Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsDebt/equity is shown as not meaningful rather than as a negative leverage ratio.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Shareholders' equity was non-positive
Debt/equity is shown as not meaningful rather than as a negative leverage ratio.
Why this surfaced
Same-period reported shareholders' equity was zero or negative; review the balance sheet and capital structure. Period end 2025-12-31.
- 3 filing risk checks flagged
Flagged areas: Earnings quality, Solvency & liquidity, Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +7.1% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Operating margin improved
Operating margin changed +24.0 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
- Free cash flow turned positive
Latest reported free cash flow was $39M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Earnings quality
- Solvency & liquidity
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-13
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Digital Revenue$134Mshare n/a+7.2% yoy
- Digital Advertising$86.9Mshare n/a-6.5% yoy
- Performance Marketing$19.6Mshare n/a+79.7% yoy
- Publisher Revenue$19.5Mshare n/a+146.3% yoy
- Digital Subscriptions$5.85Mshare n/a-25.0% yoy
- Product And Service Other$1.88Mshare n/a-63.7% yoy
- Print Revenue$1.02Mshare n/a-4.8% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- United States$128M94.8%+7.8% yoy
- Outside the United States$7.07M5.2%-4.7% yoy
Members sum to the consolidated $135M for this period.
- Digital Revenue$20.1Mshare n/a-36.3% yoy
- Digital Advertising$11.4Mshare n/a-47.9% yoy
- Publisher Revenue$4.25Mshare n/a+37.8% yoy
- Performance Marketing$2.51Mshare n/a-47.6% yoy
- Product And Service Other$1.21Mshare n/a+390.2% yoy
- Digital Subscriptions$817Kshare n/a-51.1% yoy
- +1 more member in the filing
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,090 US-listed filers · 127 in Communication| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $135M | 30thof 3,266 bottom third | 23rdof 122 bottom third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 7.1% | 52ndof 3,105 middle third | 59thof 117 middle third |
Gross margin gross profit ÷ revenue | 50.7% | 67thof 1,591 middle third | 64thof 21 middle third |
Operating margin operating income ÷ revenue | 30.3% | 93rdof 2,792 top third | 98thof 115 top third |
Net margin net income ÷ revenue | 92.6% | 96thof 3,230 top third | 98thof 120 top third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | 29.1% | 91stof 2,659 top third | 96thof 103 top third |
Interest coverage operating income ÷ interest expense (interest expense > 0) | 3.6× | 66thof 807 middle third | 83rdof 39 top third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 0.4% | 91stof 2,869 top third | 93rdof 108 top third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 60 days | 36thof 2,384 middle third | 28thof 106 bottom third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | 2.2× | 49thof 1,535 middle third | 67thof 62 top third |
Cash conversion operating cash flow ÷ net income (net income > 0) | 0.3× | 14thof 2,253 bottom third | 11thof 58 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | 74.8% | 0thof 3,875 bottom third | 0thof 117 bottom third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 365.2% | 2ndof 3,321 bottom third | 5thof 94 bottom third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 27 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Deferred revenue (non-current) ContractWithCustomerLiabilityNoncurrent | balance at 2023-12-31 | $10.7M 10-K 2024-04-01 | $542K 10-K 2025-04-15 | -94.9% | first · latest · 5 filings carry it |
| Depreciation and amortization DepreciationAndAmortization | quarter 2023-09-30 | $4.73M 10-Q 2023-11-14 | $1.05M 10-Q 2024-11-14 | -77.7% | first · latest |
| Depreciation and amortization DepreciationAndAmortization | fiscal year 2023-12-31 | $18.9M 10-K 2024-04-01 | $4.24M 10-K 2025-04-15 | -77.6% | first · latest |
| Depreciation and amortization DepreciationAndAmortization | quarter 2023-06-30 | $4.74M 10-Q 2023-08-14 | $1.06M 10-Q 2024-08-19 | -77.5% | first · latest |
| Depreciation and amortization DepreciationAndAmortization | quarter 2023-03-31 | $4.77M 10-Q 2023-05-10 | $1.1M 10-Q 2024-05-17 | -77.0% | first · latest |
| Deferred revenue (current) ContractWithCustomerLiabilityCurrent | balance at 2023-12-31 | $59.8M 10-K 2024-04-01 | $16.9M 10-K 2025-04-15 | -71.7% | first · latest · 5 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2023-06-30 | -$14.3M 10-Q 2023-08-14 | -$6.35M 10-Q 2024-08-19 | +55.6% | first · latest |
| Gross profit GrossProfit | quarter 2023-03-31 | $21.3M 10-Q 2023-05-10 | $10.3M 10-Q 2024-05-17 | -51.6% | first · latest |
| Operating income OperatingIncomeLoss | fiscal year 2023-12-31 | -$35.8M 10-K 2024-04-01 | -$17.5M 10-K 2025-04-15 | +51.2% | first · latest |
| Gross profit GrossProfit | quarter 2023-09-30 | $28.2M 10-Q 2023-11-14 | $13.9M 10-Q 2024-11-14 | -50.5% | first · latest |
| Gross profit GrossProfit | fiscal year 2023-12-31 | $102M 10-K 2024-04-01 | $55.3M 10-K 2025-04-15 | -45.8% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2023-03-31 | $51.4M 10-Q 2023-05-10 | $28.4M 10-Q 2024-05-17 | -44.7% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2023-06-30 | $58.8M 10-Q 2023-08-14 | $34.1M 10-Q 2024-08-19 | -42.1% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2023-09-30 | $63.4M 10-Q 2023-11-14 | $37M 10-Q 2024-11-14 | -41.7% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2023-12-31 | $244M 10-K 2024-04-01 | $144M 10-K 2025-04-15 | -41.2% | first · latest |
| Gross profit GrossProfit | quarter 2023-06-30 | $21.7M 10-Q 2023-08-14 | $13.2M 10-Q 2024-08-19 | -39.0% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2023-09-30 | -$6.85M 10-Q 2023-11-14 | -$4.47M 10-Q 2024-11-14 | +34.8% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2023-03-31 | -$14.6M 10-Q 2023-05-10 | -$9.71M 10-Q 2024-05-17 | +33.3% | first · latest |
| Receivables AccountsReceivableNetCurrent | balance at 2023-12-31 | $44.8M 10-K 2024-04-01 | $31.7M 10-K 2025-04-15 | -29.3% | first · latest · 5 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2022-06-30 | $65.1M 10-Q 2022-08-09 | $53.8M 10-Q 2023-08-14 | -17.4% | first · latest |
| Gross profit GrossProfit | quarter 2021-06-30 | $11.2M 10-Q 2021-08-16 | $9.44M 10-Q 2022-08-09 | -15.3% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2022-09-30 | $66.7M 10-Q 2022-11-09 | $57.3M 10-Q 2023-11-14 | -14.1% | first · latest |
| Gross profit GrossProfit | quarter 2022-06-30 | $18.3M 10-Q 2022-08-09 | $16.1M 10-Q 2023-08-14 | -12.1% | first · latest |
| Gross profit GrossProfit | quarter 2022-09-30 | $26.2M 10-Q 2022-11-09 | $24.6M 10-Q 2023-11-14 | -6.1% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2022-09-30 | -$12.4M 10-Q 2022-11-09 | -$11.8M 10-Q 2023-11-14 | +5.2% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2022-06-30 | -$21.4M 10-Q 2022-08-09 | -$20.6M 10-Q 2023-08-14 | +3.5% | first · latest |
| Gross profit GrossProfit | fiscal year 2021-12-31 | $78.2M 10-K 2022-04-01 | $78.6M 10-K 2023-03-31 | +0.6% | first · latest |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding; share counts re-presented by an integer split ratio are listed as split adjustments, not restatements. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for PAAI yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.