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QNST on Nasdaq

QuinStreet

Logo: QuinStreet, Inc., Attribution, via Wikimedia Commons5

American marketing company

QuinStreet, Inc. is a publicly traded online marketing company based in Foster City, California. The company helps generate web traffic for clients through consumer websites, including media, in the home and financial services sector. The company was founded in 1999, and was publicly listed in 2010.3 Its shares trade on Nasdaq under the symbol QNST.1 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

$1.3BRevenue, fiscal 20266
$81.2MNet income, fiscal 20266
1999Founded1

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  • TickerQNST on Nasdaq1
  • IndustryServices-Business Services, NEC1
  • HeadquartersFoster City1
  • Websitequinstreet.com
  • Legal formDelaware corporation1
  • Business address950 Tower Lane, 12Th Floor, Foster City, Ca 944047
  • Filer categoryLarge accelerated filer7
  • LEI549300TP8MFBFPOS4Y784
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 47402274

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QuinStreet, Inc. is a publicly traded online marketing company based in Foster City, California. The company helps generate web traffic for clients through consumer websites, including media, in the home and financial services sector.3

Financials

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

Key numbers, fiscal 2026

11.3%Gross margin6
2.7%Operating margin6
6.3%Net margin6
18.3%Revenue growth, 20266
25.1%Return on equity6
0.22×Debt to equity6
$127.9MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Financial Service brought in 69% of the revenue QuinStreet broke down this way in fiscal 2026.

  1. Financial Service$888.4M669%up 9% from 2025
  2. Home Services$405.4M631%up 47% from 2025
Products and services by year
Products and services202420252026
Financial Service$392.6M$817.2M$888.4M
Home Services$220.9M$276.6M$405.4M

Regions

United States brought in 99% of the revenue QuinStreet broke down this way in fiscal 2026.

  1. United States$1.3B699%up 18% from 2025
  2. Outside the United States$13.1M61%up 1% from 2025
Regions by year
Regions202420252026
United States$607.4M$1.1B$1.3B
Outside the United States$6.1M$13.0M$13.1M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue87¢$1.1B
  • Research and development3¢$37.3M
  • Interest0¢$4.4M
  • Income tax4¢$50.0M
  • Profit6¢$81.2M

Out of $1.3B in revenue.6

Where each dollar of operating cash went, fiscal 2026

  • Capital spending3¢$3.4M
  • Share buybacks24¢$31.4M
  • Kept or used elsewhere73¢$96.5M

Out of $131.3M of cash from operations.6

Financial statements

Revenue101112136$1.3B in 2026+184% since 2019
0$500.0M$1.0B$1.5B2019: $455.2M$455.2M20192020: $490.3M$490.3M2020+8%2021: $578.5M$578.5M2021+18%2022: $582.1M$582.1M2022+1%2023: $580.6M$580.6M2023−0%2024: $613.5M$613.5M2024+6%2025: $1.1B$1.1B2025+78%2026: $1.3B$1.3B2026+18%
Gross profit101112136$145.8M in 2026+137% since 2019
0$50.0M$100.0M$150.0M2019: $61.6M$61.6M20192020: $52.5M$52.5M2020−15%2021: $70.5M$70.5M2021+34%2022: $53.7M$53.7M2022−24%2023: $48.5M$48.5M2023−10%2024: $46.2M$46.2M2024−5%2025: $110.9M$110.9M2025+140%2026: $145.8M$145.8M2026+32%
Operating income101112136$35.4M in 2026+230% since 2019
-$40.0M-$20.0M0$20.0M$40.0M2019: $10.7M$10.7M20192020: $6.2M$6.2M2020−42%2021: $13.9M$13.9M2021+124%2022: -$4.7M-$4.7M20222023: -$20.8M-$20.8M2023+341%2024: -$28.1M-$28.1M2024+35%2025: $6.2M$6.2M20252026: $35.4M$35.4M2026+472%
Net income101112136$81.2M in 2026+30% since 2019
-$100.0M-$50.0M0$50.0M$100.0M2019: $62.5M$62.5M20192020: $18.1M$18.1M2020−71%2021: $23.6M$23.6M2021+30%2022: -$5.2M-$5.2M20222023: -$68.9M-$68.9M2023+1212%2024: -$31.3M-$31.3M2024−55%2025: $4.7M$4.7M20252026: $81.2M$81.2M2026+1626%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2026-06-302025-06-302024-06-30
Net revenue$1.3B$1.1B$613.5M
Cost of revenue$1.1B$982.8M$567.3M
Gross profit$145.8M$110.9M$46.2M
Product development$37.3M$33.9M$30.0M
Sales and marketing$27.3M$18.3M$13.6M
General and administrative$45.8M$52.5M$30.7M
Operating income (loss)$35.4M$6.2M-$28.1M
Interest income$96.0K$23.0K$408.0K
Interest expense-$4.4M-$400.0K-$680.0K
Other income (expense), net$81.0K-$183.0K-$2.1M
Income (loss) before income taxes$31.2M$5.6M-$30.4M
Benefit from (provision for) income taxes$50.0M-$926.0K-$935.0K
Net income (loss)$81.2M$4.7M-$31.3M
Foreign currency translation adjustment$0$0-$2.0K
Comprehensive income (loss)$81.2M$4.7M-$31.3M
Net income (loss) per share, basic$1.42$0.08-$0.57
Net income (loss) per share, diluted$1.40$0.08-$0.57
Weighted-average shares used in computing net income (loss) per share, basic57.2M shares56.5M shares54.9M shares
Weighted-average shares used in computing net income (loss) per share, diluted58.2M shares58.3M shares54.9M shares

Compare QuinStreet with another company

Corporate structure

QuinStreet sits at the top of its group. 19 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of QuinStreet

  • QuinStreet Foster City, California, United States
    • Carson City Media, LLC Subsidiary · Nevada, United States
    • CloudControlMedia LLC Subsidiary · Maryland, United States
    • HQ Publications, LLC Subsidiary · Illinois, United States
    • MBTmedia LLC Subsidiary · New York, United States
    • Modernize, Inc. Subsidiary · Delaware, United States
    • NarrowCast Group, LLC Subsidiary · Kentucky, United States
    • OK Content-Rich Web Properties, LLC Subsidiary · Oklahoma, United States
    • QuinStreet Cayman Islands Ltd Subsidiary · Cayman Islands
    • QuinStreet India Marketing and Media, Pvt., Ltd. Subsidiary · India
    • QuinStreet Insurance Agency, Inc. Subsidiary · Florida, United States
    • QuinStreet Mexico Subsidiary · Mexico
    • QuinStreet PL, Inc. Subsidiary · California, United States
    • QuinStreet Software India, Pvt., Ltd. Subsidiary · India
    • Silverlode Holdings, LLC Subsidiary · Nevada, United States
    • Siren Group AG Subsidiary · Switzerland
    • Siren Group Canada Inc. Subsidiary · Canada
    • Siren Group USA Inc. Subsidiary · Delaware, United States
    • V-P.D.C.- Web, LLC Subsidiary · Wyoming, 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 QuinStreet 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
Property and equipment, before depreciation$71.3M6 Jun 30, 2026$58.9M6 Jun 30, 2025+21.1%
Accumulated depreciation$54.7M6 Jun 30, 2026$42.1M6 Jun 30, 2025+30.0%
Property and equipment, net$16.7M6 Jun 30, 2026$16.8M6 Jun 30, 2025−1.0%
Operating-lease assets (leased space)$7.1M6 Jun 30, 2026$9.6M6 Jun 30, 2025−26.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$128.3M6 Jun 30, 2026$101.1M6 Jun 30, 2025+26.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$261.4M6 Jun 30, 2026$125.1M6 Jun 30, 2025+109.0%
Finite-lived intangibles, gross$254.6M6 Jun 30, 2026$205.1M6 Jun 30, 2025+24.1%
Accumulated amortization$188.3M6 Jun 30, 2026$176.6M6 Jun 30, 2025+6.6%
Finite-lived intangibles, net$66.3M6 Jun 30, 2026$28.5M6 Jun 30, 2025+132.8%

Properties, in its own words

As of June 30, 2026, our corporate headquarters are located at 950 Tower Lane, Suite No. 1200, Foster City, California 94404 and consist of approximately 22,915 square feet of office space under a lease with an expiration date in October 2028. This facility accommodates our engineering, sales, marketing, operations, finance and administrative activities.

We also lease additional facilities to accommodate our engineering, sales, marketing, and operations throughout the United States. Outside of the United States, we lease facilities to accommodate engineering and operations in India and Mexico. We believe that our existing facilities are suitable and adequate for our present purposes.

Item 2 of the 10-K filed Aug 26, 2026.18

The story

QuinStreet was formed in 1999 by Doug Valenti (chairman and CEO). Bronwyn Syiek, another founding team member, was president and COO. The company was first profitable in 2002 with revenues of $13 million; by April 2009, QuinStreet reported $300 million in annual revenues and approximately 450 employees.

QuinStreet Inc. acquired U.S. Citizens for Fair Credit Card Terms, Inc, which operated the CardRatings.com website in August 2008 for an initial cash payment of $10.4 million.

In the beginning of August 2009, QuinStreet Inc. used some of its cash reserves to acquire the Internet.com division of WebMediaBrands Inc. for $18 million.

In September 2009, QuinStreet purchased Insure.com for $16 million. The company's other financial-services properties include MoneyRates.com, Get Rich Slowly, ConsumerismCommentary.com and HSH.com.

An initial public offering on February 11, 2010, raised $150 million, with the shares listed on Nasdaq under the symbol QNST.

In September 2011, QuinStreet acquired the IT Business Edge (ITBE) network of web publications.

In June 2012, the company was under investigation by the Attorneys General's offices of 15 separate US states, led by the Attorney General of Kentucky, Jack Conway. The company was accused of targeting military veterans with deceptive recruiting practices for its for-profit school clients. The company agreed to pay a $2.5 million fine and relinquish the website GIBill.com.

In February 2012, the company acquired the media assets of Ziff Davis "Enterprise", which included eWeek.com, CIOInsight.com, Baseline.com, ChannelInsider.com and WebBuyersGuide.com, and others.

Read the full text

In 2018, the company acquired AmOne, an online marketing company. In 2019, Quinstreet acquired CloudControlMedia, LLC and MyBankTracker.com, LLC.

In 2020, QuinStreet sold its B2B tech publications to TechnologyAdvice. QuinStreet divested their education media, client and campaign assets on August 31, 2020.

In 2020, QuinStreet acquired the home improvement marketing company, Modernize. In 2026, QuinStreet acquired HomeBuddy for $179.7 million.

From Wikipedia’s article on QuinStreet, shared under CC BY-SA 4.0.8

Leadership

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

Chief executive

  1. Douglas Valenti2010–now

President

  1. Bronwyn Syiek2010–2013

Chief financial officer

  1. Kenneth R. Hahn2010–2013
  2. Gregory Wong2013–now

Chief operating officer

  1. Bronwyn Syiek2010–2012
  2. Kenneth R. Hahn2013–2015
200020052010201520202025
Board members and other officers (26)

Products and brands

Quinstreet's education clients have included Art Institutes, DeVry University, Kaplan University, University of Phoenix, Westwood, and other for-profit colleges.

From Wikipedia’s article on QuinStreet, shared under CC BY-SA 4.0.8

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Carson City Media, LLC Nevada9
  • CloudControlMedia LLC Maryland9
  • HQ Publications, LLC Illinois9
  • MBTmedia LLC New York9
  • Modernize, Inc. Delaware9
  • NarrowCast Group, LLC Kentucky9
  • OK Content-Rich Web Properties, LLC Oklahoma9
  • QuinStreet Cayman Islands Ltd Cayman Islands9
  • QuinStreet India Marketing and Media, Pvt., Ltd. India9
  • QuinStreet Insurance Agency, Inc. Florida9
  • QuinStreet Mexico Mexico9
  • QuinStreet PL, Inc. California9
  • QuinStreet Software India, Pvt., Ltd. India9
  • QuinStreet, LLC Illinois9
  • Silverlode Holdings, LLC Nevada9
  • Siren Group AG Switzerland9
  • Siren Group Canada Inc. Canada9
  • Siren Group USA Inc. Delaware9
  • V-P.D.C.- Web, LLC Wyoming9

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

Timeline

  1. Aug 6, 20268-K Results of operations49
  2. May 7, 20268-K Results of operations50
  3. Mar 13, 20268-K Financial statements and exhibits51
  4. Feb 5, 20268-K Results of operations52
  5. Jan 2, 20268-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation53
  6. Dec 3, 20258-K Entered a material agreement; Regulation FD disclosure54
  7. Nov 6, 20258-K Results of operations55
  8. Nov 4, 20258-K Shareholder vote56
  9. Aug 7, 20258-K Results of operations57
  10. May 7, 20258-K Results of operations58
  11. Feb 6, 20258-K Results of operations59
  12. Nov 4, 20248-K Results of operations60
  13. Feb 10, 2010New chief executive Douglas Valenti becomes CEO19
  14. 1999Founded Founded1

Calendar

Coming up

  1. Nov 4, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.08 a share, on Nov 6, 2025.61

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results49
  2. May 7, 2026Reported quarterly or annual results50
  3. Feb 5, 2026Reported quarterly or annual results52
  4. Nov 6, 2025Reported quarterly or annual results55
  5. Aug 7, 2025Reported quarterly or annual results57
  6. May 7, 2025Reported quarterly or annual results58
  7. Feb 6, 2025Reported quarterly or annual results59
  8. Nov 4, 2024Reported 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

277 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 29 major events, 164 insider forms, 18 large holders, 45 other. The latest 20:

  1. Sep 16, 2026DEF 14A PROXY STATEMENT EDGAR
  2. Aug 26, 202610-K EDGAR
  3. Aug 18, 2026144 EDGAR
  4. Aug 18, 20264 PRIMARY DOCUMENT EDGAR
  5. Aug 18, 20264 PRIMARY DOCUMENT EDGAR
  6. Aug 17, 2026144 EDGAR
  7. Aug 14, 2026144 EDGAR
  8. Aug 13, 20264 PRIMARY DOCUMENT EDGAR
  9. Aug 12, 2026144 EDGAR
  10. Aug 11, 2026144 EDGAR
  11. Aug 11, 20264 PRIMARY DOCUMENT EDGAR
  12. Aug 11, 20264 PRIMARY DOCUMENT EDGAR
  13. Aug 7, 2026144 EDGAR
  14. Aug 7, 2026144 EDGAR
  15. Aug 7, 2026144 EDGAR
  16. Aug 6, 20268-K EDGAR
  17. Jul 31, 20264 PRIMARY DOCUMENT EDGAR
  18. Jul 31, 20264 PRIMARY DOCUMENT EDGAR
  19. Jul 8, 2026144 EDGAR
  20. Jul 8, 20264 PRIMARY DOCUMENT EDGAR

The 277 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

48 open-market trades by officers, directors and large owners since October 2021: 10 buys and 38 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 18, 2026Wong GregoryCFOSale11,704$20.44$239.2KForm 4
Aug 17, 2026Ahmed AsmauDirectorSale10,000$20.30$203.0KForm 4
Aug 14, 2026Ahmed AsmauDirectorSale15,000$20.85$312.8KForm 4
Aug 12, 2026Ahmed AsmauDirectorSale10,000$20.43$204.3KForm 4
Aug 11, 2026Ahmed AsmauDirectorSale5,000$20.79$104.0KForm 4
Aug 7, 2026Wong GregoryCFOSale26,296$20.09$528.3KForm 4
Aug 7, 2026Valenti DouglasChief Executive OfficerSale751,631$20.50$15.4MForm 4
Jul 1, 2026Wong GregoryCFOSale10,338$15.00$155.1KForm 4
Jun 15, 2026Wong GregoryCFOSale22,057$12.19$268.9KForm 4
Feb 18, 2025Wong GregoryCFOSale8,516$22.88$194.8KForm 4
Feb 6, 2025Valenti DouglasChief Executive OfficerSale18,369$25.28$464.4KForm 4
Feb 5, 2025Valenti DouglasChief Executive OfficerSale10,000$25.02$250.2KForm 4
Nov 29, 2024Huizinga StuartDirectorSale2,980$23.00$68.5KForm 4
Nov 25, 2024Huizinga StuartDirectorSale7,020$23.21$162.9KForm 4
Nov 20, 2024SHEEHAN ANDREW TDirectorSale10,000$21.50$215.0KForm 4
Nov 19, 2024Wong GregoryCFOSale22,896$20.91$478.8KForm 4
Nov 12, 2024Glickman MatthewDirectorSale30,000$22.63$678.9KForm 4
Nov 11, 2024Huizinga StuartDirectorSale28,700$23.16$664.7KForm 4
Nov 8, 2024Huizinga StuartDirectorSale1,300$23.01$29.9KForm 4
Sep 12, 2024Wong GregoryCFOSale41,855$18.66$780.8KForm 4

All 48 trades can be filtered by person here when JavaScript is on.

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.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2026Douglas Valenti66$604.8K$6.8M67
2026Nina Bhanap53$528.9K$3.0M67
2026Gregory Wong53$483.0K$2.9M67
2026Timothy Stevens59$451.0K$2.1M67
2026Martin J. Collins62$436.6K$1.6M67
2025Chairperson and Chief$590.0K$7.7M67
2025Chief Technology Officer and$516.0K$3.4M67
2025Chief Financial Officer$460.0K$3.1M67
2025Chief Operating Officer$440.0K$2.4M67
2025Chief Legal and Privacy Officer$426.0K$1.8M67
2024Executive Officer$572.1K$5.9M67
2024PresidentProduct and Technology$500.0K$2.4M67
2024Chief Financial Officer$445.0K$1.7M67
2024Chief Operating Officer$426.0K$1.7M67
2024Chief Legal and Privacy Officer$413.0K$1.3M67

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.10,976,422$160.8M0.0%+426,392
Private Capital Management, LLC4,699,512$68.8M6.2%+284,110
Aqr Capital Management LLC2,521,654$36.9M0.0%+448,336
Vanguard Capital Management LLC2,433,346$35.6M0.0%+14,064
State Street Corp2,248,840$32.9M0.0%+79,757
Goldman Sachs Group Inc2,028,249$29.7M0.0%+423,575
Royce & Associates LP1,716,828$25.2M0.2%+142,535
Geode Capital Management, LLC1,449,125$21.2M0.0%+78,339
Dimensional Fund Advisors LP1,390,499$20.4M0.0%+190,164
Vanguard Portfolio Management LLC1,310,488$19.2M0.0%−22,854
Lazard Asset Management LLC1,204,068$17.6M0.0%−237,045
Jacobs Levy Equity Management, Inc1,148,269$16.8M0.1%+201,509
Jacobs Asset Management, LLC950,000$13.9M10.5%−184,300
Millennium Management LLC927,602$13.6M0.0%+905,523
NewEdge Wealth, LLC829,840$12.2M0.1%−59,415
Nuveen, LLC759,053$11.1M0.0%−177,332
Morgan Stanley698,685$10.2M0.0%−193,954
Northern Trust Corp644,482$9.4M0.0%+16,647
Heartland Advisors Inc600,000$8.8M0.4%+100,000
D. E. Shaw & Co., Inc.586,231$8.6M0.0%−305,888
Bnp Paribas Financial Markets576,043$8.4M0.0%+28,473
Charles Schwab Investment Management Inc560,585$8.2M0.0%+30,676
Mill Road Capital Management LLC518,879$7.6M3.8%No change
Algert Global LLC500,476$7.3M0.1%+246,356
UBS Group AG435,883$6.4M0.0%−34,407

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

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

  • Name on EDGARQUINSTREET, INC2
  • CIK0001117297
  • Employer ID (EIN)77-051212118
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company18
  • Incorporated inDelaware18
  • Fiscal year endsJune 302
  • Industry code (SIC)7389 Services-Business Services, NEC2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address950 Tower Lane, 12Th Floor, Foster City, CA 944042
  • Phone(650) 578-76322
  • Shares outstanding57,086,409 shares as of Aug 21, 202618
  • Public float$779.1M as of Dec 31, 202518
  • AuditorPricewaterhouseCoopers LLP, San Jose, California PCAOB ID 238; it also attests to the company’s internal control over financial reporting18
  • On EDGAR sinceAug 17, 20092
  • Filings1,120 in all: 4 (662), 8-K (109), SC 13G/A (66), 10-Q (49), 3 (46), 144 (31), 5 (28), 10-K (17)2
    All 33 form types

    DEF 14A (17), SC 13G (14), DEFA14A (12), S-8 (12), UPLOAD (10), CORRESP (8), 4/A (7), SCHEDULE 13G/A (5), ARS (4), S-1/A (4), CT ORDER (3), 3/A (2), 8-K/A (2), 10-K/A (1), 10-Q/A (1), 144/A (1), 424B4 (1), 8-A12B (1), CERTNAS (1), EFFECT (1), FWP (1), NT 10-Q (1), S-1 (1), SC 13D (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Aug 26, 2026
    Quarterly report (10-Q) May 8, 2026
    Proxy statement (DEF 14A) Sep 16, 2026
    Latest 8-K (8-K) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareQNSTNasdaq

From the cover page of the 10-K filed Aug 26, 2026 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks QuinStreet names in Item 1A of its 10-K filed Aug 26, 2026: 43 risks under these headings, as written.18

  • Risks Related to Our Business and Industry
  • We operate in an industry that is still developing and have a relatively new business model that is continually evolving, which makes it difficult to evaluate our business and prospects.
  • A reduction in online marketing spend by our clients, a loss of clients or lower advertising yields may seriously harm our business, financial condition and results of operations. In addition, a substantial portion of our revenue is generated from a limited number of clients and if we lose a major client our revenue will decrease and our business and prospects may be harmed.
  • We depend on third-party media sources, including strategic partners, for a significant portion of our visitors. Any decline in the supply of media available through these third-party publishers’ websites (including via regulatory action specific to those websites or to third-party media sources generally), or increase in the price of this media, could cause our revenue to decline or our cost to reach visitors to increase.
  • We depend upon Internet search companies to direct a significant portion of visitors to our owned and operated and our third-party publishers’ websites. Changes in search engine algorithms have in the past harmed, and may in the future harm, the websites’ placements in both paid and organic search result listings, which may reduce the number of visitors to our owned and operated and our third-party publishers’ websites and as a result, cause our revenue to decline.
  • Negative changes in the economic conditions and the regulatory environment have had in the past, and may in the future have, a material and adverse impact on our revenue, business and growth.
  • Our cash and cash equivalents may be exposed to banking institution risk.
  • If we fail to continually enhance and adapt our products and services to keep pace with rapidly changing technologies and industry standards, we may not remain competitive and could lose clients or advertising inventory.
  • Our results of operations have fluctuated in the past and may do so in the future, which makes our results of operations difficult to predict and could cause our results of operations to fall short of analysts’ and investors’ expectations.
  • As a result of changes in our business model, increased investments, increased expenditures for certain businesses, products, services and technologies, we anticipate fluctuations in our adjusted EBITDA margin.
  • Our visitor traffic and our clients’ spend can be impacted by interest rate volatility.
  • If we fail to compete effectively against other online marketing and media companies and other competitors, we could lose clients and our revenue may decline.
The other 32 risks
  • Many people are using mobile devices to access the Internet. If we fail to optimize our websites for mobile access with respect to user interfaces, we may not remain competitive and could lose clients or visitors to our websites.
  • Third-party publishers, strategic partners, vendors or their respective affiliates may engage in unauthorized or unlawful acts that could subject us to significant liability or cause us to lose clients and revenue.
  • If we are unable to collect our receivables from our clients, our results of operations and cash flows could be adversely affected.
  • We rely on certain advertising agencies for the purchase of various advertising and marketing services on behalf of their clients. Such agencies may have or develop high-risk credit profiles, which may result in credit risk to us.
  • If we do not effectively manage any future growth or if we are not able to scale our products or upgrade our technology or network hosting infrastructure quickly enough to meet our clients’ needs, our operating performance will suffer and we may lose clients.
  • Interruption or failure of our information technology and communications systems could impair our ability to effectively deliver our services, which could cause us to lose clients and harm our results of operations.
  • Acquisitions, investments and divestitures could complicate operations, or could result in dilution and other harmful consequences that may adversely impact our business and results of operations.
  • We rely on call centers, Internet and data center providers, and other third-parties for key aspects of the process of providing services to our clients, and any failure or interruption in the services and products provided by these third-parties could harm our business.
  • Our quarterly revenue and results of operations may fluctuate significantly from quarter to quarter due to fluctuations in advertising spending, including seasonal and cyclical effects.
  • If the market for online marketing services fails to continue to develop, our success may be limited, and our revenue may decrease.
  • We could lose clients if we fail to detect click-through or other fraud on advertisements in a manner that is acceptable to our clients.
  • Limitations restricting our ability to market to users or collect and use data derived from user activities by technologies, service providers or otherwise could significantly diminish the value of our services and have an adverse effect on our ability to generate revenue.
  • Increased scrutiny and changing expectations from investors, customers, employees, and others regarding our environmental, social and governance practices and reporting could cause us to incur additional costs, devote additional resources and expose us to additional risks, which could adversely impact our reputation, customer acquisition and retention, access to capital and employee retention.
  • Risks Related to Our Intellectual Property
  • If we do not adequately protect our intellectual property rights, our competitive position and business may suffer.
  • Third-parties may sue us for intellectual property infringement, which, even if unsuccessful, could require us to expend significant costs to defend or settle.
  • As a creator and a distributor of content, we face potential liability and expenses for legal claims based on the nature and content of the materials that we create or distribute, including materials provided by our clients. If we are required to pay damages or expenses in connection with these legal claims, our results of operations and business may be harmed.
  • Risks Related to the Ownership of Our Common Stock
  • Our stock price has been volatile and may continue to fluctuate significantly in the future, which may lead to you not being able to resell shares of our common stock at or above the price you paid, delisting, securities litigation or hostile or otherwise unfavorable takeover offers.
  • If securities or industry analysts do not publish research or reports about our business, or if they issue an adverse opinion regarding our stock, our stock price and trading volume could decline.
  • We cannot guarantee that our stock repurchase program will be fully consummated or that our stock repurchase program will enhance long-term stockholder value, and stock repurchases could increase the volatility of the price of our stock and could diminish our cash reserves.
  • We may be subject to short selling strategies that may drive down the market price of our common stock.
  • Substantial future sales of shares by our stockholders could negatively affect our stock price.
  • If we fail to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis or effectively prevent fraud could be impaired, which would adversely affect our ability to operate our business.
  • If we identify material weaknesses in our internal control over financial reporting or otherwise fail to maintain an effective system of internal control over financial reporting, the accuracy and timeliness of our financial reporting may be adversely affected.
  • We may be required to record a significant charge to earnings if our goodwill or intangible assets become impaired.
  • Provisions in our charter documents under Delaware law and in contractual obligations could discourage a takeover that stockholders may consider favorable and may lead to entrenchment of management.
  • We do not currently intend to pay dividends on our common stock and, consequently, your ability to achieve a return on your investment will depend on appreciation in the price of our common stock.
  • General Risk Factors
  • We are subject to risks with respect to counterparties, and failure of such counterparties to meet their obligations could cause us to suffer losses or negatively impact our results of operations and cash flows.
  • We rely on our management team and other key employees, and the loss of one or more key employees could harm our business.
  • Damage to our reputation could harm our business, financial condition and results of operations.
  • We may need additional capital in the future to meet our financial obligations and to pursue our business objectives. Additional capital may not be available or may not be available on favorable terms and our business and financial condition could therefore be adversely affected.
  • We have a significant amount of debt, which may limit our ability to fund general corporate requirements and obtain additional financing, limit our flexibility in responding to business opportunities and competitive developments and increase our vulnerability to adverse economic and industry conditions.
  • We may face additional risks in conducting business in international markets.

Legal proceedings

From time to time, we may become involved in legal proceedings and claims arising in the ordinary course of business. Certain of our outstanding legal matters include claims for indeterminate amounts of damages. We record a liability when we believe that it is probable that a loss has been incurred and the amount can be reasonably estimated. Based on our current knowledge, we do not believe that there is a reasonable possibility that the final outcome of pending or threatened legal proceedings to which we are a party, either individually or in the aggregate, will have a material adverse effect on our financial position, results of operations and cash flows. However, the outcome of such legal matters is subject to significant uncertainties.

The opening of Item 3, Legal Proceedings.18

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