• Priceline for insurance and financial services leads.
• A specialized Google Ad Exchange for insurance and financial product leads.
• Magnite for insurance and financial services leads.

• Performance-Based Digital Advertising Marketplace: A technology platform that connects insurance carriers and financial service providers with consumers actively shopping for their products through a digital marketplace based on performance outcomes.

MediaAlpha (MAX) sells primarily to other companies (B2B).

While MediaAlpha's public filings, such as its annual 10-K reports, indicate that a substantial portion of its revenue is derived from a limited number of advertisers (with its single largest advertiser accounting for approximately 11% of its revenue in 2023), the company does not explicitly name its major customers in these disclosures.

However, based on MediaAlpha's stated business model as an exchange for performance-based advertising primarily in the insurance industry, its major customers are leading companies within the following category:

• Major Insurance Carriers and Large Agencies: These are the companies that acquire customers through performance-based advertising across various insurance lines, including auto, home, life, and health insurance. They utilize platforms like MediaAlpha's to connect with potential policyholders or leads.

  Examples of prominent companies in this market segment (not explicitly named MediaAlpha customers, but representative of the types of organizations that would be major customers) include:

  • GEICO (part of Berkshire Hathaway, symbols: BRK.A, BRK.B)
  • Progressive (PGR)
  • Allstate (ALL)
  • Travelers (TRV)
  • Additionally, large private carriers such as State Farm and Liberty Mutual, and significant insurance agencies, are also typical potential major customers within this industry.

Steve Yi, Co-Founder and Chief Executive Officer

Steve Yi is a Co-Founder of MediaAlpha and has served as its Chief Executive Officer since June 2011.

Patrick Thompson, Chief Financial Officer

Patrick Thompson was appointed Chief Financial Officer of MediaAlpha in December 2021. Prior to joining MediaAlpha, he held various senior financial roles at Expedia Group, Inc., including Chief Financial Officer, Retail, and Senior Vice President, Corporate Finance. Earlier in his career, Mr. Thompson worked as a management consultant at Bain & Company and as an associate at Bain Capital LP, a global alternative investment firm.

Eugene Nonko, Co-Founder and Chief Architect

Eugene Nonko is a Co-Founder of MediaAlpha. He served as the company's Chief Technology Officer from its inception until July 2025, when he transitioned to the role of Chief Architect.

Amy Yeh, Chief Technology Officer

Amy Yeh was appointed Chief Technology Officer of MediaAlpha in July 2025, succeeding co-founder Eugene Nonko. She joined MediaAlpha in 2015 and previously served as Senior Vice President of Technology, leading key initiatives to scale the company's engineering operations and infrastructure.

Jeff Coyne, General Counsel

Jeff Coyne has served as General Counsel and Secretary of MediaAlpha since May 2021. His previous roles include Executive Vice President, General Counsel and Secretary of Veritone, Inc. He also served as Senior Vice President, General Counsel and Corporate Secretary of Newport Corporation, which was acquired by MKS Instruments, Inc.

The key risks to MediaAlpha's (MAX) business are:

1. Regulatory Scrutiny and FTC Investigation: MediaAlpha faces significant financial and operational risks due to an ongoing Federal Trade Commission (FTC) investigation into alleged violations of the FTC Act, Telemarketing Sales Rule, and Government and Business Impersonation Rule. The investigation concerns the company's advertising, marketing, and data practices, particularly related to health insurance products. The FTC has sought injunctive and monetary relief, including potential civil penalties, and a preliminary settlement demand has been received. This situation could severely impact the company's liquidity, financial resources, and hinder its operations in the health insurance sector by imposing stricter compliance and altering marketing strategies.
2. Intense Competition: MediaAlpha operates in a highly competitive programmatic advertising market. It competes with numerous established players such as Google, Facebook, The Trade Desk, QuinStreet, and EverQuote. This intense competition presents challenges in maintaining and expanding market share, potentially limiting lead quality, profitability, and overall growth in the long term.
3. Dependence on Specific Verticals (P&C Insurance) and Evolving Privacy Regulations: MediaAlpha exhibits a heavy reliance on the Property & Casualty (P&C) insurance market, which was a significant revenue driver in 2024. Fluctuations, cyclical declines in advertising spend, or new regulations within this sector could lead to substantial drops in revenue and financial losses. Furthermore, the digital advertising industry, in general, is facing increasing regulatory scrutiny concerning data privacy and consumer protection, which could impact MediaAlpha's operations due to its dependence on third-party data.

Accelerating investment by insurance carriers in direct-to-consumer (DTC) digital acquisition strategies and internal lead generation capabilities.

• The overall digital insurance advertising market in the U.S. is projected to reach $14 billion by 2026, with a 15% compound annual growth rate (CAGR) from 2023 to 2026.
• Advertising spending in the broader insurance market is expected to increase by approximately 11% annually between 2024 and 2033, growing from $10 billion in 2023 to $28 billion by 2033. This growth is largely driven by the U.S. market.
• The Property & Casualty (P&C) insurance market, a significant vertical for MediaAlpha, is projected to grow at an 8.3% CAGR through 2034, reaching $8.81 trillion from $3.68 trillion in 2023. While not explicitly stated, the context of MediaAlpha's operations indicates this primarily refers to the U.S. market.
• The Medicare Advantage market, which falls under MediaAlpha's health insurance offerings, is projected to expand from 15 million enrollees in 2014 to 41 million by 2029, representing a 7% CAGR. This market is specific to the U.S.

MediaAlpha (MAX) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. Continued Strength in the Property & Casualty (P&C) Insurance Vertical: MediaAlpha's P&C insurance segment has been a primary growth driver, with significant increases in transaction value and expectations for ongoing strong performance. This growth is fueled by improved profitability among auto insurance carriers, leading to increased marketing investments and competition for market share.
2. Expansion of Market Share and Customer Acquisition Platform: The company operates a substantial insurance customer acquisition media marketplace. MediaAlpha aims to extend its market leadership by leveraging network effects, increasing its "wallet share" with existing demand partners, and attracting new supply partners to its platform.
3. Secular Growth in Digital Insurance Advertising: A significant underlying driver for MediaAlpha is the broader industry trend of increasing digital adoption in insurance advertising. The digital insurance advertising market is projected to expand significantly, creating a larger addressable market for MediaAlpha's services.
4. Investment in AI and Technology Advancements: MediaAlpha is strategically leveraging artificial intelligence to enhance operational efficiency and improve service for its partners. The company anticipates that its advancements in AI technology will solidify its position as a preferred partner as AI adoption accelerates within the industry.
5. Long-Term Opportunity in the Medicare Advantage Market: Despite recent pressures in the broader health vertical, particularly in the under-65 segment, MediaAlpha views the Medicare Advantage market as a substantial long-term growth opportunity. This market is a multi-hundred-billion-dollar industry that is still in the nascent stages of online advertising adoption, presenting significant potential for future expansion.

Share Repurchases

• On October 28, 2025, MediaAlpha's Board of Directors authorized a new share repurchase program for up to $50 million of its Class A common stock, which is expected to be completed by the end of 2026.
• During Q3 2025, the company repurchased 3,234,894 Class A shares from Insignia Capital Group for approximately $32.9 million at $10.17 per share.

Share Issuance

• On March 18, 2021, selling stockholders completed a secondary offering of 7,000,000 shares of Class A common stock at $46 per share; MediaAlpha did not offer any shares nor receive any proceeds.
• On March 7, 2024, certain stockholders initiated a secondary public offering of 3 million shares of Class A common stock, from which MediaAlpha did not receive any proceeds.
• On May 10, 2024, a secondary public offering by selling stockholders, including White Mountains Insurance Group and Insignia Capital Group, closed with 7,590,000 shares of Class A common stock sold at $19.00 per share; MediaAlpha did not sell shares or receive proceeds.

Capital Expenditures

• MediaAlpha reported capital expenditures of -$347,000 in the last 12 months (prior to November 2025).
• The company's capital expenditures were notably low, amounting to only $200,000 over the trailing twelve months leading up to Q3 2022.
• MediaAlpha generally invests low amounts in capital expenditures, with a primary focus on intangible assets and goodwill rather than significant property, plant, and equipment.