Digital Turbine

Sources - 19

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1. S1primarycompany filing2026-05-26
   Digital Turbine Form 10-K for the fiscal year ended March 31, 2026
   Item 1: the two reportable segments and what sits in each - Application Media and Content Media inside On Device Solutions, Advertising Solutions and Ad Monetization inside App Growth Platform - the Competition section naming Google Play, Facebook, Snapchat, Unity Software, InMobi, Magnite, AppLovin, The Trade Desk, Adobe and Liftoff, and $40,476 thousand of product development cost. Item 1A: the transformation programme completed in the fourth quarter of fiscal 2025, the carrier-concentration risk factor, the indebtedness risk factors and the $336,640 thousand goodwill impairment recorded in fiscal 2024. Item 7: the fiscal 2026 income statement line by line - net revenue $565,251, revenue share $243,638, income from operations $34,042, interest expense net $58,580, loss on extinguishment of debt $9,795, loss before income taxes $31,340, income tax expense $6,392 - unrestricted cash of $37,719, and the Financing Agreement terms. Item 8: the balance sheet with 120,315,203 shares outstanding against 105,977,642 a year earlier, the revenue-recognition principal-versus-agent policy, and the statement that no single supply partner or customer exceeded 10% of net revenue in fiscal 2026, 2025 or 2024. Item 9B: the resignation of Chief Financial Officer Steve Lasher and the appointment of Chief Accounting Officer Josh Kinsell as interim Chief Financial Officer.
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2. S10primaryindustry data2026-07-22
   Google Play Console Help, "An update regarding Google Play's policies for developers serving users in the US" Google LLC
   The attacker's own account of what the Epic injunction actually requires it to do: third-party United States Android app stores could sign up for the Play Catalog Access program from 22 June 2026, onboarding opened 15 July 2026, and the program took effect on 22 July 2026 - so a rival store is now distributed from inside Google Play rather than around it. Also the 1 October 2026 date from which developers in the external-offers and alternative-billing programmes must report transactions and pay service fees.

   On June 22, 2026, we notified developers that unless they are opted-out by July 22, 2026, Google Play will begin to provide their app listing(s) to third-party US Android app stores. … Additionally, third-party US Android app stores can now sign-up for the Play Catalog Access program. … On July 15, 2026, interested third-party US Android app distribution platforms and app stores can begin onboarding into the Third-party App Store on Play Program. … As of July 22, 2026, this program is now in effect.

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3. S11primarycompany release2026-05-19
   Digital Turbine and Orange Partner to Redefine App Distribution in Europe
   The largest new distribution agreement in the story management tells, and what it does not say: Orange will use the SingleTap technology and alternative app distribution platform across Europe, with rollout from the second half of 2026. No contract volume, no term, no revenue commitment and no device count is disclosed.

   AUSTIN, Texas, May 19, 2026 /PRNewswire/ … With rollout expected to begin in H2 2026 and gradually expand across devices and countries in Europe, Orange subscribers across Europe will benefit from customized user journeys on their mobile devices, enabling new app discovery opportunities tailored to their needs and preferences.

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4. S12primarycompany filing2026-02-19
   AppLovin Corporation Form 10-K for the fiscal year ended December 31, 2025 AppLovin Corporation
   The scale of the company Digital Turbine's own annual report names as a competitor in both segments, read in that company's filing rather than in Digital Turbine's: MAX, the in-app bidding product that competes directly for the publisher inventory the DT Exchange is winning, and the Axon recommendation engine behind it. Searched for any mention of on-device, preload or carrier distribution and there is none in the document, which answers whether the largest named rival competes in On Device Solutions.

   MAX is our in-app bidding solution that optimizes the value of publishers' advertising inventory by running a single unbiased, real-time competitive auction … Revenue | $ | 5,480,717 … Income from operations | 4,151,914 | 1,910,956 | 772,411

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5. S13primaryvendor data2026-09-16
   Frozen research pack, content/APPS/research-pack.json

   content/APPS/research-pack.json
   Price, market value of $1,343,598,960 and enterprise value of $1,653,255,960 at 16 September 2026; the 20-day average daily range of 5.71%; the decomposition of the price move into the part the business did and the part the market did; the six-year medians of every valuation ratio; the FINRA short-interest settlement; the analyst-consensus series and its disagreement with the snapshot; and the vendor-against-filings cross-check, which agrees to 0.0% on both revenue and operating income.
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6. S14secondaryvendor data2026-09-16
   Unity Software, AppLovin and Magnite annual income statements, 2020 to 2025
   The peer trajectory the pressure test needed: Unity's revenue rising from $1.391 billion in 2022 to $2.187 billion in 2023 on the ironSource merger and then falling to $1.813 billion in 2024 and $1.850 billion in 2025, against operating losses of $832.8 million, $755.1 million and $422.6 million. AppLovin's revenue of $5.481 billion and operating income of $4.152 billion in 2025. Magnite's revenue of $713.9 million and operating income of $97.8 million in 2025.
   read, but no claim rests on it
7. S15secondaryvendor data2026-09-16
   Digital Turbine daily price history, January 2021 to September 2026
   The record of the last time this market held this view: a high of $102.56 on 2 March 2021, a low of $1.18 on 19 November 2024, a March 2026 fiscal year-end close of $2.88 and $11.11 at 16 September 2026. The 1,432 sessions the frozen pack's 759 bars cannot reach.
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8. S16primarycompany filing2026-02-11
   Unity Software Inc. Form 10-K for the fiscal year ended December 31, 2025 Unity Software Inc.
   The filed revenue of the peer that ran this cycle first, read in its own annual report rather than in a vendor re-key: total revenue of $1,849,648 thousand in 2025, $1,813,255 thousand in 2024 and $2,187,317 thousand in 2023. It also splits the advertising half out - Grow Solutions at $1,228,239 thousand in 2025 against $1,328,143 thousand in 2023 - so the part of Unity that matches Digital Turbine's App Growth Platform is measurably smaller two years after the merger that built it.

   Total revenue | $ | 1,849,648 | $ | 1,813,255 | $ | 2,187,317

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9. S17primarycompany filing2026-07-13
   Digital Turbine proxy statement (DEF 14A), filed July 13, 2026, for the August 25, 2026 annual meeting
   Beneficial ownership at the 1 July 2026 record date, the executive officers and their start dates, the director biography of William G. Stone III, the fiscal 2026 annual incentive design and payouts, the long-term incentive design and the pay-versus-performance table.
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10. S18primarycompany filing2026-09-24
    Digital Turbine Form 8-K, Item 5.02, reporting the resignation of the Chief Business Officer
    Michael Akkerman, Chief Business Officer, resigned to take a chief executive role elsewhere, effective 30 October 2026; no successor named and no agreement filed.
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11. S19primarycompany filing2026-10-01
    Digital Turbine Form 8-K, Item 8.01, and the Rule 424(b)(7) resale prospectus supplement under a new S-3ASR shelf
    A universal shelf registration on Form S-3ASR filed 1 October 2026, and a resale prospectus supplement covering 1,222,418 shares issuable on exercise of the warrants issued to the lenders under the Financing Agreement of 29 August 2025; the company receives no proceeds from the resale.
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12. S2primarycompany filing2026-08-05
    Digital Turbine Form 10-Q for the quarter ended June 30, 2026
    The filed first-quarter statements: net revenue $165,983, income from operations $23,061, interest expense net $12,890, unrealized loss on derivatives $10,799, other expense net $9,094, net loss $11,329 and diluted loss per share of $0.09. Note 9 Debt: Term loan A $285,000 at an 11.2% effective rate and Term loan B $102,800 at 11.6%, both due August 2029, the April 2026 amendment cutting the liquidity covenant from $20,000 to $15,000 for a $5,000 fee, and the mandatory prepayment provisions. Note 1: the revision of prior period financial statements for an immaterial error of $8,173 in liabilities assumed in a prior business combination. The segment note giving ODS revenue of $109,996 and segment profit of $49,865 against AGP revenue of $56,596 and segment profit of $45,070. The cash flow statement: $17,859 of operating cash flow, $11,585 of interest paid, $7,506 of income taxes paid, $16,805 of depreciation and amortisation and $2,448 of stock-based compensation. Unrestricted cash of $42,930, and the statement that the principal cash requirements for the next twelve months consist primarily of refinancing certain loan tranches.
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13. S3primarycompany release2026-08-04
    Digital Turbine first quarter fiscal 2027 results release, Form 8-K Exhibit 99.1 (original)
    The figures the market traded on the day of the print: a headline reading "First Quarter GAAP Net Loss of $3.2 Million and GAAP EPS of $(0.03)", an income statement showing other expense, net of $(921), loss before income taxes of $(868) and a net loss of $(3,156), and the raised fiscal 2027 outlook of $650 million to $670 million of revenue and $145 million to $155 million of non-GAAP adjusted EBITDA.
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14. S4primarycompany release2026-08-05
    Digital Turbine first quarter fiscal 2027 results release, Form 8-K/A Exhibit 99.1 (amended)
    The explanatory note stating that the sole purpose of the amendment is to correct the original earnings release, and the amended income statement restating other expense, net to $(9,094), loss before income taxes to $(9,041) and the net loss to $(11,329) or $(0.09) a share. The adjusted EBITDA reconciliation, unchanged at $42.5 million, showing the full add-back list: stock-based compensation $2,448, depreciation and amortisation $16,805, interest expense $12,890, other expense $9,094, unrealized loss on derivatives $10,799, income tax expense $2,288, severance $156 and foreign exchange $(681).
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15. S5primarycompany release2026-05-26
    Digital Turbine fourth quarter and fiscal year 2026 results release, Form 8-K Exhibit 99.1
    Fiscal 2026 full-year figures: revenue $565.3 million, GAAP net loss $37.7 million or $(0.33) a share, non-GAAP adjusted net income $64.9 million or $0.56 a share, and non-GAAP adjusted EBITDA of $122.5 million against $72.3 million in fiscal 2025. The fourth-quarter split - On Device Solutions $91.0 million up 5%, App Growth Platform $52.1 million up 57% - and the first fiscal 2027 outlook, of $630 million to $650 million of revenue and $135 million to $145 million of adjusted EBITDA.
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16. S6primarytranscript2026-08-04
    Digital Turbine fiscal 2027 first quarter earnings call
    The operating metrics that appear in no filing: international On Device Solutions revenue up nearly 80% year over year, global devices up double digits and revenue per device up more than 40%, direct brand advertising up over 70% and the DT Exchange up over 40%, net leverage of 2.5 turns against more than 5 a year earlier, 80% of DT Exchange advertiser spend from non-gaming partners, nearly 3 billion devices and more than 80,000 apps carrying the technology, and run-rate revenue per employee above $1 million against about $800,000 a year earlier. Also the chief financial officer's statement of a GAAP net loss of $3.2 million and his warning that a non-cash adjustment was still being finalised, the chief executive's reading of the Epic-Google outcome as a tailwind, non-GAAP gross margin of 49.4% against 47.3%, and the whole question section: two analysts, eight turns, no question on the debt, the interest bill, the warrant liability or the pending adjustment.
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17. S7primarycompany filing2026-08-25
    Digital Turbine Form 8-K reporting the 2026 annual meeting results
    Stockholder approval of a fourth amendment to the 2020 Equity Incentive Plan increasing the authorised pool by 10,630,000 shares from 20,560,000 to 31,190,000, and the say-on-pay vote of 37,927,832 for against 26,468,367 against with 337,470 abstaining. Also 120,936,038 common shares outstanding at the 1 July 2026 record date.
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18. S8primarycompany filing2026-09-08
    Digital Turbine Form 8-K reporting the fiscal 2027 long-term incentive awards
    The 2 September 2026 grants to the four named executive officers, half in performance stock units and half in time-based units, and the performance conditions: four equally weighted goals, two of them adjusted EBITDA for fiscal 2028 and fiscal 2029 and two of them relative total shareholder return against the S&P Software & Services Select Industry Index.
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19. S9primaryindustry data2026-08-26
    IDC, "Smartphone Shipments Set for Record 16.7% Drop in 2026, as the Memory Crisis Hits Full Force" International Data Corporation
    The measured size and direction of the device base On Device Solutions is sold onto, from the firm that counts the shipments rather than from the company that monetises them: a 16.7% decline in 2026 to just over 1 billion units, with Android bearing almost the entire decline at 24.3%, emerging markets expected to drop over 20%, iOS share rising almost four points to a record 23.6%, and the average selling price up 27.6% to $581.

    worldwide smartphone shipments will fall 16.7% in 2026 to just over 1 billion units … Android bears almost the entire decline, falling 24.3% in 2026 … iOS share moves in the opposite direction, increasing almost four percentage points from last year to a record-high 23.6% share … The mass market does not hold up, especially in emerging markets, which are expected to drop over 20% this year … The average selling price of a smartphone will reach $581 in 2026, up 27.6% in a single year

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