In this note, we analyze two solutions offered by TTD that we expect to grow in importance in FY26. The first one is OpenPath which, we estimate, adds around 150bps to TTD’s take rate on…

We are lowering our FY26 estimates to reflect the current operating trends. Our Q4 FY25 estimates are unchanged. Q4 FY25: We are modeling Measurement revenue of $69m, Activation revenue of $122m; our forecast for Supply-side revenue…

We are introducing Q1 FY26 estimates. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q4 FY25: Average Daily Uniques (DAUq) of 119m; $623m in advertising and $37m in…

Our analysis indicates that APP’s AppDiscovery and U’s Unity Vector are benefiting from an industry-wide shift in how game publishers calculate LTV. In this note, we highlight the benefit of growing in-app advertising (IAA) spend…