How do ad tech companies report revenue?
Ad tech companies report revenue either gross, counting the full media spend they handle, or net, counting only their fee, depending on whether accounting rules treat them as principal or agent. That is why companies of similar size can report very different revenue. Investors also watch non-GAAP metrics like gross spend, ex-TAC revenue, contribution ex-TAC and adjusted EBITDA.
Under US GAAP (ASC 606), a company that controls the ad inventory before passing it on acts as principal and books gross vs net revenue on a gross basis; one that arranges transactions for others acts as agent and books net. The Trade Desk, Magnite and PubMatic mostly report net; some networks and principal-based buying businesses report gross.
To compare, look at gross spend (total media on the platform), Revenue ex-TAC or Contribution ex-TAC (revenue after paying publishers, used by Criteo and others), and Adjusted EBITDA. Details are in the company's Form 10-K and quarterly Form 10-Q, and in each earnings report.