Executive Summary

Q2 delivered 4.1% revenue growth to $89.4M, with 60% cross‑platform growth and another double‑digit quarter in local TV; adjusted EBITDA rose 25% YoY to $8.9M and margin expanded to 10.0% .
Versus consensus: revenue beat ($89.4M vs $85.9M*), while EPS and EBITDA missed on S&P’s definitions; EPS was pressured by FX losses, higher interest, and taxes; note company reports adjusted EBITDA excluding FX whereas consensus EBITDA includes FX* .
Guidance maintained: FY revenue range $360–$370M and adjusted EBITDA margin 12–15%; Q3 revenue expected roughly flat YoY due to timing of a large enterprise contract recognized earlier in the year .
Potential catalysts: expanded U.S. JIC certification (now full national currency readiness with personified demographics) plus MRC accreditation, and an announced strategic review with Goldman Sachs—update promised by or before the November Q3 call .

Values marked with an asterisk (*) are retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

Cross‑platform momentum: “60% growth in cross‑platform solutions” driven by Proximic and adoption of Cross‑Platform Content Measurement (CCM), with CEO highlighting “best in class products” and audience scale across digital, TV, and social .
Local TV strength: “another quarter of double‑digit growth in our local TV offering,” which remains the only MRC‑accredited local TV measurement in market; expanded JIC certification reinforces national currency readiness .
Profitability mix improvement: Adjusted EBITDA increased to $8.9M and margin to 10.0%, supported by higher‑margin cross‑platform products; CFO noted cross‑platform margins are expected to be higher .

What Went Wrong

EPS/GAAP profitability headwinds: Net loss widened to $9.5M (10.6% margin) due to FX losses, taxes, and interest on senior debt, driving loss per share to $(2.73) .
Segment softness: Research & Insight Solutions declined 7.4% YoY on lower deliveries of custom digital products; declines in national TV and syndicated digital offset syndicated audience strength elsewhere .
Cost pressure: Core OpEx rose 4.6% YoY to $90.4M, primarily higher employee compensation and cloud computing costs tied to a large enterprise platform client, partly offset by lower data costs .

Financial Results

Core Financials vs prior year and prior quarter

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$85.837	$85.709	$89.389
Net Loss ($USD Millions)	$(1.708)	$(3.993)	$(9.492)
EPS (Basic & Diluted, $USD)	$(1.19)	$(1.66)	$(2.73)
Adjusted EBITDA ($USD Millions)	$7.158	$7.370	$8.915
Adjusted EBITDA Margin %	8.3%	8.6%	10.0%
Net Loss Margin %	2.0%	4.7%	10.6%

Consensus vs Actual (Q2 2025)

Metric	Consensus*	Actual	Beat/Miss
Revenue ($USD)	$85.9435M*	$89.389M	Beat
Primary EPS ($USD)	$(0.03)*	$(1.252)*	Miss
EBITDA ($USD)	$8.746M*	$5.768M*	Miss

Values marked with an asterisk (*) are retrieved from S&P Global. Company‑reported adjusted EBITDA was $8.915M (ex‑FX) , which is not directly comparable to consensus “EBITDA” assumptions.

Segment Breakdown

Segment Revenue ($USD Thousands)	Q2 2024	Q1 2025	Q2 2025
Syndicated Audience	$64,189	$63,504	$63,953
Cross‑Platform	$8,000	$9,662	$12,800
Total Content & Ad Measurement	$72,189	$73,166	$76,753
Research & Insight Solutions	$13,648	$12,543	$12,636
Total Revenues	$85,837	$85,709	$89,389

KPIs (Selected)

KPI	Q2 2024	Q2 2025
Movies revenue ($USD Millions)	$9.3	$9.6
Cash & Equivalents ($USD Millions)	$14.655 (as of 6/30/24)	$25.993 (as of 6/30/25)
Restricted Cash ($USD Millions)	$0.188 (as of 6/30/24)	$3.533 (as of 6/30/25)
Cash + Restricted ($USD Millions)	$14.843 (as of 6/30/24)	$29.526 (as of 6/30/25)
Accounts Receivable ($USD Millions)	N/A	$54.442 (as of 6/30/25)
Senior Secured Term Loan Principal ($USD Millions)	N/A	$44.8 (as of 6/30/25)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025	Low end of $360–$370M	$360–$370M maintained	Maintained
Adjusted EBITDA Margin	FY 2025	12%–15%	12%–15% maintained	Maintained
Revenue	Q3 2025	N/A	Roughly flat YoY	New
GAAP Net Income/Margin	FY 2025	Not provided (unable to reasonably forecast)	Not provided (unable to reasonably forecast)	Maintained
OpEx/Tax/OI&E	FY 2025	Not provided	Not provided	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
Cross‑platform growth (Proximic, CCM)	Q4: cross‑platform +21.7% YoY ; Q1: cross‑platform +20.5% YoY	+60% YoY; CEO: “best in class products” and strong early CCM adoption	Improving
Local TV currency adoption	Ongoing MRC accreditation at national and local referenced	Another double‑digit quarter; only MRC‑accredited local TV in market	Strengthening
National TV/syndicated digital	FY24: challenged syndicated audience/national TV	Continued declines offset by other syndicated strength	Mixed
Macro/ad spend sensitivity	Q1: cautious approach; ad‑spend dependent areas tempered	Q3 revenue guided flat YoY given timing shift; balanced view of growth vs declines	Cautious
Partnerships/platforms	Q4: positioned for 2025 growth; leadership additions	Google contract delivered earlier than planned; partner momentum in programmatic	Positive
Accreditation/JIC certification	National currency use cases framed in FY narrative	Full JIC certification incl. Personified Demographics; mid‑term audit passed	Positive
Tech stack/interoperability	FY24: investments in efficiencies	Increased cloud costs tied to large enterprise client; interoperability & faster delivery emphasized	Investment continuing
Strategic review	N/A	Goldman Sachs engaged; update by/before Nov earnings call	New catalyst

Management Commentary

CEO: “With 60% growth in cross platform, I remain encouraged by our efforts to build and bring to market best in class products…buoyed by the audience scale…across digital video, traditional TV and social.”
CFO: “Adjusted EBITDA for the second quarter was $8.9 million…margin of 10%. The YoY increase…was largely driven by revenue growth from our cross platform products…We are maintaining…revenue…$360,000,000 to $370,000,000…and adjusted EBITDA margin of 12% to 15%.”
CEO on CCM: “CCM is built for clients to plan and reach their desired audiences regardless of the platform…we continue to iterate…delivering…features by year end, well ahead of initial plans.”
Strategic review: “Goldman Sachs…retained to advise on strategic and capital structure alternatives…update…on or before our next earnings call.”

Q&A Highlights

Product demand and roadmap: Analysts probed CCM demand; CEO emphasized unified, deduplicated audience view across platforms and strong interest from broadcasters, streamers, advertisers, agencies, and platforms .
Proximic traction and go‑to‑market: CEO highlighted scaling via programmatic partners plus direct selling to agencies/brands, driving demand for cross‑platform activation .
No additional detailed guidance beyond prepared remarks; CFO reiterated maintained FY ranges and Q3 flat revenue expectation tied to timing shifts .

Estimates Context

Revenue beat: $89.389M actual vs $85.9435M consensus*—driven by cross‑platform strength and local TV momentum; timing of a large enterprise contract recognized earlier contributed to H1 and informs Q3 flat guide .
EPS miss: Primary EPS actual $(1.252)* vs $(0.03)* consensus, pressured by FX losses ($3.803M), net interest ($1.553M), and taxes ($2.455M) .
EBITDA miss on S&P’s EBITDA definition (actual $5.768M* vs $8.746M*), while company’s adjusted EBITDA (ex‑FX) was $8.915M; the definitional mismatch (ex‑FX vs including FX) likely contributed to the apparent miss* .

Values retrieved from S&P Global.

Key Takeaways for Investors

Cross‑platform (Proximic, CCM) is the growth engine (+60% YoY in Q2), improving mix and supporting margin expansion; expect continued product iteration and feature delivery ahead of plan .
Local TV currency leadership (MRC accreditation; full JIC certification) enhances transactable credibility and could accelerate adoption/cross‑sell into national and cross‑platform measurement .
Near‑term revenue cadence: Q3 roughly flat YoY due to timing of a large enterprise contract recognized earlier in the year—watch for H2 execution vs maintained FY range .
Profitability optics: GAAP EPS pressured by FX, interest, and taxes; company’s adjusted EBITDA excludes FX—investors should normalize FX volatility when assessing run‑rate profitability .
Operating discipline vs investment: Core OpEx up on compensation and cloud costs associated with a large enterprise client; monitor OpEx leverage as cross‑platform scales .
Strategic review is a potential stock catalyst; Goldman engagement with an update by/before the November Q3 call could surface capital structure/strategic alternatives .
Liquidity and leverage: Cash + restricted rose to $29.5M; term loan principal ~$44.8M; watch cash conversion and debt costs amid FX volatility .

COMSCORE, INC. (SCOR)·Q2 2025 Earnings Summary