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PERI

Perion Network Ltd.

PERI

Perion Network Ltd. • NASDAQ
$10.22 ▲ 2.82% (+0.28)
Market Cap $460.28 M
52w High $11.79
52w Low $7.00
Dividend Yield 0%
P/E -37.85
Volume 210.08K
Outstanding Shares 45.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $110.461M ▲ $42.1M ▲ $-4.079M ▼ -3.693% ▼ $-0.098 ▼ $2.376M ▲
Q2-2025 $102.981M ▲ $41.938M ▲ $-3.471M ▲ -3.371% ▲ $-0.083 ▲ $-3.072M ▲
Q1-2025 $89.342M ▼ $40.347M ▲ $-8.346M ▼ -9.342% ▼ $-0.19 ▼ $-8.233M ▼
Q4-2024 $129.577M ▲ $38.229M ▼ $4.941M ▲ 3.813% ▲ $0.11 ▲ $17.784M ▲
Q3-2024 $102.198M $38.911M $2.114M 2.069% $0.045 $769K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $315.626M ▼ $915.555M ▲ $229.229M ▲ $686.326M ▼
Q2-2025 $318.979M ▼ $907.184M ▲ $218.923M ▲ $688.261M ▼
Q1-2025 $358.482M ▼ $878.27M ▼ $162.674M ▼ $715.596M ▼
Q4-2024 $373.335M ▼ $915.526M ▲ $192.586M ▲ $722.94M ▲
Q3-2024 $383.857M $892.466M $170.65M $721.816M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.079M ▼ $5.885M ▼ $12.81M ▲ $-7.94M ▲ $10.755M ▲ $5.231M ▼
Q2-2025 $-3.471M ▲ $21.292M ▲ $-25.436M ▼ $-33.238M ▼ $-37.064M ▼ $19.805M ▲
Q1-2025 $-8.346M ▼ $-7.05M ▼ $7.89M ▼ $-6.484M ▲ $-5.5M ▼ $-8.748M ▼
Q4-2024 $4.941M ▲ $4.339M ▼ $10.779M ▼ $-13.307M ▲ $1.508M ▼ $2.934M ▼
Q3-2024 $2.114M $16.238M $28.533M $-36.218M $8.755M $11.902M

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have grown strongly over the past several years but took a noticeable step back in the most recent year. After a run of steady top-line expansion and improving profit margins, the latest period shows revenue shrinking and operating profit essentially moving to breakeven. Net income and earnings per share, which had climbed impressively, also dropped sharply. Overall, the business has demonstrated that it can be solidly profitable in good conditions, but results are clearly sensitive to shifts in demand, mix (such as search vs. display/CTV), and ad-market cycles. Volatility in profitability is the key watch-point here.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively robust. Assets have grown meaningfully over time, driven mainly by past expansion and acquisitions, and even after a recent dip they remain well above earlier years. Cash levels are healthy compared with the company’s very low debt, indicating a net cash position and modest financial risk. Equity has expanded significantly over the period, reflecting accumulated profits. In simple terms, Perion appears to be funded mostly by its own capital rather than borrowing, giving it flexibility to invest or weather downturns, even if current earnings are weaker.

Cash Flow

Cash Flow Cash generation mirrored the income statement: strong and improving through 2023, followed by a sharp slowdown in the latest year. Operating cash flow and free cash flow had built a solid multi-year track record, particularly impressive for an asset-light, technology-based business with very limited capital spending needs. However, the most recent year shows only marginal positive cash flow from operations, indicating that the current profitability pressure is also flowing through to cash. The company still seems capable of self-funding, but the trend underscores the importance of stabilizing earnings and maintaining discipline on costs and working capital.

Competitive Edge

Competitive Edge Perion’s competitive position is built around its role as an integrated ad-tech platform rather than a single-point solution. Its ability to operate on both the buying and selling sides of digital advertising, combined with a multi-channel offering across search, display, video, connected TV, and digital out-of-home, gives it diversified exposure and helps limit dependence on any one format. Proprietary, privacy-friendly targeting (like SORT) and its unified iHub/Perion One platforms differentiate it from more basic ad networks. At the same time, it still operates in an intensely competitive space dominated by large global players and subject to policy changes by major platforms and browsers. Its moat is meaningful but not unassailable; execution and continual innovation remain essential.

Innovation and R&D

Innovation and R&D Innovation is a core part of Perion’s identity. The company has invested heavily in AI-driven and privacy-first advertising solutions, with flagship technologies like SORT for cookieless targeting, the iHub and Perion One unified platforms, and newer generative-AI features in ad formats. Recent moves into connected TV, digital out-of-home, and retail media, supported by acquisitions such as Hivestack and Greenbids, show a clear push toward high-growth, data-rich segments. The opportunity is that these tools can command higher value and improve campaign performance; the risk is ongoing integration complexity, fast-moving competition, and the need to prove consistent results at scale. Overall, Perion appears to be on the front foot technologically, but must convert innovation into stable, repeatable revenue and profit.

Summary

Perion has transformed itself over the last few years from a smaller, less diversified player into a more sophisticated, AI-driven ad-tech platform with a solid balance sheet and historically strong cash generation. The upside story is about differentiated, privacy-compliant technology, multi-channel reach, and optionality from CTV, DOOH, and retail media. The downside story in the latest year is about profit compression and weaker cash flow, which highlight the cyclical and competitive nature of digital advertising and the lingering dependence on certain partners and channels. Financial strength gives the company room to keep investing and acquiring, but the key questions going forward are whether Perion can stabilize growth after the recent setback, prove the earnings power of its newer platforms, and maintain its technological edge in a very crowded market.

NEWS

November 12, 2025 · 7:00 AM UTC

Perion Reports Third Quarter 2025 Results

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November 4, 2025 · 7:00 AM UTC

Perion Launches DOOH Player, Completing the Full-Stack Marketing Operating System for DOOH and Retail Media

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November 3, 2025 · 8:00 AM UTC

Perion Announces Participation in Leading Investor Conferences in November and December 2025

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September 11, 2025 · 7:00 AM UTC

Perion Launches “SODA” – Next Generation AI-Powered Supply-Side Technology for Web and DOOH Designed to Increase Revenue for Publishers, and Reduce Waste for Advertisers

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