[8-K] PubMatic, Inc. Reports Material Event

Rhea-AI Filing Summary

PubMatic filed an 8-K disclosing a new lawsuit against Google and related investor communications. The company posted FAQs on a litigation website and furnished those FAQs and a summary email to select equity analysts as exhibits to the filing. PubMatic says it sued Google seeking damages and injunctive relief over alleged anticompetitive conduct in publisher ad server and ad exchange markets for open-web display, following a separate April 2025 DOJ ruling finding anticompetitive behavior by Google. Management warns the lawsuit is in early stages, outcome and timing are uncertain, could be costly, may divert resources, and might trigger retaliatory steps by Google that could disrupt access to Google platforms and harm revenue and relationships.

Positive

• Proactive investor communication: PubMatic posted FAQs and furnished exhibits to explain its position and kept analysts informed.
• Legal action taken: The company is pursuing damages and injunctive relief, indicating it is actively seeking remedies for alleged anticompetitive conduct.

Negative

• Significant counterparty exposure: A material portion of revenue is generated through Google and Google DV360, creating concentration risk.
• Risk of retaliation: Google could alter platform access or commercial terms, potentially reducing revenue and disrupting operations.
• Uncertain litigation outcome and costs: The lawsuit is in early stages, may be costly, protracted, and may not yield expected damages or injunctive relief.

Insights

Securities Analyst

TL;DR: PubMatic initiated litigation against Google, disclosed FAQs and analyst communications; case risk is early, uncertain, and could materially affect revenue.

The filing is a proactive transparency move, providing investors with the company narrative and materials. Key risk is magnitude of Google-related revenue exposure: PubMatic notes Google and Google DV360 are significant to its revenue and a change in commercial terms or platform access could materially reduce revenue and disrupt publisher/advertiser relationships. Litigation outcomes are inherently uncertain; costs, potential inadequate damages, and management distraction are realistic near-term concerns. The company explicitly flags reputational and competitive risks from potential retaliatory actions.

Corporate Governance / Risk Analyst

TL;DR: Disclosure improves governance transparency but highlights concentrated counterparty risk and litigation-related operational exposures.

PubMatic fulfilled disclosure obligations by furnishing FAQs and analyst communications while limiting incorporation-by-reference liabilities. The company clearly identifies material counterparty concentration with Google and plausible retaliation scenarios that could affect operations. From a governance perspective, alerting investors to resource diversion and uncertain remedies is appropriate. Absent further quantitative detail on revenue dependency, the filing flags material risk without providing metrics needed to assess full impact.

0001422930FALSE601 Marshall St4th FloorRedwood CityCalifornia9406300014229302025-09-082025-09-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 8-K

_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): September 8, 2025

PubMatic, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware			001-39748			20-5863224
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(I.R.S. Employer Identification Number)

N/A

(Address of Principal Executive Offices) (Zip Code)

N/A

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

PUBM

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐

Item 7.01    Regulation FD Disclosure.

On September 8, 2025, PubMatic, Inc. (the "Company") filed a civil action against Google LLC ("Google") in the U.S. District Court for the Eastern District of Virginia seeking injunctive relief and damages for monopolistic and anticompetitive behavior in the publisher ad server and ad exchange markets for open-web display advertising (the "Litigation"). A copy of the Company’s press release (the "Press Release") is furnished as Exhibit 99.1 and is incorporated herein by reference.

Also on September 8, 2025, the Company posted on www.pubmaticvgoogle.com, a website maintained by the Company for the purposes of the Litigation, a series of frequently asked questions and responses ("FAQs") regarding the action that the Company intends to use when speaking with the investment community and equity analysts. The Company may update the FAQs in its discretion, including if the Company receives additional recurring questions or requests for information in the future regarding developments relating to the Litigation. Investors are advised to refer to the FAQs at the above-referenced web address for any material updates or developments relating to the matters discussed therein. A copy of the FAQs is furnished herewith as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference. In addition to the FAQs, the Company sent select equity analysts an email communication summarizing portions of the information contained in the Press Release and FAQs, a copy of which is furnished herewith as Exhibit 99.3 to this Current Report on Form 8-K and incorporated herein by reference.

The information contained in this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filings. The filing of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.

Item 8.01    Other Events.

Risk Factor Update

The Company is also providing the following updates to the Risk Factors set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and subsequently filed Quarterly Report on Form 10-Q:

Risks Related to our Business, Results of Operations and Growth

Our litigation with Google LLC presents several risks to our business that could adversely affect our business, results of operations and financial condition

On September 8, 2025, we filed a lawsuit against Google LLC ("Google"), seeking damages and injunctive relief in connection with Google's alleged anticompetitive behavior in the publisher ad server and ad exchange markets for open-web display (the "Google Lawsuit"). The Google Lawsuit followed an April 2025 ruling in a case brought against Google by the U.S. Department of Justice, where the U.S. District Court found that Google engaged in anticompetitive and monopolistic behavior in certain digital advertising markets.

Google is a significant participant in the digital advertising ecosystem and both a major partner and competitor to PubMatic. A material portion of our revenue is generated through our relationship with Google and the Google DV360 DSP. The Google Lawsuit is in its early stages, and the outcome and timing of the Google Lawsuit is uncertain and difficult to predict.

The Google Lawsuit presents several risks to our business, including the potential for retaliatory actions by Google. Such actions could include, but are not limited to, altering our access to their platforms, seeking to modify commercial terms between PubMatic and Google in a manner unfavorable to us, deprioritizing our services or offerings, or otherwise using their market position to negatively impact our operations. Any such actions could disrupt our ability to serve our customers and partners, reduce our revenue, and harm our relationships with publishers and advertisers.

The Google Lawsuit may be costly, protracted, and divert management's attention and resources from our business operations. Any damages awarded may not be commensurate with our expectations, and we may not receive any monetary damages at all. The injunctive relief sought in the Google Lawsuit may not be granted, or may not be granted to the extent we have requested or in a manner that adequately protects us in the future. The existence of the Google Lawsuit and any potential retaliatory measures could also negatively affect our reputation and our ability to compete, potentially causing our business, financial condition, and results of operations to be materially and adversely affected.

Item 9.01.    Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.			Description
99.1			Press Release of the Company, dated September 8, 2025.
99.2			Frequently Asked Questions, dated September 8, 2025.
99.3			Email Communication to Select Equity Analysts, dated September 8, 2025.
104			Cover Page Interactive Data File (embedded within the inline XBRL document).

Forward Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein that do not describe historical facts, including, but not limited to, statements regarding the Litigation, the purpose and reason for the Litigation, any anticipated damages related to the Litigation, the costs to the Company related to the Litigation, the outcome of the Litigation, the risks placed upon the Company in connection with the action, and the timing of the action, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Forward-looking statements can generally be identified by words such as “anticipate,” “believe,” “could,” “develop,” “expect,” “opportunity,” “pursue,” “seek,” “will,” and similar expressions. These statements are based on management’s current views and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. For a discussion of some of the additional risks and important factors that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in the Company’s Annual Report on Form 10-K, our quarterly reports on Form 10-Q, this Current Report on Form 8-K, and our other filings with the Securities and Exchange Commission. Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. There is no guarantee that any of the events anticipated by the Company’s forward-looking statements will occur. Except to the extent required by law, the Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

SIGNATURE

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 hereunto duly authorized.

						PUBMATIC, INC.
Date: September 8, 2025						By:			/s/ Andrew Woods
									Andrew Woods
									General Counsel and Secretary

FAQ

What action did PubMatic (PUBM) disclose in the 8-K?

PubMatic filed a lawsuit against Google seeking damages and injunctive relief over alleged anticompetitive behavior in publisher ad server and ad exchange markets.

Did PubMatic provide investor materials about the litigation?

Yes. The company posted FAQs on a litigation website and furnished the FAQs and an email summary to select equity analysts as exhibits.

How could the lawsuit affect PubMatic's business?

The company warns potential retaliatory actions by Google, diversion of management resources, costs of litigation, and possible harm to revenue and partner relationships.

Is the outcome of the Google lawsuit certain?

No. PubMatic states the Google Lawsuit is in early stages and the outcome and timing are uncertain and difficult to predict.

Why did PubMatic sue Google now?

PubMatic filed after an April 2025 DOJ ruling that a court found Google engaged in anticompetitive behavior in certain digital advertising markets.