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Nexxen International Ltd. released its financial results for the third quarter and nine months ended September 30, 2024, with a strong performance and year-over-year growth.
The company reported record Q3 Contribution ex-TAC of $85.5 million, up 12% year-over-year, and record Q3 programmatic revenue of $81.6 million, up 10% year-over-year. CTV revenue also saw significant growth, with a 52% increase year-over-year to $29.7 million.
Adjusted EBITDA for Q3 2024 was $31.6 million, a 49% increase year-over-year, and the Adjusted EBITDA Margin as a percentage of Contribution ex-TAC improved to 37% from 28% in Q3 2023.
For the nine months ended September 30, 2024, Nexxen reported record Contribution ex-TAC of $238.3 million, up 7% year-over-year, and record programmatic revenue of $225.7 million, up 6% year-over-year. CTV revenue grew by 17% year-over-year to $76.7 million.
The companys CEO, Ofer Druker, attributed the strong results to the companys strategy, the integration of its data, CTV, and video capabilities, improved sales efforts, and operational efficiency.
Nexxen provided updated financial guidance for full-year 2024, reaffirming Contribution ex-TAC guidance and raising Adjusted EBITDA guidance.
The company also highlighted several operational highlights, including strategic partnerships, new advertiser customers, and supply partners.
Nexxen also provided updates on its share repurchase program and announced changes to its Board of Directors, with Executive Director Yaniv Carmi stepping down but continuing to serve as Chief Operating Officer.
The company included detailed financial highlights, reconciliations of non-IFRS financial measures, and condensed consolidated interim statements of financial position, operation, changes in equity, and cash flows.
Nexxen concluded by providing details for a webcast and conference call to discuss the Q3 2024 financial results and by offering a brief overview of the company and its flexible and unified technology stack.
The press release also included forward-looking statements, a discussion of non-IFRS financial information, and cautionary information related to these statements.