Mobvista (1860) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached $531.6 million, up 27.6% year-over-year and 6.6% quarter-over-quarter, driven by strong performance in the programmatic advertising platform Mintegral, which contributed 95.5% of total revenue.

• Adjusted net profit surged 126.0% YoY to $24.1 million, reflecting improved profitability in core business operations.

• Adjusted EBITDA rose 37.3% YoY to $47.0 million, indicating robust operational efficiency.

Financial highlights

• Gross profit for Q3 2025 was $111.0 million, up 26.4% YoY, with a gross margin of 20.9%.

• Loss for the period was $54.5 million, compared to a profit of $8.8 million in Q3 2024, mainly due to a $77.4 million loss from the change in fair value of derivative financial liabilities related to convertible bonds.

• Adjusted net profit (excluding non-operational items) was $24.1 million, up from $10.7 million in Q3 2024.

• Basic and diluted EPS were negative at (3.57) US cents and (3.54) US cents, respectively.

Outlook and guidance

• The company continues to focus on expanding its advertiser base and enhancing its AI-driven smart bidding products, which now account for over 80% of Mintegral's revenue.

• Ongoing overseas market expansion and product matrix refinement are expected to support future growth.