• Taboola is like the Google AdSense for native content and article recommendations you see across thousands of websites.
• It's the recommendation engine for the open web, similar to how Netflix suggests movies or TikTok provides a "For You" feed, but for articles and videos spread across many different news and content sites.

• Taboola Platform: An AI-based algorithmic engine platform that recommends editorial content and advertisements to users on websites, devices, and mobile apps across the open web.

Taboola.com (TBLA) primarily sells its services to other companies. Its customer base can be broadly categorized into two main groups:

• Publishers: These are websites, devices, and mobile applications that partner with Taboola to integrate its content recommendation and native advertising platform. Publishers utilize Taboola's technology to monetize their digital properties through ads and to drive audience engagement.
• Advertisers: These include businesses, brands, and marketers who use Taboola's platform to distribute their content and advertisements across its vast network of publisher partners, reaching a broad audience on the open web.

Due to Taboola's network-based business model, which relies on a large ecosystem of thousands of publishers and millions of advertisers, specific individual "major customers" that account for a significant portion of its revenue are not typically disclosed. However, Taboola partners with many prominent media and content companies. Examples of well-known publisher partners include:

• MSN (owned by Microsoft, symbol: MSFT)
• NBC News (owned by Comcast, symbol: CMCSA)
• CNN (owned by Warner Bros. Discovery, symbol: WBD)
• Bloomberg (private company)
• Business Insider (owned by Axel Springer, a private company)

Amazon.com, Inc. (AMZN)

Alphabet Inc. (GOOGL)

Adam Singolda, Founder & CEO

Adam Singolda is the founder and CEO of Taboola, which he started in 2007, leading its growth to become a global leader in content recommendation and a publicly listed company on Nasdaq in 2021. He is also a co-founder and board member of K Health, a clinical AI-powered primary care company. Prior to founding Taboola, he spent nearly seven years as an officer in an elite mathematical unit of the Israeli National Security Agency.

Stephen Walker, CFO

Stephen Walker joined Taboola as part of the acquisition of Perfect Market, Inc. He possesses extensive experience in operations, technology product development, business development, and finance. Stephen held positions in Idealab's New Ventures Group and led several of Idealab's portfolio companies, including Perfect Market, where he served as President & Chief Operating Officer from 2007 to 2014. Before Idealab, he worked in the corporate strategic planning department at Disney and completed training in business development, finance, and information systems at General Electric.

Eldad Maniv, President & COO

Eldad Maniv brings a two-decade track record of building technology companies in both the US and Israel. He held senior executive positions at BMC Software, Zend Technologies, and Identify Software before joining Taboola. At Identify Software, he was instrumental in growing the company's revenue to over $60 million. Eldad also founded NextNine, a provider of remote support automation solutions that was later acquired by Honeywell. He previously served on the board of YouAppi, a mobile marketing technology company acquired by Affle.

Lior Golan, CTO

Lior Golan leads Taboola's product and technical strategy in Israel. He co-founded Cyota, a leader in consumer Internet security, where he served as CTO and VP R&D. At Cyota, he played a key role in pioneering the use of machine learning tools within the authentication market. Following Cyota's acquisition by RSA in 2005, Lior spent two years at RSA as CTO & VP strategy.

Kristy Sundjaja, Chief People Officer

Kristy Sundjaja serves as Taboola's Chief People Officer.

The key risks to Taboola.com (TBLA) include its significant dependence on key publisher partnerships, the evolving digital advertising landscape driven by privacy regulations and ad-blocking technologies, and intense competition within the performance advertising space which can lead to high traffic acquisition costs.

1. Dependence on Key Publisher Partnerships and Exclusivity: Taboola's business model relies heavily on its partnerships with websites and device manufacturers to recommend content and advertisements. A substantial portion of its revenue comes from a few major partners, such as Yahoo, which represented approximately 14.9% of Taboola's Q1 revenue. The potential loss of these digital properties or a reduction in the exclusivity of their agreements could significantly harm Taboola's performance and revenue. There are also risks associated with managing publisher quality, as evidenced by a recent lawsuit alleging an increase in low-quality publishers and the need for Taboola to exit certain relationships, impacting revenue and guidance.
2. Evolving Digital Advertising Landscape and Privacy Regulations: The online advertising industry is subject to rapid changes, particularly concerning user privacy and data protection. Increased adoption of ad-blocking software poses a threat to Taboola's ability to display ads effectively. Furthermore, evolving privacy regulations, changes to third-party cookie policies by major technology companies, and new international laws (such as those regarding consumer privacy protection) could necessitate significant changes to Taboola's technology platform or business model, potentially leading to unexpected costs or enforcement actions.
3. Intense Competition and High Traffic Acquisition Costs: Taboola operates in a highly competitive performance advertising market. This intense competition, coupled with global economic uncertainties, can put pressure on Taboola's growth trajectory. The company faces challenges from high traffic acquisition costs (TAC), which are payments made to digital properties for hosting its recommendation platform. These costs, particularly from large partners like Yahoo, can significantly impact profit margins if they outpace revenue growth. The continuous need to improve its AI-powered platform to accurately predict user interest and optimize engagement is crucial to maintain competitiveness and prevent the loss of digital properties and advertisers.

Taboola.com (TBLA) operates in the digital advertising and content recommendation markets, primarily focusing on the open web. The addressable markets for its main products and services are substantial.

Taboola estimates its total addressable market (TAM) for its Realize performance advertising platform to be approximately $55 billion globally. This opportunity targets advertisers seeking performance outcomes on digital publisher properties outside of traditional search and social media platforms.

For its core content recommendation and native advertising services, the global market also presents significant opportunities:

• The global native advertising market was valued at approximately USD 105.9 billion in 2024 and is projected to grow to USD 346.9 billion by 2033, at a compound annual growth rate (CAGR) of 13.9% from 2025 to 2033.
• Another estimate values the global native advertising market at USD 165.97 billion in 2026, progressing to USD 549.93 billion by 2035 with a CAGR of 14.24%.
• The broader global programmatic advertising market, which encompasses how Taboola delivers ads, was valued at USD 678.4 billion in 2023 and is projected to grow to USD 1153.1 billion in 2026 and USD 2,753.0 billion by 2030, at a CAGR of 22.2% from 2024 to 2030.
• The global content recommendation engine market is expected to grow from USD 6.15 billion in 2025 to USD 8.13 billion in 2026, and is forecast to reach USD 32.79 billion by 2031 at a 32.20% CAGR.

Taboola.com (TBLA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion of the Realize Platform: Taboola's "Realize" platform, launched in February 2025, is a significant driver. This platform aims to expand beyond traditional native advertising into the broader performance advertising market, including prominent ad placements on publisher websites and apps. The company estimates this strategy can target an additional $55 billion in performance advertising budgets, leveraging outcome-oriented AI and first-party data to help advertisers achieve conversion goals.
2. Growth in Scaled Advertisers and Revenue Per Advertiser: A core part of Taboola's revenue growth strategy focuses on increasing the number of "scaled advertisers" (those spending over $100,000 on a trailing four-quarter basis) and improving the revenue generated from each. The Realize platform is particularly noted for driving higher ad spend and improving retention with existing advertisers.
3. Strategic Partnerships and New Distribution Opportunities: Taboola continues to strengthen its position by securing new publisher partners and device manufacturers. Key collaborations with entities like NBC News, Yahoo, Samsung, Xiaomi, and the addition of Fox News, provide new distribution channels and audience opportunities, reinforcing its performance advertising offerings.
4. Investment in AI and Advanced Technology: Significant annual investments in AI research and development are driving product innovation. The launch of AI-powered features such as "Predictive Audiences" in June 2025 and "Realize ID" in September 2026 within the Realize platform aim to enhance targeting efficiency, overcome data fragmentation, and deliver incremental growth for performance marketers.
5. Expansion into New Verticals and Markets: Taboola is actively pursuing expansion into new market segments, including connected TV advertising. Furthermore, the planned acquisition of Dianomi, expected to close before the end of 2026, is set to expand Taboola's premium finance advertising network, broadening its reach among high-value performance advertisers.

Share Repurchases

• Taboola repurchased 9.4 million shares for $41.4 million in the second quarter of 2026.
• As of Q2 2026, the company had $126.6 million remaining authorized for future share repurchases.
• On February 26, 2025, Taboola's board approved an additional share repurchase authorization of up to $200 million, bringing the total authorization at that time to approximately $240 million.

Share Issuance

• In 2022, Yahoo acquired a 25% equity stake in Taboola in exchange for exclusive native advertising rights over Yahoo digital properties.
• Taboola's latest funding round was a Post IPO round on November 28, 2022, for an undisclosed amount, with one investor participating.

Outbound Investments

• In September 2026, Taboola announced an offer to acquire Dianomi, a digital advertising provider specializing in the business, finance, and lifestyle sectors. The upfront cost is approximately $25.4 million (£19 million), with a potential earn-out bringing the total deal value to $34.3 million to $36.1 million.
• Taboola acquired Yusp, a cloud-based marketing personalization solution, in May 2022.
• Taboola acquired Connexity, a retail advertising network, in July 2021.

Capital Expenditures

• Capital expenditures were $45 million in 2025 and are estimated to be $47 million in 2026.
• Capital expenditures in Q1 2026 were $18.4 million, an increase from $12 million in Q1 2025, primarily focused on scaling infrastructure.