Pubmatic, Inc. SEC Filings

PubMatic reported continued revenue growth with mixed profitability in the quarter ended June 30, 2025. Revenue rose to $71.1 million, a 6% increase from a year earlier, producing gross profit of $44.5 million and a stable gross margin of 63% for the quarter.

Despite higher revenue, operating loss widened to $5.5 million and the company recorded a net loss of $5.2 million compared with net income of $2.0 million in the prior-year quarter. Adjusted EBITDA was positive at $14.2 million but down versus $21.1 million a year ago. Operating cash flow remained strong, with $30.5 million generated in the first six months and combined cash and marketable securities of $117.6 million. The company repurchased 3.85 million shares for $43.6 million year-to-date and has $96.8 million remaining under its repurchase authorization. Accounts receivable concentration remains notable, with two buyers representing 38% and 12% of receivables as of June 30, 2025.

PubMatic, Inc. furnished a press release announcing its financial results for the fiscal quarter ended June 30, 2025, delivered as Exhibit 99.1 to this Form 8-K. The press release references non-GAAP financial measures and includes a reconciliation to GAAP within the attached exhibit. The company states it distributes material information through SEC filings, press releases, public conference calls, and its investor relations website.

The 8-K furnishes the press release (explicitly not deemed "filed" for Section 18 liability) and includes an interactive XBRL cover page; the 8-K text does not present detailed financial statement line items or earnings figures itself.

PubMatic (PUBM) Form 4 – Insider Transaction Summary

On 07/21/2025, CEO, Chairman and >10% owner Rajeev K. Goel executed multiple related transactions:

• Option exercise (Code M): exercised 44,000 Class B options at an exercise price of $1.11, options were fully vested and set to expire 07/07/2026.
• Automatic conversion (Code C): the 44,000 Class B shares converted 1-for-1 into Class A shares upon transfer.
• Transfer & sale (Code S): the shares were transferred to The Goel Family Trust and sold under a Rule 10b5-1 plan at a weighted-average price of $12.8012 (range $12.615-$12.915), generating gross proceeds of roughly $563k.

After these transactions, Mr. Goel directly holds 0 Class A shares, but retains indirect ownership stakes through multiple family trusts and custodial accounts as detailed in footnotes 7-11. Footnote 2 states that, including Class B holdings, he beneficially owns 2,362,194 Class A/B shares (excluding unexercised equity awards).

The filing reflects a routine option exercise-and-sale cycle and modest disposition (44k shares ≈1.9% of total stated beneficial ownership). Sales were pre-arranged, limiting signaling risk, yet still represent insider selling at mid-$12 levels.

PubMatic, Inc. (PUBM) – Form 4 insider transaction

On 07/07/2025, CEO, Director and 10% owner Rajeev K. Goel exercised fully-vested options for 11,485 Class B shares at an exercise price of $1.11, automatically converting them to Class A shares. The same day he sold 44,000 Class A shares at a weighted-average price of $12.5314 under a Rule 10b5-1 trading plan adopted 03/02/2025. Gross proceeds were roughly $0.55 million.

After the transactions, the filing discloses that Mr. Goel continues to own 2,362,194 Class A and Class B shares (excluding unexercised or unvested awards) and 346,617 options. Additional holdings are spread across multiple family trusts and custodial accounts as detailed in the footnotes.

The sale represents a small fraction of his total reported ownership and appears to be part of ongoing, pre-scheduled diversification rather than an abrupt reduction in exposure.