• Shopify for digital ad space.
• AWS for selling online advertising.

• Magnite Streaming: Provides a comprehensive platform for publishers to programmatically sell their connected TV (CTV) and streaming video ad inventory.
• Magnite DV+: Offers a platform for publishers to monetize their display and desktop/mobile video ad inventory through programmatic channels.
• SpringServe: An ad server and ad management platform primarily for Connected TV (CTV) publishers to control ad delivery and optimize revenue.
• Unified Decisioning: A solution that helps publishers dynamically optimize demand sources and maximize revenue across all their ad formats and channels.

Magnite (MGNI)

Magnite (MGNI) primarily sells to other companies (B2B).

Magnite operates a leading independent sell-side advertising platform (SSP) that empowers publishers and broadcasters to monetize their digital advertising inventory across various channels, including Connected TV (CTV), desktop, and mobile. Its "customers" are therefore the media owners and content creators looking to sell their ad space.

According to Magnite's annual report (Form 10-K) for the fiscal year ended December 31, 2023, the company does not have any single customer that accounted for 10% or more of its total revenue during 2023, 2022, or 2021. This indicates a highly diversified customer base, and therefore, no specific "major customers" are disclosed by name.

While specific customer names are not disclosed due to the breadth of its platform, Magnite's customer base generally includes:

• Broadcasters (e.g., traditional TV networks with digital streaming components)
• Streaming Services (e.g., ad-supported video on-demand platforms)
• Multi-channel Video Programming Distributors (MVPDs) with digital offerings
• Digital publishers and content creators across web and mobile platforms

• Amazon.com, Inc. (AMZN)
• Alphabet Inc. (GOOGL)

Michael Barrett | Chief Executive Officer

Michael Barrett is the President and Chief Executive Officer of Magnite. Before the merger with Telaria, he held the same position at Rubicon Project. He was previously President and Chief Executive Officer at Millennial Media, an independent mobile ad technology company acquired by AOL/Verizon in October 2015. Barrett also served as President and Founder of Ichabod Farm Ventures LLC, a private investment firm. Earlier in his career, he was Chief Executive Officer of Admeld Inc., which Google acquired in 2011, and he subsequently led integration efforts at Google. His prior roles include Executive Vice President and Chief Revenue Officer at Yahoo, Fox Interactive Media, and AOL Media Networks.

David Day | Chief Financial Officer

David Day is Magnite's Chief Financial Officer, overseeing financial planning, reporting, and investor relations. Prior to Magnite, he served as Chief Financial Officer and earlier as Chief Accounting Officer at Rubicon Project before its merger with Telaria. Day's experience also includes serving as Chief Accounting Officer at ReachLocal, a public digital advertising company. He was the Senior Vice President of Finance at Overture Services, a pioneer in paid search advertising, and continued as Senior Vice President of Finance for Yahoo Search Marketing following Overture's acquisition by Yahoo. Additionally, Day co-founded SignJammer, an out-of-home advertising startup, and held the role of Vice President of Finance at Spot Runner. He began his career in public accounting with Arthur Andersen and PricewaterhouseCoopers.

Sean Buckley | President, Revenue

Sean Buckley was appointed President, Revenue, at Magnite in December 2024. He joined Magnite in January 2022 as Chief Revenue Officer, overseeing significant revenue streams. Buckley's background includes serving as Chief Operating Officer and Chief Revenue Officer at SpotX, Inc., which Magnite acquired in May 2021.

Katie Evans | President, Operations

Katie Evans became President, Operations, at Magnite in December 2024. She previously held the position of Chief Operating Officer since September 2020 and was General Manager, CTV, at Magnite. Prior to Magnite, Evans served as Chief Operating Officer and Senior Vice President, Strategy and Operations, at Telaria, which Magnite acquired in April 2020.

Erik Hovanec | Chief Strategy Officer

Erik Hovanec serves as the Chief Strategy Officer at Magnite. He previously held the role of Interim Chief Strategy Officer at The Rubicon Project, Inc.

Here are the key risks to Magnite's business:

1. Intense Competition and Dominance of Large Platforms: Magnite operates in a highly competitive digital advertising market, facing constant threats from dominant players like Google and Meta (often called "walled gardens"). These large competitors possess substantial resources and established market positions, which can lead to pricing pressure, margin erosion, and challenges in maintaining market share for Magnite.
2. Macroeconomic Sensitivity and Advertising Spend Volatility: Magnite's business is highly susceptible to macroeconomic conditions and fluctuations in advertisers' budgets. Economic downturns, inflation, and general shifts in advertising spend can directly reduce demand for Magnite's platform, negatively impacting its revenue growth and financial performance.
3. Regulatory and Privacy Changes, Including Third-Party Cookie Deprecation: The evolving regulatory landscape concerning data privacy (such as GDPR and CPRA) and the ongoing deprecation of third-party cookies pose significant risks. These changes increase compliance costs, limit the effectiveness of targeted advertising, and could lead to reduced ad prices (CPMs) and a migration of ad spending to "walled gardens."

1. Increased vertical integration and the rise of "walled gardens" by large media companies and DSPs. Large media companies (e.g., Disney, NBCUniversal) are significantly investing in building out their own proprietary advertising platforms and direct sales capabilities. Their objective is to control more of the ad tech stack and capture greater margins, which could reduce their reliance on independent SSPs like Magnite for premium inventory. Concurrently, major DSPs (e.g., The Trade Desk with its OpenPath initiative) are pursuing more direct integrations with publishers, aiming to streamline the supply path and potentially bypass traditional SSP functions or reduce associated fees, thereby altering the independent SSP's role in the ecosystem.

2. Industry-wide shifts in data privacy regulations and the deprecation of third-party cookies. The ongoing planned deprecation of third-party cookies in browsers like Chrome, coupled with stricter global data privacy regulations (e.g., new US state laws, Apple's App Tracking Transparency framework), fundamentally alters how programmatic advertising operates, particularly regarding user identification, targeting, and measurement. This creates uncertainty, demands significant investment in new identity solutions (e.g., first-party data, clean rooms, alternative IDs), and could potentially reduce the overall effectiveness and value of data-driven advertising, directly impacting Magnite's core business model which facilitates such transactions.

Magnite (MGNI) operates within significant addressable markets for its advertising technology services, primarily in Connected TV (CTV) and Digital Video Plus (DV+) segments.

• Magnite estimates its potential long-term addressable market in the U.S. to be over $150 billion. This market encompasses linear TV ad spending that is expected to increasingly shift to CTV and programmatic channels.
• Specifically for the U.S. Connected TV (CTV) advertising market, total ad spending is projected to reach $44.32 billion by 2028, growing at a compound annual growth rate (CAGR) of 12.9% over five years.

Magnite (MGNI) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and market trends:

1. Continued Growth in Connected TV (CTV): Magnite anticipates sustained strong growth in its Connected TV segment. This is fueled by expanding partnerships with major streaming publishers such as Netflix, Roku, and Warner Bros. Discovery, as well as an increased programmatic expansion into live sports and international markets.

2. Expansion of Agency-Powered Marketplaces and ClearLine Adoption: A significant driver is the increasing adoption of Magnite’s agency-powered marketplaces and its ClearLine platform. These private label marketplaces empower advertising agencies to curate inventory, utilize proprietary data, and optimize media spending, thereby fostering growth with key agency partners and providing buyers with streamlined access to premium inventory.

3. Leveraging AI-Driven Tools and Automation: Magnite is actively investing in and integrating artificial intelligence (AI) tools, including the acquisition of streamr.ai. These AI capabilities are designed to automate campaign setup, deliver actionable insights, enhance monetization, and make CTV advertising more accessible, particularly for small and medium-sized businesses (SMBs), leading to new business opportunities and increased demand for ad inventory.

4. Growth and Diversification of DV+ Capabilities: The Display, Video, & Other (DV+) segment is expected to contribute to revenue growth through new client acquisitions and the ramping up of existing partnerships. This includes expanding across various ad formats such as display, audio (e.g., with Spotify and Acast), native, and Digital Out-Of-Home, supported by enhancements to the platform's features for publishers.

5. Strategic Partnerships and International Market Expansion: Magnite is focused on forming strategic alliances with key players (e.g., Best Buy Ads, Acxiom, REMAX, Dentsu) and extending its global footprint. By expanding local teams in high-growth international markets, Magnite aims to introduce its comprehensive ad tech capabilities to new regions and secure additional revenue streams.

Share Repurchases

• In February 2024, Magnite authorized a share repurchase program to buy back up to $125 million of its common stock or Convertible Senior Notes, valid until February 6, 2026.
• During the first three quarters of 2025, Magnite repurchased or withheld approximately 3.3 million shares for about $50 million, with $88 million remaining in the authorized program.
• Net cash used in financing activities related to share repurchases and equity plans totaled $47.0 million for the nine months ended September 30, 2025, and $19.4 million for the nine months ended September 30, 2024.

Share Issuance

• In March 2021, Magnite completed an offering of $400 million in 0.25% convertible senior notes due 2026, resulting in approximately $390 million in net proceeds.
• Proceeds from the issuance of common stock under the employee stock purchase plan were $2.111 million for the nine months ended September 30, 2025, and $1.983 million for the nine months ended September 30, 2024.

Outbound Investments

• On April 30, 2021, Magnite completed the acquisition of SpotX, Inc., for an adjusted purchase price of $640 million in cash plus approximately 12.4 million shares of Magnite's common stock, enhancing its CTV and video advertising capabilities.
• Magnite acquired SpringServe, LLC, a leading ad serving platform for CTV, on July 1, 2021.
• Magnite also acquired Streamer.ai, with the integration of its AI technologies expected to streamline operations and enhance product offerings, particularly in CTV advertising.

Capital Expenditures

• Capital expenditures for the third quarter of 2025 were $18 million.
• Magnite expects capital expenditures for the full year 2025 to be approximately $80 million, including a $20 million increase for two new data center buildouts in Ashburn, Virginia, and Santa Clara, California.
• For 2026, Magnite anticipates capital expenditures to be approximately $60 million, with continued investment in critical growth areas expected to lead to additional efficiencies.