Overview

• US B2B tech marketing platform's Q4 revenue grew 3% yr/yr, slightly missing analyst expectations

• Adjusted EBITDA for Q4 rose 57% yr/yr, driven by cost efficiencies and operating leverage

• Net loss narrowed from prior quarter, impacted by $9.9 mln non-cash goodwill impairment

Outlook

• Company targets 2026 Adjusted EBITDA between $95.0 mln and $100.0 mln

• TechTarget expects 2026 market demand to be broadly in line with 2025

• Company says continued cost discipline and synergies to support margin improvement in 2026

Result Drivers

• COST EFFICIENCIES - Co said Q4 profitability was driven by cost efficiencies and operating leverage from its Combination Plan

• MEMBERSHIP AND ACTIVITY - Growth in membership and increased member activity supported by editorial content, despite shifting search traffic

• PRODUCT INNOVATION - Streamlined Brand2Demand portfolio and repositioned NetLine offering contributed to revenue and bookings growth

Company press release: ID:nBw4B4TFTa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Slight Miss*	$140.7 mln	$140.89 mln (3 Analysts)
Q4 Net Income		-$9.5 mln
Q4 Adjusted EBITDA		$41.6 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the online services peer group is "buy"

• Wall Street's median 12-month price target for TechTarget Inc is $10.00, about 179.3% above its March 10 closing price of $3.58

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