MGNI · Magnite, Inc.

Magnite delivered strong Q1 2026 results, exceeding guidance on key metrics with Contribution ex-TAC of $160.9 million at the high end of $157-161 million, fueled by exceptional 30% year-over-year growth in CTV to $82.3 million, now comprising over 50% of total. This CTV acceleration reflects broad-based momentum across publishers, agencies, and DSPs, supported by buyer marketplaces, ClearLine, live sports, SMB trends, and AI integration enhancing agentic buying, creative development, inventory curation, and workflows. DV+ Contribution ex-TAC of $78.6 million declined 5% but beat the high end of $76-78 million guidance, with early improvements in mobile app and commerce media partners amid readiness for Google trial remedies. Adjusted EBITDA rose 16% to $42.9 million with margin expansion to 27%, driving GAAP net income of $4.4 million or $0.03 diluted EPS versus a $9.6 million loss last year. Q2 guidance raises the bar with total Contribution ex-TAC to $177-181 million, CTV $90-92 million, and DV+ $87-89 million. Full-year outlook reaffirms at least 11% Contribution ex-TAC growth, mid-teens Adjusted EBITDA growth, now at least 35.5% margin (up from >35%), and mid-30s free cash flow growth. Balance sheet shows cash at $184.6 million down from $553.4 million due to Convertible Senior Notes repurchase and working capital, with receivables up to $1.43 billion reflecting revenue growth. CEO Michael G. Barrett emphasized CTV's sustained acceleration and AI's productivity boost, positioning Magnite as the largest independent sell-side ad platform.