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6-K 1 zk2533180.htm 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934

For the month of May 2025

Commission File Number: 000-51694

Perion Network Ltd.
(Translation of registrant's name into English)

2 Leonardo Da Vinci Street, 24th Floor
Tel Aviv, Israel 6473309
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒       Form 40-F ☐


Explanatory Note
 
On May 13, 2025, Perion Network Ltd. (the “Registrant” or “Perion”) issued a press release titled “Perion Reports Strong First Quarter 2025 Results, Raising Full Year 2025 Outlook”. A copy of this press release, including the annexed open CEO letter, is furnished as Exhibit 99.1 herewith.
 
The GAAP financial statements tables contained in the press release attached to this Report on Form 6-K are incorporated by reference into the Registrant’s registration statements on Form S-8 (Files No. 333-262260, 333-266928, 333-272972, 333-279055, 333-282649 and 333-284011).





Signature
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
PERION NETWORK LTD.
 
By: /s/ Elad Tzubery
Name: Elad Tzubery
Title:   Chief Financial Officer

Date: May 13, 2025
 
EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1

Exhibit 99.1
 
Perion Reports First Quarter 2025 Results,
Raising Full Year 2025 Outlook

Key Growth Engines Continue to Deliver Strong Organic Performance with 80% Growth
in Digital Out of Home, 31% in CTV and 33% in Retail Media
  
New York & Tel Aviv– May 13, 2025 – Perion Network Ltd. (NASDAQ and TASE: PERI), a leader in advanced technology solving for the complexities of modern advertising, today reported its financial results for the first quarter ended March 31, 2025.
 
“Our strong start to the year is indicative that we have the right strategy to serve a customer base that can keep expanding as we go. Our key growth engines DOOH, CTV and Retail Media, delivered year-over-year improvement,” commented Tal Jacobson, Perion’s CEO. “With our strengthened leadership team in place, we are focused on better capturing growth opportunities and market share while enhancing our Perion One platform offering. I believe that 2025 will be a year of transformation for Perion, and we are gradually adding the necessary components to our existing capabilities through responsible acquisitions and focusing our R&D efforts on AI-enabled solutions.”
 
Mr. Jacobson continued, “Earlier today, we announced the acquisition of Greenbids. An advanced AI-first company that delivers real outcomes to top-tier brands. Through leveraging Greenbids’ custom algorithmic capabilities, we expand our total addressable market, especially within the walled gardens, and better position ourselves to gain deeper access to performance advertising budgets. As the trusted partner for some of the most well-known consumer brands and advertising agencies in the world, we believe the Perion One platform will generate significant opportunities for greater customer retention, longer duration contracts, larger-scale customers, increased recurring revenue per customer, and ultimately a more efficient business structure.”
 
Business & Financial Highlights
 
•
Retail Media1 revenue increased 33% year-over-year to $19.8 million, representing 22% of revenue compared to 9% last year.
 
•
CTV revenue increased 31% year-over-year to $10.7 million, representing 12% of revenue compared to 5% last year.
 
•
DOOH revenue increased 80% year-over-year to $17.4 million, representing 19% of revenue compared to 6% last year.
 
•
Launched integration partnership with The Trade Desk, fostering deeper interoperability across the industry.
 
•
Announced results for our Next-Gen AI-Powered Chatbot that Drives Double-Digit Engagement Lift
 
•
Expanded share repurchase authorization to $125 million and initiated an accelerated repurchase program to support capital return strategy and enhance shareholder value.
 
Revenue and Trends by channel2
 
Channels
Q1 2025
Revenue
% of Revenue
YoY Growth
DOOH
17.4$
19%
80%
CTV
10.7$
12%
31%
Web
41.3$
46%
(28%)
Search
19.6$
22%
(76%)
Other
0.3$
0%
(21%)
 
1   Retail Media revenue includes all media channels, such as CTV, DOOH, video and others
2  Percent of revenue may not add up due to rounding



First Quarter 2025 Financial Highlights

In millions, except per share data
  
Three months ended
  
 
  
March 31,
  
 
  
2025
    
2024
    
%
  
Advertising Solutions Revenue
  
$
69.7
    
$
75.8
      
(8%
)
Search Advertising Revenue
  
$
19.6
    
$
82.0
      
(76%
)
Total Revenue
  
$
89.3
    
$
157.8
      
(43%
)
Contribution ex-TAC (Revenue ex-TAC)1
  
$
39.7
    
$
60.2
      
(34%
)
GAAP Net Income (loss)
  
$
(8.3
)
  
$
11.8
      
(171%
)
Non-GAAP Net Income1
  
$
5.4
    
$
22.6
      
(76%
)
Adjusted EBITDA1
  
$
1.8
    
$
20.3
      
(91%
)
Adjusted EBITDA to Contribution ex-TAC1
    
5
%
    
34
%
        
Net Cash from Operations
  
$
(7.1
)
  
$
6.9
      
(202%
)
Adjusted Free Cash Flow1
  
$
(7.4
)
  
$
6.5
      
(215%
)
GAAP Diluted EPS
  
$
(0.19
)
  
$
0.24
      
(179%
)
Non-GAAP Diluted EPS1 
  
$
0.11
    
$
0.44
      
(75%
)

Financial Outlook for Full-Year 20252 
 
“As a result of the organic growth we delivered in the first quarter, along with the highly synergistic acquisition of Greenbids, we are raising our full year 2025 revenue and adjusted EBITDA guidance. We are well-positioned to deliver improved, profitable results in 2025, driving greater long-term value for our shareholders,” Mr. Jacobson concluded.
 
Based on current expectations, the Company is increasing its full-year 2025 outlook ranges:
 
●        Revenue of $430 to $450 million
●        Adjusted EBITDA1 of $44 to $46 million
●        Adjusted EBITDA1 to contribution ex-TAC1 of 22% at the midpoint
 
1 Contribution ex-TAC, non-GAAP Net Income, Adjusted EBITDA, adjusted Free Cash Flow and non-GAAP Diluted EPS are non-GAAP measures.  See below reconciliation of GAAP to non-GAAP measures 
 
2 Perion has not provided an outlook for GAAP Income from operations or reconciliation of Adjusted EBITDA guidance to GAAP Income from operations, the closest corresponding GAAP measure, because it does not provide guidance for certain of the reconciling items on a consistent basis due to the variability and complexity of these items, including but not limited to the measures and effects of stock-based compensation expenses directly impacted by unpredictable fluctuation in the share price and amortization in connection with future acquisitions. Hence, we are unable to quantify these amounts without unreasonable efforts
 

Share Repurchase program
 
•
In March 2025, Perion’s Board of Directors authorized a $50 million expansion of the previously authorized share repurchase program of $75 million of its outstanding shares, to a total of $125 million.
 
•
During the first quarter of 2025, the company repurchased a total of 0.8 million shares at a total amount of $6.5 million.
 
•
During the first quarter of 2025, the Company adopted an accelerated plan to further enhance the program’s execution and shareholder return. Following the end of the first quarter and through May 12, the Company repurchased an additional 3 million shares at a total amount of over $26 million.
 
•
As of May 12, 2025, the Company repurchased a total of 9 million shares, at a total amount of $79.3 million. 
 
Financial Comparison for the First Quarter of 2025
 
Revenue: Revenue decreased by 43% to $89.3 million in the first quarter of 2025 from $157.8 million in the first quarter of 2024. Advertising Solutions revenue decreased 8% year-over-year, accounting for 78% of total revenue, primarily due to a 28% decrease in our Web channel, partially offset by  80% increase in Digital Out of Home revenue and a 31% year-over-year increase in CTV revenue. Search Advertising revenue decreased by 76% year-over-year, accounting for 22% of revenue, following the previously announced changes implemented by Microsoft Bing in 2024.
 
Traffic Acquisition Costs and Media Buy (“TAC”): TAC amounted to $49.7 million, or 56% of revenue, in the first quarter of 2025, compared with $97.6 million, or 62% of revenue, in the first quarter of 2024. The margin expansion was primarily due to changes in the product mix following the reduction in the Search business.
 
GAAP Net Income: GAAP net income decreased by 171% to a loss of $8.3 million in the first quarter of 2025, compared with a GAAP net income of $11.8 million in the first quarter of 2024. GAAP net loss in the first quarter of 2025 includes $1.3 million restructuring costs resulting from the Perion One unification strategy.
 
Non-GAAP Net Income: Non-GAAP net income was $5.4 million, or 6% of revenue, in the first quarter of 2025, compared with $22.6 million, or 14% of revenue, in the first quarter of 2024. A reconciliation of GAAP to non-GAAP net income is included in this press release.
 
Adjusted EBITDA: Adjusted EBITDA was $1.8 million, or 2% of revenue (and 5% of Contribution ex-TAC) in the first quarter of 2025, compared with $20.3 million, or 13% of revenue (and 34% of Contribution ex-TAC) in the first quarter of 2024. A reconciliation of GAAP income from operations to Adjusted EBITDA is included in this press release.
 

Cash Flow from Operations: Net cash used in operating activities in the first quarter of 2025 was $7.1 million, compared with $6.9 million that were generated in the first quarter of 2024. Operating cash flow was affected by the shift of approximately $8 million in customer collection from March 2025 to April 2025.
 
Net cash: As of March 31, 2025, cash and cash equivalents, short-term bank deposits and marketable securities amounted to $358.5 million, compared with $373.3 million as of December 31, 2024.
 
Conference Call
 
Perion’s management will host a conference call to discuss the results at 8:30 a.m. ET today:
 
Registration link: https://perion-q1-2025-earnings-call.open-exchange.net/registration
 
A replay of the call and a transcript will be available within approximately 24 hours of the live event on Perion’s website.
 
Today, Tal Jacobson, Perion’s CEO, shared an open letter with investors, clients, and employees. It is available on the Perion Website at: https://perion.com/insights/ceo-letter-q1-25/
 
About Perion Network Ltd.
 
Perion connects advertisers with consumers through technology across all major digital channels. Our cross-channel creative and technological strategies enable brands to maintain a powerful presence across the entire consumer journey, online and offline. Perion is dedicated to building an advertiser-centric universe, providing significant benefits to brands and publishers.
 
For more information, visit Perion's website at www.perion.com.
 

 
Non-GAAP Measures
 
Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude certain items. This press release includes certain non-GAAP measures, including Contribution ex-TAC and Adjusted EBITDA.
 
Contribution ex-TAC presents revenue reduced by traffic acquisition costs and media buy, reflecting a portion of our revenue that must be directly passed to publishers or advertisers and presents our revenue excluding such items. We believe Contribution ex-TAC is a useful measure in assessing the performance of the Company because it facilitates a consistent comparison against our core business without considering the impact of traffic acquisition costs and media buy related to revenue reported on a gross basis.
 
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) is defined as income from operations excluding stock-based compensation expenses, restructuring costs, unusual legal costs, depreciation, amortization of acquired intangible assets and retention and other acquisition-related expenses.
 
Adjusted free cash flow is defined as net cash provided by (or used in) operating activities less cash used for the purchase of property and equipment, but excluding the purchase of property and equipment related to our new corporate headquarter, as we do not view this expense as reflective of our normal on-going expenses. It is important to note that this expense is in fact cash expenditures.
 
Non-GAAP net income and non-GAAP diluted earnings per share are defined as net income and net earnings per share excluding stock-based compensation expenses, restructuring costs, unusual legal costs, retention and other acquisition-related expenses, amortization of acquired intangible assets and the related taxes thereon as well as foreign exchange gains and losses associated with ASC-842.
 
The purpose of such adjustments is to give an indication of our performance exclusive of non-cash charges and other items that are considered by management to be outside of our core operating results. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Furthermore, the non-GAAP measures are regularly used internally to understand, manage and evaluate our business and make operating decisions, and we believe that they are useful to investors as a consistent and comparable measure of the ongoing performance of our business. However, our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required for such presentation without unreasonable effort. Consequently, no reconciliation of the forward-looking non-GAAP financial measures is included in this press release. A reconciliation between results on a GAAP and non-GAAP basis is provided in the last table of this press release.
 

Forward Looking Statements
 
This press release contains historical information and forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe- harbor provisions of the Private Securities Litigation Reform Act of 1995 with respect to the business, financial condition and results of operations of Perion. The words “will,” “believe,” “expect,” “intend,” “plan,” “should,” “estimate” and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views, assumptions and expectations of Perion with respect to future events and are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Many factors could cause the actual results, performance or achievements of Perion to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, or financial information, including, but not limited to, political, economic and other developments (including the current war between Israel and Hamas and other armed groups in the region), the failure to realize the anticipated benefits of companies and businesses we acquired and may acquire in the future, risks entailed in integrating the companies and businesses we acquire, including employee retention and customer acceptance, the risk that such transactions will divert management and other resources from the ongoing operations of the business or otherwise disrupt the conduct of those businesses, and general risks associated with the business of Perion including, the transformation in our strategy, intended to unify our business units under the Perion brand (Perion One), intense and frequent changes in the markets in which the businesses operate and in general economic and business conditions (including the fluctuation of our share price), loss of key customers or of other partners that are material to our business, the outcome of any pending or future proceedings against Perion, data breaches, cyber-attacks and other similar incidents, unpredictable sales cycles, competitive pressures, market acceptance of new products and of the Perion One strategy, changes in applicable laws and regulations as well as industry self-regulation, negative or unexpected tax consequences, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, whether referenced or not referenced in this press release. We urge you to consider those factors, together with the other risks and uncertainties described in our most recent Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (SEC) on March 25, 2025, and our other reports filed with the SEC, in evaluating our forward-looking statements and other risks and uncertainties that may affect Perion and its results of operations. Perion does not assume any obligation to update these forward-looking statements.
 
Contact Information:
Perion Network Ltd.
Dudi Musler, VP of Investor Relations
+972 (54) 7876785
dudim@perion.com
 

 
PERION NETWORK LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
In thousands (except share and per share data)

   
Three months ended
  
   
March 31,
  
   
2025
    
2024
  
   
(Unaudited)
    
(Unaudited)
  
             
Revenue
            
Advertising Solutions
  
$
69,705
    
$
75,786
  
Search Advertising
    
19,637
      
82,034
  
Total Revenue
    
89,342
      
157,820
  
                 
Costs and Expenses
                
Cost of revenue
    
12,341
      
11,485
  
Traffic acquisition costs and media buy
   
49,681
      
97,619
  
Research and development
    
8,452
      
9,811
  
Selling and marketing
    
17,725
      
16,090
  
General and administrative
    
9,376
      
9,752
  
Depreciation and amortization
    
3,472
      
4,558
  
Restructuring costs and other charges
    
1,322
      
-
  
Total Costs and Expenses
    
102,369
      
149,315
  
                 
Income (loss) from Operations
    
(13,027
)
    
8,505
  
                 
Financial income, net
    
3,407
      
5,486
  
                 
Income (loss) before Taxes on income
    
(9,620
)
    
13,991
  
Taxes on income (tax benefit)
    
(1,274
)
    
2,223
  
Net Income (loss)
  
$
(8,346
)
  
$
11,768
  
                 
Net Earnings (loss) per Share
                
Basic
  
$
(0.19
)
  
$
0.24
  
Diluted
  
$
(0.19
)
  
$
0.24
  
                 
Weighted average number of shares
                
Basic
    
44,866,925
      
48,256,697
  
Diluted
    
44,866,925
      
49,541,695
  
 


 
PERION NETWORK LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
In thousands

 
  
March 31,
    
December 31,
  
 
  
2025
    
2024
  
 
  
(Unaudited)
    
(Audited)
  
ASSETS
            
Current Assets
            
Cash and cash equivalents
  
$
150,718
    
$
156,228
  
Restricted cash
    
1,144
      
1,134
  
Short-term bank deposits
    
141,316
      
139,333
  
Marketable securities
    
66,448
      
77,774
  
Accounts receivable, net
    
151,527
      
164,358
  
Prepaid expenses and other current assets
   
19,551
      
22,638
  
Total Current Assets
    
530,704
      
561,465
  
 
                
Long-Term Assets
                
Property and equipment, net
   
9,299
      
8,916
  
Operating lease right-of-use assets
    
19,354
      
20,209
  
Goodwill and intangible assets, net
   
313,089
      
316,003
  
Deferred taxes
    
5,209
      
8,517
  
Other assets
   
615
      
416
  
Total Long-Term Assets
    
347,566
      
354,061
  
Total Assets
  
$
878,270
    
$
915,526
  
 
                
LIABILITIES AND SHAREHOLDERS' EQUITY
                
Current Liabilities
               
Accounts payable
  
$
97,708
    
$
122,005
  
Accrued expenses and other liabilities
   
29,473
      
32,848
  
Short-term operating lease liability
    
3,445
      
3,648
  
Deferred revenue
    
1,391
      
2,049
  
Short-term payment obligation related to acquisitions
   
1,762
      
1,300
  
Total Current Liabilities
    
133,779
      
161,850
  
 
                
Long-Term Liabilities
                
Long-term operating lease liability
    
18,152
      
18,654
  
Other long-term liabilities
    
10,743
      
12,082
  
Total Long-Term Liabilities
    
28,895
      
30,736
  
Total Liabilities
   
162,674
      
192,586
  
 
                
Shareholders' equity
                
Ordinary shares
    
388
      
391
  
Additional paid-in capital
   
528,255
      
527,149
  
Treasury shares at cost
    
(1,002
)
    
(1,002
)
Accumulated other comprehensive loss
   
(316
)
    
(215
)
Retained earnings
    
188,271
      
196,617
  
Total Shareholders' Equity
    
715,596
      
722,940
  
Total Liabilities and Shareholders' Equity
  
$
878,270
    
$
915,526
  



PERION NETWORK LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
In thousands

 
 
  
Three months ended
  
 
  
March 31,
  
 
  
2025
    
2024
  
 
  
(Unaudited)
    
(Unaudited)
  
 
            
Cash flows from operating activities
            
Net Income (loss)
  
$
(8,346
)
  
$
11,768
  
Adjustments required to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
   
3,472
      
4,558
  
Stock-based compensation expense
    
7,587
      
5,419
  
Foreign currency translation
   
10
      
22
  
Accrued interest, net
    
2,914
      
1,738
  
Deferred taxes, net
    
3,318
      
(432
)
Accrued severance pay, net
    
(998
)
    
(158
)
Restructuring costs
    
1,322
      
-
  
Gain from sale of property and equipment
    
(24
)
    
(8
)
Net changes in operating assets and liabilities
    
(16,305
)
    
(16,010
)
Net cash provided (used in) by operating activities
  
$
(7,050
)
  
$
6,897
  
 
                
Cash flows from investing activities
                
Purchases of property and equipment, net of sales
    
(1,698
)
    
(439
)
Investment in marketable securities, net of sales
    
11,571
      
(1,935
)
Short-term deposits, net
    
(1,983
)
    
(17,689
)
Net cash provided by (used in) investing activities
  
$
7,890
    
$
(20,063
)
 
                
Cash flows from financing activities
                
Proceeds from exercise of stock-based compensation
    
17
      
259
  
Purchase of treasury stock
    
(6,501
)
    
-
  
Net cash provided by (used in) financing activities
  
$
(6,484
)
  
$
259
  
 
                
Effect of exchange rate changes on cash and cash equivalents and restricted cash
    
144
      
(79
)
Net decrease in cash and cash equivalents and restricted cash
    
(5,500
)
    
(12,986
)
Cash and cash equivalents and restricted cash at beginning of period
    
157,362
      
188,948
  
Cash and cash equivalents and restricted cash at end of period
  
$
151,862
    
$
175,962
  



PERION NETWORK LTD. AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP RESULTS
In thousands (except share and per share data)

   
Three months ended
  
   
March 31,
  
   
2025
    
2024
  
   
(Unaudited)
  
             
Revenue
  
$
89,342
    
$
157,820
  
Traffic acquisition costs and media buy
    
49,681
      
97,619
  
Contribution ex-TAC
  
$
39,661
    
$
60,201
  
 
   
Three months ended
  
   
March 31,
  
   
2025
    
2024
  
   
(Unaudited)
  
             
GAAP Income (loss) from Operations
  
$
(13,027
)
  
$
8,505
  
Stock-based compensation expenses
    
7,587
      
5,419
  
Retention and other acquisition related expenses
    
1,878
      
1,796
  
Unusual legal costs
    
564
      
-
  
Amortization of acquired intangible assets
    
2,914
      
4,086
  
Restructuring costs
    
1,322
      
-
  
Depreciation
    
558
      
472
  
Adjusted EBITDA
  
$
1,796
    
$
20,278
  


 
PERION NETWORK LTD. AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP RESULTS
In thousands (except share and per share data)

   
Three months ended
  
   
March 31,
  
   
2025
    
2024
  
   
(Unaudited)
  
             
GAAP Net Income (loss)
  
$
(8,346
)
  
$
11,768
  
Stock-based compensation expenses
    
7,587
      
5,419
  
Amortization of acquired intangible assets
    
2,914
      
4,086
  
Retention and other acquisition related expenses
    
1,878
      
1,796
  
Unusual legal costs
    
564
      
-
  
Restructuring costs
    
1,322
      
-
  
Foreign exchange losses (gains) associated with ASC-842
    
(361
)
    
(11
)
Taxes on the above items
    
(188
)
    
(498
)
Non-GAAP Net Income
  
$
5,370
    
$
22,560
  
                 
Non-GAAP diluted earnings per share
  
$
0.11
    
$
0.44
  
                 
Shares used in computing non-GAAP diluted earnings per share
    
49,056,439
      
50,981,658
  

   
Three months ended
  
   
March 31,
  
   
2025
    
2024
  
   
(Unaudited)
  
             
Net cash provided (used in) by operating activities
  
$
(7,050
)
  
$
6,897
  
Purchases of property and equipment, net of sales
    
(1,698
)
    
(439
)
Free cash flow
  
$
(8,748
)
  
$
6,458
  
Purchase of property and equipment related to our new corporate headquarter office
    
1,337
      
-
  
Adjusted free cash flow
  
$
(7,411
)
  
$
6,458
  


 
Perion One: Unlocking the Next Chapter of Intelligent Advertising
 
Dear Investors, Clients, and Employees,
 
Today, I am thrilled to share our progress over the past quarter towards our Perion One vision to change the advertising industry and help CMOs with their holistic task of running efficient marketing activities over the digital universe. 
 
In every successful company, technology empowers the C-Suite to achieve greater outcomes. CROs have Salesforce, COOs have Monday.com, and CTOs rely on Jira. Now, CMOs finally have their own essential platform: Perion One.
 
Perion One empowers CMOs by delivering what truly matters: measurable, scalable business outcomes. It’s not just a platform - it’s a game changer.
 
Rethinking AdTech – Creating Real Value
 
AdTech can seem crowded and complex. However, history shows us a clear picture - companies viewed as technology leaders, such as Google, Meta, Amazon, AppLovin, and The Trade Desk, are essentially AdTech companies powered by advanced technologies. They’ve built their massive success by efficiently connecting brands and consumers.
 
We believe Perion is firmly on this trajectory. With Perion One, we aim to offer an outcomes-driven, integrated solution that unites creativity, insights, and AI-powered optimization under one unified experience, driving long-term value for CMOs and for our shareholders.
 
An Exceptional Q1: Strong Start, Stronger Future
 
Q1 2025 exceeded our initial expectations. We saw remarkable growth across all our strategic engines - Digital-out-of-home, CTV, and Retail Media - all significantly outpacing market benchmarks. Digital-out-of-home alone surged an impressive 80%, underscoring the effectiveness of our strategic acquisition approach with companies like HiveStack.
 
Our platform took a significant step forward this quarter with key developments:
 

 •
Integration Partnership with The Trade Desk: Adding UID 2.0 capabilities fosters interoperability across the advertising ecosystem, enhancing solutions for our clients.
 

 •
AI-Powered Chatbot Innovation: We achieved double-digit audience engagement with our first-to-market chatbot, empowering brands to create compelling interactive experiences.
 

Strengthening Shareholder Value Through Accelerated Buyback
 
We remain acutely attuned to investor sentiment. We have not only reaffirmed our commitment to delivering long-term value but have also accelerated our share buyback plan. This strategic move reflects our confidence in the company’s future and reinforces our focus on maximizing shareholder value.
 
Welcoming Greenbids: A Leap Forward in Intelligent Advertising
 
One of our proudest milestones this quarter is the strategic acquisition of Greenbids - a transformative addition to our technology stack.
 
Greenbids brings advanced AI algorithms to Perion One, extending our optimization capabilities into walled gardens like YouTube, Facebook, and Instagram, alongside DSPs such as The Trade Desk and Google DV 360. Its algorithm is laser-focused on eliminating inefficiencies and reducing wasted ad spend, ultimately driving superior business outcomes.
 
But Greenbids is more than technology - it’s talent, experience, and immediate momentum. We are thrilled to integrate their world-class team, known for partnering with over 80 leading global brands. Together, we are uniquely positioned to unlock unprecedented value and significantly expand our total addressable market.
 
Expanded Market, Enhanced Opportunities
 
Perion has traditionally excelled in the upper and mid-funnel segments of the Open Web. Greenbids strategically positions us deeper into the lower funnel, directly influencing purchase decisions. This shift expands our access to substantial performance-based budgets across leading social and video platforms, dramatically enlarging our market opportunity.
 
Raising Our Guidance - Confidently Looking Ahead
 
Even without factoring in Greenbids, we would have confidently raised our 2025 guidance based on our Q1 performance. With Greenbids, the future looks even more promising. Thus, reflecting our continued momentum, strategic execution, and the immediate impact of the Greenbids acquisition, we are raising our full-year guidance for 2025.
 
Our commitment remains unwavering - to invest thoughtfully and strategically in our customers, our exceptional people, and our cutting-edge technology. These pillars will continue driving sustainable, long-term growth and shareholder value.
 
Meet Us and Experience the Future
 
We look forward to connecting with you at upcoming industry events: Today we’ll be at the Luma Summit and Needham’s conference, next week at the Annual Oppenheimer conference, and next month at Cannes Lions. We invite you to join us and experience firsthand how Perion One is shaping the future of outcome-driven, intelligent advertising.
 
As always, thank you for your continued trust and support.
 
With gratitude and purpose,
 
Tal Jacobson
CEO, Perion