![](https://www.noblelinx.com/images/channelchek/research-teaser-header.jpg)
Wednesday, March 13, 2024
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Posts strong Q4 results. Q4 revenues increased a solid 15.2% to $59.7 million, nicely above our $56.2 million estimate. In addition, gross profit margins were strong at 53.1% (above our 48.4% estimate), supporting better than expected adj. EBITDA ($13.6 million versus our estimate of $10.4 million).
Prepares for cookie-less world. Management indicated that it is working with Google and has visibility into a cookie-less future. Google has already deprecated cookies in 1% of its Chrome users and is expected to complete the transition in the third quarter 2024. Given that AdTheorent does not rely on consumer IDs, we believe that the company is well positioned to benefit in a post cookie environment.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.