PubMatic revenue falls 2% as DSP changes bite; sues Google for antitrust violations

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

• high

  Q1 2026 revenue declined 2% YoY to $62.6M while operating loss widened 28% to $15.3M; Adjusted EBITDA plunged 69% to $2.6M. Company attributes revenue pressure to platform changes by a DSP buyer in H2 2025.

  MD&A: Financial Results verify on EDGAR →
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  Net dollar-based retention rate fell to 96% from 102%, indicating 4% net revenue contraction from existing publishers—a reversal from prior-year expansion. Publisher churn or reduced spending is accelerating.

  MD&A: Key Metrics verify on EDGAR →
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  Company filed antitrust lawsuit against Google in September 2025 alleging monopolistic behavior in publisher ad server and ad exchange markets, seeking injunctive relief and damages.

  Legal Proceedings verify on EDGAR →