intelligent Yield for publishers, which uses adaptive learning models to automate pricing and improve auction efficiency.

We continue to invest in new features for our existing solutions and emerging solutions such as our product Convert, our commerce media solution and AI-powered solutions for buyers and publishers.

To facilitate the sale of publisher inventory, we enter into written service agreements with our buyers, including DSPs, that allow them to use our platform to buy ad inventory. We also enter into supply path optimization (“SPO”) agreements directly with both advertisers and agencies through various arrangements to increase the volume of ad spend on our platform.

Our Competitive Advantage

Our ability to serve both sides of the transaction (both publisher and buyer), while maintaining independence and neutrality, provides us with a competitive advantage as the open web consolidates around the smaller number of scaled infrastructure providers.

Our AI-powered agentic buyer and publisher platforms provide agentic workflows that we believe drive significant operational efficiencies during discovery, planning, and activation phases. In addition, we believe through products like Intelligent Yield and AI Insights demonstrate that we are deploying AI in a manner that improves speed, performance, and outcomes faster than many of our competitors.

Publishers are actively seeking to maximize the value of their ad inventory, and buyers are seeking to increase advertising ROI. We believe that our specialized cloud platform, supported by rapid innovation, and transparent business model provide incentives to buyers to consolidate an increasing share of their total digital spend on our platform. At the same time, we believe our direct publisher relationships, omnichannel header bidding capabilities, global scale, emerging solutions, and access to incremental advertiser demand through direct relationships with buyers drive superior yield for publishers.

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We believe the following strengths provide us with long-term competitive advantages:

Global, Omnichannel Reach: We are a global business with distributed critical infrastructure and a go-to-market presence in every major advertising market in the world outside of China. Many of our publishers have diversified businesses with media properties and audiences across the globe and with a wide variety of ad products, including display and video ads across desktop, tablet, mobile, and CTV devices. Similarly, many of our buyers have brand portfolios that span the globe with a variety of ad campaign requirements, from branding to performance, to combinations thereof. All of these parties actively seek global, omnichannel platform providers that can solve for their needs around the world and across ad formats and devices. Our offering is omnichannel and targets a diverse set of publishers touching many ad formats, and digital device types, including mobile app, mobile web, desktop, display, video, over-the-top video (“OTT”), CTV, and rich media. Due to the global, omnichannel reach of our infrastructure, we believe we are well positioned to help publishers and ad buyers make their advertising businesses more efficient and effective.

Customer Control and Partnership: Due to our status as an independent infrastructure provider prioritizing transparency, we can more closely align with both publishers and buyers. Unlike some of our competitors, we do not own media and therefore do not have a vested interest in driving ad revenue to specific media properties. We do not take a position in media or arbitrage media. Our customers can therefore be more confident that our algorithmic software decisions and our guidance are independent and unbiased. Our trusted status has enabled us to build direct relationships with publisher and buyers. Leveraging these relationships, we create bespoke products that meet our customers’ needs. Our ability to meet the demands of both buyers and inventory sellers enables us to produce superior outcomes for all industry participants.

Sustained Innovation of our Cloud Platform: Our specialized cloud platform enables real-time programmatic advertising transactions in a market characterized by significant data and impression volumes, regulatory complexity, and increased focus on transparency and privacy. We have maintained a demonstrated track record of stability and agility to address these regulatory and market conditions, and provide superior outcomes for both publishers and buyers. Additionally, our early adoption of AI in our platform and products is a defining advantage for us which we expect will grow over time.

Finally, we own and operate our proprietary software and hardware infrastructure around the world which saves significant costs and gives us the efficiencies, control, and independence compared to companies that rely on public cloud alternatives. As the sheer volume of data processed in digital advertising multiplies, these cost savings and efficiencies can be shared with our customers.

Growth Strategy

We believe we are positioned to benefit from tailwinds in the advertising industry, including the rapid proliferation of digital media, the need for purpose-built infrastructure to address the increasing complexity in the digital advertising landscape, the focus of buyers on performance driven media and increasing consumer time spent online. Our growth strategy includes:

Attract New Customers and Expand our Relationship with Existing Customers Globally: We constantly seek to acquire new customers and expand our relationships with existing publishers and buyers around the world. We invest in continued innovation based on an ever-changing market. We utilize customer feedback to help address the demands of publishers and buyers in order to maintain and improve our relationships with those customers. We continue to evaluate new markets with a strategy to use our existing global infrastructure and adjacent sales offices, or by expanding our infrastructure footprint and placing personnel directly in those markets.

Expansion of SPO Agreements and Activate: As advertisers and agencies increasingly consolidate their spending with fewer larger technology platforms, we seek to increase the proportion of their digital ad spending on our platform through direct relationships. We have entered into SPO agreements directly with both advertisers and agencies through various arrangements including custom data and workflow integrations, product features, and volume-based business terms. The effect of these SPO agreements is to increase the volume of ad spend on our platform without corresponding increases in technology costs. Additionally, we believe our Activate platform provides buyers with the transparency and reporting they demand and a more efficient, performance-based way to access publisher inventory.

Expansion of Video and Mobile: We see significant growth opportunities in both video and mobile as consumers shift more of their time online to mobile devices and online streaming services. For example, as streaming video continues to expand and ad-supported models become more prevalent, advertising budgets have shifted from linear television to CTV.

Accelerate Emerging Revenue Streams: As we grow our customer base and process increasing volumes of ad impressions and data, we gain insights into new challenges we can solve on behalf of our customers. We focus on creating new products that we believe address our customers’ needs, at times before the customer is aware of such need.

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We will continue to invest in our go to market efforts to sell our emerging offerings such as Connect, Activate, and Convert, which drives new revenues streams, as well as our offerings such as Intelligent Yield and Access Membership.

Monetization Excellence: We strive to continuously improve publisher revenue and advertiser ROI by investing in our technology and improving our machine learning capabilities. We leverage our increasing artificial intelligence and machine learning capabilities, alongside our growing publisher and buyer relationships, to improve liquidity in our marketplace. Increasing numbers of ad impressions, increasing number of advertiser bids, and data proliferation provide us with many opportunities to better match sellers and buyers of ad inventory. We believe that improved matching will lead to the growth of our platform and greater publisher and buyer retention.

Infrastructure Platform Efficiency: We have a proven track record of improving data center infrastructure performance on a year-over-year basis. This metric reflects the full cost and operational complexity of running a programmatic digital advertising platform, not merely the cost of serving ad impressions. Our performance improvements account for shifts in workload mix, including processing fewer but higher-value impressions and supporting increasingly sophisticated use cases such as complex deal targeting, pacing, and optimization logic.

Additionally, we analyze the data on our platform through extensive application of AI technologies, including machine learning and increasingly Generative AI. By leveraging these capabilities, we are able to more cost effectively improve outcomes for our customers. For example, when our machine learning models predict that an impression will attract high bids, our algorithms provide pricing guidance to bidders in real time, which can lead to significant inventory yield improvements for publishers and higher win rates for ad buyers. Our ability to accurately predict and monetize high value impressions also allows us to operate more efficiently, due to the fact that the cost of processing low-value impressions and high-value impressions are approximately the same. Our algorithms, such as for traffic shaping, deploy a variety of means to optimize traffic sent to DSPs, agencies, and advertisers.

Regulatory Compliance: A rapidly expanding, evolving, and increasingly enforced set of global, federal, and state-level privacy, data protection, and consumer transparency and data governance laws and regulations has significantly increased the complexity, cost, and operational burden associated with the collection, use, processing, and transmission of data within the digital advertising ecosystem. These regulations include, most notably, the European Union’s General Data Protection Regulation (“GDPR”), which became effective in May 2018, and continues to be the subject of active regulatory guidance and enforcement, and the California Consumer Privacy Act, as amended by the California Privacy Rights Act (“CCPA”), which became effective in January 2020. In the United States, legislative and regulatory activity at the state level continues at a rapid pace, including the enactment of new and numerous state privacy laws and amendments to existing statutes, and related regulations governing targeted advertising of sensitive data, automated decision-making, and consumer rights, resulting in a regulatory landscape that is fragmented, dynamic, and subject to differing interpretations and enforcement approaches.

As a result, all in the digital advertising supply chain are subject to increasing and ongoing compliance obligations that require continuous monitoring, interpretation, and implementation as laws, regulations, guidance, and enforcement priorities evolve. In response to this evolving regulatory environment, we have implemented technology enhancements, operational controls, and industry-aligned solutions intended to support compliance at scale. We support browser-based privacy controls such as the Global Privacy Control (“GPC”), as well as continuously evaluate emerging privacy-preserving technologies and standards. These efforts also include participation in industry frameworks and standards developed by organizations such as IAB Tech Lab, including the Transparency and Consent Framework (“TCF”), and the Global Privacy Protocol (“GPP”), as well as contributing to the development of emerging specifications designed to support automated and agent-based advertising transactions, such as the Ad Creative Protocol (“AdCP”). These frameworks are designed to facilitate the standardized communication of consent, opt-out, and other privacy signals across complex, multi-party advertising transactions.

In connection with these initiatives, we have developed internal systems and processes designed to capture, evaluate, and transmit consent, opt-in, and opt-out signals within bid requests and related transactions. However, these frameworks, systems, and processes continue to evolve and may not fully address all current or future legal requirements, including those arising from new legislation, enforcement actions, or amendments to existing laws, which may require additional investment, operational changes, or constraints on data-driven activities.

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Our Technology

We have designed our technology to efficiently process real-time advertising transactions while leveraging data to optimize outcomes for publishers and buyers. We own and operate our software and hardware infrastructure globally, which saves significant infrastructure expenditures as compared to public cloud alternatives. We designed our platform using a flexible, service-oriented architecture in order to facilitate rapid development of new solutions, to meet evolving industry demands, and to support new use cases and new ad formats. Our agile development process and flexible, service-oriented architecture empower our development teams to routinely convert a requirement into working software within a typical time frame of two weeks or less.

We offer our solution as a complete, unified offering for publishers who want a simple, efficient and comprehensive solution. We also offer modular access to our platform via rich application programming interfaces and a mobile software developer kit for mobile applications (“SDK”), for publishers who wish to integrate with or extend the platform or develop new business models and custom advertising solutions.

Some key benefits of our platform to publishers and buyers include:

•Scalability: Our specialized cloud infrastructure is designed for the rapid and efficient processing of real-time, programmatic ad transactions and the aggregation and analysis of the significant data accompanying each transaction. The hundreds of billions of ad impressions and trillion advertiser bids that we process every day generate enormous volumes of data that we harness to drive higher revenue for our publishers and increased ROI for our buyers.

•Transparency: We provide log-level data to buyers and provide transparency on every ad impression, which gives buyers full control over which publishers, ad formats, and specific ad impressions on which they would like to bid.

•Built in Quality Controls: We have developed a multi-pronged strategy to create a high-quality marketplace beginning with high quality publisher selection, supported by proprietary and third-party fraud detection software, manual review, timely fraud investigations, and a fraud-free program in which buyers are credited for any fraudulent inventory they may have purchased on our platform.

•Data Driven Decisions: We leverage our AI and machine learning capabilities to record, aggregate, analyze, and act on vast amounts of data in a matter of milliseconds to help our customers optimize their digital advertising businesses in real-time. This data includes first party customer owned audience data, ad impression and bid request data, and advertiser bid response data. We flow all of this data through our machine learning platform in order to run thousands of algorithmic iterations on trillions of data points per month. These capabilities improve long term marketplace liquidity resulting in increased publisher revenue and higher advertiser ROI.

•Self-Serve: Our cloud infrastructure solutions are available via self-serve to publishers and buyers, including an easy-to-use customer user interface and a set of application programming interfaces that allow our publisher customers to configure new inventory, extend into new geographies or ad formats, review reporting insights, and manage and track payments and billing cycles.

•Reporting: Our technology platform provides extensive reporting capabilities to both buyers and publishers via application programming interfaces for direct integration into a customer’s reporting systems. Publishers are able to review performance, monitor key performance indicators (“KPIs”), and make adjustments to their set up and optimization in real time. Buyers have access to campaign insight data to facilitate testing and adaptation toward maximizing ROI. Detailed performance by ad format, channels, and ad sizes allows for optimization to achieve maximum ROI.

Sales and Marketing

We employ a nimble in-market sales team with expertise in programmatic advertising to attract premium publishers to our platform. For our publisher relationships, we focus our sales and marketing efforts on supporting, advising, and training our publishers to optimize their usage of our platform. We have dedicated teams focused on new publisher acquisition and existing publisher relationship management. Publishers on our platform work closely with our Customer Success team, which handles on-boarding and providing support throughout the publisher relationship life cycle. Our Customer Success team is organized and specialized by type of ad format and device and is trained to both maximize the number of integrations with each publisher and deploy the value-added solutions that we provide.

Similarly, we have teams focused on new business acquisition and existing partner retention and expansion for our buyers. These teams focus on onboarding new partners and increasing spend across a variety of ad formats, devices, and geographies.

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Our marketing team is focused on achieving thought leadership, educating customers on how to harness programmatic advertising to improve their business, guiding buyers on how to maximize ROI via the PubMatic cloud infrastructure, supporting our sales team, generating new leads, and increasing awareness for our brand.

Our Competition

The digital advertising ecosystem is competitive and we compete with other large SSPs, smaller private SSPs in markets around the world, and divisions of larger technology companies.

While there is direct competition, we believe our AI-driven cloud infrastructure is differentiated and is a competitive advantage. In addition, our infrastructure is interoperable with the major header bidding software frameworks including open source Prebid, Google’s Open Bidding, Amazon’s Transparent Ad Marketplace, and others.

We have also demonstrated an ability to extend our header bidding infrastructure into a variety of higher-growth ad formats such as mobile web, mobile app, digital video, and most recently OTT/CTV.

We believe that our specialized platform and cloud infrastructure enable us to compete favorably on the factors described above. In addition, we believe that new market entrants would find it difficult to gain direct access to publishers and ad buyers given their limited scale and would also face significant costs to integrate with publishers and ad buyers and comply with evolving regulatory requirements around the world.

Seasonality and Customer Concentration

Digital advertising spend has historically been subject to seasonality. For example, digital advertisers tend to devote a large portion of their budgets to campaigns in the fourth quarter of the year, to coincide with consumer holiday spending, and then have a significantly smaller advertising budget in the first calendar quarter. Pricing of digital ad impressions in the fourth quarter is likely to be higher due to increased demand, while those same impressions may be priced lower in other quarters. As a result, our fourth quarter has historically been our strongest quarter for revenue. Accordingly, our first quarter is typically our largest for collections and publisher payments.

We depend upon a limited number of large DSPs for a large percentage of impressions purchased and our business results, including revenues, may be impacted by changes in their pricing strategies, bidding algorithms or go-to market efforts. Two of our largest DSP relationships are with Google and The Trade Desk. We are party to an agreement with Google LLC, under which Google is a buyer on our platform. The initial one-year term of the current agreement ended in May 2019, and it automatically renews for successive one-year terms unless either party provides written notice at least 60 days’ prior to the end of the initial term or such successive terms. Either party may terminate for convenience upon providing at least 30 days’ prior written notice. We signed a prior similar agreement with a Google subsidiary in 2012. We are also party to an agreement with The Trade Desk, Inc., under which The Trade Desk is a buyer on our platform. The initial term of the agreement ended in November 2013, and it automatically renews for successive one-year terms. Either party may terminate for convenience upon providing at least 30 days’ prior written notice.

Intellectual Property

The protection of our technology and intellectual property is an important component of our success. We protect our intellectual property rights by relying on federal and state statutory and common law rights, foreign laws where applicable, and contractual restrictions. We seek to control access to our proprietary technology by entering into non-disclosure agreements with third parties and disclosure and invention assignment agreements with our employees and contractors.

We consider our trademarks, patents, copyrights, trade secrets, and other intellectual property rights to be, in the aggregate, material to our business. We currently own two issued U.S. patents, expiring in 2034, relating to online advertising and auction techniques. We also own one issued Japanese patent. We also own trademark registrations and applications for the “PubMatic” name and variants thereof and other product-related marks in the United States and certain foreign countries. We have also registered numerous Internet domain names related to our business. We believe our platform would be difficult, time consuming, and costly to replicate.

We intend to pursue additional intellectual property protection to the extent we believe it would be beneficial and cost effective. Despite our efforts to protect our intellectual property rights, they may not be respected in the future or may be invalidated, circumvented, or challenged. In addition, the laws of various foreign countries where our products are distributed may not protect our intellectual property rights to the same extent as laws in the United States.

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Privacy and Data

We are subject to laws and regulations governing privacy and the transmission, collection, and use of personal data. Interest-based advertising, including the use of AI, or the use of data to draw inferences about a consumer’s interests and deliver relevant advertising to that consumer, has come under increasing scrutiny by state and federal legislatures, regulatory agencies, and self-regulatory bodies, privacy advocates, academics, and commercial interests in the United States and abroad that focus on data protection and consumer privacy. In particular, much of this scrutiny has focused on consumer consent and the use of cookies and other tracking technologies that collect or aggregate information about consumers’ online browsing and mobile app usage activity. Because both our company and our buyers rely upon large volumes of such data collected primarily through cookies and other tracking technologies, it is essential that we monitor legal requirements and other developments in this area, domestically and globally, maintain a robust privacy and security compliance program, and engage in responsible privacy practices, including providing consumers with notice of the types of data we collect, how we collect it, with whom we share it, how we use that data to provide our solutions, and the applicable choices we offer consumers.

We provide notice through our privacy policies and notices, which can be found on our website at www.pubmatic.com. We do not collect information, such as names, addresses or telephone phone numbers, for providing our advertising services that are directly identifying of the underlying individual. We take steps not to collect and store such information (although on occasion, our publishers voluntarily share information of their consumers with us and in such circumstances, we require the publishers to have obtained all necessary consents for such sharing). Our advertising and reporting rely on information that does not, on its own, directly reveal the identity of the underlying individuals and we do not attempt to associate this information with other information that can identify such individuals. We typically do collect and store IP addresses, geolocation information, and device identifiers that are considered personal data or personal information under the privacy laws of some jurisdictions or otherwise may be the subject of current or future data privacy legislation or regulation. The definition of personally identifiable information, personal information, or personal data, varies by jurisdiction and continues to evolve in ways that may require us to adapt our practices to avoid violating laws or regulations related to the collection, storage, and use of consumer data. As a result, our technology platform and business practices must be assessed regularly against a continuously evolving legal and regulatory landscape, and we have adopted data minimization practices that mitigate our compliance risks.

There are also an increasing number of specific laws and regulations governing the collection and use of certain types of consumer data relevant to our business. For example, the Children’s Online Privacy Protection Act (“COPPA”) imposes restrictions on the collection and use of data provided by children under the age of 13 by child-directed websites or online services, such as apps, directed to children or any website if the collection of such data is known to the website or app operator. We have taken various steps to implement a system in which our publishers are contractually obligated to either flag or notify us in writing of child-directed websites. When websites are flagged, or we receive notice of such websites, we do not collect personal information, as defined by COPPA, including cookie identifiers that can recognize the same consumer across multiple sites over time, or location information more specific than street and city, on such websites or online services.

Additionally, our compliance with our privacy policy and our general consumer data privacy and security practices are subject to review by the Federal Trade Commission, which may bring enforcement actions to challenge allegedly unfair and deceptive trade practices, including the violation of privacy policies and representations or material omissions therein.

Certain State Attorneys General in the United States may also bring enforcement actions based on comparable state laws or federal laws that permit state-level enforcement. In California, for example, the state’s Attorney General and the California Privacy Protection Agency (“CalPrivacy”, which is charged with CCPA rule-making and enforcement) may bring regulatory actions for violations of the CCPA. We have registered as a data broker in California, Texas and Oregon with each respective state’s Attorney General, and monitor additional state-level registration or reporting obligations as they emerge. Each US state privacy law sets forth high potential liabilities for data privacy violations on a per-record basis, along with private rights of action in some states. These developments have required, and are expected to continue to require, sustained investments in legal, technical, and operational resources. Changes in applicable laws or interpretations, including amendments that expand scope, introduce new consumer rights, or modify consent or opt-out requirements, may necessitate changes to our products, systems, or business practices and could limit our ability to process data or offer certain services in particular jurisdictions. Failure to effectively adapt to these changes could expose us to regulatory investigations, enforcement actions, litigation, contractual liabilities, or reputational harm.

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Outside of the United States, our privacy and data practices are subject to regulation by data protection authorities and other regulators in the countries in which we do business. The use and transfer of personal data in member states of the European Union is currently governed under the GDPR, which grants additional rights to consumers about their data, such as deletion and portability, and generally prohibits the transfer of personal data of EU subjects outside of the EU, unless the party exporting the data from the EU implements a compliance mechanism designed to ensure that the receiving party will adequately protect such data. On July 10, 2023, the European Commission approved the EU-U.S. Data Privacy Framework as a valid transfer mechanism, and in October 2023 we self-certified to comply with the EU-U.S. Data Privacy Framework, the UK Extension to the EU-U.S. Data Privacy Framework, and the Swiss-U.S. Data Privacy Framework as a mechanism to legally facilitate personal data transfers from the EU, the U.K., and Switzerland to the U.S. These frameworks are subject to ongoing regulatory oversight and may be challenged in court, including by privacy advocacy organizations, and any invalidation or modification could require us to adopt alternative transfer mechanisms or make changes to our data flows

The use of other approved cross-border transfer mechanisms, such as the standard contractual clauses for the transfer of personal data specifically to the United States, continues to be subject to regulatory scrutiny and regulators in both Europe and the United States regulators have increasingly focused on cross-border bulk transfers of data, particularly in connection with national security, surveillance, and data access concerns.

The GDPR, as originally implemented by the respective EU member states and later adopted by the U.K. following Brexit (the “UK GDPR”), sets out higher potential liabilities for certain data protection violations, which may result in fines up to the greater of €20 million or 4% of an enterprise’s global annual revenue. Additionally, the UK GDPR will also have the ability to fine up to the greater of £17.5 million or 4% of global turnover.

Other jurisdictions have enacted legislation that closely tracks the concepts, obligations, and consumer rights described in the GDPR, including Brazil’s General Data Protection law and India’s Digital Personal Data Protection Act of 2023. Additional jurisdictions continue to adopt or expand comprehensive privacy regimes and the regulatory regime surrounding AI is complex and evolving. Some jurisdictions have in recent years enacted data localization laws, which require any personal data of citizens of those jurisdictions to be stored and processed on servers located in those jurisdictions. Such laws are gaining momentum and are being enforced by local authorities.

Beyond laws and regulations, we are also members of self-regulatory bodies that impose additional requirements related to the collection, use, and disclosure of consumer data, including the IAB, the Digital Advertising Alliance, and the NAI. Under the requirements of these self-regulatory bodies, in addition to other compliance obligations, we provide consumers with notice via our privacy policies about our use of cookies and other technologies to collect consumer data, our collection and use of consumer data to deliver interest-based advertisements, and consumers’ opt-out choices. We also allow consumers to opt-out from the use of data we collect for purposes of interest-based advertising through mechanisms described in our privacy policies available on our website. Some of these self-regulatory bodies have the ability to discipline members or participants, which could result in penalties and cause reputational harm. Additionally, some of these bodies might refer violations of their requirements to the Federal Trade Commission or other regulators.

Our Team and Culture

Our culture and our team are our most important asset in building and expanding our business. Our team identifies new problems to solve, builds solutions, optimizes and extends our infrastructure, and acquires and serves our customers. We believe that strong and diverse customer teams deepen customer relationships, promote innovation, and increase productivity.

Our workplaces have been recognized as a Great Place to Work in the United States, India, Asia, and Europe.

We have achieved these results by creating employee experiences that foster deep employee engagement built upon personal development and achievement that is supported by continuous feedback, learning, and team building. Our practice of open and transparent communication coupled with a performance-based approach to compensation has created a culture in which employees feel empowered in their ability to influence and impact our business and be rewarded for their efforts. The value proposition we offer to our employees is rounded out with strong benefits programs that include paid family leave, health and wellness benefits, and company sponsored opportunities to give back to the communities in which they work and live.

It has always been our goal to attract and retain the best talent in the industry and our inclusive recruiting process includes finding those candidates that best add to our company mission, values, and cultural principles. These three guiding elements form a social contract between employees as well as set expectations for the common behaviors we can expect from each other and inform how we treat our customers. They are infused in every aspect of our business, from employee experience and workplace culture to marketing strategies and customer success.

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Values:

•We put the customer first.

•We are biased towards action.

•We are leaders and innovators.

•We are committed to integrity.

•We celebrate teamwork.

Cultural Principles:

•We will empower every individual team member and treat each other as partners.

•We will make having fun a priority.

•We will hire and retain the best talent.

•We will communicate internally with honesty, transparency, and authenticity, including positive and negative information.

•We will encourage diversity and inclusion of ideas and people, creating a high-trust and high-performance workplace.

As of December 31, 2025, we had 1,030 employees, of whom 322 were located in the United States, 573 in India, and 135 in our other offices around the world.

Corporate Information

We were incorporated in the State of Delaware in 2006.

Our internet address is www.pubmatic.com. We file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and related amendments, exhibits and other information with the Securities and Exchange Commission (the “SEC”). You may access and read our filings without charge through the SEC’s website at www.sec.gov or through our website at https://investors.pubmatic.com as soon as reasonably practicable after such materials are electronically filed with or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act.

Website addresses referred to in this Annual Report on Form 10-K are not intended to function as hyperlinks, and the information contained on or available through our website is not incorporated into, and does not form a part of this Annual Report on Form 10-K or any other report or documents we file with or furnish to the SEC.

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