Audioboom Reports Record Q3 Growth and Launches Strategic Review

Audioboom’s record Q3: revenue up 9%, adjusted EBITDA up 18%

Audioboom has delivered a strong Q3 2025, setting records across revenue, gross profit and adjusted EBITDA. The podcast platform is also kicking off a formal strategic review, which could include a sale of the Company. No approaches have been received to date, but the review adds a layer of optionality for shareholders as Audioboom leans into scale.

At the headline level, Q3 revenue rose 9% year-on-year to US$20.4 million, gross profit climbed 12% to US$4.3 million, and adjusted EBITDA – a cash-style profit measure before non-cash and exceptional items – increased 18% to US$1.2 million. Year-to-date momentum is even clearer: adjusted EBITDA is up 127% to US$3.0 million on a 5% revenue rise, showing improving operational leverage.

Key numbers at a glance (Q3 and year-to-date)

Metric	Q3 2025	Q3 2024	Change
Revenue	US$20.4 million	US$18.8 million	+9%
Gross profit	US$4.3 million	US$3.8 million	+12%
Adjusted EBITDA	US$1.2 million	US$1.0 million	+18%

Metric (9 months to 30 Sep)	2025	2024	Change
Total revenue	US$55.5 million	US$52.9 million	+5%
Total gross profit	US$11.7 million	US$9.5 million	+23%
Adjusted EBITDA	US$3.0 million	US$1.3 million	+127%

Adelicious acquisition: expanding UK scale and reshaping RPM

Audioboom completed the acquisition of Adelicious on 22 July, creating the UK’s second largest podcast network. Integration finished by 1 September, two weeks ahead of plan – a good signal on execution. The immediate impact is visible in audience and inventory: Q3 average monthly distribution hit 135 million downloads and video views, up 40% year-on-year.

One trade-off: RPM (revenue per 1,000 downloads) fell to US$51.92 from US$66.06 in Q3 2024. Management attributes this to a greater proportion of lower-yield UK downloads brought in by Adelicious. That’s not a surprise and, crucially, Audioboom frames it as upside potential – the chance to lift UK yields over time through better ad-tech, cross-selling and premium campaign packaging.

Showcase at a quarterly high and a clear lead in video podcasts

Showcase – Audioboom’s programmatic, tech-driven ad marketplace – delivered record quarterly revenue of US$8.1 million (Q3 2024: US$7.0 million). That suggests the extra Adelicious inventory is being put to work efficiently. The advertiser base also broadened, with an average of 10,058 brand advertisers in Q3, up 22% year-on-year.

On content formats, Audioboom is leaning into video. The company says it ranked number 1 on Podscribe’s video podcast chart, and 12 shows from its Creator Network entered YouTube’s Top 100 video podcasts. That’s useful diversification – more surfaces to monetise, stronger creator appeal, and a better pitch to advertisers who want cross-platform reach.

Cash, bookings and the Q4 setup

Cash at 30 September was US$2.9 million (30 June: US$2.5 million). There’s also an overdraft facility of US$3.4 million available. The absolute cash balance is modest, so continued tight working capital management remains important, but the trend moved in the right direction through Q3.

More notably, the revenue book looks healthy. Audioboom has in excess of US$79.0 million of advertising revenue booked for 2025, already 7% above total 2024 revenue with 11 weeks of the year remaining. Management expects Q4 2025 to be the best quarter ever, which feels consistent with the bookings commentary and seasonal strength in advertising.

Strategic review: potential catalysts, with no approaches yet

On 3 October, Audioboom launched a strategic review and entered an offer period under the City Code on Takeovers and Mergers. Outcomes under consideration include a sale of the Company, among other options. Importantly, the Board states it has not received any proposal for a sale and has not received an approach within the meaning of the Code.

Why it matters: a formal process can surface interest, sharpen strategy, and set a benchmark for value. It can also be a distraction if it drags on. There’s no timetable disclosed, but J Goodwin & Co LLP has been appointed to run the review, and the Board will update the market as required.

Operational momentum and creator economics

Audioboom highlighted its creator payments to date – more than US$325 million since launch, supporting over 8,000 podcasters across the US and UK. That scale matters. It underpins relationships with premium shows, helps retain talent, and feeds the Showcase marketplace with quality inventory. The appointment of a new Vice President, International, signals intent to push growth via partnerships and M&A outside the US and UK.

Positives and watch-outs for investors

What’s working

• Record Q3 across revenue, gross profit and adjusted EBITDA, with 127% year-to-date adjusted EBITDA growth.
• Adelicious integrated ahead of schedule, boosting scale and Showcase monetisation to a quarterly record of US$8.1 million.
• Video podcast leadership: number 1 on Podscribe and 12 shows in YouTube’s Top 100 video podcasts.
• Demand signals are strong: 10,058 brand advertisers in Q3 (+22%) and more than US$79.0 million revenue booked for 2025.

What to monitor

• RPM compression to US$51.92 from US$66.06 reflects a shift in mix; the medium-term test is how quickly UK yields can be lifted.
• Cash remains relatively low at US$2.9 million, albeit supported by a US$3.4 million overdraft facility.
• Strategic review uncertainty: there is optionality, but no proposals or approaches have been received.

My take: a scaling platform with optionality

This is a confident update. Audioboom is growing revenue, expanding gross profit faster than sales, and converting that into higher adjusted EBITDA. The Adelicious acquisition looks accretive to scale and Showcase performance, even if it temporarily dilutes RPM – a fair trade if UK monetisation improves as planned.

The strategic review adds a potential catalyst without committing to a specific outcome. With bookings already above last year’s total revenue and Q4 expected to be a record, the near-term trading picture is constructive. The key swing factors from here are UK yield progression, continued advertiser demand into year-end, and clarity on the strategic review timeline. For now, the trajectory is up and to the right.