Perion Network (PERI) Q2 2026 earnings summary

Executive summary

• Perion One spend rose 15% year-over-year to $156.7 million, driving strong growth in CTV (+56%), DOOH (+45%), Retail Media (+60%), and Outmax AI Agent (+136%).

• Total Q2 2026 spend was $194.7 million, with Perion One accounting for 80% of total spend.

• Strategic partnerships expanded, including Best Buy Canada as an end-to-end in-store Retail Media technology partner and expansion into Greece and CEE via Acrossmedia241.

• Launch of Ask Perion, a conversational AI interface and self-serve mobile app for advertisers and agencies.

• Cost optimization measures completed, supporting future growth and operating leverage.

Financial highlights

• Q2 2026 revenue was $98.2 million, down 5% year-over-year; contribution ex-TAC was $42.3 million (43% margin), down 11%.

• Adjusted EBITDA was $2.8 million (7% margin), impacted by $1.6 million FX headwind; adjusted free cash flow was $4.8 million.

• GAAP net loss was $6.8 million ($0.18 per diluted share); non-GAAP net income was $3.9 million ($0.09 per diluted share).

• Cash and equivalents at quarter-end: $267.8 million; zero debt.

• Repurchased 2.7 million shares for $24.5 million in Q2; cumulative buybacks of 18 million shares for $166.8 million.

Outlook and guidance

• Full-year 2026 guidance narrowed: contribution ex-TAC expected at $215–$225 million, adjusted EBITDA at $51–$53 million (24% margin at midpoint).

• Second half catalysts include onboarding large-scale strategic agreements and operational efficiency initiatives.

• Take rates expected to modestly improve in H2 as promotional terms phase out and new agreements ramp.

• 2028 targets remain on track, with a 25%+ 3-year spend CAGR and 20%+ 3-year Contribution ex-TAC CAGR.

• Guidance reflects first-half performance and increased visibility into second-half trends.