# EDGAR Filing Document

**Accession Number:** 0001842718
**File Stem:** 0001842718-25-000107
**Filing Date:** 2025-11
**Character Count:** 34605
**Document Hash:** fce06712ff1d49d4ef87e358493dac8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001842718-25-000107.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001842718-25-000107

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTEGRAL AD SCIENCE HOLDING CORP.
- **CENTRAL INDEX KEY:** 0001842718
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 830731995
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40557
- **FILM NUMBER:** 251446479

**BUSINESS ADDRESS:**
- **STREET 1:** 12 EAST 49TH STREET
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (646) 278-4871

**MAIL ADDRESS:**
- **STREET 1:** 12 EAST 49TH STREET
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTEGRAL AD SCIENCE HOLDING LLC
- **DATE OF NAME CHANGE:** 20210301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KAVACHA TOPCO, LLC
- **DATE OF NAME CHANGE:** 20210127

?xml version='1.0' encoding='ASCII'? ias-20251104

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________________**

**FORM 8-K**

**___________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of The Securities Exchange Act of 1934**

**Date of Report (D ate of earliest event reported): November 4, 2025**

**___________________________________**

**INTEGRAL AD SCIENCE HOLDING CORP.**

**(Exact name of registrant as specified in its charter)**

**___________________________________**

---

| | | |
|:---|:---|:---|
| **Delaware**<br>**(State or other jurisdiction of** <br>**incorporation or organization)** | **001-40557**<br>**(Commission File Number)** | **83-0731995**<br>**(IRS Employer** <br>**Identification No.)** |
| **12 E 49th Street, 20th Floor**<br>**New York, NY** |  | **10017** |
| **(Address of principal executive offices)** |  | **(Zip Code)** |
| **(646) 278-4871** | **(646) 278-4871** | **(646) 278-4871** |
| **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** |
| **Not Applicable<br>(Former name or former address, if changed since last report.)** | **Not Applicable<br>(Former name or former address, if changed since last report.)** | **Not Applicable<br>(Former name or former address, if changed since last report.)** |

---

**___________________________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common stock, par value $0.001 | IAS | The Nasdaq Stock Market LLC |
|  |  | (Nasdaq Global Select Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On November 4, 2025, Integral Ad Science Holding Corp. issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.

The information contained in this Item 2.02 and in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits**

(d) Exhibits.

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description of Exhibit</u> |
| 99.1 | <u>[Press Release dated November 4, 2025](q325earningsrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 4, 2025

---

| | |
|:---|:---|
| **INTEGRAL AD SCIENCE HOLDING CORP.** | **INTEGRAL AD SCIENCE HOLDING CORP.** |
| By: | /s/ Alpana Wegner |
| Name: | Alpana Wegner |
| Title: | Chief Financial Officer<br>(Principal Financial Officer) |

---

## Exhibit 99.1

![ias-logoxonwhite.jpg](ias-logoxonwhite.jpg)<br>

**IAS Reports Third Quarter 2025 Financial Results**

*Total revenue increased 16% to $154.4 million*

*Net income of $7.0 million at a 5% margin; adjusted EBITDA increased to $55.3 million at a 36% margin* 

**NEW YORK** – **November 4, 2025** – Integral Ad Science (Nasdaq: IAS), a leading global media measurement and optimization platform, today announced financial results for the third quarter ended September 30, 2025.

"We exceeded our revenue and adjusted EBITDA outlook for the third quarter with strength across our businesses," said Lisa Utzschneider, CEO of IAS. "We are focused on working towards closing the previously announced acquisition of IAS by Novacap while advancing our business priorities."

**Third Quarter 2025 Financial Highlights**

• **Total revenue** was $154.4 million, a 16% increase compared to $133.5 million in the prior-year period.

• **Optimization revenue** was $73.7 million, a 21% increase compared to $61.1 million in the prior-year period.

• **Measurement revenue** was $57.1 million, an 8% increase compared to $52.9 million in the prior-year period.

• **Publisher revenue** was $23.5 million, a 21% increase compared to $19.5 million in the prior-year period.

• **International revenue,** excluding the Americas, was $44.1 million, an 8% increase compared to $40.8 million in the prior-year period, or 29% of total revenue for the third quarter of 2025.

• **Gross profit** was $118.8 million, a 12% increase compared to $106.2 million in the prior-year period. Gross profit margin was 77% for the third quarter of 2025.

• **Net income** was $7.0 million, or $0.04 per share, compared to net income of $16.1 million, or $0.10 per share, in the prior-year period. Net income margin was 5% for the third quarter of 2025.

• **Adjusted EBITDA\*** was $55.3 million, a 9% increase compared to $50.6 million in the prior-year period. Adjusted EBITDA\* margin was 36% for the third quarter of 2025.

• **Cash and cash equivalents** were $129.2 million at September 30, 2025.

**Recent Business Highlights**

• **TMQ Expansion to Meta Threads** – In October, IAS announced it is expanding Total Media Quality (TMQ) for Meta to bring third-party, independent Brand Safety & Suitability Measurement to Threads for the first time.

• **Brand Safety Measurement for TikTok Pangle –** In October, IAS announced it was selected by TikTok to launch new Brand Safety Features, in addition to Viewability and Invalid Traffic Measurement, for advertisers on TikTok Pangle, the TikTok ad network for Business.

• **Measurement Expansion on Snap** – In November, IAS announced the expansion of its measurement partnership with Snap to give advertisers greater tools to validate and optimize ad effectiveness to drive value for their campaigns across Snapchat.

• **Good-Loop Emissions Partnership –** In September, IAS announced a significant step forward in the universal decarbonization of digital media, in partnership with responsible media platform Good-Loop. IAS is now enabling advertisers to directly and seamlessly measure emissions of every ad impression delivered across the open internet, at no additional cost.

**Transaction with Novacap**

On September 24, 2025, IAS announced that it entered into a definitive agreement to be acquired by Novacap, a leading North American private equity firm, in an all-cash transaction. Please refer to IAS's press release announcing the transaction for more information linked <u>[here](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001842718/000119312525214050/d938971d8k.htm)</u>. As a result of the announced transaction, IAS will not host a quarterly earnings conference call or provide a financial outlook. For further detail and discussion of IAS's financial performance, please refer to IAS's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC.

------

**INTEGRAL AD SCIENCE HOLDING CORP.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **(IN THOUSANDS, EXCEPT SHARE DATA)** | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $129204 | $84469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 294 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $3,845 and $7,454 as of September 30, 2025 and December 31, 2024, respectively | 79515 | 79427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled receivables | 54093 | 53388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 54093 | 36639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from related party | 13 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 317212 | 254457 |
| Property and equipment, net | 3602 | 4004 |
| Internal use software, net | 61714 | 53636 |
| Intangible assets, net | 115631 | 140943 |
| Goodwill | 677635 | 673025 |
| Operating lease right-of-use assets, net | 20583 | 17888 |
| Deferred tax asset, net | 2439 | 1675 |
| Other long-term assets | 9002 | 5943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1207818 | $1151571 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $58447 | $72910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 11357 | 10184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related party | 4 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1834 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 71642 | 84166 |
| Deferred tax liability, net | 8991 | 3118 |
| Long-term debt, net |  | 34189 |
| Operating lease liabilities, non-current | 13421 | 13374 |
| Other long-term liabilities | 8808 | 8713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 102862 | 143560 |
| Commitments and Contingencies |  |  |
| Stockholders' Equity |  |  |
| Preferred Stock, $0.001 par value, 50,000,000 shares authorized at September 30, 2025; 0 shares issued and outstanding at September 30, 2025 and December 31, 2024 |  |  |
| Common Stock, $0.001 par value, 500,000,000 shares authorized, 166,863,690 and 162,871,266 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 166 | 163 |
| Additional paid-in-capital | 1025055 | 964765 |
| Accumulated other comprehensive income (loss) | 1540 | (3666) |
| Retained earnings | 78195 | 46749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1104956 | 1008011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1207818 | $1151571 |

---

------

**INTEGRAL AD SCIENCE HOLDING CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)** | **2025** | **2024** | **2025** | **2024** |
| Revenue | $154358 | $133528 | $437628 | $377063 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | 35553 | 27373 | 100028 | 80628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 36317 | 30144 | 104243 | 91541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology and development | 22632 | 16840 | 62431 | 52305 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 33715 | 25348 | 86457 | 71407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 17900 | 16243 | 51605 | 47032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange loss (gain), net | 667 | (2607) | (7113) | (723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 146784 | 113341 | 397651 | 342190 |
| Operating income | 7574 | 20187 | 39977 | 34873 |
| Interest income (expense), net | 595 | (1325) | 680 | (4787) |
| Net income before income taxes | 8169 | 18862 | 40657 | 30086 |
| Provision for income taxes | (1124) | (2773) | (9211) | (7562) |
| Net income | $7045 | $16089 | $31446 | $22524 |
| Net income per share – basic and diluted | $0.04 | $0.10 | $0.19 | $0.14 |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 166473735 | 161663506 | 165056742 | 160528610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 169800709 | 165084108 | 168275629 | 164635076 |
| Other comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 94 | 892 | 5206 | (360) |
| Total comprehensive income | $7139 | $16981 | $36652 | $22164 |

---

**Stock-Based Compensation** 

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(IN THOUSANDS)** | **2025** | **2024** | **2025** | **2024** |
| Cost of revenue | $82 | $80 | $258 | $286 |
| Sales and marketing | 7261 | 4829 | 18379 | 14002 |
| Technology and development | 8486 | 4941 | 18692 | 14139 |
| General and administrative | 6796 | 6593 | 19665 | 18758 |
| Total stock-based compensation | $22625 | $16443 | $56994 | $47185 |

---

------

**INTEGRAL AD SCIENCE HOLDING CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**

**(UNAUDITED)**

**Three Months Ended September 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | | | |
| **(IN THOUSANDS, EXCEPT SHARES)** | **Shares** | **Amount** |<br>**Additional<br>paid-in<br>capital** |<br>**Accumulated other comprehensive income** |<br>**Retained earnings** |<br>**Total<br>stockholders'<br>equity** |
| **Balance, June 30, 2025** | 165273651 | $165 | $1000857 | $1446 | $71150 | $1073618 |
| RSUs and MSUs vested | 1344795 | 1 |  |  |  | 1 |
| Option exercises | 42826 |  | 185 |  |  | 185 |
| ESPP purchase | 202418 |  | 1410 |  |  | 1410 |
| Stock-based compensation |  |  | 22603 |  |  | 22603 |
| Foreign currency translation adjustment |  |  |  | 94 |  | 94 |
| Net income |  |  |  |  | 7045 | 7045 |
| **Balance, September 30, 2025** | 166863690 | $166 | $1025055 | $1540 | $78195 | $1104956 |

---

**Nine Months Ended September 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | | | |
| **(IN THOUSANDS, EXCEPT SHARES)** | **Shares** | **Amount** |<br>**Additional<br>paid-in<br>capital** |<br>**Accumulated other comprehensive income (loss)** |<br>**Retained earnings** |<br>**Total<br>stockholders'<br>equity** |
| **Balance, December 31, 2024** | 162871266 | $163 | $964765 | $(3666) | $46749 | $1008011 |
| RSUs and MSUs vested | 3546776 | 3 |  |  |  | 3 |
| Option exercises | 42826 |  | 185 |  |  | 185 |
| ESPP purchase | 402822 |  | 3100 |  |  | 3100 |
| Stock-based compensation |  |  | 57005 |  |  | 57005 |
| Foreign currency translation adjustment |  |  |  | 5206 |  | 5206 |
| Net income |  |  |  |  | 31446 | 31446 |
| **Balance, September 30, 2025** | 166863690 | $166 | $1025055 | $1540 | $78195 | $1104956 |

---

------

**Three Months Ended September 30, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | | | |
| **(IN THOUSANDS, EXCEPT SHARES)** | **Shares** | **Amount** |<br>**Additional<br>paid-in<br>capital** |<br>**Accumulated other comprehensive loss** |<br>**Retained earnings** |<br>**Total<br>stockholders'<br>equity** |
| **Balance, June 30, 2024** | 160786740 | $161 | $934194 | $(2168) | $15389 | $947576 |
| RSUs and MSUs vested | 995796 | 1 |  |  |  | 1 |
| ESPP purchase | 172615 |  | 1478 |  |  | 1478 |
| Stock-based compensation |  |  | 16451 |  |  | 16451 |
| Foreign currency translation adjustment |  |  |  | 892 |  | 892 |
| Net income |  |  |  |  | 16089 | 16089 |
| **Balance, September 30, 2024** | 161955151 | $162 | $952123 | $(1276) | $31478 | $982487 |

---

**Nine Months Ended September 30, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | | | |
| **(IN THOUSANDS, EXCEPT SHARES)** | **Shares** | **Amount** |<br>**Additional<br>paid-in<br>capital** |<br>**Accumulated other comprehensive loss** |<br>**Retained earnings** |<br>**Total<br>stockholders'<br>equity** |
| **Balance, December 31, 2023** | 158757620 | $159 | $901259 | $(916) | $8954 | $909456 |
| RSUs and MSUs vested | 2827628 | 3 |  |  |  | 3 |
| Option exercises | 44049 |  | 313 |  |  | 313 |
| ESPP purchase | 325854 |  | 3373 |  |  | 3373 |
| Stock-based compensation |  |  | 47178 |  |  | 47178 |
| Foreign currency translation adjustment |  |  |  | (360) |  | (360) |
| Net income |  |  |  |  | 22524 | 22524 |
| **Balance, September 30, 2024** | 161955151 | $162 | $952123 | $(1276) | $31478 | $982487 |

---

------

**INTEGRAL AD SCIENCE HOLDING CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(IN THOUSANDS)** | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $31446 | $22524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 51605 | 47032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 56994 | 47185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency gain, net | (7723) | (1775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax provision (benefit) | 5109 | (15457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 355 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Reversal of) allowance for credit losses | (2119) | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets | 48 | 37 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in accounts receivable | 4464 | (7028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in unbilled receivables | 186 | (1723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in prepaid expenses and other current assets | (14799) | (18668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in operating leases, net | (1544) | (1169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other long-term assets | (1201) | (696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accounts payable and accrued expenses and other long-term liabilities | (13878) | (21958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in deferred revenue | 768 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in due to/from related party | 8 | (119) |
| Net cash provided by operating activities | 109719 | 50250 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (863) | (1594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition and development of internal use software and other | (32218) | (28868) |
| Net cash used in investing activities | (33081) | (30462) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of long-term debt | (35000) | (90000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for debt issuance costs | (1845) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 185 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash received from Employee Stock Purchase Program | 2263 | 2329 |
| Net cash used in financing activities | (34397) | (87358) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 42241 | (67570) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2364 | (113) |
| Cash, cash equivalents and restricted cash at beginning of period | 87335 | 127290 |
| **Cash, cash equivalents, and restricted cash at end of period** | $131940 | $59607 |
| **Supplemental Disclosures:** |  |  |
| Net cash (received) paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | $(1015) | $4613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes | $16860 | $29942 |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment acquired included in accounts payable | $5 | $47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internal use software acquired included in accounts payable | $599 | $966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities arising from right-of-use assets | $10994 | $6110 |

---

------

**Supplemental Disclosure Regarding Non-GAAP Financial Information**

We use supplemental measures of our performance, which are derived from our consolidated financial information, but which are not presented in our consolidated financial statements prepared in accordance with GAAP. Adjusted EBITDA is the primary financial performance measure used by management to evaluate our business and monitor ongoing results of operations. Adjusted EBITDA is defined as income before depreciation and amortization, stock-based compensation, interest (income) expense, income taxes, acquisition, restructuring and integration costs, foreign exchange loss (gain), net, asset impairments, and other one-time, non-recurring costs. Adjusted EBITDA margin represents the adjusted EBITDA for the applicable period divided by the revenue for that period presented in accordance with GAAP.

We use non-GAAP financial measures to supplement financial information presented on a GAAP basis. We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our shareholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons. Although we believe these measures are useful to investors and analysts for the same reasons they are useful to management, as discussed below, these measures are not a substitute for, or superior to, U.S. GAAP financial measures or disclosures. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.

Reconciliations of historical adjusted EBITDA to its most directly comparable GAAP financial measure, net income/loss, are presented below. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future fiscal periods, we may exclude such items and may incur income and expenses similar to these excluded items.

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**Reconciliation of Adjusted EBITDA**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(IN THOUSANDS, EXCEPT PERCENTAGES)** | **2025** | **2024** | **2025** | **2024** |
| Net income | $7045 | $16089 | $31446 | $22524 |
| Depreciation and amortization | 17900 | 16243 | 51605 | 47032 |
| Stock-based compensation | 22625 | 16443 | 56994 | 47185 |
| Interest (income) expense, net | (595) | 1325 | (680) | 4787 |
| Provision for income taxes | 1124 | 2773 | 9211 | 7562 |
| Acquisition, restructuring and integration costs | 411 | 290 | 760 | 1465 |
| Foreign exchange loss (gain), net | 667 | (2607) | (7113) | (723) |
| Merger related costs | 6093 |  | 6093 |  |
| Asset impairments and other costs |  | 90 | 48 | 90 |
| Adjusted EBITDA | $55270 | $50646 | $148364 | $129922 |
| Revenue | $154358 | $133528 | $437628 | $377063 |
| Net income margin | 5% | 12% | 7% | 6% |
| Adjusted EBITDA margin | 36% | 38% | 34% | 34% |

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**About Integral Ad Science**

Integral Ad Science (IAS) is a leading global media measurement and optimization platform that delivers the industry's most actionable data to drive superior results for the world's largest advertisers, publishers, and media platforms. IAS's software provides comprehensive and enriched data that ensures ads are seen by real people in safe and suitable environments, while improving return on ad spend for advertisers and yield for publishers. Our mission is to be the global benchmark for trust and transparency in digital media quality. For more information, visit integralads.com.

**Forward-Looking Statements**

This earnings press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance, including guidance, and business, including pipeline and industry trends. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely," and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our current expectations relating to the acquisition of the company by Novacap (the "Merger") and the transactions contemplated by the related Merger Agreement, our estimated and projected costs, profitability, expenditures, cash flows, growth rates and financial results or our plans and objectives for future operations, growth initiatives or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: (i) the risk that the Merger may not be completed in a timely manner or at all, which may adversely affect our business and the price of our common stock; (ii) the timing to consummate the Merger, or the occurrence of any event, change, or other circumstances that could give rise to the termination of the Merger Agreement, including circumstances requiring a party to pay the other party a termination fee pursuant to the Merger Agreement; (iii) the failure to satisfy the conditions to the consummation of the Merger, and the other transactions contemplated thereby; (iv) the risk that a governmental or regulatory approval that may be required for the Merger is not obtained or is obtained subject to conditions that are not anticipated; (v) the effect of the pendency of the Merger on our business relationships, operating results and business generally; (vi) certain restrictions during the pendency of the Merger that may impact our ability to pursue certain business opportunities or strategic transactions; (vii) risks that the Merger disrupts current plans and operations; (viii) risks related to diverting management's attention from our ongoing business operations; (ix) the outcome of any legal proceedings that may be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto; (x) our ability to retain, hire and integrate skilled personnel, and maintain relationships with key business partners and customers, and others with whom we do business, in light of the proposed Merger; (xi) unexpected costs, charges or expenses resulting from the Merger; (xii) the adverse effect on our business, operating results, financial condition, and prospects from various macroeconomic factors, including instability in geopolitical or market conditions; (xiii) our failure to innovate or make the right investment decisions; (xiv) our ability to provide digital or cross-platform analytics; (xv) our failure to maintain or achieve industry accreditation standards; (xvi) our dependence on integrations with advertising platforms, demand side providers ("DSPs") and proprietary platforms that we do not control; (xvii) our ability to compete successfully with our current or future competitors in an intensely competitive market; (xviii) our ability to sustain our profitability and revenue growth rate; (xix) our dependence on the overall demand for advertising; and (xx) other factors disclosed in our filings with the SEC. Given these factors, as well as other variables that may affect our operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods.

We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to

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anticipate all factors that could affect our actual results. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

**Additional Information and Where to Find It**

This communication is being made in respect of the proposed transaction involving the Company and Novacap. The Company will prepare an information statement for its stockholders, containing the information with respect to the proposed merger specified in Schedule 14C promulgated under the Exchange Act, and describing the proposed transaction. In connection with the proposed transaction, the Company filed with the SEC a preliminary information statement. When completed, a definitive information statement will be mailed to the Company's stockholders. This communication is not a substitute for the information statement, or any other document, that the Company may file with the SEC or send to its stockholders in connection with the proposed transaction.

THE COMPANY'S STOCKHOLDERS ARE URGED TO CAREFULLY READ THE INFORMATION STATEMENT REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

The Company's stockholders may obtain free copies of the documents the Company files with the SEC from the SEC's website at www.sec.gov or through the Investor Relations page of the Company's website at https://investors.integralads.com or by contacting the Company's Investor Relations by e-mail at ir@integralads.com.

**No Offer or Solicitation**

No person has commenced soliciting proxies in connection with the proposed transaction referenced in this communication, and this communication is neither an offer to purchase nor a solicitation of an offer to sell securities.

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**Investor Contact:**

Jonathan Schaffer

<u>ir@integralads.com</u>

**Media Contact:**

Tricia Mifsud

<u>press@integralads.com</u>

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