Mobvista (1860) Q2 2025 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2025 rose 47.0% YoY to US$938.1 million, driven by strong growth in the Ad-tech segment, particularly the Mintegral programmatic advertising platform.

• Net profit surged 340.0% YoY to US$32.3 million, with adjusted EBITDA up 41.0% YoY to US$88.7 million.

• Programmatic advertising accounted for 96.5% of Ad-tech revenue, with Mintegral's smart bidding ecosystem as the core growth driver.

• The company continues to focus on AI-driven smart bidding, SaaS Mar-tech expansion, and global developer support.

• Mar-tech revenue grew 1.1% YoY, remaining a small portion of total revenue.

Financial highlights

• Gross profit increased 53.3% YoY to US$201.1 million; gross margin improved to 21.4% from 20.6%.

• Operating profit jumped 254.3% YoY to US$46.9 million; adjusted EBITDA reached US$88.7 million.

• Net cash flow from operating activities was US$83.9 million, down 29.3% YoY due to working capital adjustments.

• R&D expenditures increased 39.0% YoY to US$87.3 million, reflecting investment in AI-driven smart bidding.

• Gearing ratio improved to 68.7% from 72.7% at year-end 2024.

Outlook and guidance

• The company aims to strengthen Mintegral’s competitive edge, expand Mar-tech SaaS offerings globally, and maintain a focus on data privacy and AI integration.

• Management remains confident in maintaining healthy Ad-tech growth, focusing on expanding Mintegral’s smart bidding and cross-vertical capabilities.

• Mar-tech will continue product refinement and global expansion, leveraging SaaS tools for developer growth.

• Strategic priorities include supporting small and medium-sized developers and further refining smart bidding systems.