Slide 1: Q2 2026 Earnings
Q2 - 2026 Earnings August 12, 2026
Slide 2: Disclaimer
Disclaimer Non-GAAP Financial Measures This presentation includes financial information prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). This presentation also includes non-GAAP financial information, which should be considered supplemental to, not
Slide 3: Cautionary Note About Forward-Looking Statements
Cautionary Note About Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements cont
Slide 4: CEO Introduction and Q2 Highlights
CEO Introduction and Q2 Highlights +35% Revenue YoY; 11th consecutive quarter of revenue growth 60% Adj. EBITDA margin(1) Jeremy Bondy Chief Executive Officer Market growth, Cortex™ self-learning, and modeling breakthroughs, in addition to increased demand related to the World Cup, benefited Q2 resu
Slide 5: The Mobile App Economy is Massive
The Mobile App Economy is Massive 5B+ Smartphone Users ~3 Hours Spent on Apps Globally(1) per Day(2) 1. Global Smartphone Users per EMARKETER Forecast, 2023. 2. Mobile App Usage Statistics per SensorTower, 2024. 5
Slide 6: Fast-Growing Verticals Across the Market
Fast-Growing Verticals Across the Market In-App Advertising – Gross Serviceable Addressable Market (SAM)(1) $ in Billions ~$136 % C AGR: ~11 Overall ~$79 14% (2) CAGR: ~ m ing Non-Ga 9% CAGR: ~ Gaming 2025E 2030E Gaming Non-Gaming 1. Gross Serviceable Addressable Market (SAM) defined as Mobile IAA s
Slide 7: The Mobile App Economy is Under-Monetized
The Mobile App Economy is Under-Monetized $0.38 ~6x Ad Spend Per User Hour (1) $0.24 $0.14 $0.07 In-App 3rd Party(2) Walled Garden CTV(4),(5) Traditional TV(4) (Liftoff Addressable) In-App(3) 1. Tabular data only from the Altman Solon Report; Data as of FY 2024, US based figures for TV and CTV. 2. A
Slide 8: Liftoff's Fully Integrated Advertising Platform
Liftoff’s Fully Integrated Advertising Platform is Designed to Serve all Verticals in the App Ecosystem Publishers Advertisers Finance Gaming Commerce Entertainment Social Gig Economy 8
Slide 9: Scaled DSP + SSP Platform
Scaled DSP + SSP Platform Designed To Create Compounding Advantages DSP SSP ✔ Direct user reach ✔ Data symmetry Neural Network Nearly 170K SDK ✔ Effective Machine Learning integrations(1) economics Unified Platform Powered by Cortex Advantages Liftoff and Vungle Merged in Q3 2021 Compound at Scale 1
Slide 10: Cortex is Liftoff's Proprietary AI Powered Prediction Engine
Cortex is Liftoff’s Proprietary AI Powered Prediction Engine Ability to Reach Final Optimization(1) Pre-Cortex Cortex Impact of Cortex More Successful ~2 weeks <1 day Launches 1B+ Predictions per second (2) 1. Number of days it takes a new campaign to transition to its final optimization model, per
Slide 11: Self Learning Sits at the Heart of our Business
Self Learning Sits at the Heart of our Business Signals & Data Model Scoring & Ingestion Prediction Continuous Retraining Auction Outcomes & Cortex & Refinement Performance Feedback When performance improves, advertisers often increase spend with us, giving Cortex more outcomes to learn from 11
Slide 12: Our Flywheel Has Been a Resilient Source of Growth
Our Flywheel Has Been a Resilient Source of Growth in an Elastic Market Ad Spend Existing Customers Are a Primary Growth Driver Performance Performance uplift Goals drives increased advertiser spend Advertisers (1) % of Advertisers that Would 87% Increase Performance Marketing Spend if KPIs are Hit
Slide 13: Unique Positioning in the Mobile App Ecosystem
Unique Positioning in the Mobile App Ecosystem Cortex ● Price and target effectively across billions of auctions ● Continually improving to deliver better performance Unified Architecture ● Fully integrated DSP and SSP, with ubiquitous SDK distribution ● Each side makes the other smarter, creating u
Slide 14: How We Expect to Grow From Here
How We Expect to Grow From Here Market Growth Self-Learning Model Breakthroughs 14
Slide 15: CFO Introduction and Financial Model
CFO Introduction and Financial Model Core Advertising Revenue(1) grows as we improve outcomes for our customers Operating leverage leads to high Adj. EBITDA(2) flow-through on revenue growth Tarek Kutrieh President and Chief Financial Officer 1. Core Advertising Revenue refers to revenue from our cu
Slide 16: Q2 2026 Revenue
Q2 2026 Revenue Core Advertising Revenue(1) Other Revenue $ in millions +7% QoQ $219M11th consecutive qtr of growth +35% YoY 1. Core Advertising Revenue refers to revenue from our current advertising platforms, which are now predominantly powered by Cortex-backed demand solutions. 16
Slide 17: Q2 2026 Adjusted EBITDA
Q2 2026 Adjusted EBITDA Adjusted EBITDA(1) % Margin (1) 43% 45% 47% 48% 56% 52% 53% 56% 57% 58% 60% $ in millions 1. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Revenue. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. For a discussion on how we define, use, and
Slide 18: Q2 2026 Free Cash Flow
Q2 2026 Free Cash Flow(1) Q2 2026 vs. PY LTM Q2 2026 vs. PY $ in millions $ in millions Highly Free Cash Flow Generative Business 1. Free Cash Flow is a non-GAAP measure. For a discussion on how we define, use, and calculate Free Cash Flow, see the slide entitled “Non-GAAP Financial Measures," and f
Slide 19: Balance Sheet and Leverage
Balance Sheet and Leverage $ in millions Q2 2026 Q1 2026 Cash $305 $201 Debt(1) 1,437 1,850 Net Leverage (LTM)(2) 2.4x 4.0x 169.3 million 137.1 million Total shares outstanding as of Q2 2026 weighted average shares Q2 2026 quarter end outstanding 1. Represents principal balance. 2. Net Leverage (LTM
Slide 20: Capital Allocation Priorities
Capital Allocation Priorities Reinvest in the Business 1 Capital-light model, with continued investment in strategic priorities to drive growth Maintain Reasonable Leverage Position 2 Keeping net leverage below 3 times remains a near-term priority Return of Capital 3 Increasingly attractive option a
Slide 21: Q3 and Full Year 2026 Outlook
Q3 and Full Year 2026 Outlook(1) Q3 2026 Full Year 2026 $ in millions, except $ in millions, except Q3 Range 2026 Range percentages percentages Revenue $217 - $222 Revenue $870 - $880 Adjusted EBITDA(2) $124 - $128 Adjusted EBITDA(2) $510 - $518 Adjusted EBITDA Margin(2) 57% - 58% Adjusted EBITDA Ma
Slide 22: Appendix
[liftoff Appendix
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), this presentation includes certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA, Adj
Slide 24: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA Quarters (in millions) Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Net income (loss) $(44) $(8) $1 - $(41) $4 $(24) $(6) $3 $49 $(4) Interest expense, net 23 22 24 24 28 30 30 32 36 35 33 Income tax (expense) benefit 16 (7)
Slide 25: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided By Operating Activities to Free Cash Flow 3 months ended June 30 12 months ended June 30 (in millions) 2026 2025 2026 2025 Net cash provided by operating activities $64 $26 $237 $125 Less: Purchase and capitalization of property, equipment, and software (14) (12)
Slide 26: Reconciliation of Net Leverage
Reconciliation of Net Leverage Net Leverage calculation ($ in millions) Q1’26 Q2’26 Principal Balance 1,850 1,437 Cash 201 305 Net Debt 1,649 1,131 LTM Net Income 22 42 LTM Interest expense, net 132 136 LTM Income tax (expense) benefit 7 35 LTM Depreciation and amortization 94 92 LTM Stock-based com