DoubleVerify Holdings, Inc. (NYSE: DV)

$10.06 ▲ +0.51 (+5.29%)

As of Apr 13, 2026 03:59 PM

Sector: Technology Industry: Software - Application CIK: 0001819928

Market Cap 1.63 Bn

P/E 33.48

P/S 2.17

Div. Yield 0.00

ROIC (Qtr) 0.04

Revenue Growth (1y) (Qtr) 7.85

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About

DoubleVerify Holdings, Inc., often referred to as DoubleVerify, operates in the digital advertising industry. The company, established in 2008, has been at the forefront of media effectiveness, utilizing artificial intelligence (AI) to deliver superior outcomes for global brands. DoubleVerify's evolution has been marked by continuous product innovation and strategic partnerships across various programmatic media buying platforms and digital media channels, including social media and connected TV (CTV). DoubleVerify's business revolves around its...

DoubleVerify Holdings, Inc., often referred to as DoubleVerify, operates in the digital advertising industry. The company, established in 2008, has been at the forefront of media effectiveness, utilizing artificial intelligence (AI) to deliver superior outcomes for global brands. DoubleVerify's evolution has been marked by continuous product innovation and strategic partnerships across various programmatic media buying platforms and digital media channels, including social media and connected TV (CTV).

DoubleVerify's business revolves around its advertising customers, generating revenue based on the volume of media transactions or ads its software platform measures. The company charges an analysis fee, known as the Measured Transaction Fee, for each digital ad transaction it measures. This fee structure allows DoubleVerify to grow as its customers increase their digital ad spend and as it integrates into new channels and platforms.

The company's software platform provides a unique metric, the DV Authentic Ad, which measures whether a digital ad is displayed in a fraud-free, brand-suitable environment and is fully viewable in the intended geography. This metric is delivered to customers in real-time, offering critical performance data on their digital ads. Customers then utilize this data analytics to enhance the efficiency of their digital advertising investments by minimizing wasted media spend on blocked or fraudulent ads and optimizing their media strategies in real-time by verifying their highest-performing ads and content.

DoubleVerify's software platform is integrated across the entire digital advertising ecosystem, including programmatic platforms, social media channels, and digital publishers. The company delivers unique data analytics through its customer interface, DV Pinnacle, to provide detailed insights into its customers' media performance on both direct and programmatic media buying platforms and across all key digital media channels, formats, and devices.

Within the industry, DoubleVerify holds a strong position, boasting a loyal and growing customer base. This base includes over 50 of the top 100 global advertisers, according to Ad Age. The company's success can be attributed to its track record of innovative product development, having launched its first brand safety and suitability solution in 2010 and continuing to develop leading-edge solutions ever since.

DoubleVerify's competitive advantages include its best-in-class software platform, broad ecosystem coverage, powerful network effect fueled by a robust and scalable data asset, compelling value proposition driving high customer ROI, and alignment with privacy restrictions and platform evolution.

DoubleVerify's digital advertising solutions include the DV Authentic Ad, DV Authentic Attention, Custom Contextual, and Scibids AI. The DV Authentic Ad is DoubleVerify's definitive metric of digital media quality, evaluating the existence of fraud, brand safety and suitability, viewability, and geography for each digital ad. DV Authentic Attention is the company's MRC-accredited, privacy-friendly attention measurement solution that provides actionable, comprehensive data to drive campaign performance. Custom Contextual is a solution that enables advertisers to match their ads to relevant content to maximize user engagement and drive optimal campaign performance. Scibids AI is a solution that empowers global brands to leverage Demand-Side Platform impression-level data, first-party data, measurement data, and cost data to build algorithmic models that more effectively drive specific key performance indicators and tangible outcomes.

In the supply-side solutions segment, DoubleVerify offers the DV Publisher Suite, which provides digital publishers with a unified solution to manage revenue and increase inventory yield by improving video delivery, identifying lost or unfilled sales, and better aggregating data across all inventory sources.

DoubleVerify's customer base comprises over 50 of the top 100 global advertisers, primarily large, global brands and agencies operating in the digital advertising industry.

Investment thesis

Bull case

The launch of the DV AI Verification suite represents a strategic inflection point, enabling the company to capture a nascent yet rapidly expanding market segment. By automating content classification and reducing reliance on manual labor, the platform can scale to millions of new ad impressions without a proportional increase in overhead, thereby preserving operating leverage. Management’s projection that the AI tools will achieve a four‑fold productivity gain for classification specialists by 2026 underscores the potential for margin expansion beyond the current 35‑38% EBITDA range. These gains are already reflected in the quarter’s 27% growth in supply‑side revenue, driven largely by retail media adoption, suggesting a strong demand pipeline for AI‑enhanced verification. Moreover, the integration of the Agent ID and SlopStopper capabilities positions DV at the forefront of synthetic media detection, a capability that is increasingly demanded by brands seeking to guard against fraud and brand safety violations. The strategic timing of these launches aligns with the broader industry shift toward automated ad optimization, allowing DV to capture early mover advantage as advertisers migrate to AI‑centric buying strategies. Finally, the ability to double classification volume while cutting labeling costs by 260% could materially increase gross margin, providing a cushion against future market volatility and sustaining growth momentum into 2026 and beyond.
Diversification into social and connected TV has begun to materially alter DV’s revenue mix, reducing concentration risk and aligning the business with the largest and fastest‑growing media spend categories. The company’s Authentic AdVantage product closed $8 million in ACV within weeks of launch, a clear signal of strong uptake among major CPG brands that traditionally invest heavily in brand‑safety and performance optimization. Meta prebid has already expanded from 26 to 56 advertisers, with 20 of the top 100 customers now active, indicating a rapid scale trajectory that could soon match or exceed the current post‑bid revenue stream on Meta. In addition, CTV measurement volumes have risen 30% year‑over‑year, reflecting increasing trust in DV’s new verified streaming TV and do‑not‑air segments, which can attract higher‑margin inventory in the premium TV‑like segment. The strategic shift toward a 50% revenue contribution from social, streaming TV, and AI verification aligns DV with the structural trend of advertisers allocating a growing share of budgets to programmatic video and AI‑driven content, thereby future‑proofing the company against potential declines in display or search advertising. This alignment also positions DV to capitalize on the upcoming TikTok attention measurement expansion, which could open a new revenue stream through granular impression‑level insights across one of the fastest‑growing advertising platforms. Collectively, these product wins provide a multi‑channel revenue base that can absorb shocks from any single vertical and accelerate long‑term growth.
The appointment of Stuart Flint as Managing Director, EMEA, and the accompanying leadership expansion signal a decisive focus on international growth, especially in the highly diverse and innovative European market. Flint’s track record of scaling commercial teams at TikTok, Verizon Media, and Microsoft Advertising suggests he will drive a more aggressive go‑to‑market strategy, likely accelerating product adoption in regions where DV’s current penetration remains uneven. The EMEA team’s emphasis on localized pricing models, such as percentage‑of‑media, is a response to regional budget sensitivities and will help DV better compete against local verification vendors that offer more flexible pricing structures. While the company has faced variable international performance in the past, the new leadership is positioned to leverage cross‑platform partnerships—such as the expanding DV Authentic Attention on TikTok—to capture share in emerging markets where TikTok’s advertising spend is projected to grow faster than its peers. The expansion also dovetails with the broader industry shift toward cross‑channel measurement, allowing DV to offer a more compelling, unified view of performance to global brands operating in multiple territories. By bolstering its presence in EMEA, DV can reduce its U.S.‑centric risk profile, diversify its customer base, and tap into a market that is projected to see continued growth in digital ad spend across both social and streaming TV. This geographic diversification enhances resilience against domestic macro headwinds and positions DV to capture a larger portion of the global media effectiveness market.
DoubleVerify’s strong cash position—$201 million in cash and equivalents with no long‑term debt—provides a robust foundation for disciplined capital allocation while still enabling continued investment in product innovation and strategic acquisitions. The company’s recent $82 million net cash outlay for the Rockerbox acquisition demonstrates a willingness to pay a premium for complementary capabilities that extend the platform into outcomes measurement and AI‑driven optimization. Importantly, share repurchases of $132 million in the first nine months of 2025 have outpaced the expected stock‑based compensation costs, implying that the company’s capital returns strategy is not eroding cash reserves required for future R&D or M&A. The forecasted 33% EBITDA margin for 2025 and 2026 provides a margin buffer that can absorb the higher stock‑based compensation expense and tax impact associated with a lower share price, while still allowing for continued expansion of the platform. This financial flexibility also positions DV to respond rapidly to emerging threats, such as new competitors or regulatory changes, by deploying capital to acquire technology or talent as needed. Furthermore, the company’s disciplined capital expenditures—$12 million in Q3 versus $6 million in the same period last year—illustrate a focus on incremental, high‑impact investments that directly support product scaling, thereby ensuring that cash flows remain healthy and that the firm can maintain a competitive advantage. These financial dynamics underscore the company’s capacity to sustain growth momentum while safeguarding shareholder value.
Customer retention remains a cornerstone of DV’s business model, with zero churn among the top 100 customers in Q3, an indicator of deep loyalty and high switching costs. The 73% activation of ABS among the top 500 customers, up from 68% the previous year, demonstrates that existing clients are actively expanding their usage, which translates into incremental revenue growth without proportional acquisition costs. The company’s upsell momentum, particularly in the ABS segment where activation revenue grew 12% YoY, indicates that clients are willing to pay for additional verification layers as their ad spend scales, reinforcing the platform’s perceived value. Additionally, the introduction of new activation solutions such as DV Authentic AdVantage and Meta prebid has already led to early adoption among high‑spending brands, further reducing customer acquisition costs and increasing cross‑sell opportunities. The strong upsell and renewal rates also mitigate the risk of volatility in new customer acquisition, especially given the current softness in retail spend, by anchoring the revenue base in mature, high‑value accounts. These retention metrics suggest that DV’s product offerings have matured to a point where they provide essential, non‑replaceable services to its largest spenders, reinforcing the sustainability of its growth trajectory. Continued focus on expanding usage within existing accounts could further improve the company’s margin profile, as higher average revenue per customer is typically associated with lower per‑unit acquisition costs.

The launch of the DV AI Verification suite represents a strategic inflection point, enabling the company to capture a nascent yet rapidly expanding market segment. By automating content classification and reducing reliance on manual labor, the platform can scale to millions of new ad impressions without a proportional increase in overhead, thereby preserving operating leverage. Management’s projection that the AI tools will achieve a four‑fold productivity gain for classification specialists by 2026 underscores the potential for margin expansion beyond the current 35‑38% EBITDA range. These gains are already reflected in the quarter’s 27% growth in supply‑side revenue, driven largely by retail media adoption, suggesting a strong demand pipeline for AI‑enhanced verification. Moreover, the integration of the Agent ID and SlopStopper capabilities positions DV at the forefront of synthetic media detection, a capability that is increasingly demanded by brands seeking to guard against fraud and brand safety violations. The strategic timing of these launches aligns with the broader industry shift toward automated ad optimization, allowing DV to capture early mover advantage as advertisers migrate to AI‑centric buying strategies. Finally, the ability to double classification volume while cutting labeling costs by 260% could materially increase gross margin, providing a cushion against future market volatility and sustaining growth momentum into 2026 and beyond.
Diversification into social and connected TV has begun to materially alter DV’s revenue mix, reducing concentration risk and aligning the business with the largest and fastest‑growing media spend categories. The company’s Authentic AdVantage product closed $8 million in ACV within weeks of launch, a clear signal of strong uptake among major CPG brands that traditionally invest heavily in brand‑safety and performance optimization. Meta prebid has already expanded from 26 to 56 advertisers, with 20 of the top 100 customers now active, indicating a rapid scale trajectory that could soon match or exceed the current post‑bid revenue stream on Meta. In addition, CTV measurement volumes have risen 30% year‑over‑year, reflecting increasing trust in DV’s new verified streaming TV and do‑not‑air segments, which can attract higher‑margin inventory in the premium TV‑like segment. The strategic shift toward a 50% revenue contribution from social, streaming TV, and AI verification aligns DV with the structural trend of advertisers allocating a growing share of budgets to programmatic video and AI‑driven content, thereby future‑proofing the company against potential declines in display or search advertising. This alignment also positions DV to capitalize on the upcoming TikTok attention measurement expansion, which could open a new revenue stream through granular impression‑level insights across one of the fastest‑growing advertising platforms. Collectively, these product wins provide a multi‑channel revenue base that can absorb shocks from any single vertical and accelerate long‑term growth.
The appointment of Stuart Flint as Managing Director, EMEA, and the accompanying leadership expansion signal a decisive focus on international growth, especially in the highly diverse and innovative European market. Flint’s track record of scaling commercial teams at TikTok, Verizon Media, and Microsoft Advertising suggests he will drive a more aggressive go‑to‑market strategy, likely accelerating product adoption in regions where DV’s current penetration remains uneven. The EMEA team’s emphasis on localized pricing models, such as percentage‑of‑media, is a response to regional budget sensitivities and will help DV better compete against local verification vendors that offer more flexible pricing structures. While the company has faced variable international performance in the past, the new leadership is positioned to leverage cross‑platform partnerships—such as the expanding DV Authentic Attention on TikTok—to capture share in emerging markets where TikTok’s advertising spend is projected to grow faster than its peers. The expansion also dovetails with the broader industry shift toward cross‑channel measurement, allowing DV to offer a more compelling, unified view of performance to global brands operating in multiple territories. By bolstering its presence in EMEA, DV can reduce its U.S.‑centric risk profile, diversify its customer base, and tap into a market that is projected to see continued growth in digital ad spend across both social and streaming TV. This geographic diversification enhances resilience against domestic macro headwinds and positions DV to capture a larger portion of the global media effectiveness market.
DoubleVerify’s strong cash position—$201 million in cash and equivalents with no long‑term debt—provides a robust foundation for disciplined capital allocation while still enabling continued investment in product innovation and strategic acquisitions. The company’s recent $82 million net cash outlay for the Rockerbox acquisition demonstrates a willingness to pay a premium for complementary capabilities that extend the platform into outcomes measurement and AI‑driven optimization. Importantly, share repurchases of $132 million in the first nine months of 2025 have outpaced the expected stock‑based compensation costs, implying that the company’s capital returns strategy is not eroding cash reserves required for future R&D or M&A. The forecasted 33% EBITDA margin for 2025 and 2026 provides a margin buffer that can absorb the higher stock‑based compensation expense and tax impact associated with a lower share price, while still allowing for continued expansion of the platform. This financial flexibility also positions DV to respond rapidly to emerging threats, such as new competitors or regulatory changes, by deploying capital to acquire technology or talent as needed. Furthermore, the company’s disciplined capital expenditures—$12 million in Q3 versus $6 million in the same period last year—illustrate a focus on incremental, high‑impact investments that directly support product scaling, thereby ensuring that cash flows remain healthy and that the firm can maintain a competitive advantage. These financial dynamics underscore the company’s capacity to sustain growth momentum while safeguarding shareholder value.
Customer retention remains a cornerstone of DV’s business model, with zero churn among the top 100 customers in Q3, an indicator of deep loyalty and high switching costs. The 73% activation of ABS among the top 500 customers, up from 68% the previous year, demonstrates that existing clients are actively expanding their usage, which translates into incremental revenue growth without proportional acquisition costs. The company’s upsell momentum, particularly in the ABS segment where activation revenue grew 12% YoY, indicates that clients are willing to pay for additional verification layers as their ad spend scales, reinforcing the platform’s perceived value. Additionally, the introduction of new activation solutions such as DV Authentic AdVantage and Meta prebid has already led to early adoption among high‑spending brands, further reducing customer acquisition costs and increasing cross‑sell opportunities. The strong upsell and renewal rates also mitigate the risk of volatility in new customer acquisition, especially given the current softness in retail spend, by anchoring the revenue base in mature, high‑value accounts. These retention metrics suggest that DV’s product offerings have matured to a point where they provide essential, non‑replaceable services to its largest spenders, reinforcing the sustainability of its growth trajectory. Continued focus on expanding usage within existing accounts could further improve the company’s margin profile, as higher average revenue per customer is typically associated with lower per‑unit acquisition costs.

Bear case

Retail spend softness has emerged as a persistent risk that could materially affect DV’s top line, especially given that retail media represents a sizable portion of its client base. Management acknowledges that Q3 results were impacted by softer retail budgets, and guidance for Q4 anticipates “more muted spend from retail” during a season that would otherwise be strong. While the company reports double‑digit revenue growth in the first nine months, the retail segment’s downturn could constrain growth prospects in 2025 and 2026 if macro conditions continue to suppress discretionary spending. Moreover, retail media is highly sensitive to consumer confidence and economic indicators such as inflation and unemployment, which could exacerbate volatility in DV’s revenue stream. The company’s reliance on retail spend also raises concerns about concentration risk; a downturn in a single vertical could offset gains in other segments, making the overall growth trajectory less predictable. Investors should therefore view the retail headwind as a substantive threat to the projected 10% growth base case for 2026, especially if the macro environment does not improve.
DoubleVerify’s business model is highly dependent on continued advertiser investment in digital media, making it vulnerable to broader macro cycles that can depress ad budgets. Although the company demonstrates strong cost discipline and operating leverage, its revenue growth is closely tied to advertisers’ willingness to pay for verification and measurement services. The recent 4% decline in measured transaction fees, excluding a fixed‑fee deal, indicates that pricing pressure could continue as advertisers push for lower costs or seek alternative providers. In addition, the industry’s shift toward AI‑driven advertising platforms—many of which are proprietary and offer limited transparency—could reduce demand for third‑party verification services if advertisers choose to rely on platform‑native measurement. While DV has highlighted its role in providing independent trust, the competition from platform‑based verification is growing, and there is a risk that DV’s unique positioning may erode over time. Consequently, the company’s revenue growth is not only exposed to macro spending cycles but also to competitive dynamics that could compress margins or reduce market share.
The scalability and adoption of DV’s new AI verification suite remain uncertain, raising questions about the return on its substantial R&D investment. Management projects a four‑fold productivity gain for classification specialists by 2026, but this relies on the assumption that the AI tools will be widely adopted and that the cost savings will offset the higher initial investment in talent and infrastructure. The company’s Q3 data show a 27% growth in supply‑side revenue largely driven by retail media, yet the performance of the AI‑driven products such as Agent ID and SlopStopper has yet to demonstrate significant incremental revenue beyond the pilot stage. Moreover, AI solutions require ongoing maintenance and updates to remain effective against evolving ad fraud tactics, which could increase operating costs and offset margin benefits. Investors should also be mindful of the risk that the AI tools may fail to deliver the projected productivity gains or that competitors will release superior AI‑based verification solutions, eroding DV’s competitive advantage. Therefore, the upside of the AI strategy is contingent on uncertain adoption rates and the ability to sustain cost efficiencies over time.
Competitive pressures in the media verification space have intensified, particularly following the departure of key players such as Moat and the entry of new challengers with deep pockets or alternative business models. Management highlights the exit of Moat as a strategic advantage, yet the market landscape is still evolving, and competitors that have pivoted to proprietary measurement or that partner with large platforms could erode DV’s pricing power. Additionally, the company's reliance on a few large platforms (Meta, TikTok, YouTube) for its social and streaming TV products exposes it to the risk of platform policy changes or competitive shifts that could limit access or increase costs. The acquisition of Rockerbox and the expansion into outcomes measurement help diversify the product suite, but the integration risk and the need to capture new revenue streams remain significant challenges. In a market where verification and measurement are becoming commoditized, DV must continuously innovate to retain its moat, which is not guaranteed given the pace of technological change and the strategic moves of competitors. Consequently, the company faces a realistic threat of margin compression or market share erosion if it fails to maintain its differentiation.
Higher tax expenses and increased stock‑based compensation costs have already impacted GAAP net income, and these factors could intensify in future periods, especially if the share price continues to decline or if the company expands its equity incentive plans. Management notes that tax expenses are largely driven by the lower share price and higher stock‑based compensation, both of which erode net income even as EBITDA remains robust. While the company has disciplined capital allocation and shares a strong cash position, the continued use of stock‑based compensation—projected to reduce by 20% in 2026—may still result in higher dilution and could constrain future investment if the company chooses to reward employees or if market sentiment requires additional compensation to attract talent. Additionally, the company’s 2025 guidance includes a 10% growth in revenue, but the impact of higher tax rates or unforeseen regulatory changes could reduce effective profitability, undermining investor expectations of margin expansion. Investors should therefore monitor the company’s ability to manage tax liabilities and compensation expenses while sustaining growth.

Retail spend softness has emerged as a persistent risk that could materially affect DV’s top line, especially given that retail media represents a sizable portion of its client base. Management acknowledges that Q3 results were impacted by softer retail budgets, and guidance for Q4 anticipates “more muted spend from retail” during a season that would otherwise be strong. While the company reports double‑digit revenue growth in the first nine months, the retail segment’s downturn could constrain growth prospects in 2025 and 2026 if macro conditions continue to suppress discretionary spending. Moreover, retail media is highly sensitive to consumer confidence and economic indicators such as inflation and unemployment, which could exacerbate volatility in DV’s revenue stream. The company’s reliance on retail spend also raises concerns about concentration risk; a downturn in a single vertical could offset gains in other segments, making the overall growth trajectory less predictable. Investors should therefore view the retail headwind as a substantive threat to the projected 10% growth base case for 2026, especially if the macro environment does not improve.
DoubleVerify’s business model is highly dependent on continued advertiser investment in digital media, making it vulnerable to broader macro cycles that can depress ad budgets. Although the company demonstrates strong cost discipline and operating leverage, its revenue growth is closely tied to advertisers’ willingness to pay for verification and measurement services. The recent 4% decline in measured transaction fees, excluding a fixed‑fee deal, indicates that pricing pressure could continue as advertisers push for lower costs or seek alternative providers. In addition, the industry’s shift toward AI‑driven advertising platforms—many of which are proprietary and offer limited transparency—could reduce demand for third‑party verification services if advertisers choose to rely on platform‑native measurement. While DV has highlighted its role in providing independent trust, the competition from platform‑based verification is growing, and there is a risk that DV’s unique positioning may erode over time. Consequently, the company’s revenue growth is not only exposed to macro spending cycles but also to competitive dynamics that could compress margins or reduce market share.
The scalability and adoption of DV’s new AI verification suite remain uncertain, raising questions about the return on its substantial R&D investment. Management projects a four‑fold productivity gain for classification specialists by 2026, but this relies on the assumption that the AI tools will be widely adopted and that the cost savings will offset the higher initial investment in talent and infrastructure. The company’s Q3 data show a 27% growth in supply‑side revenue largely driven by retail media, yet the performance of the AI‑driven products such as Agent ID and SlopStopper has yet to demonstrate significant incremental revenue beyond the pilot stage. Moreover, AI solutions require ongoing maintenance and updates to remain effective against evolving ad fraud tactics, which could increase operating costs and offset margin benefits. Investors should also be mindful of the risk that the AI tools may fail to deliver the projected productivity gains or that competitors will release superior AI‑based verification solutions, eroding DV’s competitive advantage. Therefore, the upside of the AI strategy is contingent on uncertain adoption rates and the ability to sustain cost efficiencies over time.
Competitive pressures in the media verification space have intensified, particularly following the departure of key players such as Moat and the entry of new challengers with deep pockets or alternative business models. Management highlights the exit of Moat as a strategic advantage, yet the market landscape is still evolving, and competitors that have pivoted to proprietary measurement or that partner with large platforms could erode DV’s pricing power. Additionally, the company's reliance on a few large platforms (Meta, TikTok, YouTube) for its social and streaming TV products exposes it to the risk of platform policy changes or competitive shifts that could limit access or increase costs. The acquisition of Rockerbox and the expansion into outcomes measurement help diversify the product suite, but the integration risk and the need to capture new revenue streams remain significant challenges. In a market where verification and measurement are becoming commoditized, DV must continuously innovate to retain its moat, which is not guaranteed given the pace of technological change and the strategic moves of competitors. Consequently, the company faces a realistic threat of margin compression or market share erosion if it fails to maintain its differentiation.
Higher tax expenses and increased stock‑based compensation costs have already impacted GAAP net income, and these factors could intensify in future periods, especially if the share price continues to decline or if the company expands its equity incentive plans. Management notes that tax expenses are largely driven by the lower share price and higher stock‑based compensation, both of which erode net income even as EBITDA remains robust. While the company has disciplined capital allocation and shares a strong cash position, the continued use of stock‑based compensation—projected to reduce by 20% in 2026—may still result in higher dilution and could constrain future investment if the company chooses to reward employees or if market sentiment requires additional compensation to attract talent. Additionally, the company’s 2025 guidance includes a 10% growth in revenue, but the impact of higher tax rates or unforeseen regulatory changes could reduce effective profitability, undermining investor expectations of margin expansion. Investors should therefore monitor the company’s ability to manage tax liabilities and compensation expenses while sustaining growth.

Customer Breakdown of Revenue (2025)

Income Tax Authority Breakdown of Revenue (2025)

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