[10-Q] Integral Ad Science Holding Corp. Quarterly Earnings Report
Filing Impact
Filing Sentiment
Form Type
10-Q
Rhea-AI Filing Summary
Mirum Pharmaceuticals, Inc. (MIRM) has filed a Form 144 indicating the intent to sell up to 40,000 common shares through Morgan Stanley Smith Barney. Based on the indicated price, the aggregate market value of the planned sale is $2.21 million. The shares represent roughly 0.08 % of the 50.24 million shares outstanding, suggesting limited dilution risk to existing shareholders.
The seller acquired the shares on 08 Aug 2025 via a stock-option exercise paid in cash and reports no other sales during the past three months. The anticipated sale date is also 08 Aug 2025, and the shares are expected to trade on NASDAQ. No Rule 10b5-1 trading plan details were provided.
While Form 144 filings flag potential insider sales, the small percentage involved and the option-exercise origin typically point to personal liquidity rather than a material change in outlook. Investors may still monitor subsequent Form 4 filings for execution details.
Mirum Pharmaceuticals, Inc. (MIRM) ha presentato un Modulo 144 indicando l'intenzione di vendere fino a 40.000 azioni ordinarie tramite Morgan Stanley Smith Barney. In base al prezzo indicato, il valore di mercato complessivo della vendita prevista è di 2,21 milioni di dollari. Le azioni rappresentano circa il 0,08% delle 50,24 milioni di azioni in circolazione, suggerendo un rischio di diluizione limitato per gli azionisti attuali.
Il venditore ha acquisito le azioni il 8 agosto 2025 tramite un esercizio di opzioni su azioni pagato in contanti e dichiara nessun'altra vendita negli ultimi tre mesi. La data prevista per la vendita è anch'essa l'8 agosto 2025 e le azioni dovrebbero essere negoziate al NASDAQ. Non sono stati forniti dettagli su eventuali piani di trading secondo la Regola 10b5-1.
Benché le segnalazioni del Modulo 144 indichino potenziali vendite da parte di insider, la piccola percentuale coinvolta e l'origine tramite esercizio di opzioni suggeriscono generalmente una necessità di liquidità personale più che un cambiamento sostanziale nelle prospettive. Gli investitori possono comunque monitorare eventuali successivi Moduli 4 per dettagli sull'esecuzione.
Mirum Pharmaceuticals, Inc. (MIRM) ha presentado un Formulario 144 indicando la intención de vender hasta 40,000 acciones comunes a través de Morgan Stanley Smith Barney. Según el precio indicado, el valor de mercado agregado de la venta planificada es de 2,21 millones de dólares. Las acciones representan aproximadamente el 0,08% de las 50,24 millones de acciones en circulación, lo que sugiere un riesgo limitado de dilución para los accionistas existentes.
El vendedor adquirió las acciones el 8 de agosto de 2025 mediante un ejercicio de opciones sobre acciones pagado en efectivo y reporta ninguna otra venta en los últimos tres meses. La fecha anticipada de venta también es el 8 de agosto de 2025, y se espera que las acciones se negocien en NASDAQ. No se proporcionaron detalles sobre planes de negociación bajo la Regla 10b5-1.
Aunque las presentaciones del Formulario 144 señalan posibles ventas de insiders, el pequeño porcentaje involucrado y el origen por ejercicio de opciones generalmente apuntan a una necesidad de liquidez personal más que a un cambio material en la perspectiva. Los inversores pueden seguir monitoreando presentaciones posteriores del Formulario 4 para detalles de ejecución.
Mirum Pharmaceuticals, Inc. (MIRM)는 Morgan Stanley Smith Barney를 통해 최대 40,000주 보통주를 매도할 의사를 나타내는 Form 144를 제출했습니다. 명시된 가격을 기준으로 계획된 매도의 총 시장 가치는 221만 달러입니다. 해당 주식은 발행 주식 총 5,024만 주의 약 0.08%에 해당하며, 기존 주주들에게 미치는 희석 위험은 제한적임을 시사합니다.
판매자는 2025년 8월 8일 현금으로 지급한 스톡 옵션 행사를 통해 주식을 취득했으며, 지난 3개월 동안 다른 매도 내역이 없습니다. 예상 매도일도 2025년 8월 8일이며, 주식은 NASDAQ에서 거래될 예정입니다. Rule 10b5-1 거래 계획에 대한 세부 정보는 제공되지 않았습니다.
Form 144 제출은 내부자 매도 가능성을 알리지만, 소액 비율과 옵션 행사 출처로 볼 때 이는 주로 개인 유동성 확보 목적이며 전망의 중대한 변화보다는 개인적인 이유일 가능성이 큽니다. 투자자들은 이후 Form 4 제출을 통해 실행 세부 사항을 계속 모니터링할 수 있습니다.
Mirum Pharmaceuticals, Inc. (MIRM) a déposé un Formulaire 144 indiquant son intention de vendre jusqu'à 40 000 actions ordinaires via Morgan Stanley Smith Barney. Selon le prix indiqué, la valeur totale de la vente prévue s'élève à 2,21 millions de dollars. Ces actions représentent environ 0,08 % des 50,24 millions d'actions en circulation, ce qui suggère un risque de dilution limité pour les actionnaires existants.
Le vendeur a acquis les actions le 8 août 2025 via un exercice d'options d'achat d'actions payé en espèces et déclare aucune autre vente au cours des trois derniers mois. La date prévue de la vente est également le 8 août 2025, et les actions devraient être négociées sur le NASDAQ. Aucun détail concernant un plan de négociation selon la règle 10b5-1 n’a été fourni.
Bien que les dépôts du formulaire 144 signalent des ventes potentielles d’initiés, le faible pourcentage impliqué et l’origine par exercice d’options indiquent généralement une recherche de liquidité personnelle plutôt qu’un changement significatif de perspective. Les investisseurs peuvent toutefois surveiller les dépôts ultérieurs du formulaire 4 pour obtenir des détails sur l’exécution.
Mirum Pharmaceuticals, Inc. (MIRM) hat ein Formular 144 eingereicht, in dem die Absicht bekundet wird, bis zu 40.000 Stammaktien über Morgan Stanley Smith Barney zu verkaufen. Basierend auf dem angegebenen Preis beträgt der Gesamtmarktwert des geplanten Verkaufs 2,21 Millionen US-Dollar. Die Aktien entsprechen etwa 0,08 % der 50,24 Millionen ausstehenden Aktien, was auf ein geringes Verwässerungsrisiko für bestehende Aktionäre hinweist.
Der Verkäufer erwarb die Aktien am 8. August 2025 durch die Ausübung von Aktienoptionen, die bar bezahlt wurde, und meldet keinen weiteren Verkauf in den letzten drei Monaten. Das voraussichtliche Verkaufsdatum ist ebenfalls der 8. August 2025, und die Aktien sollen an der NASDAQ gehandelt werden. Details zu einem Handelsplan gemäß Regel 10b5-1 wurden nicht angegeben.
Während Form 144-Meldungen potenzielle Insiderverkäufe anzeigen, deuten der geringe Prozentsatz und der Ursprung durch Optionsausübung typischerweise auf persönliche Liquiditätsbedürfnisse hin und nicht auf eine wesentliche Änderung der Aussichten. Anleger sollten dennoch nachfolgenden Form 4-Meldungen für Ausführungsdetails folgen.
Positive
- None.
Negative
- None.
Insights
TL;DR: Insider plans to sell 40k shares (~0.08%)—immaterial but worth monitoring.
The notice discloses a routine option-exercise sale valued at roughly $2.2 million. Given Mirum’s >50 million share float, the proposed sale is unlikely to affect trading liquidity or valuation. No pattern of prior sales was reported, and the Form 144 alone does not confirm actual execution. I view the filing as neutral; however, repeated or larger disposals could hint at insider sentiment shifts.
Mirum Pharmaceuticals, Inc. (MIRM) ha presentato un Modulo 144 indicando l'intenzione di vendere fino a 40.000 azioni ordinarie tramite Morgan Stanley Smith Barney. In base al prezzo indicato, il valore di mercato complessivo della vendita prevista è di 2,21 milioni di dollari. Le azioni rappresentano circa il 0,08% delle 50,24 milioni di azioni in circolazione, suggerendo un rischio di diluizione limitato per gli azionisti attuali.
Il venditore ha acquisito le azioni il 8 agosto 2025 tramite un esercizio di opzioni su azioni pagato in contanti e dichiara nessun'altra vendita negli ultimi tre mesi. La data prevista per la vendita è anch'essa l'8 agosto 2025 e le azioni dovrebbero essere negoziate al NASDAQ. Non sono stati forniti dettagli su eventuali piani di trading secondo la Regola 10b5-1.
Benché le segnalazioni del Modulo 144 indichino potenziali vendite da parte di insider, la piccola percentuale coinvolta e l'origine tramite esercizio di opzioni suggeriscono generalmente una necessità di liquidità personale più che un cambiamento sostanziale nelle prospettive. Gli investitori possono comunque monitorare eventuali successivi Moduli 4 per dettagli sull'esecuzione.
Mirum Pharmaceuticals, Inc. (MIRM) ha presentado un Formulario 144 indicando la intención de vender hasta 40,000 acciones comunes a través de Morgan Stanley Smith Barney. Según el precio indicado, el valor de mercado agregado de la venta planificada es de 2,21 millones de dólares. Las acciones representan aproximadamente el 0,08% de las 50,24 millones de acciones en circulación, lo que sugiere un riesgo limitado de dilución para los accionistas existentes.
El vendedor adquirió las acciones el 8 de agosto de 2025 mediante un ejercicio de opciones sobre acciones pagado en efectivo y reporta ninguna otra venta en los últimos tres meses. La fecha anticipada de venta también es el 8 de agosto de 2025, y se espera que las acciones se negocien en NASDAQ. No se proporcionaron detalles sobre planes de negociación bajo la Regla 10b5-1.
Aunque las presentaciones del Formulario 144 señalan posibles ventas de insiders, el pequeño porcentaje involucrado y el origen por ejercicio de opciones generalmente apuntan a una necesidad de liquidez personal más que a un cambio material en la perspectiva. Los inversores pueden seguir monitoreando presentaciones posteriores del Formulario 4 para detalles de ejecución.
Mirum Pharmaceuticals, Inc. (MIRM)는 Morgan Stanley Smith Barney를 통해 최대 40,000주 보통주를 매도할 의사를 나타내는 Form 144를 제출했습니다. 명시된 가격을 기준으로 계획된 매도의 총 시장 가치는 221만 달러입니다. 해당 주식은 발행 주식 총 5,024만 주의 약 0.08%에 해당하며, 기존 주주들에게 미치는 희석 위험은 제한적임을 시사합니다.
판매자는 2025년 8월 8일 현금으로 지급한 스톡 옵션 행사를 통해 주식을 취득했으며, 지난 3개월 동안 다른 매도 내역이 없습니다. 예상 매도일도 2025년 8월 8일이며, 주식은 NASDAQ에서 거래될 예정입니다. Rule 10b5-1 거래 계획에 대한 세부 정보는 제공되지 않았습니다.
Form 144 제출은 내부자 매도 가능성을 알리지만, 소액 비율과 옵션 행사 출처로 볼 때 이는 주로 개인 유동성 확보 목적이며 전망의 중대한 변화보다는 개인적인 이유일 가능성이 큽니다. 투자자들은 이후 Form 4 제출을 통해 실행 세부 사항을 계속 모니터링할 수 있습니다.
Mirum Pharmaceuticals, Inc. (MIRM) a déposé un Formulaire 144 indiquant son intention de vendre jusqu'à 40 000 actions ordinaires via Morgan Stanley Smith Barney. Selon le prix indiqué, la valeur totale de la vente prévue s'élève à 2,21 millions de dollars. Ces actions représentent environ 0,08 % des 50,24 millions d'actions en circulation, ce qui suggère un risque de dilution limité pour les actionnaires existants.
Le vendeur a acquis les actions le 8 août 2025 via un exercice d'options d'achat d'actions payé en espèces et déclare aucune autre vente au cours des trois derniers mois. La date prévue de la vente est également le 8 août 2025, et les actions devraient être négociées sur le NASDAQ. Aucun détail concernant un plan de négociation selon la règle 10b5-1 n’a été fourni.
Bien que les dépôts du formulaire 144 signalent des ventes potentielles d’initiés, le faible pourcentage impliqué et l’origine par exercice d’options indiquent généralement une recherche de liquidité personnelle plutôt qu’un changement significatif de perspective. Les investisseurs peuvent toutefois surveiller les dépôts ultérieurs du formulaire 4 pour obtenir des détails sur l’exécution.
Mirum Pharmaceuticals, Inc. (MIRM) hat ein Formular 144 eingereicht, in dem die Absicht bekundet wird, bis zu 40.000 Stammaktien über Morgan Stanley Smith Barney zu verkaufen. Basierend auf dem angegebenen Preis beträgt der Gesamtmarktwert des geplanten Verkaufs 2,21 Millionen US-Dollar. Die Aktien entsprechen etwa 0,08 % der 50,24 Millionen ausstehenden Aktien, was auf ein geringes Verwässerungsrisiko für bestehende Aktionäre hinweist.
Der Verkäufer erwarb die Aktien am 8. August 2025 durch die Ausübung von Aktienoptionen, die bar bezahlt wurde, und meldet keinen weiteren Verkauf in den letzten drei Monaten. Das voraussichtliche Verkaufsdatum ist ebenfalls der 8. August 2025, und die Aktien sollen an der NASDAQ gehandelt werden. Details zu einem Handelsplan gemäß Regel 10b5-1 wurden nicht angegeben.
Während Form 144-Meldungen potenzielle Insiderverkäufe anzeigen, deuten der geringe Prozentsatz und der Ursprung durch Optionsausübung typischerweise auf persönliche Liquiditätsbedürfnisse hin und nicht auf eine wesentliche Änderung der Aussichten. Anleger sollten dennoch nachfolgenden Form 4-Meldungen für Ausführungsdetails folgen.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended June 30, 2025
OR
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from ______________ to ______________
Commission File Number: 001-40557
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
(646 ) 278-4871
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address or former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| (Nasdaq Global Select Market) | ||||||||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| ☒ | Accelerated filer | ☐ | |||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
| Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
On August 1, 2025, the Registrant had 166,163,514 shares of common stock, $0.001 par value, outstanding.
Table of Contents
| Page No. | ||||||||||||||
| PART I. | FINANCIAL INFORMATION | |||||||||||||
| Item 1. | Condensed Consolidated Financial Statements (Unaudited) | |||||||||||||
Condensed Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024 | 3 | |||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) | 4 | |||||||||||||
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) | 5 | |||||||||||||
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited) | 7 | |||||||||||||
Notes to the Condensed Consolidated Financial Statements (Unaudited) | 8 | |||||||||||||
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 23 | ||||||||||||
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 36 | ||||||||||||
| Item 4. | Controls and Procedures | 36 | ||||||||||||
| PART II. | OTHER INFORMATION | |||||||||||||
| Item 1. | Legal Proceedings | 38 | ||||||||||||
| Item 1A. | Risk Factors | 38 | ||||||||||||
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 38 | ||||||||||||
| Item 3. | Defaults Upon Senior Securities | 38 | ||||||||||||
| Item 4. | Mine Safety Disclosures | 38 | ||||||||||||
| Item 5. | Other Information | 38 | ||||||||||||
| Item 6. | Exhibits | 39 | ||||||||||||
Signatures | 40 | |||||||||||||
2
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
INTEGRAL AD SCIENCE HOLDING CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| (IN THOUSANDS, EXCEPT SHARE DATA) | June 30, 2025 | December 31, 2024 | ||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | $ | ||||||||||||
| Restricted cash | ||||||||||||||
Accounts receivable, net of allowance for credit losses of $ | ||||||||||||||
| Unbilled receivables | ||||||||||||||
| Prepaid expenses and other current assets | ||||||||||||||
| Due from related party | ||||||||||||||
| Total current assets | ||||||||||||||
| Property and equipment, net | ||||||||||||||
| Internal use software, net | ||||||||||||||
| Intangible assets, net | ||||||||||||||
| Goodwill | ||||||||||||||
| Operating lease right-of-use assets, net | ||||||||||||||
| Deferred tax asset, net | ||||||||||||||
| Other long-term assets | ||||||||||||||
| Total assets | $ | $ | ||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable and accrued expenses | $ | $ | ||||||||||||
| Operating lease liabilities, current | ||||||||||||||
| Due to related party | ||||||||||||||
| Deferred revenue | ||||||||||||||
| Total current liabilities | ||||||||||||||
| Deferred tax liability, net | ||||||||||||||
| Long-term debt, net | ||||||||||||||
| Operating lease liabilities, non-current | ||||||||||||||
| Other long-term liabilities | ||||||||||||||
| Total liabilities | ||||||||||||||
Commitments and Contingencies (Note 14) | ||||||||||||||
| Stockholders’ Equity | ||||||||||||||
Preferred Stock, $ | ||||||||||||||
Common Stock, $ | ||||||||||||||
| Additional paid-in-capital | ||||||||||||||
| Accumulated other comprehensive income (loss) | ( | |||||||||||||
| Retained earnings | ||||||||||||||
| Total stockholders’ equity | ||||||||||||||
| Total liabilities and stockholders’ equity | $ | $ | ||||||||||||
See notes to the unaudited condensed consolidated financial statements.
3
INTEGRAL AD SCIENCE HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Revenue | $ | $ | $ | $ | ||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Cost of revenue | ||||||||||||||||||||||||||
| Sales and marketing | ||||||||||||||||||||||||||
| Technology and development | ||||||||||||||||||||||||||
| General and administrative | ||||||||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||||||||
| Foreign exchange (gain) loss, net | ( | ( | ||||||||||||||||||||||||
| Total operating expenses | ||||||||||||||||||||||||||
| Operating income | ||||||||||||||||||||||||||
| Interest income (expense), net | ( | ( | ||||||||||||||||||||||||
| Net income before income taxes | ||||||||||||||||||||||||||
| Provision for income taxes | ( | ( | ( | ( | ||||||||||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||||||||||||||
| Net income per share – basic and diluted | $ | $ | $ | $ | ||||||||||||||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||||||||
| Basic | ||||||||||||||||||||||||||
| Diluted | ||||||||||||||||||||||||||
| Other comprehensive income: | ||||||||||||||||||||||||||
| Foreign currency translation adjustments | ( | ( | ||||||||||||||||||||||||
| Total comprehensive income | $ | $ | $ | $ | ||||||||||||||||||||||
See notes to the unaudited condensed consolidated financial statements.
4
INTEGRAL AD SCIENCE HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Three Months Ended June 30, 2025
| Common Stock | ||||||||||||||||||||||||||||||||||||||
| (IN THOUSANDS, EXCEPT SHARES) | Shares | Amount | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total stockholders’ equity | ||||||||||||||||||||||||||||||||
| Balance, March 31, 2025 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
| RSUs and MSUs vested | — | — | — | |||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Balance, June 30, 2025 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2025
| Common Stock | ||||||||||||||||||||||||||||||||||||||
| (IN THOUSANDS, EXCEPT SHARES) | Shares | Amount | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total stockholders’ equity | ||||||||||||||||||||||||||||||||
| Balance, December 31, 2024 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
| RSUs and MSUs vested | — | — | — | |||||||||||||||||||||||||||||||||||
| ESPP purchase | — | — | — | |||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance, June 30, 2025 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
See notes to the unaudited condensed consolidated financial statements.
5
INTEGRAL AD SCIENCE HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Three Months Ended June 30, 2024
| Common Stock | ||||||||||||||||||||||||||||||||||||||
| (IN THOUSANDS, EXCEPT SHARES) | Shares | Amount | Additional paid-in capital | Accumulated other comprehensive loss | Retained earnings | Total stockholders’ equity | ||||||||||||||||||||||||||||||||
| Balance, March 31, 2024 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
| RSUs and MSUs vested | — | — | — | |||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Balance, June 30, 2024 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024
| Common Stock | ||||||||||||||||||||||||||||||||||||||
| (IN THOUSANDS, EXCEPT SHARES) | Shares | Amount | Additional paid-in capital | Accumulated other comprehensive loss | Retained earnings | Total stockholders’ equity | ||||||||||||||||||||||||||||||||
| Balance, December 31, 2023 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
| RSUs and MSUs vested | — | — | — | |||||||||||||||||||||||||||||||||||
| Option exercises | — | — | — | |||||||||||||||||||||||||||||||||||
| ESPP purchase | — | — | — | |||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Balance, June 30, 2024 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
See notes to the unaudited condensed consolidated financial statements.
6
INTEGRAL AD SCIENCE HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Six Months Ended June 30, | ||||||||||||||
| (IN THOUSANDS) | 2025 | 2024 | ||||||||||||
| Cash flows from operating activities: | ||||||||||||||
| Net income | $ | $ | ||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | ||||||||||||||
| Stock-based compensation | ||||||||||||||
| Foreign currency (gain) loss, net | ( | |||||||||||||
| Deferred tax benefit | ( | ( | ||||||||||||
| Amortization of debt issuance costs | ||||||||||||||
| (Reversal of) allowance for credit losses | ( | |||||||||||||
| Impairment of assets | ||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||
| Decrease (increase) in accounts receivable | ( | |||||||||||||
| Decrease in unbilled receivables | ||||||||||||||
| Increase in prepaid expenses and other current assets | ( | ( | ||||||||||||
| Increase in operating leases, net | ( | ( | ||||||||||||
| Increase in other long-term assets | ( | ( | ||||||||||||
| Decrease in accounts payable and accrued expenses and other long-term liabilities | ( | ( | ||||||||||||
| Increase (decrease) in deferred revenue | ( | |||||||||||||
| Increase (decrease) in due to/from related party | ( | |||||||||||||
| Net cash provided by operating activities | ||||||||||||||
| Cash flows from investing activities: | ||||||||||||||
| Purchase of property and equipment | ( | ( | ||||||||||||
| Acquisition and development of internal use software and other | ( | ( | ||||||||||||
| Net cash used in investing activities | ( | ( | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||
| Repayment of long-term debt | ( | ( | ||||||||||||
| Proceeds from exercise of stock options | ||||||||||||||
| Cash received from Employee Stock Purchase Program | ||||||||||||||
| Net cash used in financing activities | ( | ( | ||||||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | ( | |||||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | |||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | ||||||||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | $ | ||||||||||||
| Supplemental Disclosures: | ||||||||||||||
| Net cash (received) paid during the period for: | ||||||||||||||
| Interest | $ | ( | $ | |||||||||||
| Taxes | $ | $ | ||||||||||||
| Non-cash investing and financing activities: | ||||||||||||||
| Property and equipment acquired included in accounts payable | $ | $ | ||||||||||||
| Internal use software acquired included in accounts payable | $ | $ | ||||||||||||
| Lease liabilities arising from right-of-use assets | $ | $ | ||||||||||||
See notes to the unaudited condensed consolidated financial statements.
7
INTEGRAL AD SCIENCE HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)
1. Description of business
Integral Ad Science Holding Corp. and its wholly-owned subsidiaries (together, the "Company" or "IAS") is a leading global digital advertising verification company by revenue. The Company’s mission is to be the global benchmark for trust and transparency in digital media quality for the world’s leading brands, publishers, and platforms. The Company’s cloud-based technology platform provides actionable insights and delivers independent measurement and verification of digital advertising across all devices, channels, and formats, including desktop, mobile, connected TV ("CTV"), social, display, and video. The Company’s proprietary and Media Rating Council (the "MRC") accredited Quality Impressions® metric is designed to verify that digital ads are served to a real person rather than a bot in a brand-safe and suitable environment within the correct geography. The Company is an independent, trusted partner for buyers and sellers of digital advertising to increase accountability, transparency, and effectiveness in the market. The Company helps advertisers optimize their ad spend and better measure consumer engagement with campaigns across platforms, while enabling publishers to improve their inventory yield and revenue.
The Company operates within the United States ("U.S.") in New York, California, and Illinois. Operations outside the U.S. include but are not limited to countries such as the United Kingdom ("U.K."), Ireland, France, Germany, Spain, Italy, Singapore, Australia, Japan, India and the Nordics.
2. Basis of presentation and summary of significant accounting policies
This summary of significant accounting policies is presented to assist in understanding the Company’s condensed consolidated financial statements. These accounting policies have been consistently applied in the preparation of the condensed consolidated financial statements.
(a) Basis of presentation
The Company’s condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and reflect the financial position, results of operations and cash flows for all periods presented. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.
The accompanying interim Condensed Consolidated Balance Sheets as of June 30, 2025, the Condensed Consolidated Statements of Operations and Comprehensive Income, of Cash Flows and of Changes in Stockholders’ Equity for the three and six months ended June 30, 2025 and June 30, 2024, and the related footnote disclosures are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in management’s opinion, include all adjustments necessary to state fairly the consolidated financial position of the Company. All adjustments made were of a normal recurring nature. The results for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025, or for any future period.
(b) Basis of consolidation
The condensed consolidated financial statements include the accounts of Integral Ad Science Holding Corp. and its wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation.
8
(c) Use of estimates
(d) Foreign currency
For the three months ended June 30, 2025, and June 30, 2024, foreign exchange (gain) loss, net consists of unrealized foreign exchange gains of $6,307 and losses of $169 , respectively, and realized transaction losses of $525 and $146 , respectively. For the six months ended June 30, 2025, and June 30, 2024, foreign exchange (gain) loss, net consists of unrealized foreign exchange gains of $8,793 and losses of $1,564 , respectively, and realized transaction losses of $1,013 and $320 , respectively.
(e) Cash, cash equivalents, and restricted cash
Cash and cash equivalents include money market accounts and other highly liquid investments with an original maturity date of three months or less at the time of purchase. Cash amounts with restrictions are classified as restricted cash within the Condensed Consolidated Balance Sheets.
The Company generated interest income of $557 and $726 during the three months ended June 30, 2025, and June 30, 2024, respectively, and $1,253 and $1,680 during the six months ended June 30, 2025, and June 30, 2024, respectively.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows.
| June 30, 2025 | December 31, 2024 | |||||||||||||
| Cash and cash equivalents | $ | $ | ||||||||||||
| Short-term restricted cash | ||||||||||||||
| Long-term restricted cash (held in other long-term assets) | ||||||||||||||
| Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ | $ | ||||||||||||
(f) Accounts receivable, net
Accounts receivable are carried at the original invoiced amount less an allowance for credit losses. The allowance is estimated by pooling accounts receivables based on similar risk characteristics, and expected credit loss exposure is evaluated for each accounts receivable pool. Invoices are typically issued with net 30-days to net 90-days terms. Account balances are considered delinquent if payment is not received by the due date, and the receivables are written off when deemed uncollectible. The allowance for credit losses is recorded in general and administrative expenses within the Condensed Consolidated Statements of Operations and Comprehensive Income.
9
The activity in our allowance for credit losses consists of the following:
| June 30, 2025 | June 30, 2024 | |||||||||||||
| Balance, beginning of period | $ | $ | ||||||||||||
| Change in provision | ( | |||||||||||||
| Receivables written-off and impact of exchange rates | ( | ( | ||||||||||||
| Balance, end of period | $ | $ | ||||||||||||
(g) Stock-based compensation
Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. The fair value of restricted stock units ("RSUs") that vest over a period of time subject to continued employment is determined on the grant date based on the grant date closing stock price. The Company used the assumptions below in valuing its time-based service options, which vest over a period of time subject to continued employment ("Time-Based Options"), return-target options ("Return-Target Options"), which vest upon a realized cash return of the equity investment of Vista Equity Partners ("Vista"), and funds controlled by Vista and registration of the shares held by Vista, market stock units ("MSUs"), and shares to be purchased under the 2021 Employee Stock Purchase Plan ("ESPP").
Expected term — For time-based awards, the estimated expected term of options granted is generally calculated as the vesting period plus the midpoint of the remaining contractual term, as the Company does not have sufficient historical information to develop reasonable expectations surrounding future exercise patterns and post-vesting employment termination behavior. For awards subject to market and performance conditions, the expected term represents the period of time that the options granted are expected to be outstanding.
Expected volatility — Volatility is estimated based upon observed option-implied volatilities for the Company in addition to a group of peer companies. The Company believes this is the best estimate of the expected volatility over the weighted-average expected term of its option grants.
Risk-free interest rate — The risk-free interest rate is based on the implied yield currently available on U.S. Treasury instruments with terms approximately equal to the expected term of the option.
Expected dividend — The expected dividend assumption was based on the Company’s history and expectation of dividend payouts. The Company currently has no history or expectation of paying cash dividends on its units.
Fair value — The Company’s shares are traded in the public market, and accordingly the Company uses the applicable closing price of its common stock to determine fair value.
| June 30, 2025 | June 30, 2024 | |||||||||||||||||||||||||
| Estimated fair value | $ | - | $ | $ | - | $ | ||||||||||||||||||||
| Expected volatility (%) | - | - | ||||||||||||||||||||||||
| Expected term (in years) | - | - | ||||||||||||||||||||||||
| Risk-free interest rate (%) | - | - | ||||||||||||||||||||||||
| Dividend yield | ||||||||||||||||||||||||||
(h) Accounting pronouncements not yet adopted
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires companies to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. The ASU also requires entities to disclosure more detailed information about income taxes paid, including by jurisdiction, pretax income (or loss) from continuing operations and income tax expense (or benefit). The updated standard is effective for annual reporting periods, beginning after December 15, 2024. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statement disclosures.
In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)," which requires companies to disclose, in the notes to financial statements, specified information about certain costs and expenses. The amendments require that at each interim and annual reporting
10
period an entity: (i) disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization, (ii) include certain amounts that are already required to be disclosed under current U.S. GAAP in the same disclosure as the other disaggregation requirements, (iii) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (iv) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The updated standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the provisions of this guidance and assessing the potential impact of the rule on its consolidated financial statement disclosures.
3. Revenue
The following table disaggregates revenue by channel:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Optimization revenue | $ | $ | $ | $ | |||||||||||||||||||
| Measurement revenue | |||||||||||||||||||||||
| Publisher revenue | |||||||||||||||||||||||
| Total revenue | $ | $ | $ | $ | |||||||||||||||||||
Remaining Performance Obligations
Remaining performance obligations represent the transaction price of contracts for services that have not yet been performed. As of June 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations to be recognized over the next to three years was $21,028 . For customers contracting with us on a usage-based pricing model, the Company elected to disclose only the contractual minimum attributed to these performance obligations. For contracts that have a duration of one year or less, the Company has not disclosed the remaining performance obligation.
4. Property and equipment, net
Property and equipment consisted of the following:
| Estimated useful life (in years) | June 30, 2025 | December 31, 2024 | ||||||||||||||||||||||||
| Computer and office equipment | - | $ | $ | |||||||||||||||||||||||
| Leasehold improvements | Various | |||||||||||||||||||||||||
| Furniture | ||||||||||||||||||||||||||
| Total property and equipment | ||||||||||||||||||||||||||
| Less: accumulated depreciation | ( | ( | ||||||||||||||||||||||||
| Total property and equipment, net | $ | $ | ||||||||||||||||||||||||
5. Internal use software, net
Internal use software consisted of the following:
| Estimated useful life (in years) | June 30, 2025 | December 31, 2024 | ||||||||||||||||||||||||
| Internal use software | - | $ | $ | |||||||||||||||||||||||
| Less: asset impairments | ( | ( | ||||||||||||||||||||||||
| Less: accumulated amortization | ( | ( | ||||||||||||||||||||||||
| Total internal use software, net | $ | $ | ||||||||||||||||||||||||
11
Amortization expense related to internal use software for the three months ended June 30, 2025 and June 30, 2024 was $8,327 and $5,896 , respectively. Amortization expense related to internal use software for the six months ended June 30, 2025 and June 30, 2024 was $15,901 and $11,182 , respectively. During the six months ended June 30, 2025, the Company wrote-off $48 of costs related to projects that are no longer being implemented, which the Company recorded in general and administrative expenses within the Condensed Consolidated Statements of Operations and Comprehensive Income.
6. Intangible assets, net
The gross book value, accumulated amortization, net book value and amortization periods of the intangible assets were as follows:
| June 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| Estimated useful life | Gross book value | Accumulated amortization | Net book value | Weighted average remaining useful life | ||||||||||||||||||||||||||||||||||
| Customer relationships | - | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Developed technology | ( | |||||||||||||||||||||||||||||||||||||
| Trademarks | - | ( | ||||||||||||||||||||||||||||||||||||
| Total | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
| December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
| Estimated useful life | Gross book value | Accumulated amortization | Net book value | Weighted average remaining useful life | ||||||||||||||||||||||||||||||||||
| Customer relationships | - | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Developed technology | ( | |||||||||||||||||||||||||||||||||||||
| Trademarks | - | ( | ||||||||||||||||||||||||||||||||||||
| Total | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Amortization expense related to intangibles for the three months ended June 30, 2025 and June 30, 2024 was $8,551 and $9,479 , respectively. Amortization expense related to intangibles for the six months ended June 30, 2025 and June 30, 2024 was $17,074 and $18,964 , respectively. During the six months ended June 30, 2025, the Company wrote-off $1,169 and $114,559 of fully amortized customer relationship and developed technology assets and the corresponding accumulated amortization.
Amortization expense for the subsequent five years and thereafter is as follows:
| 2025 (remaining six months) | $ | |||||||
| 2026 | ||||||||
| 2027 | ||||||||
| 2028 | ||||||||
| 2029 | ||||||||
| 2030 | ||||||||
| 2031 and thereafter | ||||||||
| Total | $ | |||||||
7. Goodwill
The following table provides a roll forward of the changes in the goodwill balance:
Goodwill as of December 31, 2024 | $ | ||||
| Impact of exchange rates and other | |||||
Goodwill as of June 30, 2025 | $ | ||||
12
8. Accounts payable and accrued expenses and other long-term liabilities
Accounts payable and accrued expenses consisted of the following:
| June 30, 2025 | December 31, 2024 | ||||||||||
| Accounts payable | $ | $ | |||||||||
| Accrued payroll | |||||||||||
| Accrued professional fees | |||||||||||
| Accrued bonuses and commissions | |||||||||||
| Accrued revenue sharing | |||||||||||
| Taxes payable | |||||||||||
| Accrued hosting fees | |||||||||||
| Other accrued expenses | |||||||||||
| Total accounts payable and accrued expenses | $ | $ | |||||||||
Other long-term liabilities consisted of the following:
| June 30, 2025 | December 31, 2024 | ||||||||||
| Security deposit received | $ | $ | |||||||||
| Uncertain tax positions | |||||||||||
| Total Other long-term liabilities | $ | $ | |||||||||
9. Long-term debt
On September 29, 2021, a subsidiary of the Company entered into a credit agreement with various lenders, which was most recently amended on June 17, 2025 (as amended, the "Credit Agreement"). The Credit Agreement provides for $300,000 in commitments for revolving credit loans (the "Revolver"), which amount may be increased to at least $550,000 pursuant to the accordion feature, or decreased under specific circumstances, with a $30,000 letter of credit sublimit, a $100,000 alternative currency sublimit and a $30,000 swingline loan sublimit. In addition, the Credit Agreement provides for the ability to request incremental term loan facilities, in a minimum amount of $5,000 for each facility. Borrowings pursuant to the Credit Agreement may be used for working capital, capital expenditures and other general corporate purposes, including for acquisitions permitted under the Credit Agreement. In connection with amending the credit agreement on June 17, 2025, the Company incurred costs of $1,845 that were included in Other long-term assets, in the Condensed Consolidated Balance Sheet as of June 30, 2025. In connection with entry into the original Revolver on September 29, 2021, the Company incurred costs of $2,318 that were included in Long-term debt, net, in the Condensed Consolidated Balance Sheet as of December 31, 2024. Unamortized debt issuance costs associated with the original Revolver were $596 , in connection with amending the credit agreement, these costs were reclassified as Other long-term assets as of June 30, 2025.
As of June 30, 2025, and December 31, 2024, unamortized debt issuance costs were $2,424 and $811 , respectively. During the six months ended June 30, 2025, the Company had no draw downs and paid down $35,000 on the Revolver, and as a result, it had no principal outstanding on the Revolver as of June 30, 2025, and $35,000 principal outstanding as of December 31, 2024.
Borrowings under the Credit Agreement are scheduled to mature on June 17, 2030. The Credit Agreement contains certain customary events of default including failure to make payments when due thereunder, and failure to observe or perform certain covenants.
13
The interest rates for the Revolver under the Credit Agreement (i) for U.S. dollar loans are equal to the applicable rate for base rate loans ranging from 0.50 % to 1.25 % per annum, (ii) for Term SOFR Loans and Daily SOFR Loans (each as defined in the Credit Agreement) from 1.50 % to 2.25 % per annum, (iii) for RFR Loans (as defined in the Credit Agreement) denominated in sterling ranging from 1.5326 % to 2.2826 %, and (iv) for RFR Loans denominated in euro ranging from 1.5456 % to 2.2956 %, in each case, based on the Total Net Leverage Ratio (as defined in the Credit Agreement). Base rate borrowings may only be made in dollars. The borrower is required to pay a commitment fee during the term of the Credit Agreement ranging from 0.175 % to 0.30 % per annum of the average daily undrawn portion of the revolving commitments based on the Total Net Leverage Ratio (as defined in the Credit Agreement).
Any borrowings under the Credit Agreement may be repaid, in whole or in part, at any time and from time to time without premium or penalty other than customary breakage costs, and any amounts repaid may be reborrowed. No mandatory prepayments will be required other than when borrowings and letter of credit usage exceed the aggregate commitment of all lenders.
The Credit Agreement contains covenants requiring certain financial information to be submitted quarterly and annually. In addition, the Company is also required to comply with certain financial covenants such as maintaining a Total Net Leverage Ratio (as defined in the Credit Agreement) of 3.50 to 1.00 or lower and maintaining a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of 2.50 to 1.00. As of June 30, 2025, the Company was in compliance with all covenants contained in the Credit Agreement.
10. Income taxes
At the end of each interim period, the Company estimates the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to significant, unusual, or extraordinary items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which they occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or unrecognized tax benefits is recognized in the interim period in which the change occurs.
The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in foreign jurisdictions, permanent and temporary differences, and the likelihood of the realization of deferred tax assets generated in the current year. The accounting estimates used to compute the provision or benefit for income taxes may change as new events occur, more experience is acquired, additional information is obtained or the Company’s tax environment changes. To the extent that the expected annual effective income tax rate changes during a quarter, the effect of the change on prior quarters is included in income tax provision in the quarter in which the change occurs.
For the three months ended June 30, 2025 and 2024, the Company recorded an income tax provision of $4,701 and $4,923 , respectively. The Company’s effective tax rate for the three months ended June 30, 2025 and 2024 was 22.3 % and 39.0 %, respectively. The Company's effective tax rate for the three months ended June 30, 2025 is lower than for the respective three months ended June 30, 2024, primarily due to permanent tax differences and discrete items.
For the six months ended June 30, 2025 and 2024, the Company recorded an income tax provision of $8,087 and $4,789 , respectively. The Company’s effective tax rate for the six months ended June 30, 2025 and 2024 was 24.9 % and 42.7 %, respectively. The Company's effective tax rate for the six months ended June 30, 2025 is lower than the six months ended June 30, 2024, primarily due to permanent tax differences and discrete items.
The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits in the income tax provision. The Company is not currently under audit in any taxing jurisdiction.
14
11. Segment data
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM"), in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer is the CODM.
The Company manages its operations as a single operating and reportable segment for the purpose of assessing and making operating decisions. The Company's CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actuals using net income and revenue among other measures of performance. The Company's CODM does not review assets in evaluating the results of the Company. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.
The following table presents the significant expense categories regularly provided to the CODM used in the determination of consolidated net income as reported in the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2025 and June 30, 2024:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Revenue | $ | $ | $ | $ | ||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Cost of revenue (excluding compensation expense) | ||||||||||||||||||||||||||
| Compensation expense | ||||||||||||||||||||||||||
| Non-compensation expense | ||||||||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||||||||
| Interest (income) expense, net | ( | ( | ||||||||||||||||||||||||
| Provision for income taxes | ||||||||||||||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||||||||||||||
The following table summarizes revenue by geographic area based on selling location:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| North and South America ("Americas") | $ | $ | $ | $ | ||||||||||||||||||||||
| Europe, Middle East and Africa ("EMEA") | ||||||||||||||||||||||||||
| Asia and Pacific Rim ("APAC") | ||||||||||||||||||||||||||
| Total revenue | $ | $ | $ | $ | ||||||||||||||||||||||
For the three months ended June 30, 2025 and June 30, 2024, revenue in the U.S. was $101,326 and $84,498 , respectively. For the six months ended June 30, 2025 and June 30, 2024, revenue in the U.S. was $188,746 and $158,782 , respectively.
15
The following table summarizes long lived assets (including property and equipment, net and operating lease right-of-use assets), net by geographic area:
| June 30, 2025 | December 31, 2024 | |||||||||||||
| Americas | $ | $ | ||||||||||||
| EMEA | ||||||||||||||
| APAC | ||||||||||||||
| Total long-lived assets | $ | $ | ||||||||||||
12. Stock-based compensation
Total stock-based compensation expense for all equity arrangements for the three and six months ended June 30, 2025 and June 30, 2024 were as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Cost of revenue | $ | $ | $ | $ | ||||||||||||||||||||||
| Sales and marketing | ||||||||||||||||||||||||||
| Technology and development | ||||||||||||||||||||||||||
| General and administrative | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||
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The Company maintains multiple stock-based incentive compensation plans. Expense relating to outstanding awards under such plans is summarized as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | Unamortized Expense as of | Weighted Average Vesting Term | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | June 30, 2025 | ||||||||||||||||||||||||||||||||||
| Time-Based Options | ||||||||||||||||||||||||||||||||||||||
| 2018 Plan | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| 2021 Plan | ||||||||||||||||||||||||||||||||||||||
| Total Time-Based Options expense | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
| Return-Target Options | ||||||||||||||||||||||||||||||||||||||
| 2018 Plan | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
| 2021 Plan | ||||||||||||||||||||||||||||||||||||||
| Total Return-Target Options expense | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
| Other Equity Awards Under 2021 Plan | ||||||||||||||||||||||||||||||||||||||
| Restricted Stock Units ("RSUs") | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
| Market Stock Units ("MSUs") | ||||||||||||||||||||||||||||||||||||||
| Other Equity Awards Under 2021 Plan Expense | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
| Employee Stock Purchase Plan ("ESPP") | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Total Stock-Based Compensation Expense | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Integral Ad Science Holding Corp. Amended and Restated 2018 Non-Qualified Stock Option Plan
On August 1, 2018, the Company adopted the 2018 Non-Qualified Stock Option Plan ("2018 Plan"). Under the 2018 Plan, the Company issued (i) Time-Based Options that vested over four years with 25 % vesting after twelve months and an additional 6.25 % vesting at the end of each successive quarter thereafter; and (ii) Return-Target Options.
In connection with the Company's initial public offering ("IPO"), the 2018 Plan was amended and restated ("Amended and Restated 2018 Plan") with the following modifications: (i) the provision to repurchase the Time-Based Options at cost upon resignation of the employee was removed and (ii) the Return-Target Options were modified to include vesting upon a sale of shares by Vista following the IPO resulting in Vista realizing a cash return on its investment in the Company equaling or exceeding $1.17 billion.
The Return-Target Options vest and become exercisable following both (i) a registration of shares of common stock held by Vista and (ii) Vista realizing a cash return on its investment in the Company equaling or exceeding $1.17 billion. During the second quarter of 2023, with the filing of a "shelf" registration statement on Form S-3 and under then-current market conditions, the implied performance condition relating to the Return-Target Options was deemed to be probable and the Company recorded $23,450 of stock-based compensation expense at that time.
The total number of Time-Based Options and Return-Target Options outstanding under the Amended and Restated 2018 Plan as of June 30, 2025 were 2,192,719 and 1,220,893 , respectively. The Company does not expect to issue any additional awards under the Amended and Restated 2018 Plan.
2021 Omnibus Incentive Plan ("2021 Plan")
On June 29, 2021, the Company adopted the 2021 Plan to incentivize executive officers, management, employees, consultants and directors of the Company and to align the interests of the participants with those of the Company’s shareholders. As of June 30, 2025, there were 51,202,752 shares reserved for issuance under the 2021 Plan and the total number of shares reserved for issuance under the 2021 Plan is increased on January 1 of each of the first 10 calendar years during the term of the 2021 Plan, by the lesser of (i) 5 % of the total number of shares of common stock outstanding on each December 31
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immediately prior to the date of increase or (ii) such number of shares of common stock determined by our Board or compensation committee.
As of June 30, 2025, there were 1,002,162 total options outstanding under the 2021 Plan, consisting of 667,866 Time-Based Options and 334,296 Return-Target Options. The vesting conditions for the options issued under the 2021 Plan are identical to those described under the Amended and Restated 2018 Plan.
Time-Based Service Option activity
Time-Based Service Option activity is as follows:
| Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | Intrinsic Value | |||||||||||||||||||||||
| Outstanding as of December 31, 2024 | $ | $ | ||||||||||||||||||||||||
| Canceled or forfeited | ( | — | — | |||||||||||||||||||||||
| Exercised | — | — | ||||||||||||||||||||||||
Outstanding as of June 30, 2025 | $ | $ | ||||||||||||||||||||||||
Vested as of June 30, 2025 | $ | $ | ||||||||||||||||||||||||
Exercisable as of June 30, 2025 | $ | $ | ||||||||||||||||||||||||
Return-Target Options activity
Return-Target Option activity is as follows:
| Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | Intrinsic Value | |||||||||||||||||||||||
| Outstanding as of December 31, 2024 | $ | $ | ||||||||||||||||||||||||
| Canceled or forfeited | ( | — | — | |||||||||||||||||||||||
| Exercised | — | — | ||||||||||||||||||||||||
Outstanding as of June 30, 2025 | $ | $ | ||||||||||||||||||||||||
Vested and expected to vest as of June 30, 2025 | $ | $ | ||||||||||||||||||||||||
Exercisable as of June 30, 2025 | $ | — | $ | |||||||||||||||||||||||
Restricted Stock Units
The RSUs under the 2021 Plan granted prior to May 2022 vest 25 % each year and become fully vested after 4 years of service. RSUs under the 2021 Plan granted during or after May 2022 vest 6.25 % at the end of each successive quarter and become fully vested after 4 years of service.
RSU activity for the six months ended June 30, 2025 is as follows:
| RSUs | |||||||||||
| Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
| Outstanding as of December 31, 2024 | $ | ||||||||||
| Granted | |||||||||||
| Canceled or forfeited | ( | ||||||||||
| Vested | ( | ||||||||||
Outstanding as of June 30, 2025 | $ | ||||||||||
Expected to vest as of June 30, 2025 | |||||||||||
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Market Stock Units
The Company granted MSUs under the 2021 Plan to certain executive officers. MSUs vest over four years , 25 % on the first anniversary of the vesting commencement date and 6.25 % at the end of each quarter thereafter. The number of MSUs eligible to vest is based on the performance of the Company's common stock over each applicable vesting period. The number of shares eligible to vest is calculated based on a payout factor. The payout factor is calculated by dividing (i) the average closing price of the Company's stock during the ten trading days immediately preceding the applicable vesting date by (ii) the closing price of the Company's stock on the vesting commencement date. The payout factor is zero if the quotient is less than 0.60 and is capped at 2.25 . This quotient is then multiplied by the target number of MSUs granted to the relevant officer to determine the number of shares to be issued to the officer at vesting. The grant date fair value of the MSUs was determined using a Monte-Carlo simulation. The Company uses the accelerated attribution method to account for these awards.
MSU activity for the six months ended June 30, 2025 is as follows:
| MSUs | |||||||||||
| Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
| Outstanding as of December 31, 2024 | $ | ||||||||||
| Granted | |||||||||||
| Canceled or forfeited | |||||||||||
| Change in awards based on performance | ( | ||||||||||
| Vested | ( | ||||||||||
Outstanding as of June 30, 2025 | $ | ||||||||||
Expected to vest as of June 30, 2025 | |||||||||||
2021 Employee Stock Purchase Plan ("ESPP")
The Company adopted the ESPP for the primary purpose of incentivizing employees in future periods. As of June 30, 2025, 7,789,746 shares of common stock are reserved for issuance under the ESPP, and the number of shares available for issuance is increased on January 1 of each calendar year, beginning in 2022 and ending in and including 2031, by an amount equal to the lesser of (i) 1 % of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by our Board, subject to a maximum of 16,000,000 shares of our common stock for the portion of the ESPP intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code. All Company employees and employees of designated subsidiaries are eligible to participate in the ESPP and may purchase shares through payroll deductions of up to 15 % of their eligible compensation, subject to a maximum of $25 in any annual period for the portion of the ESPP intended to qualify as an employee purchase plan under Section 423 of the Internal Revenue Code.
The ESPP provides eligible employees the opportunity to purchase shares of the Company's common stock through payroll deductions at a price equal to 85 % of the fair market value of the shares on (i) the first business day of the offering period or (ii) the last business day of the offering period, whichever is lower. The ESPP is offered to employees in six-month windows, with phases beginning on February 1 and August 1 of each calendar year. For the window that ended on January 31, 2025, employees purchased 200,404 shares at a price of $8.43 per share. For the window that ended on January 31, 2024, employees purchased 153,239 shares at a price of $12.37 per share. As of June 30, 2025, 6,989,919 shares were available for future purchase under the ESPP.
13. Stockholders’ equity
As of June 30, 2025, our authorized common stock consists of 500,000,000 shares of common stock, par value $0.001 per share and 50,000,000 preferred stock, par value $0.001 per share.
For the three months ended June 30, 2025, the Company issued 1,284,795 shares of common stock for vested RSUs and MSUs. For the six months ended June 30, 2025, the Company issued 2,201,981 shares of common stock for vested RSUs and MSUs and employees purchased 200,404 shares of common stock through the ESPP.
For the three months ended June 30, 2024, the Company issued 1,025,286 shares of common stock for vested RSUs and MSUs. For the six months ended June 30, 2024, the Company issued 1,831,832 shares of common stock for vested RSUs
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14. Commitments and contingencies
Indemnifications
In its normal course of business, the Company has made certain indemnities, commitments, and guarantees under which it may be required to make payments in relation to certain transactions. Those indemnities include intellectual property indemnities to the Company’s customers, indemnities to directors and officers of the Company to the maximum extent permitted under the laws of the State of Delaware, and indemnifications related to the Company’s lease agreements. In addition, the Company’s advertiser and distribution partner agreements contain certain indemnification provisions which are generally consistent with those prevalent in the Company’s industry. The Company has not incurred any obligations under indemnification provisions historically and currently does not expect to incur significant obligations in the future. Accordingly, the Company has not recorded any liability for these indemnities, commitments, and guarantees in the accompanying balance sheets.
Purchase commitments
In the ordinary course of business, the Company enters into various purchase commitments primarily related to third-party cloud hosting and data services, and information technology operations. Total non-cancelable purchase commitments as of June 30, 2025 were approximately $381,743 for periods through 2029.
Legal Proceedings
In June 2025, the Oklahoma Firefighters Pension and Retirement System was appointed as lead plaintiff and filed, on behalf of itself and a purported class of stockholders of the Company, an amended securities class action complaint in the U.S. District Court for the Southern District of New York. Plaintiffs assert claims against the Company, certain of its current and former officers, and Vista Equity Partners Management, LLC and certain of its affiliates (“Vista”), alleging violations of Sections 10(b), 20(a) and 20A of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 thereunder, in connection with alleged material false and misleading statements and omissions and Vista’s trading of the Company’s securities. The amended complaint seeks various forms of relief, including unspecified compensatory damages and disgorgement of insider profits. The Company intends to vigorously defend itself against these allegations. At this time, the Company is unable to assess the likelihood of any potential loss or estimate the amount or range of potential losses, if any, from this matter.
15. Net income per share
Basic and diluted income per share is computed by dividing net income by the weighted-average shares outstanding:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Numerator: | ||||||||||||||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||||||||||||||
| Denominator: | ||||||||||||||||||||||||||
| Basic Shares: | ||||||||||||||||||||||||||
| Weighted-average shares outstanding | ||||||||||||||||||||||||||
| Diluted Shares: | ||||||||||||||||||||||||||
| Basic weighted-average shares outstanding | ||||||||||||||||||||||||||
| Dilutive effect of stock-based awards | ||||||||||||||||||||||||||
| Weighted-average diluted shares outstanding | ||||||||||||||||||||||||||
| Net income per share: | ||||||||||||||||||||||||||
| Basic | $ | $ | $ | $ | ||||||||||||||||||||||
| Diluted | $ | $ | $ | $ | ||||||||||||||||||||||
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The following potential outstanding equity awards were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented given that their inclusion would have been anti-dilutive. Since the conditions associated with the vesting of the Return Target Options have not occurred as of the reporting date, such equity awards are excluded from the table below.
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Options to purchase common stock | ||||||||||||||||||||||||||
| Restricted stock units | ||||||||||||||||||||||||||
| Market stock units | ||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||
16. Fair value disclosures
Assets and liabilities measured at fair value on a recurring basis
The Company invests in money market funds, which are measured and recorded at fair value on a recurring basis at each reporting period. Money market funds are valued based on quoted market prices in active markets and classified within Level 1 of the fair value hierarchy.
The following table summarizes our cash equivalents measured at fair value on a recurring basis:
| Fair value hierarchy | Fair value | |||||||||||||
| Money market funds | ||||||||||||||
| June 30, 2025 | Level 1 | $ | ||||||||||||
| December 31, 2024 | Level 1 | $ | ||||||||||||
The carrying value of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximated fair value due to their short maturities.
Financial instruments
17. Related-party transactions
The Company incurs various travel and other expenses related to services provided by Vista Equity Partners Management, LLC ("VEP"). For the three months ended June 30, 2025 and June 30, 2024, the Company incurred expenses of $12 and $2 , respectively. For the six months ended June 30, 2025 and June 30, 2024, the Company incurred expenses of $16 and $18 , respectively. These costs were included in general and administrative expenses. There were no
In January 2024, underwriters exercised their option to purchase an additional 1,650,000 shares of the Company’s common stock from funds affiliated with Vista, in connection with the secondary offering completed in December 2023. The Company did not receive any proceeds from these sales.
The Company had other related party transactions with companies controlled by Vista Equity Partners that are immaterial individually and in aggregate to the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations and Comprehensive Income.
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FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q ("Quarterly Report") contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this Quarterly Report are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely," and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, growth rates and financial results or our plans and objectives for future operations, growth initiatives, or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including:
•factors that affect the amount of advertising spending, such as economic downturns and marketability, uncertainty surrounding the stability of economic conditions due to new and proposed tariffs and uncertainty in the global trade environment, instability in geopolitical or market conditions generally, and any changes in tax treatment of advertising expenses;
•our failure to innovate or make the right investment decisions;
•our ability to provide digital or cross-platform analytics;
•our ability to sustain our profitability and revenue growth rate, particularly if our revenue growth continues to decline;
•issues in the development and use of artificial intelligence and machine learning;
•our failure to maintain or achieve industry accreditation standards;
•our dependence on integrations with advertising platforms, demand side providers ("DSPs"), proprietary platforms and ad severs that we do not control;
•our ability to maintain high impression volumes;
•risks that our customers do not pay or choose to dispute their invoices;
•our dependence on the overall demand for advertising;
•our ability to compete successfully with our current or future competitors in an intensely competitive market;
•our international expansion;
•our ability to expand into new channels;
•risks of material changes to revenue share agreements with certain DSPs;
•our ability to effectively manage our growth;
•the impact that any acquisitions we have completed in the past and may consummate in the future, strategic investments, or alliances may have on our business, financial condition, and results of operations;
•our ability to successfully execute our international plans;
•the risks associated with the seasonality of our market;
•the difficulty in evaluating our future prospects given our short operating history;
•uncertainty in how the market for buying digital advertising verification solutions will evolve;
•the risk that a perceived failure to comply with laws and industry self-regulation may damage our reputation;
•interruption by man-made problems such as terrorism, computer viruses, or social disruption;
•the risk of failures in the systems and infrastructure supporting our solutions and operations;
•our ability to avoid operational, technical, and performance issues with our platform;
•risks associated with any unauthorized access to user, customer, or inventory and third-party provider data;
•our ability to provide the non-proprietary technology, software, products, and services that we use;
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•the risk that we are sued by third parties for alleged infringement, misappropriation, or other violation of their proprietary rights;
•our ability to obtain, maintain, protect, or enforce intellectual property and proprietary rights that are important to our business;
•our involvement in lawsuits to protect or enforce our intellectual property;
•risks that our employees, consultants, or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers;
•risks that our trademarks and trade names are not adequately protected;
•the impact of unforeseen changes to privacy and data protection laws and regulation on digital advertising;
•our ability to maintain our corporate culture;
•risks posed by earthquakes, fires, floods, public health crisis and other natural catastrophic events; and
•other factors disclosed in the section entitled "Risk Factors" and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024 and this Quarterly Report on Form 10-Q.
We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are disclosed under the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024, as well as in the section entitled "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in this Quarterly Report. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements made in this Quarterly Report in the context of these risks and uncertainties.
We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this Quarterly Report are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. The following discussion and analysis contains forward-looking statements that involve risks and uncertainties. When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that could impact our business. In particular, we encourage you to review the risks and uncertainties described in the sections titled "Risk Factors" and "Forward-Looking Statements" included in our 2024 Form 10-K and in this Quarterly Report on Form 10-Q. These risks and uncertainties could cause actual results to differ materially from those projected in forward-looking statements contained in this report or implied by past results and trends. Our historical results are not necessarily indicative of the results that may be expected for any period in the future, and our interim results are not necessarily indicative of the results we expect for the full fiscal year or any other period. Unless the context otherwise requires, the terms "Company," "Integral Ad Science Holding Corp.," "IAS," "we," "us," "our," or similar terms refer to Integral Ad Science Holding Corp. and, where appropriate, its subsidiaries.
Overview
We are a leading global media measurement and optimization platform. Through our cloud-based technology platform and the actionable insights it provides, we deliver independent measurement and verification of digital advertising across all devices, channels, and formats, including desktop, mobile, connected TV ("CTV"), social, display, video and emerging media like audio and gaming. Our proprietary and Media Rating Council (the "MRC") accredited Quality Impressions® metric is
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designed to verify that digital ads are served to a real person rather than a bot in a brand-safe and suitable environment within the correct geography.
Without an independent evaluation of digital advertising quality, brands and their agencies previously relied on a wide range of publishers and ad platforms to self-report and measure the effectiveness of campaigns without a global benchmark or holistic reporting platform to understand success. We are an independent, trusted partner for buyers and sellers of digital advertising to increase accountability, transparency, and effectiveness in the market. We help advertisers optimize their ad spend and better measure consumer engagement with campaigns across platforms, while enabling publishers to improve their inventory yield and revenue.
As a leading global media measurement and optimization platform, we are deeply integrated with all the major advertising and technology platforms including Meta (which includes Facebook and Instagram), Google, YouTube, LinkedIn, Amazon, Microsoft, Pinterest, Snap, Spotify, TikTok, Reddit, The Trade Desk, X (formerly known as Twitter), and Yahoo. Our platform leverages customized, internally developed artificial intelligence and machine learning technologies to process over 280 billion digital interactions daily, on average, as of December 31, 2024. With this vast wealth of data, we provide actionable insights through our intuitive reporting tool, IAS Signal™, helping brands, agencies, publishers, and platform partners improve media quality.
Our pre-bid optimization and post-bid measurement and blocking solutions enable advertisers to measure campaign performance and value across viewability and attention, ad fraud prevention, brand safety and suitability, MFA, and contextual targeting for ads across platforms and environments like desktop, mobile in-app, social, and CTV platforms. Our pre-bid solution is directly integrated with DSPs to help optimize return on ad spend ("ROAS") by directing budget to the best available inventory. Our contextual ability is enabled through our deep integrations with all major DSPs. In addition, our targeting and pre-bid solutions extend to the social platforms. Additionally, our Total Visibility® offering provides marketers with actionable insights to optimize their campaign spend and drive higher yield by focusing on the most efficient and cost-effective pathways. Our solutions help hundreds of publishers globally deliver high quality ad inventory that is fraud free, viewable, brand safe and suitable, and geographically targeted.
Macroeconomic and Geopolitical Conditions
During the first six months of 2025, the U.S. economy experienced continued GDP growth, a modest increase in unemployment from prior periods, growth in real wages, and a deceleration in inflation. However, the macroeconomic environment remains uncertain, and as a result, the U.S. Federal Reserve maintained elevated interest rates throughout the period. We have not experienced material impacts from macroeconomic conditions in the first half of 2025. Our operating expenses are denominated in the currencies of the countries in which our operations are located, and our consolidated results of operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates. In that regard, over the last few years, we incurred foreign exchange gains and losses resulting from fluctuations primarily attributable to the British Pound and Euro currency movements relative to the U.S. dollar.
Our business depends on the overall demand for advertising and on the economic health of advertisers that benefit from our platform. Economic downturns, recessions or unstable market conditions, including as a result of global trade uncertainty, are difficult to predict and could cause advertisers to decrease their advertising budgets, which in turn reduces spend through our platform, or could impair the ability of advertisers to pay for services they purchased from us, in each case impacting our results.
Our Business Model
We generate revenue based on the volume of purchased digital ads that our solution measures. Advertisers and publishers use our media quality solutions for ad viewability, brand safety and suitability, optimization, context control, and ad fraud prevention. Our customers primarily pay us based on usage, where the customer pays a fee based on the total volume of ads measured. Certain contracts with customers utilize other pricing arrangements, including minimum commitments, overages based on tiered pricing, or flat fees. We maintain an expansive set of integrations across the digital advertising ecosystem, including with leading programmatic and social platforms, which enables us to cover all key channels, formats and devices.
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Key Factors Affecting Our Performance
Our historical financial performance has been, and we expect our financial performance in the future to be, driven by our ability to:
Innovate and Develop New Products for Key High-Growth Segments
•Optimization. We aim to deliver greater performance on programmatic ad buying via innovative solutions including, contextual targeting and brand safety and suitability. These solutions include traditional open-web media buying and select retail-media platforms.
•Social. Our objective is to develop deeper integrations with social platforms, also known as Walled Gardens, including video-based brand safety and suitability, to deliver continued transparency and actionability to our customers through both measurement and optimization solutions.
•CTV. We are committed to meeting the evolving needs of advertisers and publishers in the CTV segment. For advertisers, IAS aims to deliver transparency, brand safety, and performance-driven insights, including industry-first MRC accreditations for viewability and invalid traffic detection in CTV. For publishers, our Publica by IAS CTV Ad Server is designed for streaming platforms to maximize yield and deliver seamless, high-quality ad experiences. Together, these solutions aim to drive trust and efficiency across the CTV ecosystem.
•Adjacent Product Expansion. We continue to expand our platforms and integrations to address new media protection and performance needs for our clients.
Increase Sales Within Our Existing Customer Base
We strive to increase the use of our products among existing customers across more campaigns and impressions. Given our comprehensive product portfolio, we believe we can cross-sell additional or new solutions to our existing customers in order to better provide end-to-end coverage to more clients from pre-bid protection and targeting post-bid verification, fraud prevention, safety, suitability, and other media quality reporting.
Acquire New Customers and Increase Market Share
Our ability to acquire new customers and increase our market share is dependent upon a number of factors, including the effectiveness of our solutions, marketing and sales to drive new business prospects and execution, client digital marketing investment adoption, new products and feature offerings, macroeconomic conditions that impact advertising spending budgets, global reach and the growth of the market for digital ad verification. In 2024, we invested resources to pursue new accounts that were previously serviced by Oracle who announced their exit from the advertising business.
Expand Customer Base Internationally
Our ability to expand our customer base internationally is dependent upon a number of factors, including effectively implementing our business processes and go-to-market strategy, our ability to adapt to market or cultural differences, the general competitive landscape, our ability to invest in our sales and marketing channels, the maturity and growth trajectory of our services by region and our brand awareness and perception. Global marketers are becoming increasingly cognizant of the value of sophisticated verification strategies and, as such, we believe there is growing demand for our services internationally. Our investments in international markets resulted in a 13% growth in international revenue year-over-year for the year ended December 31, 2024. We believe that Latin America, EMEA and APAC regions may represent substantial growth opportunities, and we are continually investing in developing our business in those markets by way of expanded in-market customer service investment and by leveraging our global relationships. We aim to continue to grow outside the U.S. in Europe and expand our international operations in other established markets such as China, Australia and Japan and view ourselves as best positioned to continue penetrating these markets given our market-leading global footprint.
Seasonality
We experience fluctuations in revenue that coincide with seasonal fluctuations in the digital ad spending of our customers. The global advertising industry experiences seasonal trends that affect the vast majority of participants in the digital advertising ecosystem. Most notably, advertisers have historically spent relatively more in the fourth quarter of the calendar year to coincide with the holiday shopping season, and relatively less in the first quarter. We expect seasonality trends to
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continue, and our ability to manage our resources in anticipation of these trends will affect our operating results. Consequently, the fourth quarter usually reflects the highest level of measurement activity, and the first quarter reflects the lowest level of activity. Our revenue, cash flow, operating results and other key operating and performance metrics may vary from quarter to quarter due to the seasonal nature of our clients’ spending on advertising campaigns. While our revenue is highly re-occurring, seasonal fluctuations in ad spend may impact quarter-over-quarter results. We believe that the year-over-year comparison of results more appropriately reflects the overall performance of the business.
Key Business Metrics
In addition to our financial information prepared in conformity with the generally accepted accounting principles in the United States ("GAAP"), we review a number of operating and financial metrics, including the following key metrics, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. The key business metrics presented are based on our advertising customers, as revenue from these customers represents substantially all of our revenue.
The following table sets forth our key performance indicators for the periods set forth below:
| June 30, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Net revenue retention of advertising customers (%) (as of the end of the period) | 110 | % | 112 | % | ||||||||||
| Total number of large advertising customers (as of the end of the period) | 240 | 232 | ||||||||||||
Net revenue retention of advertising customers
We define net revenue retention of advertising customers as a metric to reflect the expansion or contraction of our advertising customers’ revenue by measuring the period-over-period change in trailing-twelve-month revenues from customers who were also advertising customers in the prior trailing-twelve-month period. As such, this metric includes the impact of any churned, or lost, advertising customers from the prior trailing-twelve-month period as well as any increases or decreases in their spend, including the positive revenue impacts of selling new services to an existing advertising customer. The numerator and denominator include revenue from all advertising customers that we served and from which we recognized revenue in the earlier of the two trailing-twelve-month periods being compared. For purposes of discussing our key business metrics, we define an advertising customer as any advertiser account that spends at least $3,000 in the applicable trailing-twelve-month periods. We calculate our net revenue retention of advertising customers as follows:
Numerator: The total revenue earned during the current trailing-twelve-month period from the cohort of advertising customers in the prior trailing-twelve-month period.
Denominator: The total revenue earned during the immediately preceding trailing-twelve-month period from such cohort of advertising customers in such trailing-twelve-month period.
The quotient obtained from this calculation is our net revenue retention rate of advertising customers. Our calculation of net revenue retention of advertising customers may differ from similarly titled metrics presented by other companies.
Our net revenue retention of advertising customers decreased to 110% for the trailing-twelve-month period ended June 30, 2025 from 112% for the trailing-twelve-month period ended as of June 30, 2024, primarily due to lower advertising revenue growth during the trailing-twelve-month period of 12% in 2025 compared to 15% revenue growth in 2024.
Total number of large advertising customers
Historically, our revenue has been primarily driven by large advertising customers. Increasing awareness of our solutions, further developing our sales and marketing expertise, and continuing to build solutions that address the unique needs of the top 500 global advertisers have increased our number of large advertising customers. We determine our number of large advertising customers by counting the total number of advertising accounts who have spent at least $200,000 per year. We believe our ability to recruit and cross-sell our products to large advertising customers is critical to our long-term success. Our total number of large advertising customers increased to 240 as of June 30, 2025 from 232 as of June 30, 2024. Revenue from large advertising customers represented 87% of our total advertising revenue (measurement and optimization revenue) for the trailing-twelve-month period ended June 30, 2025, 85% for the trailing-twelve-month period ended December 31, 2024, and 85% for the trailing-twelve-month period ended June 30, 2024. As macroeconomic conditions remain uncertain with inflation,
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global trade conditions, changes to fiscal and monetary policy, and currency fluctuations, there is no guarantee that we will continue to see an increase of large advertising customers.
Components of Results of Operations
Revenue
We derive revenue primarily from advertisers (buy-side) and publishers (sell-side). Our post-bid measurement solutions enable advertisers to measure campaign performance and value across viewability, ad fraud prevention, brand safety and suitability for ads on desktop, mobile, CTV, social, display, audio, gaming and video platforms. Our pre-bid optimization solutions are directly integrated with DSPs to help optimize return on ad spend by directing budgets to the best available inventory. Our publisher solutions drive yield by identifying high quality ad inventory that is fraud free, viewable, brand safe and suitable, and geographically targeted on a global basis.
We recognize revenue when control of the promised services are transferred to customers. We recognize revenue by multiplying the cost per thousand impressions ("CPM") and the number of impressions measured. An impression is measured by the platform when a digital ad is served to a real person rather than a bot in a brand-safe and suitable environment within the correct geography. Contracts with our customers primarily utilize a usage-based structure, where the customer pays a fee to the Company based on the total ads measured. Depending on our customer needs, our contracts may utilize other pricing arrangements, including minimum commitments, overages based on tiered pricing, or flat fees. As our business continues to evolve, we are seeing an increase in the mix of pricing arrangements, including minimum commitments, overages based on tiered pricing, or flat fees that provide greater flexibility and access to our platforms.
Operating Expenses
Cost of revenue. Cost of revenue consists of data center costs, hosting fees, revenue share with our DSP partners and personnel costs. Personnel costs include salaries, bonuses, equity-based compensation, and employee benefit costs, primarily attributable to our customer operations group. Our customer operations group is responsible for onboarding, integration of new clients and providing support for existing customers, including technical support for our technology platform and product offering. We allocate overhead such as rent and occupancy and information technology infrastructure charges based on headcount.
Sales and marketing. Sales and marketing expense consists primarily of personnel costs, including salaries, bonuses, equity-based compensation, employee benefits costs and commission costs, for our sales and marketing personnel. Sales and marketing expense also includes costs for advertising, promotional and other marketing activities. We allocate overhead such as rent and occupancy and information technology infrastructure charges based on headcount. Sales commissions are expensed as incurred.
Technology and development. Technology and development expenses consist primarily of personnel costs of our engineering, product, and data sciences activities. Personnel costs including salaries, bonuses, equity-based compensation and employee benefits costs, third-party consultant costs associated with the ongoing development and maintenance of our technology platform and product offering. We allocate overhead such as rent and occupancy and information technology infrastructure charges based on headcount. Technology and development costs are expensed as incurred, except to the extent that such costs are associated with software development that qualifies for capitalization, which are then recorded as capitalized software development costs included in internal use software, net on our Consolidated Balance Sheet.
General and administrative. General and administrative expenses consist of personnel costs, including salaries, bonuses, equity-based compensation, and employee benefits costs for our executive, finance, legal, human resources, information technology, and other administrative employees. General and administrative expenses also include outside consulting, legal and accounting services and allocated facilities costs.
Depreciation and amortization. Depreciation and amortization expense consists primarily of depreciation and amortization expenses related to customer relationships, developed technologies, trademarks, favorable leases, equipment, leasehold improvements and other tangible and intangible assets. We depreciate and amortize our assets in accordance with our accounting policies. Maintenance and repairs, which do not extend the useful life of the respective assets, are charged to expense as incurred. Intangible assets are amortized on a straight-line basis over their estimated useful lives or using an accelerated method. Useful lives of intangible assets range from five years to fifteen years.
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Foreign exchange (gain) loss, net. Foreign exchange (gain) loss, net, is impacted by fluctuations in exchange rates and the amount of foreign-currency denominated cash, receivables, intercompany balances, and payables.
Interest income (expense), net
Interest income (expense), net . Interest income (expense) consists primarily of interest payments on our outstanding borrowings under our Credit Agreement (as defined below under "Liquidity and Capital Resources"), commitment fees on the undrawn portion of the revolver and amortization of related debt issuance costs net of interest income.
Provision for income taxes
Provision for income taxes. The income tax provision resulted from pre-tax book income multiplied by statutory tax rate, increased by non-deductible expenses relating to stock-based compensation, other discrete items and offset by research and development and other tax credits.
Results of Operations
The following table sets forth our consolidated statement of operations for the periods indicated:
| (in thousands, except percentages) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Revenue | $ | 149,204 | $ | 129,005 | $ | 283,270 | $ | 243,535 | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Cost of revenue | 34,349 | 27,094 | 64,475 | 53,255 | ||||||||||||||||||||||
| Sales and marketing | 35,798 | 29,572 | 67,926 | 61,397 | ||||||||||||||||||||||
| Technology and development | 20,099 | 17,487 | 39,799 | 35,465 | ||||||||||||||||||||||
| General and administrative | 26,546 | 24,679 | 52,742 | 46,059 | ||||||||||||||||||||||
| Depreciation and amortization | 17,242 | 15,709 | 33,705 | 30,789 | ||||||||||||||||||||||
| Foreign exchange (gain) loss, net | (5,782) | 315 | (7,780) | 1,884 | ||||||||||||||||||||||
| Total operating expenses | 128,252 | 114,856 | 250,867 | 228,849 | ||||||||||||||||||||||
| Operating income | 20,952 | 14,149 | 32,403 | 14,686 | ||||||||||||||||||||||
| Interest income (expense), net | 157 | (1,536) | 85 | (3,462) | ||||||||||||||||||||||
| Net income before income taxes | 21,109 | 12,613 | 32,488 | 11,224 | ||||||||||||||||||||||
| Provision for income taxes | (4,701) | (4,923) | (8,087) | (4,789) | ||||||||||||||||||||||
| Net income | $ | 16,408 | $ | 7,690 | $ | 24,401 | $ | 6,435 | ||||||||||||||||||
| Net income margin | 11 | % | 6 | % | 9 | % | 3 | % | ||||||||||||||||||
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The following table sets forth our consolidated statement of operations data expressed as a percentage of total revenue for the periods indicated:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Revenue | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Cost of revenue | 23 | % | 21 | % | 23 | % | 22 | % | ||||||||||||||||||
| Sales and marketing | 24 | % | 23 | % | 24 | % | 25 | % | ||||||||||||||||||
| Technology and development | 13 | % | 14 | % | 14 | % | 15 | % | ||||||||||||||||||
| General and administrative | 18 | % | 19 | % | 19 | % | 19 | % | ||||||||||||||||||
| Depreciation and amortization | 12 | % | 12 | % | 12 | % | 13 | % | ||||||||||||||||||
| Foreign exchange (gain) loss, net | (4) | % | — | % | (3) | % | 1 | % | ||||||||||||||||||
| Total operating expenses | 86 | % | 89 | % | 89 | % | 94 | % | ||||||||||||||||||
| Operating income | 14 | % | 11 | % | 11 | % | 6 | % | ||||||||||||||||||
| Interest income (expense), net | — | % | (1) | % | — | % | (1) | % | ||||||||||||||||||
| Net income before income taxes | 14 | % | 10 | % | 11 | % | 5 | % | ||||||||||||||||||
| Provision for income taxes | (3) | % | (4) | % | (3) | % | (2) | % | ||||||||||||||||||
| Net income | 11 | % | 6 | % | 9 | % | 3 | % | ||||||||||||||||||
Comparison of the Three Months Ended June 30, 2025 and June 30, 2024
| (in thousands, except percentages) | Three Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | $ change | % change | |||||||||||||||||||||||
| Revenue | $ | 149,204 | $ | 129,005 | $ | 20,199 | 16 | % | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Cost of revenue | 34,349 | 27,094 | 7,255 | 27 | % | |||||||||||||||||||||
| Sales and marketing | 35,798 | 29,572 | 6,226 | 21 | % | |||||||||||||||||||||
| Technology and development | 20,099 | 17,487 | 2,612 | 15 | % | |||||||||||||||||||||
| General and administrative | 26,546 | 24,679 | 1,867 | 8 | % | |||||||||||||||||||||
| Depreciation and amortization | 17,242 | 15,709 | 1,533 | 10 | % | |||||||||||||||||||||
| Foreign exchange (gain) loss, net | (5,782) | 315 | (6,097) | (1936) | % | |||||||||||||||||||||
| Total operating expenses | 128,252 | 114,856 | 13,396 | 12 | % | |||||||||||||||||||||
| Operating income | 20,952 | 14,149 | 6,803 | 48 | % | |||||||||||||||||||||
| Interest income (expense), net | 157 | (1,536) | 1,693 | (110) | % | |||||||||||||||||||||
| Net income before income taxes | 21,109 | 12,613 | 8,496 | 67 | % | |||||||||||||||||||||
| Provision for income taxes | (4,701) | (4,923) | 222 | (5) | % | |||||||||||||||||||||
| Net income | $ | 16,408 | $ | 7,690 | $ | 8,718 | 113 | % | ||||||||||||||||||
Revenue
Total revenue increased by $20.2 million, or 16%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
| (in thousands, except percentages) | Three Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | $ change | % change | |||||||||||||||||||||||
| Optimization revenue | $ | 67,856 | $ | 58,474 | $ | 9,382 | 16 | % | ||||||||||||||||||
| Measurement revenue | 57,045 | 52,686 | 4,359 | 8 | % | |||||||||||||||||||||
| Publisher revenue | 24,303 | 17,845 | 6,458 | 36 | % | |||||||||||||||||||||
| Total revenue | $ | 149,204 | $ | 129,005 | $ | 20,199 | 16 | % | ||||||||||||||||||
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Total revenue increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 primarily due to an increase in our optimization revenue of $9.4 million, or 16%, reflecting growth in volume of impressions of 5% and an increase of 10% in average CPMs. Measurement revenue increased $4.4 million, or 8%, reflecting growth in volume of impressions of 17%, offset in part by a 8% decline in average CPMs. Publisher revenue increased by $6.5 million, or 36%, primarily due to the growth of Publica, for the three months ended June 30, 2025.
Operating expenses
Cost of Revenue. Cost of revenue increased by $7.3 million, or 27%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. This increase was driven by an increase in hosting fees of $4.2 million, an increase in revenue share to our DSP partners related to our growth in optimization revenue of $2.6 million and an increase in compensation and related expenses of $0.3 million. The remaining change in cost of revenue is aggregated from several other immaterial items.
Sales and marketing. Sales and marketing expenses increased by $6.2 million, or 21%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. This increase was due to an increase in compensation and related expenses of $2.9 million to support revenue growth, an increase in stock-based compensation expense of $2.9 million and increases in advertising and travel expenses of $0.2 million. The remaining change in sales and marketing expenses is aggregated from several other immaterial items.
Technology and development. Technology and development expenses increased by $2.6 million, or 15%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. This increase was due to an increase in compensation and related expenses of $1.6 million, an increase in stock-based compensation expense of $0.6 million, an increase in software application expenses of $0.3 million and an increase in professional services of $0.1 million.
General and administrative. General and administrative expenses increased by $1.9 million, or 8%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. This increase was due to a $1.7 million increase in compensation related expenses, an increase of $0.9 million related to professional services, an increase in stock-based compensation expense of $0.3 million and an increase in software application expenses of $0.2 million. These increases were partially offset by a $1.8 million decrease in bad debt expense. The remaining change in general and administrative expenses is aggregated from several other immaterial items.
Depreciation and amortization. Depreciation and amortization expenses increased by $1.5 million, or 10%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. This increase was primarily due to an increase in amortization expense related to capitalization of internal-use software of $2.4 million, partially offset by a decrease in amortization expense for intangible assets of $0.9 million.
Foreign exchange (gain) loss, net. Foreign exchange (gain) loss, net decreased $6.1 million, or 1936% for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. The gain in the current period resulted from fluctuations primarily attributable to the Euro and British Pound currency movements relative to the U.S. Dollar.
Interest income (expense), net
Interest income (expense), net. Interest income (expense), net decreased by $1.7 million, or 110%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. The decrease was due to a $2.0 million decrease in interest expense resulting from a lower average outstanding balance on the Revolver combined with a decrease in the interest rate on the Revolver. The decrease in interest expense was partially offset by a $0.2 million decrease in interest income.
Provision for income taxes
Provision for income taxes. Provision for income taxes decreased by $0.2 million, or 5%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. The tax provision in the current year resulted mainly from the net income generated during the three months ended June 30, 2025, and non-deductible stock-based compensation, offset by R&D and other tax credits and discrete items. The tax provision for the three months ended June 30, 2024, was higher due to non-deductible executive compensation pursuant to Section 162(m) of the Internal Revenue Code.
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Comparison of the Six Months Ended June 30, 2025 and June 30, 2024
| (in thousands, except percentages) | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | $ change | % change | |||||||||||||||||||||||
| Revenue | $ | 283,270 | $ | 243,535 | $ | 39,735 | 16 | % | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Cost of revenue | 64,475 | 53,255 | 11,220 | 21 | % | |||||||||||||||||||||
| Sales and marketing | 67,926 | 61,397 | 6,529 | 11 | % | |||||||||||||||||||||
| Technology and development | 39,799 | 35,465 | 4,334 | 12 | % | |||||||||||||||||||||
| General and administrative | 52,742 | 46,059 | 6,683 | 15 | % | |||||||||||||||||||||
| Depreciation and amortization | 33,705 | 30,789 | 2,916 | 9 | % | |||||||||||||||||||||
| Foreign exchange (gain) loss, net | (7,780) | 1,884 | (9,664) | (513) | % | |||||||||||||||||||||
| Total operating expenses | 250,867 | 228,849 | 22,018 | 10 | % | |||||||||||||||||||||
| Operating income | 32,403 | 14,686 | 17,717 | 121 | % | |||||||||||||||||||||
| Interest income (expense), net | 85 | (3,462) | 3,547 | (102) | % | |||||||||||||||||||||
| Net income before income taxes | 32,488 | 11,224 | 21,264 | 189 | % | |||||||||||||||||||||
| Provision for income taxes | (8,087) | (4,789) | (3,298) | 69 | % | |||||||||||||||||||||
| Net income | $ | 24,401 | $ | 6,435 | $ | 17,966 | 279 | % | ||||||||||||||||||
Revenue
Total revenue increased by $39.7 million, or 16%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
| (in thousands, except percentages) | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | $ change | % change | |||||||||||||||||||||||
| Optimization revenue | $ | 132,662 | $ | 110,935 | $ | 21,727 | 20 | % | ||||||||||||||||||
| Measurement revenue | 105,417 | 99,001 | 6,416 | 6 | % | |||||||||||||||||||||
| Publisher revenue | 45,191 | 33,599 | 11,592 | 35 | % | |||||||||||||||||||||
| Total revenue | $ | 283,270 | $ | 243,535 | $ | 39,735 | 16 | % | ||||||||||||||||||
Total revenue increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 primarily due to an increase in our optimization revenue of $21.7 million, or 20%, reflecting growth in volume of impressions of 12% and growth in average CPMs of 8%. Measurement revenue increased $6.4 million, or 6%, reflecting growth in volume of impressions of 21%, offset in part by an 11% decline in average CPMs. Publisher revenue increased by $11.6 million, or 35%, primarily due to the growth of Publica, for the six months ended June 30, 2025.
Operating expenses
Cost of Revenue. Cost of revenue increased by $11.2 million, or 21%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. This increase was driven by an increase in hosting fees of $6.2 million, an increase of $4.5 million in revenue share to our DSP partners commensurate with growth in optimization revenue, a $0.3 million increase in compensation related expenses and a $0.3 million increase in professional services. The remaining change in cost of revenue expenses is aggregated from several other immaterial items.
Sales and marketing. Sales and marketing expenses increased by $6.5 million, or 11%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. This increase was due to an increase in compensation expenses of $3.9 million to support revenue growth, an increase in stock-based compensation expense of $1.9 million and increases in advertising and travel expenses of $0.6 million. The remaining change in sales and marketing expenses is aggregated from several other immaterial items.
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Technology and development. Technology and development expenses increased by $4.3 million, or 12% for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. This increase was due to an increase in compensation and related expenses of $2.5 million, an increase in stock-based compensation expense of $1.0 million and an increase in software application expenses of $0.7 million. These increases were partially offset by a decrease in professional services of $0.2 million. The remaining change in technology and development expenses is aggregated from several other immaterial items.
General and administrative. General and administrative expenses increased by $6.7 million, or 15%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. This increase was due to a $3.3 million increase in compensation related expenses, an increase of $3.2 million related to professional services, an increase in software application expenses of $1.2 million and an increase in stock-based compensation expense of $0.7 million. These increases were partially offset by a $2.8 million decrease in bad debt expense. The remaining change in general and administrative expenses is aggregated from several other immaterial items.
Depreciation and amortization. Depreciation and amortization expenses increased by $2.9 million, or 9%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. This increase results from an increase in amortization expense related to capitalization of internal-use software of $4.7 million and an increase in depreciation expense for property and equipment of $0.1 million, partially offset by a decrease in amortization expense for intangible assets of $1.9 million.
Foreign exchange (gain) loss, net. Foreign exchange (gain) loss, net decreased $9.7 million, or 513% for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The gain in the current period resulted from fluctuations primarily attributable to the Euro and British Pound currency movements relative to the U.S. Dollar.
Interest income (expense), net
Interest income (expense), net. Interest income (expense), net decreased by $3.5 million, or 102%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The decrease was due to a $4.3 million decrease in interest expense resulting from a lower average outstanding balance on the Revolver combined with a decrease in the interest rate on the Revolver. The decrease in interest expense was partially offset by a $0.4 million decrease in interest income.
Provision for income taxes
Provision for income taxes. Provision for income taxes increased by $3.3 million, or 69%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The tax provision in the current year resulted mainly from higher net income generated during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, and non-deductible stock-based compensation, offset by R&D and other tax credits and discrete items.
Non-GAAP Financial Measures
We use supplemental measures of our performance, which are derived from our consolidated financial information, but which are not presented in our consolidated financial statements prepared in accordance with U.S. GAAP. Adjusted EBITDA is the primary financial performance measure used by management to evaluate our business and monitor ongoing results of operations. We define Adjusted EBITDA as net income before depreciation and amortization, stock-based compensation, interest income (expense), net, provision for income taxes, acquisition, restructuring and integration costs, and foreign exchange gains and losses. Adjusted EBITDA margin represents the Adjusted EBITDA for the applicable period divided by the revenue for that period presented in accordance with U.S. GAAP.
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We use non-GAAP financial measures to supplement financial information presented on a U.S. GAAP basis. We believe that excluding certain items from our U.S. GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare U.S. GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our shareholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons. Although we believe these measures are useful to investors and analysts for the same reasons they are useful to management, these measures are not a substitute for, or superior to, U.S. GAAP financial measures or disclosures and should be read only in conjunction with financial information presented on a U.S. GAAP basis. Our non-GAAP financial measures 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.
A reconciliation of Adjusted EBITDA to its most directly comparable U.S. GAAP financial measure, net income, is presented below. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future fiscal periods, we may exclude such items and may incur income and expenses similar to these excluded items.
Adjusted EBITDA
| (in thousands, except percentages) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Net income | $ | 16,408 | $ | 7,690 | $ | 24,401 | $ | 6,435 | ||||||||||||||||||
| Depreciation and amortization | 17,242 | 15,709 | 33,705 | 30,789 | ||||||||||||||||||||||
| Stock-based compensation | 18,844 | 15,004 | 34,369 | 30,742 | ||||||||||||||||||||||
| Interest (income) expense, net | (157) | 1,536 | (85) | 3,462 | ||||||||||||||||||||||
| Provision for income taxes | 4,701 | 4,923 | 8,087 | 4,789 | ||||||||||||||||||||||
| Acquisition, restructuring and integration costs | 276 | 1,048 | 350 | 1,174 | ||||||||||||||||||||||
| Foreign exchange (gain) loss, net | (5,782) | 315 | (7,780) | 1,884 | ||||||||||||||||||||||
| Asset impairments and other costs | 48 | — | 48 | — | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 51,580 | $ | 46,225 | $ | 93,094 | $ | 79,275 | ||||||||||||||||||
| Revenue | $ | 149,204 | $ | 129,005 | $ | 283,270 | $ | 243,535 | ||||||||||||||||||
| Net income margin | 11 | % | 6 | % | 9 | % | 3 | % | ||||||||||||||||||
| Adjusted EBITDA margin | 35 | % | 36 | % | 33 | % | 33 | % | ||||||||||||||||||
Liquidity and Capital Resources
General
As of June 30, 2025, our principal sources of liquidity were cash and cash equivalents totaling $90.7 million, which was held for working capital purposes, as well as the available balance on our Revolver, as defined below.
Our principal commitments consist of obligations under operating leases for office space and our purchase commitments related to hosting and data services. We lease office space under operating leases, which expire on various dates through November 2032 and the total noncancellable payments under these leases were $29.8 million as of June 30, 2025, $12.9 million of which will be paid within the next 12 months and $16.9 million thereafter. Total noncancellable rentals under subleases were $5.2 million as of June 30, 2025, $2.9 million will be received in the next 12 months and $2.2 million thereafter. Total noncancellable purchase commitments related to hosting services as of June 30, 2025 were $381.7 million for periods through 2029, of which $84.8 million is committed for the next 12 months and $296.9 million thereafter.
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We have financed our operations primarily through cash on our balance sheet and debt financing. We believe our existing cash and cash equivalents, our Revolver and cash provided by operations will continue to be sufficient to meet our working capital and capital expenditure and cash needs for the next twelve months and the foreseeable future. Our future capital requirements will depend on many factors including our growth rate, the timing and extent of spending to support development efforts, the expansion of sales and marketing activities, the introduction of new and enhanced products and services offerings, the continuing market acceptance of our products, and global trade and market conditions. In the future, we may enter into arrangements to acquire or invest in complementary businesses, services and technologies, including intellectual property rights.
We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital or generate cash flows necessary to expand our operations and invest in new technologies, it could reduce our ability to compete successfully and harm our results of operations.
Some of our customers pay in advance for subscriptions, a portion of which is recorded as deferred revenue. Deferred revenue consists of the unearned portion of billed fees, which is recognized as revenue in accordance with our revenue recognition policy. As of June 30, 2025, we had deferred revenue of $1.3 million, all of which was recorded as a current liability and is expected to be recorded as revenue in the next twelve months, provided all other revenue recognition criteria have been met.
Credit Agreement
On June 17, 2025, we amended our credit agreement with various lenders (as amended, the "Credit Agreement"), which provides for $300.0 million in commitments for revolving credit loans (the "Revolver"), which amount may be increased to at least $550,000,000 pursuant to the accordion feature, or decreased under specific circumstances, with a $30.0 million letter of credit sublimit, a $100.0 million alternative currency sublimit and a $30.0 million swingline loan sublimit, with a maturity date of June 17, 2030. In addition, the Credit Agreement provides for the ability to request incremental term loan facilities, in a minimum amount of $5.0 million for each facility. Borrowings under the Credit Agreement may be used for working capital, capital expenditures and other general corporate purposes, including for acquisitions permitted under the Credit Agreement.
The market interest rate on outstanding borrowings is based on SOFR with an applicable rate ranging from 1.50% to 2.25% per annum. We also pay a commitment fee during the term of the Credit Agreement ranging from 0.175% to 0.30% per annum of the average daily undrawn portion of the revolving commitments based on the Total Net Leverage Ratio (as defined in the Credit Agreement).
The Credit Agreement contains covenants requiring certain financial information to be submitted quarterly and annually. In addition, we are also required to comply with certain financial covenants such as maintaining a Total Net Leverage Ratio (as defined in the Credit Agreement) of 3.50 to 1.00 or lower and maintaining a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of 2.50 to 1.00. As of June 30, 2025, the Company was in compliance with all covenants contained in the Credit Agreement. Based upon current facts and circumstances, we believe existing cash coupled with the cash flows generated from operations will be sufficient to meet our cash needs and comply with covenants.
Restrictions on Subsidiaries under the Credit Agreement
The Company is a holding company that conducts substantially all its activities through its subsidiaries and has no material operations of its own or direct outstanding debt obligations. The Company’s wholly-owned subsidiaries are subject to the terms and restrictions set forth in the Credit Agreement, which among other things, limit the ability of the Company’s subsidiaries to make loans or advances or to pay dividends or distributions. As is customary, these restrictions are subject to specific exceptions set forth in the Credit Agreement. The restrictions placed on the Company’s subsidiaries under the Credit Agreement have not had, nor are they expected to have, an impact on the Company’s ability to meet its cash obligations because substantially all of the Company’s consolidated cash obligations are obligations of the Company’s subsidiaries, which payment is generally permitted under the terms of the Credit Agreement.
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Cash Flows
The table below presents a summary of our consolidated cash flows from operating, investing and financing activities for the periods indicated.
| (in thousands) | Six Months Ended June 30, | |||||||||||||
| 2025 | 2024 | |||||||||||||
| Net cash provided by operating activities | $ | 58,766 | $ | 24,802 | ||||||||||
| Net cash used in investing activities | (22,141) | (20,159) | ||||||||||||
| Net cash used in financing activities | (32,941) | (57,474) | ||||||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $ | 3,684 | $ | (52,831) | ||||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 2,634 | (1,084) | ||||||||||||
| Cash, cash equivalents and restricted cash, at beginning of period | 87,335 | 127,290 | ||||||||||||
| Cash, cash equivalents and restricted cash, at end of period | $ | 93,653 | $ | 73,375 | ||||||||||
Operating Activities
For the six months ended June 30, 2025, net cash provided by operating activities was $58.8 million, resulting from a net income of $24.4 million adjusted for non-cash expenses of depreciation and amortization of $33.7 million, stock-based compensation of $34.4 million, and amortization of debt issuance costs of $0.2 million, partially offset by a decrease in working capital of $15.5 million, unrealized foreign currency gains of $8.8 million, a deferred tax benefit of $7.6 million and a $2.0 million reversal of credit losses. The decrease in working capital primarily reflects unfavorable timing of payments for operating expenses and taxes, as well as the payment of the annual employee bonus liability.
For the six months ended June 30, 2024, net cash provided by operating activities was $24.8 million, resulting from a net income of $6.4 million adjusted for non-cash expenses of depreciation and amortization of $30.8 million, stock-based compensation of $30.7 million, bad debt expense of $0.7 million, amortization of debt issuance costs of $0.2 million and unrealized foreign currency losses of $1.6 million, partially offset by a decrease in working capital of $42.2 million and a deferred tax provision of $3.5 million. The decrease in working capital primarily reflects unfavorable timing of payments for operating expenses and taxes, as well as the payment of the annual employee bonus liability.
Investing Activities
Cash used in investing activities was $22.1 million for the six months ended June 30, 2025, reflecting capitalized costs related to our internal use software of $21.4 million, and the purchase of property and equipment of $0.7 million.
Cash used in investing activities was $20.2 million for the six months ended June 30, 2024, reflecting capitalized costs related to our internal use software of $18.8 million, and the purchase of property and equipment of $1.3 million.
Financing Activities
Cash used in financing activities was $32.9 million for the six months ended June 30, 2025, due to a repayment of outstanding long-term debt of $35.0 million, partially offset by proceeds of $2.1 million for share purchases under the ESPP.
Cash used in financing activities was $57.5 million for the six months ended June 30, 2024, due to a net repayment of outstanding long-term debt of $60.0 million, partially offset by proceeds of $2.2 million for share purchases under the ESPP and $0.3 million for stock options exercised.
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Indemnification Agreements
In the ordinary course of business, we enter into agreements of varying scope and terms pursuant to which we agree to indemnify customers, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by us or from intellectual property infringement claims made by third parties. In addition, we have entered into indemnification agreements with our directors and certain officers and employees that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon us to provide indemnification under such agreements and there are no claims that we are aware of that could have a material effect on our Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations and Comprehensive Income, or Condensed Consolidated Statements of Cash Flows.
Critical Accounting Estimates
The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenue and expenses and related disclosures of contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates under different assumptions or conditions, impacting our reported results of operations and financial condition.
There have been no material changes to our critical accounting estimates as compared to the critical accounting estimates described in "Note 2—Basis of presentation and summary of significant accounting policies" to our consolidated financial statements appearing in our 2024 Form 10-K.
Recent Accounting Pronouncements
For a description of recently issued accounting pronouncements not yet adopted, see Note 2(h) to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of exposure due to potential changes in inflation or interest rates. We do not hold financial instruments for trading purposes.
Market risks at June 30, 2025 have not materially changed from those discussed in the Annual Report on Form 10-K for the year ended December 31, 2024 under the heading Part II, Item 7A "Quantitative and Qualitative Disclosures about Market Risk."
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 as of June 30, 2025. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025.
Changes in Internal Control over Financial Reporting
There were no changes during the three months ended June 30, 2025, in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
Because of its inherent limitations, disclosure controls and procedures and internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the
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risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
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PART II
OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, we have been and may be involved in various legal proceedings and claims. See Note 14 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Item 1A. Risk Factors
For a discussion of the material risk factors that affect our Company, please see the risk factors disclosed in Part 1, Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales Of Equity Securities And Use Of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Insider Trading Arrangements
During the three months ended June 30, 2025, the following Section 16 officers adopted , modified or terminated
•On June 12, 2025 , Lisa Utzschneider , the Company's Chief Executive Officer , adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The trading plan covers the sale of up to 240,000 exercisable options of the Company's common stock and expires on September 30, 2026 .
•On June 12, 2025 , Alex Gil , the Company's Chief Accounting Officer , adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The trading plan covers the sale of up to 70,335 shares of the Company's common stock obtained upon the vesting of restricted stock units. The trading plan expires on June 12, 2026 .
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Item 6. Exhibits
The following is a list of all exhibits filed or furnished as part of this report:
| Exhibit Number | Description | |||||||
| 3.1 | Certificate of Incorporation of Integral Ad Science Holding Corp., dated June 29, 2021 (incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on July 2, 2021). | |||||||
| 3.2 | Bylaws of Integral Ad Science Holding Corp., dated June 29, 2021 (incorporated by reference to Exhibit 3.2 to the Company’s Form 8-K filed on July 2, 2021). | |||||||
| 10.1 | Amendment No. 1 to Employment Agreement, dated as of May 7, 2025, by and between Integral Ad Science, Inc. and Lisa Utzschneider (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed on May 12, 2025). | |||||||
| 10.2 | Employment Agreement, dated as of May 30, 2025, by and between Integral Ad Science, Inc. and Alpana Wegner (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on June 3, 2025). | |||||||
| 10.3* | Restricted Stock Unit Award Agreement, dated as of August 6, 2025, by and between Integral Ad Science Holding Corp. and Alpana Wegner. | |||||||
| 10.4 | Second Amendment to Credit Agreement, dated as of June 17, 2025, by and among Integral Ad Science, Inc., as borrower, Kavacha Holdings, Inc., as a guarantor, the other loan parties thereto, the lenders party thereto and PNC Bank, National Association, as administrative agent (including Annex A, which is a conformed copy of the Credit Agreement) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on June 18, 2025). | |||||||
| 31.1 | Certification of the Chief Executive Officer pursuant to Exchange Act Rules Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||||
| 31.2 | Certification of the Chief Financial Officer pursuant to Exchange Act Rules Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||||
| 32.1** | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, furnished herewith. | |||||||
| 32.2** | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, furnished herewith. | |||||||
| 101.INS | Inline XBRL Instance Document | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | |||||||
| * | Filed herewith. | ||||
| ** | The certifications furnished in Exhibit 32.1 and Exhibit 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference. | ||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Integral Ad Science Holding Corp. (Registrant) | |||||||||||
Date: August 7, 2025 | By: | /s/ Alpana Wegner | |||||||||
| Alpana Wegner | |||||||||||
| Chief Financial Officer (Principal Financial Officer) | |||||||||||
| By: | /s/ Alexis Gil II | ||||||||||
| Alexis Gil II | |||||||||||
| Chief Accounting Officer (Principal Accounting Officer) | |||||||||||
Integral Ad Science Holding Corp.
NASDAQ:IAS
IAS Rankings
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Jul 10, 2025
[144] Integral Ad Science Holding Corp. SEC Filing
IAS Stock Data
1.33B
98.44M
0.95%
96.85%
5.02%
Advertising Agencies
Services-computer Programming, Data Processing, Etc.
United States
NEW YORK