Perion Shifts Focus to CTV and Retail Media as Open Web Revenue Declines — Perion Network Ltd.

Event summary

Perion's Q2 2026 revenue declined by 5% YoY to $98.2 million, with Advertising Solutions revenue down 5% and Search Advertising revenue down 2%.
Growth engines CTV, DOOH, Retail Media, and Outmax AI agent showed strong momentum with spend increases of 56%, 45%, 60%, and 136% YoY respectively.
Perion repurchased 2.7 million shares for $24.5 million in Q2 2026, totaling 18.0 million shares under the authorized $200 million share repurchase plan.
The company narrowed its full-year 2026 outlook, expecting Contribution ex-TAC of $215 to $225 million and Adjusted EBITDA of $51 to $53 million.

The big picture

Perion is accelerating its shift away from the Open Web towards high-growth areas like CTV, DOOH, and Retail Media. The company's strategic investments in AI-native infrastructure and recent partnerships aim to drive measurable outcomes at scale. However, the decline in traditional advertising revenue and the need to sustain momentum in new growth engines pose significant challenges.

What we're watching

Growth Engine Momentum: Whether Perion can sustain the rapid growth in CTV, DOOH, Retail Media, and Outmax AI agent adoption to offset declines in traditional advertising channels.
Cost Optimization: The impact of completed efficiency measures on Perion's ability to support second-half 2026 growth while maintaining profitability.
Strategic Partnerships: How recent partnerships with Best Buy Canada, GS Netvision, Lovitlocal UK, and others will contribute to top-line growth and market expansion.