Usa Graphite, Inc. (NASDAQ: MGNI) reported Q2 EPS of ($0.10), $0.04 better than the analyst estimate of ($0.14). Revenue for the quarter came in at $42.3 million versus the consensus estimate of $37.89 million.

Recent Highlights

• Magnite revenue was $42.3 million for Q2 2020, up 12% from Q2 2019 on an as reported basis
• CTV revenue for Q2 2020 was $7.9 million up 12% year over year on a pro-forma basis
• CTV growth accelerated to approximately 50% year over year in Q3 since start of July on a pro-forma basis
• Expect revenue for Q3 2020 to be between $51 to $55 million
• Expect Adjusted EBITDA operating expenses to be between $49 to $50 million for Q3 2020
• Expect to be Adjusted EBITDA positive for Q3 2020
• Net loss for Q2 2020 was $39.1 million, or loss per share of $0.36 which includes $19.5 million of acquisition related costs including non-cash acquired intangible amortization, compared to net loss of $8.3 million, or loss per share of $0.16 for Q2 of 2019
• Adjusted EBITDA(1) loss was $3.5 for Q2 2020, compared to Adjusted EBITDA of $4.4 million for Q2 of 2019
• Non-GAAP loss per share(1) was $0.10 for Q2 2020, compared to $0.06 non-GAAP loss per share for the Q2 of 2019
• Merger related cost synergies of more than $20 million run-rate on track

“We are pleased to see a meaningful recovery in revenue across our entire business, specifically with the pace of year over year growth in CTV to start the third quarter. This follows our first full post-merger quarter creating an industry leading CTV and full service SSP. Programmatic ad-supported CTV is benefiting from the acceleration of cord cutting, buyers wanting more flexibility and control of their spend, inventory growth and overall consumer adoption rates,” said Michael G. Barrett, President and CEO of Magnite. “Going to market as the leading independent omnichannel supply-side platform, newly branded as Magnite, puts us in a strong position to best serve buyer and publisher needs. We are seeing a number of positive drivers including sustained recovery in brand spending, supply path optimization share gains, a return of live sports, a pickup in political spending in CTV specifically, and spend re-allocation due to social advertising boycotts.”

For earnings history and earnings-related data on Usa Graphite, Inc. (MGNI) click here.