Criteo S.A.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
CRTO$15.42+0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001576427-26-000092
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001576427-26-000107
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 118 previous paragraphs and 120 current paragraphs.
63 unchanged; 49 reworded; 8 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Trends, Opportunities, Risks and Challenges
Current report
Due to the decline in the Company's stock price over recent months, which resulted in its market capitalization falling below the aggregate carrying value of its reporting units as of September 30, 2026, the Company performed an interim quantitative goodwill impairment test of the Performance Media and Retail Media reporting units as of that date.
Current report
The estimated fair values of the reporting units were determined using a discounted cash flow methodology, incorporating management's projections of future operating performance and significant assumptions, including long-term growth rates and discount rates. In evaluating the reasonableness of these estimates, the Company also considered other available market and valuation information relevant to the reporting units. Based on this assessment, the estimated fair values of both reporting units continued to exceed their respective carrying values, albeit with lower headroom compared to the previous annual impairment assessment. Accordingly, no goodwill impairment was recorded.
Current report
The valuation remains subject to uncertainty, particularly given current market conditions and the sensitivity to underlying assumptions. Changes in business expectations, including further reductions in projected revenue or margins, a continued decline in the Company's stock price or market capitalization, or additional information becoming available in subsequent periods could adversely affect the assessment and result in goodwill impairment in future periods. The Company will continue to monitor operating performance, market capitalization and other relevant factors for indicators of potential impairment.
Current report
Other cost of revenue increased by $1.0 million, or 3%, for the three months ended September 30, 2026.
Current report
Other cost of revenue increased by $1.0 million, or 1%, for the nine months ended September 30, 2026.
Current report
Research and development expenses for the three months ended September 30, 2026, decreased $(10.5) million or (15)% compared to the three months ended September 30, 2025. This decrease was primarily driven by lower share-based compensation and lower headcount costs.
Current report
Sales and operations expenses for the three months ended September 30, 2026 increased $0.2 million or 0.3% compared to the three months ended September 30, 2025. This increase was driven by higher share-based compensation and higher bad debt expense, partially offset by lower headcount costs.
Removed paragraphs (6)
Previous report
Trends, Opportunities and Challenges
Previous report
Other cost of revenue decreased by $(0.3) million or, (1)% for the three months ended June 30, 2026.
Previous report
Other cost of revenue decreased by $(0.1) million for the six months ended June 30, 2026.
Previous report
Research and development expenses for the three months ended June 30, 2026, decreased $(7.7) million or (10)% compared to the three months ended June 30, 2025. This decrease was primarily driven by lower amortization expense, as a result of the prior-year period accelerated amortization of internally developed intangible assets related to third-party cookie deprecation, a company-wide event that occurred in the previous year, and higher research tax credits in France.
Previous report
Sales and operations expenses for the six months ended June 30, 2026 decreased $(14.1) million or (7)% compared to the six months ended June 30, 2025. This decrease was driven by lower share-based compensation, lower headcount costs, partly impacted by a company-wide event that occurred in the previous year, and lower bad debt expense.
Previous report
The provision for income taxes differs from the nominal standard French rate of 25.0% primarily due to the application of the reduced income tax rate on the majority of the technology royalties income in France.
Reworded paragraphs (49)
Previous wording
For the three months ended June 30, 2026, revenue decreased by (11)% to $428.0 million, compared to the same period in the prior year, due to decreases in Performance Media reflecting soft performance in Commerce Growth, and Retail Media reflecting the headwind from previously communicated scope changes with two clients. At constant currency, revenue decreased by (11)%.
Current wording
For the three months ended September 30, 2026, revenue decreased by (11)% to $416.5 million, compared to the same period in the prior year, due to decreases in Performance Media reflecting soft performance in Commerce Growth largely driven by reduced spending from several large enterprise clients, and Retail Media reflecting the headwind from previously communicated scope changes with two clients. At constant currency, revenue decreased by (10)%.
Previous wording
Gross profit for the three months ended June 30, 2026 decreased by (14)% to $222.2 million, compared to the same period in the prior year, primarily due to lower revenue in Retail Media and in Performance Media.
Current wording
Gross profit for the three months ended September 30, 2026 decreased by (19)% to $207.7 million, compared to the same period in the prior year, primarily due to lower revenue in Performance Media and in Retail Media.
Previous wording
Contribution ex-TAC for the three months ended June 30, 2026 decreased by (13)% to $255.5 million, compared to the same period in the prior year, due to decreases in Performance Media and Retail Media. At constant currency, Contribution ex-TAC decreased by (12)%.
Current wording
Contribution ex-TAC for the three months ended September 30, 2026 decreased by (17)% to $240.4 million, compared to the same period in the prior year, due to decreases in Performance Media and Retail Media. At constant currency, Contribution ex-TAC decreased by (15)%.
Previous wording
Net income for the three months ended June 30, 2026 decreased by (49)% to $11.8 million, primarily driven by lower gross profit due to lower revenue, partially offset by lower operating expenses, mainly reflecting disciplined resource allocation, productivity gains and the non-recurrence of a company-wide event held in the previous year, partially offset by planned growth investments.
Current wording
Net income for the three months ended September 30, 2026 decreased by (85)% to $6.1 million, primarily driven by lower gross profit due to lower revenue, partially offset by lower operating expenses, primarily reflecting disciplined resource allocation, lower share-based compensation expense, and a lower bonus accrual.
Previous wording
Adjusted EBITDA for the three months ended June 30, 2026 decreased by (18)% to $73.3 million, compared to the same period in the prior year, primarily due to lower revenue and lower Contribution ex-TAC due to softness in Performance Media and the temporary impact of previously communicated scope changes with two specific Retail Media clients, along with planned growth investments, partially offset by lower than expected bad debt expense and lower than expected employee costs.
Current wording
Adjusted EBITDA for the three months ended September 30, 2026 decreased by (39)% to $64.5 million, compared to the same period in the prior year, primarily due to lower revenue and lower Contribution ex-TAC due to softness in Performance Media and the impact of previously communicated scope changes with two specific Retail Media clients, partially offset by lower employee costs.
Previous wording
Cash flows from operating activities was $20.3 million for the three months ended June 30, 2026, compared to $(1.4) million in the same period in the prior year. This increase primarily reflects a lower use of net working capital compared to the same period in the prior year, partially offset by lower net income.
Current wording
Net cash provided by operating activities was $56.9 million for the three months ended September 30, 2026, compared to $89.6 million in the same period in the prior year. This decrease primarily reflects lower net income, partially offset by an increase in net working capital compared to the same period in the prior year.
Previous wording
We believe our performance and future success depend on several factors that present significant opportunities but also pose risks and challenges, including those referred to in Part II, Item 1A of this Form 10-Q.
Current wording
We believe our performance and future success depend on several factors that present significant opportunities but also pose risks and challenges, including those referred to in our risk factor section in Part II, Item 1A of this Form 10-Q and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
Previous wording
Our future growth depends upon our ability to retain and scale our existing clients and increase the usage of our platform. We believe that we are in a leading position in the Commerce Intelligence space as we have unique commerce data at scale, deep integrations with retailers, a large client base, differentiated technology and an R&D powerhouse. By unifying the Commerce ecosystem with a multi-retailer, multi-channel, multi-format approach and providing full funnel closed loop measurement to our clients, we believe we are well positioned to capture more ad budgets and market share.
Current wording
Our future growth depends upon our ability to retain and scale our existing clients and increase the usage of our platform. We believe that we are in a leading position in the Commerce Intelligence space as we have unique commerce data at scale, deep integrations with our advertisers and retailers, a large client base, differentiated technology and an R&D powerhouse. By unifying the Commerce ecosystem with a multi-retailer, multi-channel, multi-format advertising engine and providing full funnel closed loop measurement to our clients, we believe we are well positioned to capture more ad budgets and market share.
Previous wording
Revenue for the three months ended June 30, 2026 decreased (11)%, or (11)% on a constant currency basis, to $430.0 million compared to the three months ended June 30, 2025, reflecting decreases in Performance Media and Retail Media.
Current wording
Revenue for the three months ended September 30, 2026 decreased (11)%, or (10)% on a constant currency basis, to $423.4 million compared to the three months ended September 30, 2025, reflecting decreases in Performance Media and Retail Media.
Previous wording
Retail Media revenue decreased (21)%, or (22)% on a constant currency basis, to $47.7 million for the three months ended June 30, 2026, reflecting the impact of previously communicated scope changes with two specific Retail Media clients, partially offset by continued strength in Retail Media onsite.
Current wording
Retail Media revenue decreased (23)%, or (22)% on a constant currency basis, to $52.1 million for the three months ended September 30, 2026, reflecting the impact of previously communicated scope changes with two specific Retail Media clients, partially offset by continued strength in Retail Media onsite.
Previous wording
Performance Media revenue decreased (10)%, or (9)% on a constant currency basis, to $382.3 million for the three months ended June 30, 2026, primarily due to soft performance in Commerce Growth and our Supply Side Platform, partially offset by improving trends in AdTech services.
Current wording
Performance Media revenue decreased (9)%, or (8)% on a constant currency basis, to $371.4 million for the three months ended September 30, 2026, primarily due to soft performance in Commerce Growth and lower AdTech services, partially offset by an increase in our Supply Side Platform.
Previous wording
Additionally, our $428.0 million of revenue for the three months ended June 30, 2026 was negatively impacted by $2.0 million of currency fluctuations, particularly as a result of the slight depreciation of the Japanese Yen and the Korean Won compared to the U.S. dollar.
Current wording
Additionally, our $416.5 million of revenue for the three months ended September 30, 2026 was negatively impacted by $7.0 million of currency fluctuations, particularly as a result of the slight depreciation of the Japanese Yen and the Euro compared to the U.S. dollar.
Previous wording
In the three months ended June 30, 2026, 92% of revenue came from existing clients while 8% came from new client additions.
Current wording
In the three months ended September 30, 2026, 94% of revenue came from existing clients while 6% came from new client additions.
Previous wording
Revenue for the six months ended June 30, 2026 decreased (9)%, or (10)% on a constant currency basis, to $839.5 million compared to the six months ended June 30, 2025, reflecting decreases in Performance Media and Retail Media.
Current wording
Revenue for the nine months ended September 30, 2026 decreased (10)%, or (10)% on a constant currency basis, to $1,262.9 million compared to the nine months ended September 30, 2025, reflecting decreases in Performance Media and Retail Media.
Previous wording
Retail Media revenue decreased (26)%, or (27)% on a constant currency basis, to $88.3 million for the six months ended June 30, 2026, reflecting the impact of previously communicated scope changes with two specific Retail Media clients, partially offset by continued strength in Retail Media onsite.
Current wording
Retail Media revenue decreased (25)%, or (25)% on a constant currency basis, to $140.4 million for the nine months ended September 30, 2026, reflecting the impact of previously communicated scope changes with two specific Retail Media clients, partially offset by continued strength in Retail Media onsite.
Previous wording
Performance Media revenue decreased (6)%, or (8)% on a constant currency basis, to $751.2 million for the six months ended June 30, 2026, primarily due to soft performance in Commerce Growth and our Supply Side Platform, partially mitigated by improving trends in AdTech services.
Current wording
Performance Media revenue decreased (7)%, or (8)% on a constant currency basis, to $1,122.5 million for the nine months ended September 30, 2026, primarily due to soft performance in Commerce Growth and our Supply Side Platform.
Previous wording
Additionally, our $852.7 million of revenue for the six months ended June 30, 2026 was positively impacted by $13.2 million of currency fluctuations, particularly as a result of the appreciation of the Euro, the Pound Sterling and the Brazilian Real compared to the U.S. dollar.
Current wording
Additionally, our $1,269.1 million of revenue for the nine months ended September 30, 2026 was positively impacted by $6.2 million of currency fluctuations, particularly as a result of the appreciation of the Euro and the Brazilian Real compared to the U.S. dollar.
Previous wording
In the six months ended June 30, 2026, 92% of revenue came from existing clients while 8% came from new client additions.
Current wording
In the nine months ended September 30, 2026, 93% of revenue came from existing clients while 7% came from new client additions.
Previous wording
Our revenue in the Americas region decreased (12)%, or (13)% on a constant currency basis, to $174.7 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This primarily reflects the continued impact of previously communicated scope changes with two specific Retail Media clients and soft Retail and Travel trends for Performance Media.
Current wording
Our revenue in the Americas region decreased (14)%, or (14)% on a constant currency basis, to $173.5 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This primarily reflects the continued impact of previously communicated scope changes with two specific Retail Media clients, and soft Retail and Travel trends for Performance Media.
Previous wording
Our revenue in the EMEA region decreased (8)%, or (9)% on a constant currency basis, to $169.7 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, reflecting softness in Retail and Marketplaces for Performance Media, partially offset by growth in Travel for Performance Media and continued traction in Retail Media.
Current wording
Our revenue in the EMEA region decreased (9)%, or (7)% on a constant currency basis, to $161.7 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, reflecting softness in Retail and Marketplaces for Performance Media, partially offset by continued traction in Retail Media.
Previous wording
Our revenue in the Asia-Pacific region decreased (17)%, or (12)% on a constant currency basis, to $85.6 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, reflecting soft Retail trends in Performance Media, partially offset by solid Travel trends in the region.
Current wording
Our revenue in the Asia-Pacific region decreased (11)%, or (5)% on a constant currency basis, to $88.3 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, reflecting soft trends in Performance Media primarily in Retail and Travel.
Previous wording
Our revenue in the Americas region decreased (15)%, or (16)% on a constant currency basis, to $331.6 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This primarily reflects the continued impact of previously communicated scope changes with two specific Retail Media clients and soft Retail trends for Performance Media.
Current wording
Our revenue in the Americas region decreased (14)%, or (15)% on a constant currency basis, to $505.1 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. This primarily reflects the continued impact of previously communicated scope changes with two specific Retail Media clients and soft Retail and Travel trends for Performance Media.
Previous wording
Our revenue in the EMEA region decreased (1)%, or (6)% on a constant currency basis, to $329.8 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, reflecting softness in Retail and Marketplaces for Performance Media, partially offset by solid growth in Travel in the region for Performance Media and continued traction in Retail Media.
Current wording
Our revenue in the EMEA region decreased (4)%, or (6)% on a constant currency basis, to $491.5 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, reflecting softness in Retail and Marketplaces for Performance Media, partially offset by solid growth in Travel in the region for Performance Media and continued traction in Retail Media.
Previous wording
Our revenue in the Asia-Pacific region decreased (10)%, or (7)% on a constant currency basis, to $178.1 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, reflecting soft Retail trends in Performance Media, partially offset by solid Marketplaces and Travel trends in the region.
Current wording
Our revenue in the Asia-Pacific region decreased (10)%, or (6)% on a constant currency basis, to $266.4 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, reflecting soft Retail trends in Performance Media, partially offset by solid Marketplaces and Travel trends in the region.
Previous wording
Total cost of revenue for the three months ended June 30, 2026 decreased $(18.3) million, or (8)%, compared to the three months ended June 30, 2025. This decrease was the result of a decrease of $(18.1) million, or (9)% (or (9)% on a constant currency basis) in traffic acquisition costs, and a decrease of $(0.3) million, or (1)% in other cost of revenue.
Current wording
Total cost of revenue for the three months ended September 30, 2026 decreased $(4.4) million, or (2)%, compared to the three months ended September 30, 2025. This decrease was the result of a decrease of $(5.4) million, or (3)% (or (1)% on a constant currency basis) in traffic acquisition costs, and an increase of $1.0 million, or 3% in other cost of revenue.
Previous wording
Traffic acquisition costs decreased by (9)%, or (9)% at constant currency, compared to the three months ended June 30, 2025. This decrease was driven primarily by a 26% decline in the number of impressions we purchased in Performance Media, partially offset by a 23% increase (or 26% at constant currency) in the average CPM for inventory purchased.
Current wording
Traffic acquisition costs decreased by (3)%, or (1)% at constant currency, compared to the three months ended September 30, 2025. This decrease was driven primarily by a 17% decline in the number of impressions we purchased in Performance Media, partially offset by a 17% increase (or 19% at constant currency) in the average CPM for inventory purchased.
Previous wording
Total cost of revenue for the six months ended June 30, 2026 decreased $(30.9) million, or (7)%, compared to the six months ended June 30, 2025. This decrease was the result of a decrease of $(30.8) million, or (8)% (or (9)% on a constant currency basis) in traffic acquisition costs, and a decrease of $(0.1) million in other cost of revenue.
Current wording
Total cost of revenue for the nine months ended September 30, 2026 decreased $(35.3) million, or (5)%, compared to the nine months ended September 30, 2025. This decrease was the result of a decrease of $(36.3) million, or (6)% (or (7)% on a constant currency basis) in traffic acquisition costs, and an increase of $1.0 million in other cost of revenue.
Previous wording
Traffic acquisition costs decreased by (8)%, or (9)% at constant currency, compared to the six months ended June 30, 2025. This decrease was driven primarily by a 26% decline in the number of impressions we purchased in Performance Media, partially offset by a 23% increase (or 21% at constant currency) in the average CPM for inventory purchased.
Current wording
Traffic acquisition costs decreased by (6)%, or (7)% at constant currency, compared to the nine months ended September 30, 2025. This decrease was driven primarily by a 23% decline in the number of impressions we purchased in Performance Media, partially offset by a 22% increase (or 21% at constant currency) in the average CPM for inventory purchased.
Previous wording
Contribution ex-TAC decreased $(36.6) million, or (13)% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease in Contribution ex-TAC was due to a decrease in Performance Media primarily due to soft performance in Commerce Growth and a decrease in Retail Media mainly reflecting the impact of previously communicated scope changes with two specific Retail Media clients.
Current wording
Contribution ex-TAC decreased $(47.8) million, or (17)% for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease in Contribution ex-TAC was due to a decrease in Performance Media primarily due to soft performance in Commerce Growth and a decrease in Retail Media mainly reflecting the impact of previously communicated scope changes with two specific Retail Media clients.
Previous wording
Contribution ex-TAC decreased $(50.6) million, or (9)% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease in Contribution ex-TAC was due to a decrease in Retail Media, reflecting the impact of previously communicated scope changes with two specific Retail Media clients and a decrease in Performance Media due to soft performance in Commerce Growth.
Current wording
Contribution ex-TAC decreased $(98.4) million, or (12)% for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease in Contribution ex-TAC was due to a decrease in Performance Media due to soft performance in Commerce Growth and a decrease in Retail Media, reflecting the impact of previously communicated scope changes with two specific Retail Media clients.
Previous wording
Research and development expenses for the six months ended June 30, 2026, increased $1.3 million or 1% compared to the six months ended June 30, 2025. This increase was driven by higher headcount costs, partially offset by a company event that occurred in the previous year and higher research tax credits in France.
Current wording
Research and development expenses for the nine months ended September 30, 2026, decreased $(9.2) million or (4)% compared to the nine months ended September 30, 2025. This decrease was driven by lower share-based compensation, a company-wide event that occurred in the previous year, and higher research tax credits in France.
Previous wording
Sales and operations expenses for the three months ended June 30, 2026 decreased $(22.7) million or(21)% compared to the three months ended June 30, 2025. This decrease was driven by lower headcount costs, partly impacted by a company-wide event that occurred in the previous year, lower bad debt expense and lower share-based compensation.
Current wording
Sales and operations expenses for the nine months ended September 30, 2026 decreased $(13.8) million or (5)% compared to the nine months ended September 30, 2025. This decrease was driven by a decrease in headcount costs, partly impacted by a company-wide event that occurred in the previous year, lower amortization of intangible assets, and lower share-based compensation, partially offset by higher restructuring costs.
Previous wording
General and administrative expenses for thesix months ended June 30, 2026, increased $15.5 million or 19%, compared to the six months ended June 30, 2025. This increase was mainly driven by higher restructuring and transformation costs, and an accrual for a litigation matter.
Current wording
General and administrative expenses for the three months ended September 30, 2026, decreased $(7.9) million or (16)%, compared to the three months ended September 30, 2025. This decrease was mainly driven by lower share-based compensation and lower integration and transformation costs.
Previous wording
General and administrative expenses for the three months ended June 30, 2026, increased $9.5 million or 24%, compared to the three months ended June 30, 2025. This increase was mainly driven by higher restructuring and transformation costs.
Current wording
General and administrative expenses for thenine months ended September 30, 2026, increased $7.6 million or 6%, compared to the nine months ended September 30, 2025. This increase was mainly driven by higher restructuring and transformation costs, partially offset by lower share-based compensation.
Previous wording
Financial and other income (expense) for the three months ended June 30, 2026, increased by $2.1 million or 118% compared to the three months ended June 30, 2025. This increase was due to higher interest income due to an increased average invested amount, partially offset by a lower negative impact of foreign exchange, including changes in fair value of financial instruments.
Current wording
Financial and other income (expense) for the three months ended September 30, 2026, increased by $1.1 million compared to the three months ended September 30, 2025. This increase was due to higher interest income due to an increased average invested amount and a larger share of USD investments and lower negative impact of foreign exchange, including changes in fair value of financial instruments.
Previous wording
Financial and other income (expense) for the six months ended June 30, 2026, increased by $1.7 million or 338% compared to the six months ended June 30, 2025. This increase was due to higher financial interests income linked to an increased average invested amount, partially offset by higher interests and fees.
Current wording
Financial and other income (expense) for the nine months ended September 30, 2026, increased by $2.8 million or 579% compared to the nine months ended September 30, 2025. This increase was due to higher financial interest income due to an increased average invested amount and a larger share of USD investments and lower negative impact of foreign exchange, including changes in fair value of financial instruments.
Previous wording
Provision for income tax expense for the three months ended June 30, 2026, decreased $(2.2) million or (38)% compared to the three months ended June 30, 2025. The decrease was driven by a decrease of profit before tax.
Current wording
Provision for income tax expense for the three months ended September 30, 2026, increased $4.4 million or 38% compared to the three months ended September 30, 2025. The increase was driven by $6.2 million of income tax expense on capital gains arising from the internal contribution of shares of consolidated entities partially offset by a decrease of profit before tax.
Previous wording
Provision for income tax expense for the six months ended June 30, 2026, decreased $(8.9) million or (55)% compared to the six months ended June 30, 2025. The decrease was driven by a decrease of profit before tax.
Current wording
Provision for income tax expense for the nine months ended September 30, 2026, decreased $(4.6) million or (16)% compared to the nine months ended September 30, 2025. The decrease was driven by a decrease of profit before tax, partially offset by $6.2 million of income tax expense on capital gains arising from the internal contribution of shares of consolidated entities.
Previous wording
Net income decreased $(11.2) million, or (49)%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, and Adjusted EBITDA decreased $(16.1) million, or (18)%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease in net income and Adjusted EBITDA was primarily due to lower gross profit, partially offset by lower operating expenses.
Current wording
Net income decreased $(33.9) million, or (85)%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, and Adjusted EBITDA decreased $(40.6) million, or (39)%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease in net income and Adjusted EBITDA was primarily due to lower gross profit, partially offset by lower operating expenses.
Previous wording
Net income decreased $(42.6) million, or (68)%, for thesix months ended June 30, 2026 compared to thesix months ended June 30, 2025, and Adjusted EBITDA decreased $(43.3) million, or (24)%, for thesix months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease in net income and Adjusted EBITDA was primarily due to lower gross profit.
Current wording
Net income decreased $(76.5) million, or (74)%, for thenine months ended September 30, 2026 compared to thenine months ended September 30, 2025, and Adjusted EBITDA decreased $(83.9) million, or (29)%, for thenine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease in net income and Adjusted EBITDA was primarily due to lower gross profit, partially offset by lower operating expenses.
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