Nexxen International Ltd. reported Q3 2025 revenue of $94.8 million, up 10% year‑over‑year, driven by a record $92.6 million contribution ex‑TAC and $89.6 million in programmatic revenue. The company’s core programmatic business grew 8% and 10% respectively, reflecting strong demand from enterprise DSPs and data‑solution customers. However, CTV revenue fell 17% to $24.5 million, a decline that reduced the share of programmatic revenue from 36% in Q3 2024 to 27% in Q3 2025 and contributed to margin compression.
The drop in CTV sales is attributed to materially lower activity from a key DSP partner in the fourth quarter and softer OMP/PMP spending, as management noted. The decline in CTV revenue, combined with higher investment in the VIDAA partnership, pushed adjusted EBITDA down 11% to $28.2 million and lowered the adjusted EBITDA margin from 37% in Q3 2024 to 30% in Q3 2025.
Nexxen completed a $50 million ordinary share‑repurchase program, buying back 1.8 million shares for $18.1 million, and launched a new $20 million program. The company also invested $35 million in VIDAA, bringing its total investment to $60 million. With $116.7 million in cash and no long‑term debt, Nexxen maintains a strong liquidity position to support its strategic initiatives.
Management lowered its full‑year 2025 guidance for contribution ex‑TAC and adjusted EBITDA, citing the isolated DSP partner issue and softer OMP/PMP spending. CEO Ofer Druker emphasized that the company remains confident in its long‑term growth trajectory, noting that the VIDAA partnership expansion will unlock new CTV inventory and targeting capabilities beginning in 2026.
Overall, Nexxen’s Q3 results demonstrate robust core programmatic performance but reveal short‑term challenges in the CTV segment. The company’s strategic investments in VIDAA and data solutions position it for future growth, while the lowered guidance signals caution about near‑term demand volatility.
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