On this page of StockholderLetter.com we present the latest annual shareholder letter from Outbrain Inc. — ticker symbol OB. Reading current and past OB letters to shareholders can bring important insights into the investment thesis.

 •  4/25/2025 Letter Continued (Full PDF)
 •  4/27/2023 OB Stockholder Letter
 •  4/26/2024 OB Stockholder Letter
 •  More "Miscellaneous" Category Stockholder Letters
 •  OB Benford's Law Stock Score = 86

OB Shareholder/Stockholder Letter Transcript:

Outbrain Inc.
2024 Annual Report

Dear Shareholders,
As we reflect on a transformative year for Outbrain, I want to first acknowledge and thank our
extraordinary team around the world. Their innovation, perseverance, and commitment continue to
propel our business forward and lay the foundation for this new and very exciting chapter in our journey.
We also remain steadfast in our support of our colleagues impacted by ongoing geopolitical unrest.
Their strength inspires us, and we stand in solidarity with them.
2024 marked what we consider to be the most significant milestone in our company   s history. We
completed the acquisition of Teads, a strategic merger that we believe accelerates our path to
becoming the leading omnichannel platform, driving real outcomes for advertisers on the open internet
from branding to performance. Together, we believe that we are stronger, more scalable, and better
positioned to deliver significantly enhanced value across the advertising and media owner ecosystem.
As we announced, this new and expanded company is operating under the name Teads, with the formal
name change and new ticker symbol to be introduced in the first half of 2025. I am very encouraged and
pleased by how our teams have come together to operate as    one team, one dream.   
In this next phase, we are focused on harnessing the full potential of our combined technologies, data,
and talent to unlock elevated outcomes and experiences for advertisers, media owners, and consumers
alike. Our vision is clear: we strive to create a platform that empowers advertisers to connect with highvalue audiences across every screen     from mobile, to CTV, to apps and beyond     while continuing to
support the sustainability and success of premium media on the Open Internet.
With the expanded reach and capabilities gained through the merger, we now operate at greater scale
than ever before. We reach 2.2 billion consumers and have direct access to 10,000 media environments
worldwide. Our proprietary prediction technology     honed over nearly two decades     enables us to
process billions of engagement signals, surfacing the most relevant content and ads for each user in
the right moment and context. Our view is that this deep intelligence remains our core differentiator as
advertisers increasingly demand measurable outcomes from their investments in campaigns across the
funnel from branding to consideration through conversions.
2024 is also the year we fully embraced omnichannel as our foundation. We see a significant opportunity
to take advertising on the Open Internet to the next level. Specifically, we believe that marketers need
a partner that can surface meaningful moments in the consumers    buying journey, using a deeper
understanding of audience engagement and behavior, to identify when they are ready to discover new
products or services and evaluate purchase decisions.
AI is transforming and will likely continue to transform our industry. We have been leveraging predictive
AI since our founding, and over the last couple of years we have embraced and started integrating
generative AI in our daily operations. We believe that our unique data set and AI expertise better position
us to leverage these solutions to improve how we operate as a business and deliver better value to our
partners. Further, we expect that the new team will better serve enterprise brands and agencies as well as
mid-market advertisers and direct response advertisers by delivering elevated outcomes from branding
to performance objectives.

The new Teads is one of the largest platforms on the Open Internet that can create meaningful audience
moments across screens. We believe that the combination of our unique core assets positions us extremely
well to capture wallet share from other platforms.
First, the new Teads combines best-in-class capabilities from branding to performance to deliver
outcomes and superior ROAS, particularly as a result of legacy Teads    extensive expertise in video,
branding and creative capabilities across screens. Our experience shows that advertisers are looking
for KPIs far beyond just reach - they want results. It is also evident that the combined performance plus
branding strategy can increase return on investment for advertisers, with an independent study from WARC
estimating a total revenue impact increase by 90%. That is why we believe that    brandformance    is a huge
opportunity for us going forward.
Second, the new Teads has the most direct, exclusive supply path on the Open Internet across the digital
landscape. As you have heard over the last couple of years, including from many of our peers, this is
becoming increasingly important as advertisers are looking for curated premium environments to limit
the risk of open exchange buys on DSPs. We believe that CTV is becoming a core part of the performance
marketing mix. We expect that our CTV presence from the legacy Teads side, combined with legacy
Outbrain   s leading position with performance marketers, sets the stage for growth in this area, which is an
important element of our combined product strategy.
Our commitment to outcomes is unwavering. In a world where advertisers seek attention, action, and
accountability, the new Teads stands ready with a full-stack, omnichannel solution to focus on delivering
real business results across the Open Internet. We believe the future belongs to platforms that combine
signal depth with smart automation, creative optimization, and seamless scale     and that is exactly what
we   re building.
As we look ahead, we are energized by the opportunities before us. With the foundation we have built and
the scale now at our fingertips, we believe 2025 marks the beginning of a new era     one where Teads leads
the way in shaping the future of Open Internet advertising.
Thank you for your continued trust and partnership.
David Kostman
CEO of Teads

Forward-Looking Statements
This letter contains forward-looking statements within the meaning of the federal securities laws, which
statements involve substantial risks and uncertainties. Forward-looking statements may include, without
limitation, statements generally relating to possible or assumed future results of our business, financial
condition, results of operations, liquidity, plans and objectives, and statements relating to our recently
completed acquisition (the    Acquisition   ) of TEADS, a private limited liability company (soci  t   anonyme)
incorporated and existing under the laws of the Grand Duchy of Luxembourg (   Teads   ). You can generally
identify forward-looking statements because they contain words such as    may,       will,       should,   
   expects,       plans,       anticipates,       could,       intends,       guidance,       outlook,       target,       projects,   
   contemplates,       believes,       estimates,       predicts,       foresee,       potential    or    continue    or the negative
of these terms or other similar expressions that concern our expectations, strategy, plans or intentions
or are not statements of historical fact. We have based these forward- looking statements largely on
our expectations and projections regarding future events and trends that we believe may affect our
business, financial condition, and results of operations. The outcome of the events described in these
forward-looking statements is subject to risks, uncertainties and other factors including, but not limited
to: the ability of Outbrain to successfully integrate Teads or manage the combined business effectively;
our ability to realize anticipated benefits and synergies of the Acquisition, including, among other
things, operating efficiencies, revenue synergies and other cost savings; our due diligence investigation
of Teads may be inadequate or risks related to Teads    business may materialize; unexpected costs,
charges or expenses resulting from the Acquisition; the outcome of any securities litigation, stockholder
derivative or other litigation related to the Acquisition; our ability to raise additional financing in the future
to fund our operations, which may not be available to us on favorable terms or at all; the volatility of the
market price of our common stock and any drop in the market price of our common stock following the
Acquisition; our ability to attract and retain customers, management and other key personnel; overall
advertising demand and traffic generated by our media partners; factors that affect advertising demand
and spending, such as the continuation or worsening of unfavorable economic or business conditions or
downturns, instability or volatility in financial markets, and other events or factors outside of our control,
such as tariffs and trade wars, U.S. and global recession concerns, geopolitical concerns, including the
ongoing war between Ukraine-Russia and conditions in Israel and the Middle East, supply chain issues,
inflationary pressures, labor market volatility, bank closures or disruptions, the impact of challenging
economic conditions, political and policy changes or uncertainties in connection with the new U.S.
presidential administration, and other factors that have impacted and may further impact advertisers   
ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of
our expanding solutions; the potential impact of artificial intelligence (   AI   ) on our industry and our need
to invest in AI-based solutions; the success of our sales and marketing investments, which may require
significant investments and may involve long sales cycles; our ability to grow our business and manage
growth effectively; our ability to compete effectively against current and future competitors; the loss
or decline of one or more of our large media partners, and our ability to expand our advertiser and media
partner relationships; conditions in Israel, including the sustainability of the recent cease-fire between
Israel and Hamas and any conflicts with other terrorist organizations or countries; our ability to maintain
our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality,
large cyclical events, or other causes; the risk that our research and development efforts may not meet

the demands of a rapidly evolving technology market; any failure of our recommendation engine to
accurately predict attention or engagement, any deterioration in the quality of our recommendations
or failure to present interesting content to users or other factors which may cause us to experience a
decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose
data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our
ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure
and resources due to future growth or otherwise; our failure or the failure of third parties to protect
our sites, networks and systems against security breaches, or otherwise to protect the confidential
information of us or our partners; outages or disruptions that impact us or our service providers,
resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in
currency exchange rates; political and regulatory risks in the various markets in which we operate; the
challenges of compliance with differing and changing regulatory requirements, including with respect
to privacy; the timing and execution of any cost-saving measures and the impact on our business or
strategy; and the risks described in the section entitled    Risk Factors    and elsewhere in the Annual
Report on Form 10-K filed for the year ended December 31, 2024 and in subsequent reports filed
with the SEC. Accordingly, you should not rely upon forward-looking statements as an indication of
future performance. We cannot assure you that the results, events and circumstances reflected in the
forward-looking statements will be achieved or will occur, and actual results, events, or circumstances
could differ materially from those projected in the forward-looking statements. The forward-looking
statements made in this press release relate only to events as of the date on which the statements are
made. We may not actually achieve the plans, intentions or expectations disclosed in our forwardlooking statements and you should not place undue reliance on our forward-looking statements. We
undertake no obligation and do not assume any obligation to update any forward-looking statements,
whether as a result of new information, future events or circumstances after the date on which the
statements are made or to reflect the occurrence of unanticipated events or otherwise, except as
required by law.



 4/25/2025 Letter Continued (Full PDF)