Video ad platform TubeMogul has filed its S-1, declaring its plans to go public. And it’s doing so with what appears to be pretty healthy gross margins, though with an overall net loss.
Once upon a time, TubeMogul was a video analytics company. But somewhere along the line, it morphed into a ad-buying platform that aggregates premium and transparent inventory sources.
In contrast to some of the other online ad companies out there, TubeMogul is more of a software-as-a-service play than it is a typical ad network, and its financials support that. Instead of just counting all the money that crosses its path on its top line, it breaks out the difference between “spend” and “revenue.”
Total spend on TubeMogul for 2013 was $111.9 million, which was up from $53.4 million the year before. And 2013 revenue was $57.2 million, up 67 percent from $34.2 million in the prior year.
TubeMogul also has SaaS-like gross margins, at 66 percent in 2013. Gross profit for the company was $37.5 million in 2013, compared to $17.8 million in 2012. However, the company’s net loss (which represents its gross margins minus the cost of sales) was $7.4 million, up from $3.6 million the year before.
(By comparison, when YuMe filed to go public last year, it had $116.7 million in revenue but net income of $6.3 million.)
TubeMogul’s IPO filing follows a number of recent exits in the video ad space. Tremor and YuMe both went public last year, while Adap.tv and FreeWheel were recently acquired by AOL and Comcast, respectively.
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