TORONTO, Nov. 07, 2025 — Leads & Copy — illumin Holdings Inc. (TSX: ILLM and OTCQB: ILLMF) has released its financial results for the third quarter ending Sept. 30, 2025, showcasing a 5% year-over-year revenue increase to $38.2 million. The growth was fueled by a 103% surge in Exchange service revenue, though partially offset by a decline in Managed service revenue.
Exchange service revenue climbed to $20.5 million. Self service revenue remained stable at $8.3 million, compared to $8.4 million in the same period last year. Excluding the impact of one client who paused due to restructuring, Self service sales rose 15% for the quarter and 34% year-over-year.
During the quarter, the Company added 23 net new Self service clients, signaling positive sales initiatives aimed at high-value clients and positioning the Company for sustained long-term revenue growth. However, Managed service revenue stood at $9.4 million due to market uncertainty affecting some customers’ marketing spend.
The company’s gross margin was 38%, down from 47% in the same period last year. Net revenue, or gross profit, reached $14.4 million, compared to $17.2 million in the prior year. Adjusted EBITDA amounted to $0.2 million, versus $1.9 million in the previous year. The net loss totaled $2.1 million, compared to $1.1 million in Q3 2024.
illumin continues its normal course issuer bid (NCIB), which began Dec. 23, 2024. Through Sept. 30, 2025, the Company has bought back and cancelled 432,490 common shares for $0.7 million, at an average price of $1.57 per share.
In September 2025, Brian Garrigan was appointed as the new Chief Revenue Officer (CRO).
Simon Cairns, illumin’s Chief Executive Officer, noted the company’s strategic shift towards an integrated outcomes-based platform is showing promise. He highlighted the Exchange service revenue more than doubling and Self service revenue rising 34% year-over-year, excluding one client’s exit.
Cairns also mentioned the market’s shift away from traditional demand-side platforms, with illumin aiming to provide advertisers with clear, real-time insights into their media spend’s effectiveness in 2026.
Elliot Muchnik, illumin’s Chief Financial Officer, noted the momentum in Exchange service and the early benefits from restructuring and cost reduction initiatives.
illumin empowers marketers to achieve transformative results through its customer-centric approach, featuring a unified canvas built around the open web. The company is headquartered in Toronto, Canada, serving clients across North America, Latin America, and Europe.
Steve Hosein
Investor Relations
illumin Holdings Inc.
416-218-9888 x 5313
investors@illumin.com
David Hanover
Investor Relations – U.S.
KCSA Strategic Communications
212-896-1220
dhanover@kcsa.com
Source: illumin Holdings Inc.
