RUBI - The Rubicon Project Has Further To Go
We first introduced The Rubicon Project (RUBI), an independent programmatic ad marketplace, late September last year, when we argued it was an interesting turn-around play. Indeed, that scenario played out with the shares up nearly 2.4x since:
The company has indeed made progress:
Data by YCharts
But GAAP losses are still substantial, even if the company managed to get into the black on an adjusted EBITDA basis in Q2. Some of these GAAP losses stem from amortization of acquired intangibles ($0.8M in Q2) but this should be done by 2022, from the earnings