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Here are 1-2 brief analogies to describe Teads:

• Like Google AdSense or Ad Manager, but an independent platform focused on premium, in-content video and display advertising.
• Imagine The Trade Desk and Magnite combined, offering a full-service platform for premium publishers and brands, with a focus on innovative video ad formats.

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• Teads Ad Manager: A self-serve platform for advertisers and agencies to plan, buy, and manage digital advertising campaigns across premium publisher inventory.
• Teads Publisher Suite: A platform providing publishers with tools and technology to monetize their editorial content through Teads' advertising formats.
• Premium Ad Inventory: Provides access to brand-safe, high-quality digital advertising placements, specializing in outstream video and high-impact display formats.

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Correction regarding Teads' public status:

Teads is not currently a public company. While there were plans for Teads to go public via a SPAC merger under the symbol TEAD, this deal was terminated in July 2021. Teads remains a privately held subsidiary of Altice France.

As a private company, Teads does not publicly disclose its major customers or specific revenue concentration from individual clients. Therefore, it is not possible to provide a list of major customer companies with their symbols as requested for public entities.

However, based on Teads' publicly available business descriptions, the company sells primarily to other companies within the digital advertising ecosystem. Its customers fall into two main categories:

• Advertisers (Brands & Agencies): These are companies (brands) looking to advertise their products or services, and the advertising agencies that manage these campaigns on their behalf. Teads provides these customers with access to premium digital ad inventory across a global network of publishers, enabling them to reach target audiences with various ad formats, including outstream video and display. Examples of brands Teads has publicly highlighted working with include major global corporations, and it partners with leading advertising agency groups worldwide.
• Publishers: These are media companies, news organizations, and content creators that own websites and apps. Teads partners with these publishers to help them monetize their digital content by selling their advertising inventory to advertisers through the Teads platform. This includes a vast network of premium publishing partners globally.

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• Axel Springer SE (SPR.PA)
• Thomson Reuters Corporation (TRI)
• Graham Holdings Company (GHC)
• Alphabet Inc. (GOOGL)

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The key risks to Teads' business (NASDAQ: TEAD) include its substantial net debt load and related financial instability, intense competition within the AdTech industry, and significant challenges posed by evolving regulatory and technological landscapes.

1. High Net Debt Load and Financial Instability

Teads faces a considerable net debt burden, with figures reported around $481 million and $620.6 million. A notable concern is a $628 million balloon loan at 10% interest due in 2030. This high leverage is identified as a key risk, especially given recent quarters of declining revenue and negative cash flow from operations. The debt constrains the company's flexibility for critical investments in research and development or mergers and acquisitions, which are vital in the rapidly innovating AdTech sector. The company has also missed revenue and earnings estimates, leading to significant stock value declines and making it challenging to raise capital on favorable terms. This financial strain raises questions about the sustainability of its business model amid integration costs and market pressures.

2. Intense Competition and Market Commoditization

The digital advertising landscape is highly competitive, with numerous established players such as Google, Meta, The Trade Desk (TTD), Magnite (MGNI), Taboola, Nexxen (NEXN), and Perion. Teads runs the risk of its offerings becoming commoditized if it cannot effectively differentiate itself among these larger and well-capitalized competitors. This intense competition can lead to pressure on pricing and profit margins, making it difficult for Teads to grow its market share and sustain profitability. While Teads aims to leverage its leadership in outstream video and Connected TV (CTV), its ability to compete against the comprehensive advertising suites of tech giants remains unproven.

3. Regulatory and Technological Shifts

The digital advertising industry is subject to continuous evolution driven by regulatory changes and technological advancements, posing significant challenges for Teads. Key among these are changes in data privacy regulations, such as the deprecation of third-party cookies. Teads is actively addressing this by focusing on cookieless inventory solutions and contextual targeting. Furthermore, the rapid rise of AI-powered search features and content summaries is causing a structural decline in pageviews for publishers across Teads' network (estimated 10-15% in Q3 2025), directly impacting the traditional web-based inventory and monetization models. This necessitates continuous innovation and adaptation to maintain a competitive edge and ensure compliance while effectively monetizing evolving digital consumption patterns.

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The clear emerging threat for Teads (TEAD) is the deprecation of third-party cookies and other persistent identifiers on the open internet, driven by evolving privacy regulations (e.g., GDPR, CCPA) and browser policy changes (most notably Google's Privacy Sandbox initiative in Chrome). This shift fundamentally alters the ability of ad technology platforms, including Teads, to track users for targeting, personalization, and measurement across websites and apps outside of "walled garden" ecosystems. While Teads has been actively developing and implementing cookieless solutions (such as contextual targeting, first-party data activation, and universal IDs), the long-term effectiveness, industry-wide adoption, and comparative performance of these alternatives against the data advantages of walled gardens remain an evolving challenge. The full implications of this transition, including its impact on ad performance, advertiser confidence, and the overall economics of the open internet ad ecosystem, are still emerging and could disrupt traditional programmatic advertising models.

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Teads (symbol: TEAD) operates in the digital advertising market, with its main products and services focusing on programmatic digital advertising, outstream video advertising, and Connected TV (CTV) advertising.

• Programmatic Digital Advertising: Teads offers an omnichannel platform for programmatic digital advertising.
  The global programmatic advertising market was valued at approximately USD 64.21 billion in 2024 and is projected to reach USD 1207.07 billion by 2032. Other estimates place the global market size at USD 678.37 billion in 2023, projected to reach USD 2,753.03 billion by 2030. Another report estimates the market at USD 26.74 billion in 2024, expected to reach USD 370.12 billion by 2034.
• Digital Video Advertising (including Outstream Video): Teads is known for its pioneering outstream video technology, which integrates video advertising within editorial content, including formats like InRead, Outstream, and InArticle.
  The global digital video advertising market, of which outstream video is a segment, was valued at USD 179.63 billion in 2024 and is projected to reach USD 836.92 billion by 2032. Another source states the market was valued at USD 184.2 billion in 2023 and is expected to reach USD 1018.1 billion by 2032. In 2023, the global digital video advertising market was estimated at USD 187.52 billion and is projected to reach USD 659.16 billion by 2030.
• Connected TV (CTV) Advertising: Teads specializes in Connected TV (CTV) advertising.
  Global CTV ad spending is estimated to be $23 billion in 2024. The US Connected TV advertising market is projected to grow from USD 18.5 billion in 2025 to USD 65.2 billion by 2031. US advertisers are expected to spend $28.75 billion on CTV in 2025, with spending forecasted to surpass $42 billion by 2028.

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Teads (TEAD) is focusing on several key initiatives to drive future revenue growth over the next 2-3 years, stemming from strategic investments, product innovation, and the integration of its recent merger. The expected drivers include:

1. Growth in Connected TV (CTV) Advertising: Teads identifies CTV as its most crucial growth area, exhibiting substantial year-over-year revenue increases (around 40% in Q3 2025 and over 80% pro-forma in Q2 2025). The company is expanding its CTV offerings through innovative home screen formats, pause ads, in-play options, and cross-screen activations, alongside securing new partnerships with OEM manufacturers like Samsung, TCL, and Google TV. Additionally, the launch of "Teads Audiences for CTV" aims to further enhance targeting capabilities.
2. Advancements in AI and Algorithmic Capabilities: The acceleration of AI and algorithmic capabilities is a significant driver, expected to yield tangible improvements and set a promising trajectory for 2026. Teads is leveraging AI to empower advertisers with new products such as AudioStack for high-quality AI-generated audio, Personalized AI Voiceover for tailored ads, and Actionable CTV with Alexa for voice-enabled consumer interactions, enhancing media and advertising effectiveness.
3. Expansion of Performance Campaigns and Strategic Brand Relationships: Teads is committed to deepening its strategic relationships with agencies and enterprise brands. A key focus is the expansion of performance campaigns with these enterprise clients, leveraging its "brand-to-performance" value proposition. The beta launch of "Connected Ads," which integrates both branding and direct-response elements in a single experience, exemplifies this strategy to deliver measurable outcomes at scale.
4. Synergies from the Outbrain Merger: The acquisition of Outbrain, completed in February 2025, is a significant source of anticipated revenue growth through cost and operational synergies. Teads expects to realize between $65 million and $75 million in total synergies by 2026, with approximately $60 million from cost reductions and an estimated $40 million in cost synergies for 2025. These synergies are designed to free up capital for reinvestment in high-growth segments like CTV and improve overall profitability.
5. Launch of New and Innovative Ad Formats: Continuous innovation in ad formats is a key driver. Examples include the beta launch of "Connected Ads" in July 2025, providing dual, sequential ad placements within publisher pages for enhanced storytelling and engagement. Another innovation is the "Dynamic Vertical Video" format, unveiled in January 2025, which combines AI, immersive vertical video, and live sports data to drive engagement during key cultural and sports moments. These new formats aim to maximize advertiser impact and user engagement across the open internet.

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Share Repurchases

• Teads Holding Co. (formerly Outbrain Inc.) authorized a share repurchase program of up to $30 million in December 2022.
• The company repurchased 1,410,001 shares for $5.8 million during the nine months ended September 30, 2024.
• As of December 31, 2024, $6.6 million remained available under the $30 million share repurchase program.

Share Issuance

• Outbrain Inc.'s IPO in July 2021 involved issuing 8,000,000 shares of common stock, generating net proceeds of $145.1 million.
• In February 2025, as part of the Teads acquisition, Outbrain issued 43.75 million shares of common stock to Altice Teads, valued at approximately $263 million.
• Approximately 3,350,446 shares have been reserved for issuance under the 2021 Employee Stock Purchase Plan (ESPP), though it is not yet active.

Inbound Investments

• As a result of Outbrain's acquisition of Teads in February 2025, Altice International, the former parent company of Teads, gained approximately 47% ownership in the combined entity, Teads Holding Co.

Outbound Investments

• Outbrain Inc. acquired Teads in February 2025 for approximately $900 million, comprising $625 million in cash and 43.75 million shares of Outbrain common stock.
• Outbrain acquired Video Intelligence in 2022.

Capital Expenditures

• Capital expenditures for Outbrain Inc. were $17 million in 2024, $20 million in 2023, and $26 million in 2022.
• In the last 12 months as of November 2025, Teads Holding Co. reported capital expenditures of -$7.57 million.
• Teads Holding Co. anticipates capital expenditures between $7 million and $9 million for 2025, primarily for servers, related equipment, and leasehold improvements.