NEW YORK, May 02, 2024 (GLOBE NEWSWIRE) -- AdTheorent Holding Company, Inc. (NASDAQ:ADTH) ("AdTheorent" or "the Company"), a machine learning pioneer and industry leader using privacy-forward solutions to deliver measurable value for programmatic advertisers, today announced its first quarter 2024 financial results. First Quarter 2024 Financial Overview: Revenue was $34.9 million, a 6.7% increase compared to $32.7 million in the first quarter of 2023. Gross profit was $14.3 million, down 0.2%, from the first quarter of 2023. Gross Profit Margin was 40.9%, compared to 43.7% in the first quarter of 2023. Adjusted Gross Profit* increased $1.5 million, or 7.1%, to $22.4 million compared to the first quarter of 2023. Adjusted Gross Profit Margin was 64.2% compared to 64.0% in the first quarter of 2023. Net loss was $9.9 million compared to $5.2 million in the first quarter of 2023. In the first quarter of 2024, the Company recognized a total of $5.8 million of net mark to market losses related to fair value of the Seller's Earn-Out and Warrants liabilities compared to net losses of $0.04 million in the first quarter of 2023. Adjusted EBITDA* decreased $0.2 million, or 50.0%, to $0.2 million compared to first quarter 2023. Adjusted EBITDA as a percentage of Adjusted Gross Profit of 1.0% represented a decrease from 2.2% in the first quarter of 2023. Business and Operating Highlights: Average revenue per active customer increased 3.5% year-over-year.  AdTheorent's self-service momentum continued, with 60% year-over-year revenue growth and a 95% year-over-year increase in total customers. Additionally, AdTheorent self-service CTV revenue grew 95%.  AdTheorent Health revenue grew 34.3% year-over-year.  AdTheorent Health's algorithm-based and ID-independent health audiences yielded strong customer adoption with 95 active campaigns running in the first quarter of 2024, an 86% sequential increase from the 51 campaigns running in the fourth quarter of 2023.  AdTheorent was awarded "Enabling Technology Company of the Year" by the prestigious MMA SMARTIES™ X Global awards. In addition, AdTheorent won four campaign-specific MMA SMARTIES™ X Global awards with valued partners The Wine Group, TRG, and Choctaw Casinos & Resorts.  *The Company prepares its consolidated financial statements in accordance with the U.S. generally accepted accounting principles ("GAAP"). Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. See the supplementary schedules in this press release for a discussion of how the Company defines and calculates these measures and a reconciliation thereof to the most directly comparable GAAP measures. Transaction with Cadent: On April 1, 2024, the Company announced its entry into a definitive agreement to be acquired by Cadent, LLC for approximately $324 million in cash, or $3.21 per share (the "Merger"). The Merger is expected to be completed by the third quarter of 2024 and is subject to approval by AdTheorent's stockholders, expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as other customary closing conditions. Upon completion of the Merger, AdTheorent common stock will no longer be listed on the Nasdaq Stock Exchange or trade in any other public market. A press release describing the details of the Merger can be found on the investor relations page of AdTheorent's website at investors.adtheorent.com. Due to the pending Merger, AdTheorent will not provide updated guidance or host a conference call or webcast to discuss first quarter 2024 results.  About AdTheorent: AdTheorent uses advanced machine learning technology and privacy-forward solutions to deliver impactful advertising campaigns for marketers. AdTheorent's advanced machine learning-powered media buying platform powers its predictive targeting, predictive audiences, geo-intelligence, audience extension solutions and in-house creative capability, Studio A\T. Focused on the predictive value of machine learning models, AdTheorent's product suite and flexible transaction models allow advertisers to identify the most qualified potential consumers coupled with the optimal creative experience to deliver superior results, measured by each advertiser's real-world business goals. AdTheorent is headquartered in New York, with fourteen locations across the United States and Canada. AdTheorent is consistently recognized with numerous technology, product, growth and workplace awards. AdTheorent was named "Best Buy-Side Programmatic Platform" in the 2023 Digiday Technology Awards and was honored with an AI Breakthrough Award and "Most Innovative Product" (B.I.G. Innovation Awards) for six consecutive years. Additionally, AdTheorent is the only seven-time recipient of Frost & Sullivan's "Digital Advertising Leadership Award." In September 2023, evidencing its continued prioritization of its team, AdTheorent was named a Crain's Top 100 Best Place to Work in NYC for the tenth consecutive year. AdTheorent ranked tenth in the Large Employer category and 26th overall in 2023. For more information, visit adtheorent.com. Forward-Looking Statements: This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as "believe," "anticipate," "expect," "estimate," "intend," "project," "plan," or words or phrases with similar meaning. Such statements may also include statements regarding the completion of the proposed merger and the expected timing of the completion of the proposed merger, the management of AdTheorent upon completion of the proposed merger and AdTheorent's plans upon completion of the proposed merger. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements contained in this press release relate to, among other things, the Company's projected financial performance and operating results, including projected revenue, Adjusted Gross Profit and Adjusted EBITDA, as well as statements regarding inflationary pressures and recessionary fears. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, the market for programmatic advertising developing slower or differently than the Company's expectations, the demands and expectations of clients and the ability to attract and retain clients and other economic, competitive, governmental and technological factors outside of the Company's control, that may cause the Company's business, strategy or actual results to differ materially from the forward-looking statements. The Company does not intend and undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. Investors are referred to AdTheorent's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and any subsequent filings on Forms 10-Q or 8-K, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement. Investor Contact:David DeStefano, (203) 682-8383 Press Contact:Melanie Berger, 567-0082 ADTHEORENT HOLDING COMPANY, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)     March 31,     December 31,     2024     2023   ASSETS (unaudited)         Current assets           Cash and cash equivalents $ 69,202     $ 70,261   Accounts receivable, net   55,233       71,288   Income tax recoverable   163       177   Prepaid expenses   5,974       4,515   Total current assets   130,572       146,241   Property and equipment, net   437       457   Operating lease right of use assets   4,794       5,085   Investment in SymetryML Holdings   742       628   Other intangible assets, net   8,204       7,969   Goodwill   34,842       34,842   Deferred income taxes, net   11,647       10,575   Other assets   397       299   Total assets $ 191,635     $ 206,096               LIABILITIES AND STOCKHOLDERS' EQUITY           Current liabilities           Accounts payable $ 13,586     $ 17,910   Accrued compensation   3,012       10,483   Accrued expenses   5,442       4,994   Operating lease liabilities, current   1,436       1,421   Total current liabilities   23,476       34,808   Warrants   6,730       967   Seller's Earn-Out   5       10   Operating lease liabilities, non-current   4,779       5,141   Total liabilities   34,990       40,926   Stockholders' equity           Preferred Stock   —       —