BuzzFeed, Inc. Reports Q4 and Full Year 2025 Results
Key Terms
adjusted ebitda financial
non-gaap financial measure financial
time spent technical
affiliate commerce financial
BuzzFeed, Inc.’s (“BuzzFeed” or the “Company”) (Nasdaq: BZFD) fourth quarter and full year (ended December 31, 2025) financial results were in line with its outlook shared in November. In 2025, BuzzFeed grew programmatic advertising by
“We believe there is a gap between the value of our individual assets and our market capitalization that suggests significant unrecognized upside,” said Jonah Peretti, BuzzFeed Founder & CEO. “In 2026, our focus is demonstrating the value of our brands, Studio IP, and new AI apps to the market, and we’re actively exploring strategic options to close that value gap.”
“We're engaged in strategic conversations to unlock the value Jonah described and remedy the liquidity challenges we currently face, which are described in detail below," said Matt Omer, BuzzFeed CFO. "Three years ago we had over
2025 Full Year Financial and Operational Highlights for Continuing Operations1
-
BuzzFeed delivered Full Year 2025 revenues of
$185.3 million 2.4% compared to 2024.-
Advertising revenue declined
2.8% year-over-year to$91.7 million -
Programmatic advertising grew
7.4% year-over-year to$69.6 million
-
Programmatic advertising grew
-
Content revenue increased
9.4% year-over-year to$37.0 million -
Studio revenue nearly tripled to
$16.1 million
-
Studio revenue nearly tripled to
-
Commerce and other revenue declined
8.3% year-over-year to$56.5 million -
Affiliate commerce declined
6.9% to$ 55.5 million
-
Affiliate commerce declined
-
Advertising revenue declined
-
Net loss from continuing operations was
$57.3 million $34.0 million $30.2 million -
Adjusted EBITDA2 improved
61.4% to$8.8 million $3.3 million -
In 2025, audience Time Spent3 with our content totaled 276.5 million hours, reflecting a
7.2% decline compared to 2024 —which included elevated engagement of the presidential election cycle.
Fourth Quarter 2025 Financial and Operational Highlights for Continuing Operations
-
BuzzFeed delivered Q4 revenues of
$56.5 million 0.6% compared to the fourth quarter of 2024.-
Advertising revenue increased
0.5% to$25.6 million -
Programmatic advertising increased
2.1% year-over-year to$18.4 million
-
Programmatic advertising increased
-
Content revenue increased
55.7% year-over-year to$14.7 million -
Studio revenue grew to
$7.3 million
-
Studio revenue grew to
-
Commerce and other revenue decreased
23.7% year-over-year to$16.3 million -
Affiliate commerce declined
22.7% to$16.1 million
-
Affiliate commerce declined
-
Advertising revenue increased
-
Net loss from continuing operations was
$26.8 million $4.1 million $30.2 million -
Adjusted EBITDA for Q4 2025 was
$12.0 million $10.9 million -
Time Spent in Q4 2025 declined approximately
11.3% year-over-year to 70.3 million hours. This was largely expected as Q4 2024 saw elevated engagement during the presidential election cycle.
Business and Content Highlights
-
BuzzFeed, the Company’s largest brand, maintained its position as the #1 brand in total
U.S. time spent in its competitive set4, reaching 42.4 million hours in Q4 2025 — up14% from Q3, and9% year-over-year. This significantly outpaced second-place People at 32.0 million hours for Q4 2025. -
HuffPost generated 16.6 million hours in total
U.S. time spent in Q4 2025, significantly outperforming competitors including The New Yorker (3.7 million hours), Vanity Fair (3.0 million hours), New York Magazine (2.5 million hours), Vox.com (1.4 million hours), and Bustle.com (0.9 million hours). - Direct traffic and internal traffic (including direct visits, internal referrals, and app page views) continued to account for a majority of traffic on BuzzFeed.com, strengthening audience connection and reducing platform dependency.
- Studio business delivered three feature films in 2025, significantly expanding BuzzFeed’s IP portfolio and demonstrating the scalability of the content business.
Full Year 2026 Financial Outlook
As we evaluate strategic opportunities, we're withholding 2026 guidance at this time. We expect to provide an update on both our strategic direction and financial outlook in the coming quarters.
| [1] The historical financial results of Complex Networks and First We Feast (both sold in 2024) have been reflected as discontinued operations in our consolidated financial statements. Amounts presented throughout this press release are on a continuing operations basis. |
| [2] As used throughout, Adjusted EBITDA is a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” below for a description of how it is calculated and the tables at the back of this earnings release for a reconciliation of our GAAP and non-GAAP results. |
| [3] Refer to the definition of “Time Spent” below. |
| [4] Competitive set includes People.com brand, Condé Nast Digital Group, Vox Media Group, Vogue.com, and Bustle.com |
Quarterly Conference Call
BuzzFeed’s management team will hold a conference call to discuss our fourth quarter and full year 2025 results today, March 12, at 5 PM ET. The call will be available via webcast at investors.buzzfeed.com under the heading News and Events, and parties interested in participating must register in advance at the same location. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. While it is not required, it is recommended you join 5 minutes prior to the event start time. A replay of the call will be made available at the same URL.
We have used, and intend to continue to use, the Investor Relations section of our website at investors.buzzfeed.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.
Definitions
BuzzFeed reports revenues across three primary business lines: Advertising, Content and Commerce and other. The definition of “Time Spent” is also set forth below.
- Advertising revenues are primarily generated from advertisers, both programmatically and directly, for ads distributed against our editorial and news content, including display, pre-roll and mid-roll video products. We distribute these ad products across our owned and operated sites as well as third-party platforms, primarily YouTube and Apple News.
- Content revenues are primarily generated from clients for custom assets, including both long-form and short-form content, from branded quizzes to Instagram takeovers to sponsored content. Studio generally includes revenue from films, micro-dramas, content licensing, TV projects, and other projects inspired by BuzzFeed IP.
- Commerce and other revenues consist primarily of affiliate commissions earned on transactions initiated from our editorial shopping content. Revenues from our product licensing businesses are also included here.
- Time Spent captures the time audiences spend engaging with our content across our owned and operated sites, as well as YouTube and Apple News, as measured by Comscore. This metric excludes time spent with our content on platforms for which we have minimal advertising capabilities that contribute to our Advertising revenues, including Instagram, TikTok, Facebook, Snapchat, and X (formerly Twitter). There are inherent challenges in measuring the total actual number of hours spent with our content across all platforms; however, we consider the data reported by Comscore to represent industry-standard estimates of the time actually spent on our largest distribution platforms with our most significant monetization opportunities.
About BuzzFeed, Inc.
BuzzFeed, Inc. is home to the best of the Internet. Across pop culture, entertainment, shopping, food and news, our brands drive conversation and inspire what audiences watch, read, and buy now — and into the future. Born on the Internet in 2006, BuzzFeed is committed to making it better: providing trusted, quality, brand-safe news and entertainment to hundreds of millions of people; making content on the Internet more inclusive, empathetic, and creative; and inspiring our audience to live better lives.
Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures and represent key metrics used by management and our board of directors to measure the operational strength and performance of our business, to establish budgets, and to develop operational goals for managing our business. We define Adjusted EBITDA as net loss from continuing operations, excluding the impact of net (loss) income attributable to noncontrolling interests, income tax provision, interest expense, net, other expense, net, depreciation and amortization, stock-based compensation, change in fair value of warrant liabilities, restructuring costs, impairment expense, transaction-related costs, certain litigation costs, amortization of capitalized interest for content, and other non-cash and non-recurring items that management believes are not indicative of ongoing operations. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the same period.
We believe Adjusted EBITDA and Adjusted EBITDA margin are relevant and useful information for investors because they allow investors to view performance in a manner similar to the method used by our management. There are limitations to the use of Adjusted EBITDA and Adjusted EBITDA margin, and our Adjusted EBITDA and Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.
Adjusted EBITDA and Adjusted EBITDA margin should not be considered a substitute for measures prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data.
Liquidity and Going Concern
There is substantial doubt about the Company’s ability to continue as a going concern. Based on the Company’s liquidity position as of December 31, 2025 and our current forecast of operating results and cash flows, in the absence of any of the Company’s plans to address our capital needs, we anticipate that we will not have sufficient resources to fund our cash obligations for the next 12 months following the date of our Annual Report on Form 10-K with the Securities and Exchange Commission, which we anticipate filing on March 16, 2026.
The Company’s principal sources of liquidity are our cash and cash equivalents and cash generated from continuing operations. Our cash and cash equivalents consist of demand deposits with financial institutions and investments in money market funds.
Our financial statements have been prepared in accordance with accounting principles generally accepted in the
Since its inception, the Company has generally incurred significant losses and used net cash flows from operations to grow its owned and operated properties and its iconic brands. During the year ended December 31, 2025, the Company incurred a net loss of
The Company’s current restricted cash balance of
Under the Credit Agreement, the Company secured a
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Our forward-looking statements include, but are not limited to, statements regarding our management team’s expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “affect,” “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: (1) macroeconomic factors including: adverse economic conditions in
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. There may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.
BUZZFEED, INC.
(Unaudited, dollars in thousands) |
|||||||||||||||||||||
|
Three Months Ended
|
|
% Change |
|
Year Ended December 31, |
|
% Change |
||||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
|
2025 |
|
|
|
2024 |
|
|
||||
Advertising |
$ |
25,559 |
|
|
$ |
25,427 |
|
|
1 |
% |
|
$ |
91,685 |
|
|
$ |
94,362 |
|
|
(3 |
)% |
Content |
|
14,715 |
|
|
|
9,449 |
|
|
56 |
% |
|
|
37,045 |
|
|
|
33,875 |
|
|
9 |
% |
Commerce and other |
|
16,260 |
|
|
|
21,319 |
|
|
(24 |
)% |
|
|
56,536 |
|
|
|
61,650 |
|
|
(8 |
)% |
Total revenue |
$ |
56,534 |
|
|
$ |
56,195 |
|
|
1 |
% |
|
$ |
185,266 |
|
|
$ |
189,887 |
|
|
(2 |
)% |
(Loss) income from continuing operations |
$ |
(24,692 |
) |
|
$ |
3,949 |
|
|
NM |
|
|
$ |
(47,886 |
) |
|
$ |
(23,535 |
) |
|
(103 |
)% |
Net loss from continuing operations |
$ |
(26,820 |
) |
|
$ |
(4,144 |
) |
|
NM |
|
|
$ |
(57,334 |
) |
|
$ |
(33,956 |
) |
|
(69 |
)% |
Adjusted EBITDA |
$ |
11,954 |
|
|
$ |
10,931 |
|
|
9 |
% |
|
$ |
8,797 |
|
|
$ |
5,451 |
|
|
61 |
% |
NM: Not Meaningful |
|||||||||||||||||||||
BUZZFEED, INC. Consolidated Balance Sheets (Unaudited, dollars and shares in thousands, except per share amounts) |
|||||||
|
December 31,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
8,465 |
|
|
$ |
22,373 |
|
Restricted cash |
|
15,750 |
|
|
|
— |
|
Accounts receivable (net of allowance for doubtful accounts of |
|
45,496 |
|
|
|
48,944 |
|
Prepaid expenses and other current assets |
|
16,411 |
|
|
|
13,294 |
|
Total current assets |
|
86,122 |
|
|
|
84,611 |
|
Property and equipment, net |
|
4,504 |
|
|
|
6,195 |
|
Right-of-use assets |
|
23,002 |
|
|
|
28,562 |
|
Capitalized software costs, net |
|
24,245 |
|
|
|
22,653 |
|
Intangible assets, net |
|
10,167 |
|
|
|
11,751 |
|
Goodwill |
|
13,105 |
|
|
|
43,304 |
|
Film costs, net |
|
19,397 |
|
|
|
1,712 |
|
Noncurrent restricted cash |
|
3,524 |
|
|
|
16,275 |
|
Prepaid expenses and other assets |
|
4,073 |
|
|
|
6,335 |
|
Total assets |
$ |
188,139 |
|
|
$ |
221,398 |
|
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
19,548 |
|
|
$ |
14,251 |
|
Accrued expenses |
|
12,411 |
|
|
|
18,881 |
|
Deferred revenue |
|
7,405 |
|
|
|
555 |
|
Accrued compensation |
|
8,305 |
|
|
|
11,668 |
|
Current lease liabilities |
|
12,706 |
|
|
|
22,084 |
|
Current debt |
|
30,524 |
|
|
|
25,518 |
|
Other current liabilities |
|
4,319 |
|
|
|
3,879 |
|
Total current liabilities |
|
95,218 |
|
|
|
96,836 |
|
Noncurrent lease liabilities |
|
14,725 |
|
|
|
15,138 |
|
Debt |
|
27,861 |
|
|
|
— |
|
Warrant liabilities |
|
— |
|
|
|
1,778 |
|
Other liabilities |
|
250 |
|
|
|
704 |
|
Total liabilities |
|
138,054 |
|
|
|
114,456 |
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
||||
|
|
|
|
||||
Stockholders’ equity |
|
|
|
||||
Class A Common stock, 0.0001 par value; 700,000 shares authorized; 37,857 and 37,025 shares issued; 36,030 and 37,025 shares outstanding at December 31, 2025 and 2024, respectively |
|
3 |
|
|
|
3 |
|
Class B Common stock, |
|
1 |
|
|
|
1 |
|
Treasury stock, at cost, 1,827 and 0 shares at December 31, 2025 and 2024, respectively |
|
(3,332 |
) |
|
|
— |
|
Additional paid-in capital |
|
735,992 |
|
|
|
730,369 |
|
Accumulated deficit |
|
(679,588 |
) |
|
|
(621,864 |
) |
Accumulated other comprehensive loss |
|
(3,715 |
) |
|
|
(3,735 |
) |
Total BuzzFeed, Inc. stockholders’ equity |
|
49,361 |
|
|
|
104,774 |
|
Noncontrolling interests |
|
724 |
|
|
|
2,168 |
|
Total stockholders’ equity |
|
50,085 |
|
|
|
106,942 |
|
Total liabilities and stockholders’ equity |
$ |
188,139 |
|
|
$ |
221,398 |
|
BUZZFEED, INC. Consolidated Statements of Operations (Unaudited, dollars and shares in thousands, except per share amounts) |
|||||||||||||||
|
For the Three Months Ended
|
|
For the Year Ended December 31, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Revenue |
$ |
56,534 |
|
|
$ |
56,195 |
|
|
$ |
185,266 |
|
|
$ |
189,887 |
|
Costs and Expenses |
|
|
|
|
|
|
|
||||||||
Cost of revenue, excluding depreciation and amortization |
|
29,090 |
|
|
|
27,915 |
|
|
|
110,151 |
|
|
|
105,065 |
|
Sales and marketing |
|
3,311 |
|
|
|
3,783 |
|
|
|
15,755 |
|
|
|
19,729 |
|
General and administrative |
|
12,648 |
|
|
|
13,628 |
|
|
|
50,426 |
|
|
|
58,627 |
|
Research and development |
|
2,377 |
|
|
|
2,323 |
|
|
|
10,793 |
|
|
|
10,855 |
|
Depreciation and amortization |
|
3,601 |
|
|
|
4,597 |
|
|
|
15,828 |
|
|
|
19,146 |
|
Impairment expense |
|
30,199 |
|
|
|
— |
|
|
|
30,199 |
|
|
|
— |
|
Total costs and expenses |
|
81,226 |
|
|
|
52,246 |
|
|
|
233,152 |
|
|
|
213,422 |
|
(Loss) income from continuing operations |
|
(24,692 |
) |
|
|
3,949 |
|
|
|
(47,886 |
) |
|
|
(23,535 |
) |
Other expense, net |
|
(517 |
) |
|
|
(5,443 |
) |
|
|
(4,878 |
) |
|
|
(1,605 |
) |
Interest expense, net |
|
(1,634 |
) |
|
|
(1,595 |
) |
|
|
(5,713 |
) |
|
|
(6,782 |
) |
Change in fair value of warrant liabilities |
|
342 |
|
|
|
(790 |
) |
|
|
1,529 |
|
|
|
(1,372 |
) |
Loss from continuing operations before income taxes |
|
(26,501 |
) |
|
|
(3,879 |
) |
|
|
(56,948 |
) |
|
|
(33,294 |
) |
Income tax provision |
|
319 |
|
|
|
265 |
|
|
|
386 |
|
|
|
662 |
|
Net loss from continuing operations |
|
(26,820 |
) |
|
|
(4,144 |
) |
|
|
(57,334 |
) |
|
|
(33,956 |
) |
Net income from discontinued operations, net of tax |
|
— |
|
|
|
35,224 |
|
|
|
— |
|
|
|
24,028 |
|
Net (loss) income |
|
(26,820 |
) |
|
|
31,080 |
|
|
|
(57,334 |
) |
|
|
(9,928 |
) |
Less: net (loss) income attributable to the noncontrolling interests |
|
(22 |
) |
|
|
49 |
|
|
|
390 |
|
|
|
168 |
|
Net (loss) income attributable to BuzzFeed, Inc. |
$ |
(26,798 |
) |
|
$ |
31,031 |
|
|
$ |
(57,724 |
) |
|
$ |
(10,096 |
) |
Net loss from continuing operations attributable to holders of Class A and Class B common stock: |
|
|
|
|
|
|
|
||||||||
Basic and diluted |
$ |
(26,798 |
) |
|
$ |
(4,193 |
) |
|
$ |
(57,724 |
) |
|
$ |
(34,124 |
) |
Net loss from continuing operations per Class A and Class B common share: |
|
|
|
|
|
|
|
||||||||
Basic and diluted |
$ |
(0.72 |
) |
|
$ |
(0.11 |
) |
|
$ |
(1.53 |
) |
|
$ |
(0.91 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
37,386 |
|
|
|
38,200 |
|
|
|
37,835 |
|
|
|
37,386 |
|
BUZZFEED, INC. Consolidated Statements of Cash Flows (Unaudited, USD in thousands) |
|||||||||||
|
For the Year Ended December 31, |
||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating activities: |
|
|
|
|
|
||||||
Net loss |
$ |
(57,334 |
) |
|
$ |
(9,928 |
) |
|
$ |
(89,322 |
) |
Less: net (income) loss from discontinued operations, net of tax |
|
— |
|
|
|
(24,028 |
) |
|
|
33,610 |
|
Net loss from continuing operations |
|
(57,334 |
) |
|
|
(33,956 |
) |
|
|
(55,712 |
) |
Adjustments to reconcile net loss from continuing operations to cash used in operating activities: |
|
|
|
|
|
||||||
Depreciation and amortization |
|
15,828 |
|
|
|
19,146 |
|
|
|
20,333 |
|
Unrealized gain on foreign currency |
|
(1,225 |
) |
|
|
(872 |
) |
|
|
(1,088 |
) |
Stock based compensation |
|
5,820 |
|
|
|
5,531 |
|
|
|
5,282 |
|
Change in fair value of warrants |
|
(1,529 |
) |
|
|
1,372 |
|
|
|
11 |
|
Change in fair value of derivative liability |
|
— |
|
|
|
— |
|
|
|
(180 |
) |
Amortization of debt discount and deferred issuance costs |
|
7,140 |
|
|
|
6,086 |
|
|
|
1,766 |
|
Deferred income tax |
|
88 |
|
|
|
(304 |
) |
|
|
3,236 |
|
Loss (gain) on disposition of assets |
|
800 |
|
|
|
(1,250 |
) |
|
|
(175 |
) |
Loss on investment |
|
— |
|
|
|
— |
|
|
|
3,500 |
|
Provision for doubtful accounts |
|
(356 |
) |
|
|
(385 |
) |
|
|
(581 |
) |
Impairment expense |
|
30,199 |
|
|
|
— |
|
|
|
— |
|
Noncash lease expense |
|
17,473 |
|
|
|
18,123 |
|
|
|
20,017 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
||||||
Accounts receivable |
|
4,419 |
|
|
|
25,816 |
|
|
|
40,568 |
|
Prepaid expenses and other current assets and prepaid expenses and other assets |
|
(224 |
) |
|
|
6,129 |
|
|
|
6,284 |
|
Film costs |
|
(18,525 |
) |
|
|
(5 |
) |
|
|
(1,707 |
) |
Accounts payable |
|
5,156 |
|
|
|
(30,464 |
) |
|
|
19,149 |
|
Accrued compensation |
|
(3,888 |
) |
|
|
(474 |
) |
|
|
(18,257 |
) |
Accrued expenses, other current liabilities and other liabilities |
|
(7,393 |
) |
|
|
3,288 |
|
|
|
(12,619 |
) |
Lease liabilities |
|
(21,535 |
) |
|
|
(22,222 |
) |
|
|
(23,421 |
) |
Deferred revenue |
|
6,338 |
|
|
|
(1,245 |
) |
|
|
(7,098 |
) |
Cash used in operating activities from continuing operations |
|
(18,748 |
) |
|
|
(5,686 |
) |
|
|
(692 |
) |
Cash used in operating activities from discontinued operations |
|
— |
|
|
|
(14,993 |
) |
|
|
(5,411 |
) |
Cash used in operating activities |
|
(18,748 |
) |
|
|
(20,679 |
) |
|
|
(6,103 |
) |
|
|
|
|
|
|
||||||
Investing activities: |
|
|
|
|
|
||||||
Capital expenditures |
|
(1,958 |
) |
|
|
(691 |
) |
|
|
(964 |
) |
Capitalization of internal-use software |
|
(12,394 |
) |
|
|
(12,078 |
) |
|
|
(13,934 |
) |
Business combinations, net of cash acquired |
|
(233 |
) |
|
|
— |
|
|
|
— |
|
Proceeds from sale of asset |
|
525 |
|
|
|
350 |
|
|
|
175 |
|
Cash used in investing activities from continuing operations |
|
(14,060 |
) |
|
|
(12,419 |
) |
|
|
(14,723 |
) |
Cash provided by investing activities from discontinued operations |
|
— |
|
|
|
191,075 |
|
|
|
— |
|
Cash (used in) provided by investing activities |
|
(14,060 |
) |
|
|
178,656 |
|
|
|
(14,723 |
) |
|
|
|
|
|
|
||||||
Financing activities: |
|
|
|
|
|
||||||
Borrowings from Term Loan |
|
43,975 |
|
|
|
— |
|
|
|
— |
|
Borrowings from film financing arrangements |
|
13,638 |
|
|
|
— |
|
|
|
— |
|
Proceeds from co-financing arrangements for feature films |
|
5,089 |
|
|
|
— |
|
|
|
— |
|
Borrowings on revolving credit facility |
|
— |
|
|
|
— |
|
|
|
2,128 |
|
Payment on Convertible Notes |
|
(30,000 |
) |
|
|
(120,000 |
) |
|
|
— |
|
Payment of consent solicitation fees |
|
(2,089 |
) |
|
|
(900 |
) |
|
|
— |
|
Payment of film financing arrangements for feature films |
|
(2,631 |
) |
|
|
— |
|
|
|
— |
|
Payment on revolving credit facility |
|
— |
|
|
|
(33,837 |
) |
|
|
(1,796 |
) |
Payment of early termination fee for revolving credit facility |
|
— |
|
|
|
(500 |
) |
|
|
— |
|
Payment of Term Loan's debt issuance costs |
|
(754 |
) |
|
|
— |
|
|
|
— |
|
Repurchase of common stock |
|
(3,332 |
) |
|
|
— |
|
|
|
— |
|
Proceeds from exercise of stock options |
|
16 |
|
|
|
1 |
|
|
|
29 |
|
Payment for shares withheld for employee taxes |
|
(224 |
) |
|
|
(394 |
) |
|
|
(451 |
) |
Proceeds from the issuance of common stock in connection with the at-the-market offering, net of issuance costs |
|
(175 |
) |
|
|
1,030 |
|
|
|
902 |
|
Distributions to noncontrolling interests |
|
(1,923 |
) |
|
|
— |
|
|
|
— |
|
Cash provided by (used in) financing activities |
|
21,590 |
|
|
|
(154,600 |
) |
|
|
812 |
|
Effect of currency translation on cash and cash equivalents |
|
309 |
|
|
|
(366 |
) |
|
|
(123 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(10,909 |
) |
|
|
3,011 |
|
|
|
(20,137 |
) |
Cash and cash equivalents and restricted cash at beginning of year |
|
38,648 |
|
|
|
35,637 |
|
|
|
55,774 |
|
Cash and cash equivalents and restricted cash at end of year |
$ |
27,739 |
|
|
$ |
38,648 |
|
|
$ |
35,637 |
|
BUZZFEED, INC. Reconciliation of GAAP to Non-GAAP (Unaudited, USD in thousands) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Net loss from continuing operations |
$ |
(26,820 |
) |
|
$ |
(4,144 |
) |
|
$ |
(57,334 |
) |
|
$ |
(33,956 |
) |
Income tax provision |
|
319 |
|
|
|
265 |
|
|
|
386 |
|
|
|
662 |
|
Interest expense, net |
|
1,634 |
|
|
|
1,595 |
|
|
|
5,713 |
|
|
|
6,782 |
|
Other expense, net |
|
517 |
|
|
|
5,443 |
|
|
|
4,878 |
|
|
|
1,605 |
|
Depreciation and amortization |
|
3,601 |
|
|
|
4,597 |
|
|
|
15,828 |
|
|
|
19,146 |
|
Stock-based compensation |
|
1,457 |
|
|
|
1,438 |
|
|
|
5,820 |
|
|
|
5,531 |
|
Change in fair value of warrant liabilities |
|
(342 |
) |
|
|
790 |
|
|
|
(1,529 |
) |
|
|
1,372 |
|
Restructuring1 |
|
45 |
|
|
|
— |
|
|
|
3,492 |
|
|
|
3,179 |
|
Impairment expense2 |
|
30,199 |
|
|
|
— |
|
|
|
30,199 |
|
|
|
— |
|
Transaction-related costs3 |
|
1,089 |
|
|
|
497 |
|
|
|
1,089 |
|
|
|
680 |
|
Litigation costs4 |
|
— |
|
|
|
450 |
|
|
|
— |
|
|
|
450 |
|
Amortization of capitalized interest for content5 |
|
255 |
|
|
|
— |
|
|
|
255 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
11,954 |
|
|
$ |
10,931 |
|
|
$ |
8,797 |
|
|
$ |
5,451 |
|
Adjusted EBITDA margin |
|
21.1 |
% |
|
|
19.5 |
% |
|
|
4.7 |
% |
|
|
2.9 |
% |
Net loss from continuing operations as a percentage of revenue6 |
|
(47.4 |
)% |
|
|
(7.4 |
)% |
|
|
(30.9 |
)% |
|
|
(17.9 |
)% |
(1) We exclude restructuring expenses from our non-GAAP measures because we believe they do not reflect expected future operating expenses, they are not indicative of our core operating performance, and they are not meaningful in comparison to our past operating performance. |
|||||||||||||||
| (2) Reflects a non-cash goodwill impairment expense recorded during the year ended December 31, 2025. | |||||||||||||||
| (3) Reflects transaction-related costs and other items which are either not representative of our underlying operations or are incremental costs that result from an actual or contemplated transaction and include professional fees, integration expenses, and certain costs related to integrating and converging IT systems. For the year ended December 31, 2025, these represent the write-off of deferred offering costs that we determined were no longer recoverable. | |||||||||||||||
| (4) Reflects costs related to litigation that are outside the ordinary course of our business. We believe it is useful to exclude such charges because we do not consider such amounts to be part of the ongoing operations of our business and because of the singular nature of the claims underlying the matter. | |||||||||||||||
| (5) Reflects the non-cash amortization of interest costs that were capitalized as part of capitalized film costs; this add-back aligns the treatment of capitalized interest with the exclusion of interest expense from Adjusted EBITDA. | |||||||||||||||
| (6) Net loss from continuing operations as a percentage of revenue is included as the most comparable GAAP measure to Adjusted EBITDA margin, which is a Non-GAAP measure. | |||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260312106995/en/
Media Contact: juliana.clifton@buzzfeed.com
Investor Relations Contact: investors@buzzfeed.com
Source: BuzzFeed, Inc.
