Liftoff Mobile (LFTO) Registration filing summary

Company overview and business model

• Operates an AI-powered platform for mobile app growth, combining DSP and SSP capabilities to deliver user acquisition and ad monetization across all app verticals.

• Platform integrates with over 160,000 apps, reaching 1.4 billion daily active users as of Q4 2025.

• Revenue model is transaction-based, retaining a portion of media spend as revenue, with a focus on performance metrics like ROAS.

• Cortex, an internally developed neural network AI, underpins prediction and optimization, driving continuous improvement and compounding growth.

• Business is diversified across gaming and non-gaming verticals, with more than half of 2025 advertiser revenue from non-gaming sectors.

Financial performance and metrics

• 2025 revenue: $685.7M, up 32% YoY; Core Advertising revenue: $681.7M, up 41% YoY.

• Net loss improved to $(23.1)M in 2025 from $(48.2)M in 2024; net loss margin improved from (9)% to (3)%.

• Adjusted EBITDA for 2025: $374.4M (55% margin), up from $256.1M (49% margin) in 2024.

• LTM Core Advertising Net Dollar Retention: 131% for 2025, up from 122% in 2024.

• 376 customers contributed over $100,000 in Core Advertising revenue in 2025, up from 316 in 2024.

• Cash and cash equivalents at year-end 2025: $133.3M; total assets: $1.9B; total liabilities: $2.4B.

Use of proceeds and capital allocation

• IPO proceeds will be used to repay outstanding indebtedness under the New Term Loan Facility and for general corporate purposes.

• No proceeds from shares sold by selling stockholders; company will bear all offering expenses.

• Capital-light architecture supports cash flow generation; capitalized internal-use software costs were 7% of total revenue in 2025.