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Private company

Marin Software

Logo: marinsoftware.com5

American software company

Marin Software Incorporated is an online advertising company based in San Francisco. It was founded in 2006, had an IPO in 2013, and was dissolved in 2025 upon declaring bankruptcy.3 Wikipedia text CC BY-SA 4.0

Last updated Oct 21, 2026.

Overview

2006Founded1
  • IndustrySaaS, software as a service1
  • HeadquartersSan Francisco1
  • Websitewww.marinsoftware.com
  • Listed onNew York Stock Exchange1
  • Incorporated inDE6
  • Business address123 Mission St, 25Th Floor, San Francisco, Ca 941056
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • Legal formCorporation4
  • LEI529900G58P3UFOACQI164
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressc/o CORPORATE CREATIONS NETWORK INC., 3411 SILVERSIDE ROAD TATNALL BUILDING STE 104, 19810 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 41253564

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Marin Software image from its website
Image: marinsoftware.com9

Marin Software Incorporated is an online advertising company based in San Francisco. It was founded in 2006, had an IPO in 2013, and was dissolved in 2025 upon declaring bankruptcy.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

34.4%Gross margin10
-128.6%Operating margin10
123.6%Net margin11
-11.4%Revenue growth, 202310
160.7%Return on equity10
-$14.6MFree cash flow10

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue26¢$11.6M
  • Research and development23¢$10.2M
  • Income tax0¢$150.0K
  • Profit50¢$21.9M

Out of $17.7M in revenue.1011

Financial statements

Revenue121314151610$17.7M in 2023−76% since 2017
0$20.0M$40.0M$60.0M$80.0M2017: $75.0M$75.0M20172018: $58.6M$58.6M2018−22%2019: $49.0M$49.0M2019−16%2020: $30.0M$30.0M2020−39%2021: $24.4M$24.4M2021−19%2022: $20.0M$20.0M2022−18%2023: $17.7M$17.7M2023−11%
Gross profit121314151610$6.1M in 2023−86% since 2017
0$20.0M$40.0M$60.0M2017: $42.5M$42.5M20172018: $31.5M$31.5M2018−26%2019: $26.2M$26.2M2019−17%2020: $12.0M$12.0M2020−54%2021: $11.5M$11.5M2021−4%2022: $7.2M$7.2M2022−37%2023: $6.1M$6.1M2023−16%
Operating income121314151610-$22.8M in 2023−25% since 2017
-$60.0M-$40.0M-$20.0M02017: -$30.3M-$30.3M20172018: -$42.3M-$42.3M2018+40%2019: -$19.8M-$19.8M2019−53%2020: -$16.3M-$16.3M2020−18%2021: -$14.1M-$14.1M2021−14%2022: -$22.0M-$22.0M2022+56%2023: -$22.8M-$22.8M2023+4%
Net income12131415161011$21.9M in 2023
-$60.0M-$40.0M-$20.0M0$20.0M$40.0M2017: -$31.5M-$31.5M20172018: -$41.2M-$41.2M2018+31%2019: -$12.4M-$12.4M2019−70%2020: -$14.1M-$14.1M2020+13%2021: -$12.9M-$12.9M2021−8%2022: -$18.2M-$18.2M2022+41%2023: $21.9M$21.9M2023
Fiscal year2017201820192020202120222023
Revenue$75.0M12$58.6M13$49.0M14$30.0M15$24.4M16$20.0M10$17.7M10
Cost of revenue$32.5M12$27.2M13$22.8M14$17.9M15$12.9M16$12.8M10$11.6M10
Gross profit$42.5M12$31.5M13$26.2M14$12.0M15$11.5M16$7.2M10$6.1M10
Research and development$26.6M12$22.4M13$17.8M14$12.8M15$10.8M16$11.8M10$10.2M10
Operating expenses$25.6M16$29.2M10$28.9M10
Operating income-$30.3M12-$42.3M13-$19.8M14-$16.3M15-$14.1M16-$22.0M10-$22.8M10
Interest$014$22.0K15$6.0K16$016
Income before tax-$13.1M16-$17.9M10-$22.1M10
Income tax$1.0M12$586.0K13-$120.0K14-$711.0K15-$134.0K16$305.0K10-$150.0K10
Net income-$31.5M12-$41.2M13-$12.4M14-$14.1M15-$12.9M16-$18.2M10$21.9M11
Earnings per share-$1.0116-$1.1510-$1.2410
Earnings per share (diluted)-$1.0116-$1.1510-$1.2410
Shares (weighted, basic)12.8M shares1615.9M shares1017.7M shares10
Shares (weighted, diluted)12.8M shares1615.9M shares1017.7M shares10

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Corporate structure

Marin Software sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Marin Software

  • Marin Software San Francisco, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Marin Software reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$1.9M10 Dec 31, 2023$1.9M10 Dec 31, 2022+2.9%
Property and equipment, before depreciation$53.7M10 Dec 31, 2023$52.8M10 Dec 31, 2022+1.6%
Accumulated depreciation$50.3M10 Dec 31, 2023$49.6M10 Dec 31, 2022+1.3%
Property and equipment, net$120.0K10 Dec 31, 2023$3.2M10 Dec 31, 2022−96.3%
Operating-lease assets (leased space)$1.9M10 Dec 31, 2023$3.8M10 Dec 31, 2022−50.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$11.4M10 Dec 31, 2023$28.0M10 Dec 31, 2022−59.4%

The story

History

Christopher Lien, Wister Walcott, and Joseph Chang founded Marin Software in April 2006. In April 2007, Marin Search Marketer (since renamed MarinOne) debuted and became commercially available in North America.

Marin opened a UK office in early 2009. The company shared plans to expand into Asia-Pacific with offices in Singapore, Shanghai, and Sydney in 2011, and Tokyo in 2012.

Leadership changes and financial difficulties (2016–2024)

Between 2016 and 2024, Marin Software experienced significant changes in its leadership, product offerings, and market position, while facing ongoing financial challenges.

In September 2016, co-founder Wister Walcott rejoined Marin Software as Executive Vice President of Product and Technology, overseeing product development, technical operations, and engineering. That same year, Marin was elevated to Elite Status in the Bing Partner Program, reflecting its strong partnership with Microsoft and its role as a trusted advisor for Bing Ads clients.

Product innovation remained a focus. In 2024, Marin launched several AI-powered tools, including the Anomaly Detector, which uses OpenAI technology to automatically identify and summarize unexpected results in performance marketing campaigns. The company also introduced Advisor, an OpenAI-powered virtual assistant designed to streamline marketers’ workflows and provide actionable insights. Additional product enhancements included expanded integrations with Reddit and X (formerly Twitter), support for Amazon TV and Spotlight Ads, and advanced campaign management APIs.

Despite these innovations, Marin Software faced persistent financial difficulties. From 2016 onward, the company posted consistent annual losses and declining revenues. By late 2024, its market capitalization had fallen below $10 million, and shares were trading under $1, putting the company at risk of Nasdaq delisting. In October 2024, Marin implemented a restructuring plan that reduced its global workforce by approximately 26% to cut operating costs. The company also renewed its strategic partnership with Google for another three years in July 2024, aiming to strengthen its position in the competitive digital advertising landscape.

From Wikipedia’s article on Marin Software, shared under CC BY-SA 4.0.7

Leadership

Who has led Marin Software, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Christopher A. Lien2013–2014
  2. Dave Yovanno2014–2016

Chair

  1. Christopher A. Lien2014–2015

Chief financial officer

  1. John A. Kaelle2013–2015
  2. Catriona M. Fallon2015–2017
  3. Bradley Kinnish2017–2019
  4. Robert Bertz2019–now
2010201520202025
Board members and other officers (18)

Products and brands

Between 2006 and 2012, Marin raised more than US$100 million in funding. The company reported a revenue of $36M in 2011 and $50M in 2012. In February 2013, Marin filed with the SEC for a $75M initial public offering. The company went public in March, selling 7.5M shares at a price of $14 per share, raising $105M at a valuation of $425M.

In 2014, Marin acquired Perfect Audience, and in 2015, they acquired Social Moov.

From Wikipedia’s article on Marin Software, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Marin Software GmbH Germany8
  • Marin Software Limited Ireland8
  • Marin Software Pte. Ltd. Singapore8
  • Marin Software SARL France8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 5, 20258-K Ended a material agreement; Bankruptcy or receivership; Unregistered sale of shares42
  2. Aug 22, 20258-K Regulation FD disclosure43
  3. Aug 4, 20258-K Entered a material agreement; Bankruptcy or receivership; New debt or obligation44
  4. Jul 24, 20258-K Change of auditor; Regulation FD disclosure45
  5. Jul 10, 20258-K Regulation FD disclosure46
  6. Jul 3, 20258-K Entered a material agreement; Bankruptcy or receivership; New debt or obligation47
  7. Jun 20, 20258-K Listing notice or transfer; Other events48
  8. Jun 12, 20258-K Shareholder vote; Other events49
  9. Jun 9, 20258-K Entered a material agreement; New debt or obligation; Other events50
  10. May 23, 20258-K Listing notice or transfer; Regulation FD disclosure51
  11. May 15, 20258-K Results of operations52
  12. May 6, 20258-K Executive or director change53
  13. May 14, 2014New chief executive Dave Yovanno becomes CEO19
  14. Mar 21, 2013New chief executive Christopher A. Lien becomes CEO20
  15. 2006Founded Founded1

Calendar

When it reported results

  1. May 15, 2025Reported quarterly or annual results52
  2. Oct 31, 2024Reported quarterly or annual results54
  3. Aug 1, 2024Reported quarterly or annual results55
  4. Jul 29, 2024Reported quarterly or annual results56
  5. May 2, 2024Reported quarterly or annual results57
  6. Feb 22, 2024Reported quarterly or annual results58
  7. Nov 2, 2023Reported quarterly or annual results59
  8. Aug 3, 2023Reported quarterly or annual results60

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

176 filings to the SEC since October 2021: 4 annual reports, 10 quarterly reports, 41 major events, 72 insider forms, 3 large holders, 46 other. The latest 20:

  1. Sep 8, 20254 EDGAR
  2. Sep 8, 20254 EDGAR
  3. Sep 8, 20254 EDGAR
  4. Sep 8, 20254 EDGAR
  5. Sep 8, 20254 EDGAR
  6. Sep 8, 20254 EDGAR
  7. Sep 8, 20254 EDGAR
  8. Sep 8, 20254 EDGAR
  9. Sep 5, 202515-12G EDGAR
  10. Sep 5, 20258-K EDGAR
  11. Sep 3, 2025EFFECT EDGAR
  12. Sep 3, 2025EFFECT EDGAR
  13. Sep 3, 2025EFFECT EDGAR
  14. Sep 3, 2025EFFECT EDGAR
  15. Sep 3, 2025EFFECT EDGAR
  16. Aug 29, 2025S-8 POS EDGAR
  17. Aug 29, 2025POS AM EDGAR
  18. Aug 29, 2025POS AM EDGAR
  19. Aug 29, 2025POS AM EDGAR
  20. Aug 29, 2025POS AM EDGAR

The 176 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

8 open-market trades by officers, directors and large owners since October 2021: 0 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 13, 2023Bertz RobertCFOSale35,000$0.60$21.0KForm 4
Sep 8, 2023Bertz RobertCFOSale31,178$0.60$18.7KForm 4
Sep 6, 2023Lien Christopher A.CEOSale36,915$0.66$24.4KForm 4
Sep 5, 2023Lien Christopher A.CEOSale67,216$0.43$28.9KForm 4
Sep 1, 2023Lien Christopher A.CEOSale10,239$0.46$4.7KForm 4
Aug 31, 2023Lien Christopher A.CEOSale10,146$0.47$4.8KForm 4
Mar 2, 2023Lien Christopher A.CEOSale8,377$1.07$9.0KForm 4
Mar 1, 2023Lien Christopher A.CEOSale15,230$1.07$16.3KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$3.3M 2020–2020
Money received by yearMoney received by year, 2020–2020: $3.3M in all. PPP loans $3.3M.$0$1M$2M$3M$4M2020 · PPP loans: $3.3M2020
Figures by year
YearPPP loansTotal
2020$3.3M$3.3M

PPP loans

Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA63. Matched to this company by name and state.

  1. Apr 14, 2020$3.3M PPP loan (first draw) from Harvest Small Business Finance, LLC63To MARIN SOFTWARE INCORPORATED, San Francisco CA; $3.2M forgiven Jan 24, 2022

SEC filer profile

How Marin Software is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMARIN SOFTWARE INC2
  • CIK0001389002
  • Employer ID (EIN)20-46471802
  • Filer statusNon-accelerated filer<br>smaller reporting company2
  • Incorporated inDelaware2
  • Fiscal year endsDecember 312
  • Industry code (SIC)7374 Services-Computer Processing & Data Preparation2
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance2
  • Business address123 Mission St, 25Th Floor, San Francisco, CA 941052
  • Phone415-399-25802
  • Shares outstanding3,143,449 as of Oct 24, 202411
  • Public float$9.1M as of Jun 30, 202310
  • On EDGAR sinceFeb 1, 20072
  • Filings601 in all: 4 (223), 8-K (128), 10-Q (36), 3 (30), SC 13G/A (23), DEF 14A (13), S-8 (13), S-8 POS (13)2
    All 48 form types

    SC 13G (12), 10-K (11), EFFECT (10), CORRESP (8), D (7), UPLOAD (7), 424B5 (5), DEFA14A (5), POS AM (5), 144 (4), S-3 (4), PRE 14A (3), S-1/A (3), S-3/A (3), 10-K/A (2), 4/A (2), 5 (2), 8-A12B (2), 8-K/A (2), NT 10-Q (2), REGDEX (2), SC 13D (2), SC 13D/A (2), 10-Q/A (1), 15-12G (1), 25 (1), 25-NSE (1), 3/A (1), 424B4 (1), ARS (1), CERT (1), CERTNYS (1), CT ORDER (1), DEFR14A (1), DRS (1), DRS/A (1), NT 10-K (1), S-1 (1), S-1MEF (1), S-3MEF (1)

  • Latest filingsAnnual report (10-K) Feb 23, 2024
    Quarterly report (10-Q) Nov 12, 2024
    Proxy statement (DEF 14A) May 7, 2025
    Latest 8-K (8-K) Sep 5, 2025

Sources

The numbers on this page point here. Each one links to the record it came from.

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    Company websiteMarin Software logo
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    Company websiteMarin Software photo
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