Company Expects Q4 Net Revenue of Approximately $14M
The company expects Q4 net revenue to be approximately $14M, representing an approximate 47% decrease compared to the same quarter of the prior year. The shortfall was driven primarily by an intentional pullback in the Platform product line. "During the quarter, we prioritized advertising quality, scalability, and compliance over short-term volume, leading to a near-term reduction in revenue," said Rich Howe, CEO. "While we had flagged challenges on our Q3 conference call, the impact ended up greater and more prolonged than expected, extending through Q4 and into January. The steps we have taken were essential for the long-term success of our Platform product line, positioning it for durable, defensible growth. We have reason to believe that revenue will recover in the months ahead."