Executive Summary

Q2 2025 revenue of $119.94M rose 15.5% sequentially from Q1 and was 1.6% below Q2 2024 on a Combined Company basis; adjusted EBITDA of $17.31M with a 14.4% margin; GAAP net loss of $398.7M driven by a $382M non‑cash goodwill impairment tied to market cap declines .
Revenue modestly beat S&P Global consensus ($116.59M*) while primary EPS missed (actual −$0.283* vs −$0.24*), and EBITDA was below S&P’s standardized EBITDA actual (13.15M*) though management’s adjusted EBITDA rose sharply q/q to $17.31M .
Full‑year 2025 guidance reaffirmed: revenue “broadly flat” vs 2024 ($490M) and adjusted EBITDA “at least $85M,” supported by accelerated cost synergies (Year 1 raised from $5M to ≥$10M) and H2 momentum, including Canalys forums seasonality in Q4 .
Strategic catalysts: brand consolidation under Omdia, NetLine repositioning to volume demand, expanding platform integrations (Demandbase, Outreach, Salesloft), and AI‑driven audience development (50k+ AI overview citations monthly), positioning TTGT for H2 sequential improvement .

What Went Well and What Went Wrong

What Went Well

Sequential revenue growth of 15.5% to $120M on improved execution in priority areas; adjusted EBITDA increased to $17.3M (14.4% margin) with momentum expected to continue in H2 .
Strategic actions gaining traction: NetLine repositioned to the volume end of demand generation delivered y/y growth; Omdia (brand consolidation of Canalys/ESG/Wards) grew on tighter portfolio and more field time .
Partnerships expanded the ecosystem and sales workflow integrations (Demandbase, Outreach, Salesloft), helping customers engage active buying groups and accelerate pipeline; “we will be adding three new integrations…bringing the total to 13” in the fall .

What Went Wrong

GAAP net loss of $398.7M, driven largely by a $382M non‑cash impairment following market cap declines; adjusted EBITDA margin slightly below prior‑year Q2 combined (14.4% vs 15.5%) on lower y/y revenue .
Brand & Intent remained volatile given constrained enterprise marketing and sales spend; APAC bookings were challenging y/y, tempering global balance despite improvements elsewhere .
H1 remained subdued; Q1 posted adjusted EBITDA of $2.7M (2.6% margin) and had short‑term integration disruption as the company accelerated combination plans and harmonized systems/processes .

Financial Results

Quarterly Results (oldest → newest)

Metric	Q4 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$99.88*	$103.89	$119.94
GAAP Diluted EPS ($)	—	—	$(5.58)
Primary EPS (S&P) ($)	$0.213*	$(0.769)*	$(0.283)*
Adjusted EBITDA ($USD Millions)	—	$2.73	$17.31
Adjusted EBITDA Margin (%)	—	2.6%	14.4%

Notes: Asterisk (*) denotes values retrieved from S&P Global.

Q2 YoY (Combined Company basis)

Metric	Q2 2024 Combined	Q2 2025 Reported	YoY Change
Revenue ($USD Millions)	$121.88	$119.94	−1.6% pts
Adjusted EBITDA ($USD Millions)	$18.89	$17.31	−$1.58M
Adjusted EBITDA Margin (%)	15.5%	14.4%	−1.1 pts
Net Loss ($USD Millions)	$(31.11)	$(398.66)	impairment‑driven

KPIs and Balance Sheet

KPI	Value	Context
Cash & Equivalents	~$61.7M	At Q2 close
Revolving Credit Utilized	$120M of $250M	At Q2 close
Net Debt	~$58M	Similar to end‑2024
Audience Footprint	50M+ permissioned audience; 220+ digital brands	Strategic assets
AI Overview Visibility	50,000+ AI overview citations monthly	Growing AI referrals/conversions

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025	“Broadly flat” vs 2024 ($490M)	“Broadly flat” vs 2024 ($490M)	Maintained
Adjusted EBITDA	FY 2025	“More than $85M”	“At least $85M”	Maintained wording; same threshold
Adjusted EBITDA Margin	FY 2025	Increase vs 2024	Increase vs 2024	Maintained
Cost Synergies (Operating)	Year 1 (2025)	$5M target	≥$10M (majority in H2)	Raised
Revenue Synergies (Run‑rate)	By End of Year 3	$20M run‑rate	$20M run‑rate (unchanged)	Maintained
Total Synergies (Run‑rate)	By End of Year 3	$45M ($25M cost + $20M revenue)	$45M (unchanged)	Maintained
Sequential Trajectory	Q3/Q4 2025	N/A	Modest Q3 sequential improvement; Q4 seasonal Canalys event boost	New color

Earnings Call Themes & Trends

Topic	Q4 2024 (Prior)	Q1 2025 (Prior)	Q2 2025 (Current)	Trend
AI initiatives	AI is a market and operational efficiency lever; quality content “garbage in/garbage out” emphasis	Strengthening AIEO; AI to improve products and workflows	AI opportunity across audience experience, proprietary LLMs, and data analytics; growing AI referrals/conversion	Building execution
Go‑to‑market focus on key accounts	Unified GTM; large customers represent ~50% of TAM	Early lift in pipeline from large‑account focus	Dedicated teams; bookings pacing supports H2 guidance	Positive momentum
Product strategy	NetLine repositioning; Intelligence & Advisory reshaping	NetLine early adoption; brand‑demand cross‑sell wins	Omdia brand consolidation completed; NetLine growing	Execution advancing
Platform integrations	N/A	N/A	Added integrations (Demandbase, Outreach, Salesloft); 13 total planned by fall	Expanding ecosystem
Macro/backdrop	Subdued environment; flat underlying performance	No assumed market recovery in guidance	Subdued backdrop persists; not assuming recovery; APAC softness	Cautious
Audience development	Broad first‑party data and event audiences	Outbound newsletter, partnerships, first‑party data feeds	SEO to AIEO shift; 50k AI overviews/month; editorial awards	Diversified channels
Balance sheet/regulatory	Strong YE cash/STI; convertible notes outstanding	Regain Nasdaq compliance targeted	Nasdaq compliance regained	De‑risked reporting cadence

Management Commentary

“We continue to make good progress through the Foundation Year…delivering sequential improvement in financial performance through Q2…We are targeting continuing momentum in H2” — Gary Nugent, CEO .
“Brand consolidation…under the Omdia brand…simplifying the offer…reflected in consistent growth through the period” .
“We made an early decision to reposition the NetLine business…to the volume end of the demand generation market…delivered good y/y revenue growth in Q2” .
“We will be adding three new integrations…bringing the total…to 13…covering major ecosystem platforms” .
“AI is a significant opportunity…domain authority is influencing AI engine optimization…and our AI engine referrals [are] growing rapidly…with higher conversion rates” .

Q&A Highlights

Bookings/revenue pacing: Management emphasized bookings momentum and daily visibility into subscription/advisory/transactional pipelines underpinning H2 sequential revenue improvement; no market recovery assumed in guidance .
NetLine repositioning: Growth driven by GTM emphasis at the cost‑conscious volume end; product itself unchanged; improved adoption .
Integrations/platform coverage: Three new integrations in fall to reach ~13 total across CRM/MA/SEP ecosystems (Salesforce, Dynamics, Eloqua, HubSpot, Marketo, Sixth Sense, Demandbase, etc.) .
Q4 seasonality: Canalys Forums expected to add ~$5–$10M in Q4 revenue (Europe/Asia/US events) .
Regional/mix: APAC bookings weaker y/y; Brand & Intent volatile across geos; H2 expectations rely on operational execution, not macro recovery .

Estimates Context

Metric	Q4 2024	Q1 2025	Q2 2025
Revenue Consensus Mean ($)	$62,000,000*	$103,876,000*	$116,585,500*
Revenue Actual ($)	$99,877,000*	$103,887,000	$119,943,000
Primary EPS Consensus Mean ($)	$0.085*	$(3.57)*	$(0.24)*
Primary EPS Actual ($)	$0.213*	$(0.769)*	$(0.283)*
EBITDA Consensus Mean ($)	$19,378,500*	$2,702,000*	$15,355,000*
EBITDA Actual ($)	$18,756,000*	$1,817,000*	$13,149,000*

Q2 2025 revenue beat by ~$3.36M (+2.9%), while primary EPS slightly missed and standardized EBITDA tracked below consensus; management’s adjusted EBITDA rose to $17.31M with a 14.4% margin, reflecting non‑GAAP adjustments (stock comp, FX, impairments, integration costs) .
Values retrieved from S&P Global.*

Key Takeaways for Investors

Positive revenue momentum: Sequential growth and a revenue beat, with guidance reaffirmed for “broadly flat” FY revenue and ≥$85M adjusted EBITDA; watch Q3 bookings and Q4 Canalys events for continued trajectory .
Non‑cash impairment masked fundamentals: The $382M goodwill impairment drove GAAP EPS loss; focus on adjusted EBITDA and cash/net‑debt stability to gauge operating health .
Execution levers in place: Omdia consolidation, NetLine repositioning, large‑account GTM focus, and expanding integrations should support H2; APAC remains a watch‑item .
AI as tailwind: Rising AI referrals/conversions and proprietary LLM initiatives bolster audience quality and product differentiation—benefits likely to compound into 2026 .
Cost synergy upside: Year‑1 operating synergies raised to ≥$10M (vs $5M prior) with majority realized in H2, supporting margin expansion despite flat revenue .
Trading setup: Near‑term catalysts include fall product launch (Portal and integrations), Q3 sequential revenue improvement, and Q4 event seasonality; risks center on macro demand in Brand & Intent and APAC softness .
Estimate revisions: Expect upward adjustments to revenue for Q3/Q4 sequencing and to adjusted EBITDA path given synergy acceleration; GAAP EPS likely to remain noisy given impairments—models should emphasize adjusted metrics .

Sources: Q2 2025 Form 8‑K press release and exhibits ; Q2 2025 earnings call transcript ; H1 update press release ; Q1 preliminary results ; Q1 2025 call ; FY 2024 call ; Nasdaq compliance update ; Outreach and Salesloft integration PRs .

TechTarget, Inc. (TTGT)·Q2 2025 Earnings Summary