PERI Perion Network Ltd.
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Executive Summary
Perion reported Q1 2026 results with total revenue of $90.4M (+1% YoY), GAAP net loss of $10.0M (wider than $8.3M loss in Q1 2025), and Adjusted EBITDA of $0.5M (down 75% from $1.8M). The company reiterated its full-year 2026 guidance for Contribution ex-TAC of $215-235M and Adjusted EBITDA of $50-54M. While CTV spend grew 68% and Outmax AI agent spend surged 316% YoY, the core Advertising Solutions revenue declined 4% YoY and GAAP net loss widened, signaling ongoing margin pressure from the shift toward lower-margin growth channels.
Actionable Insight
The flat Contribution ex-TAC and 75% drop in Adjusted EBITDA signal that growth in CTV/Outmax is coming at the expense of margin. Watch for Q2 2026 results to see if the high-growth channels begin to improve unit economics. The reiterated guidance provides a floor but the GAAP loss trajectory is concerning — monitor cash burn and whether the $293M cash pile supports the buyback without depleting the balance sheet.
Key Facts
- Total revenue of $90.4M, up 1% YoY from $89.3M
- GAAP net loss of $10.0M, compared to $8.3M loss in Q1 2025
- Adjusted EBITDA of $0.5M, down 75% from $1.8M in Q1 2025
- Advertising Solutions revenue declined 4% YoY to $66.7M
- Search Advertising revenue grew 21% YoY to $23.7M
- Contribution ex-TAC flat at $39.7M with 44% margin
- Non-GAAP net income of $4.8M, down 11% from $5.4M
- Non-GAAP diluted EPS flat at $0.11
- Cash flow from operations of $6.7M vs. -$7.1M in Q1 2025
- Repurchased 2.5M shares for $24.1M in Q1 2026
- Reiterated FY2026 guidance: Contribution ex-TAC $215-235M, Adjusted EBITDA $50-54M
- CTV spend grew 68% YoY, Outmax AI agent spend grew 316% YoY
Financial Impact
Revenue up 1% YoY to $90.4M; GAAP net loss widened to $10.0M from $8.3M; Adjusted EBITDA collapsed 75% to $0.5M
Risk Factors
- Advertising Solutions revenue declining 4% YoY as legacy Web channel erodes
- GAAP net loss widening 20% YoY despite revenue growth
- Adjusted EBITDA margin compressing from 5% to 1% of Contribution ex-TAC
- Heavy share buyback ($24.1M in Q1) consuming cash while operating losses persist
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-002825 |
| Document: zk2635380.htm | 0001178913-26-002825 |
| Document: 0001178913-26-002825-index-headers.html | 0001178913-26-002825 |
| Document: 0001178913-26-002825-index.html | 0001178913-26-002825 |
| Document: 0001178913-26-002825.txt | 0001178913-26-002825 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 20, 2026
24d ago
|
6-K
| $9.01 $8.65 | ▼ −4.00% | ▼ −5.23% | $8.42 (−6.55%) |
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Apr 23, 2026
7w ago
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6-K
| $10.23 $10.27 | ▲ +0.39% | ▼ −1.09% | $8.42 (−17.69%) |
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Apr 1, 2026
10w ago
|
Insider Cluster
| $9.82 $9.63 | ▼ −1.93% | ▼ −5.70% | $8.42 (−14.26%) |
US Market Status
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