Teads Holding Co.TEAD

Teads Holding Co. Goodwill & Intangibles Disclosure

10-KFiled Mar 16, 20263 min read
5. Goodwill and Intangible Assets
The changes in the carrying value of the Company’s goodwill balance were as follows:
December 31, 2025December 31, 2024
(In thousands)
Goodwill, opening balance$63,063 $63,063 
   Acquisition of Teads502,582 — 
   Goodwill impairment
(352,130)— 
   Foreign currency translation67,476 — 
Goodwill, closing balance$280,991 $63,063 

During the fourth quarter of 2025, the Company identified a triggering event as a result of a sustained decrease in its stock price and related decline in market capitalization. Accordingly, the Company performed a quantitative goodwill impairment test as of December 31, 2025 for its single reporting unit.
The fair value of the reporting unit was estimated using a combination of (i) an income approach (discounted cash flow model) and (ii) a market approach (guideline public company method). In developing the fair‑value estimate, the Company considered key assumptions, including projected revenue growth consistent with industry peers, and a discount rate reflecting market and company‑specific risks. Under the market approach, the Company considered valuation multiples of publicly traded companies operating in similar markets to develop a market‑participant–based indication of fair value. The Company evaluated the relevance and comparability of guideline companies and applied market‑participant considerations in assessing the market approach results.
Based on this analysis, the carrying amount of the reporting unit exceeded its estimated fair value, and the Company recognized a non‑cash goodwill impairment charge of $352.1 million for the twelve months ended December 31, 2025. The impairment charge did not impact the Company’s cash flows, liquidity, or compliance with debt covenants. No goodwill impairment was recognized for the twelve months ended December 31, 2024 and 2023.
The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows:
December 31, 2025
Weighted Average Amortization
Period		Gross Value
Accumulated
Amortization
Net Carrying
Value
(In thousands)
Developed technology5.0 years$91,699 $(23,585)$68,114 
Customer relationships10.3 years264,455 (29,975)234,480 
Publisher relationships8.0 years64,632 (15,075)49,557 
Trade names11.0 years27,480 (3,588)23,892 
Other15.8 years905 (370)535 
Total intangible assets, net$449,171 $(72,593)$376,578 
December 31, 2024
Weighted Average Amortization
Period		Gross Value
Accumulated
Amortization
Net Carrying
Value
(In thousands)
Developed technology8.0 years$18,411 $(12,149)$6,262 
Customer relationships5.0 years5,743 (5,448)295 
Publisher relationships8.0 years18,509 (11,747)6,762 
Trade names8.8 years5,235 (2,328)2,907 
Content provider relationships
5.0 years284 (169)115 
Other15.8 years906 (319)587 
Total intangible assets, net$49,088 $(32,160)$16,928 
During the twelve months ended December 31, 2025, in connection with the post-merger integration of the newly acquired Teads business, the Company made a decision to discontinue its video product offering associated with its prior acquisition of vi. Accordingly, the Company fully wrote off the associated intangible assets, as detailed below:

Twelve Months Ended December 31, 2025
(In thousands)
Developed technology$5,950 
Customer relationships259 
Publisher relationships6,426 
Trade names2,373 
Content provider relationships100 
Impairment of intangible assets
$15,108 
No impairment charges were recorded for the Company’s intangible assets subject to amortization during the years ended December 31, 2024 and 2023.
As of December 31, 2025, estimated amortization related to the Company’s identifiable Acquisition-related intangible assets in future periods was as follows:
Year Ending December 31,
Amount
(In thousands)
2026$53,145 
202752,983 
202852,929 
202952,929 
203037,769 
Thereafter126,823 
Total$376,578 

Historical Timeline

Fiscal YearFiled
2025Mar 16, 2026Showing above
2024Mar 7, 2025
2023Mar 8, 2024
2022Mar 15, 2023
2021Mar 18, 2022

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

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