10-Q

☒ 根據1934年《證券交易法》第13條或第15（d）條提交的季度報告

（如果自上次報告以來發生了變化，則以前的姓名、以前的地址和以前的財政年度）

請在複選框內指示註冊者是否： 1.在過去的12個月內（或註冊者需要提交此類報告的較短期間內）已經提交了根據證券交易所法案第13條或第15(d)條所需提交的全部報告；以及 2.在過去的90天內一直受到此類報告提交要求的規定。是☒ 不是 ☐

請用勾號標明註冊人是否在過去12個月（或者註冊人被要求提交這些文件的較短時間內）電子提交了根據規則405的S-t條例要求提交的每個互動數據文件。是☒ 不是 ☐

勾選以下選框，指示申報人是大型加速評估提交人、加速評估提交人、非加速評估提交人、小型報告公司或新興成長型公司。關於「大型加速評估提交人」、「加速評估提交人」、「小型報告公司」和「新興成長型公司」的定義，請參見《交易所法規》第12億.2條。

如果是新興成長型公司，在選中複選標記的同時，如果公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則，則表明該公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則。☐

請在複選框中選擇是否爲外殼公司（如《交易所法》120億.2條款所定義）。是 ☐ 否 ☒

依照 2024年11月1日，登記人擁有 3,143,449 普通股股份。ommon stock outstanding.

1. 業務概況及重大會計政策

Marin Software公司（以下簡稱「公司」）於2006年3月在美國特拉華州成立。公司爲廣告主和代理機構提供企業市場營銷軟件，以整合、對齊和放大他們在網絡和移動設備上的數字廣告支出。作爲一個統一的saas-雲計算廣告管理解決方案，提供搜索、社交和電子商務廣告的管理，公司平台幫助數字營銷人員轉化精準受衆，改善財務表現並做出更好的決策。

創課推薦基本報表原則和合並原則。

附帶的未經審計的簡明合併基本報表和簡明附註是按照Form 10-Q的說明和S-X規章第10條的要求編制的。因此，它們不包括根據美國公認會計原則（「GAAP」）對完整財務報表所要求的所有信息和附註。根據管理層的意見，已包含所有調整，僅包括正常重複項目，認爲對公允表述是必要的。截止2024年9月30日的三個月和九個月的操作結果不一定能反映預期的2024年12月31日截止的年度結果，或其他中期階段或未來年度的結果。

附帶的未經審計的簡明合併基本報表包括公司及其全資子公司的帳戶。所有內部帳戶和交易都已在合併中消除。截止2023年12月31日的簡明合併資產負債表源自該日期的經過審計的財務報表，但不包括根據GAAP對完整財務報表所要求的所有信息和附註。

這些簡明合併基本報表應與公司2023年12月31日結束的財政年度的Form 10-K年報中包含的合併財務報表及相關附註一起閱讀。於2024年2月23日向證券交易委員會（「SEC」）提交。

反向股票拆分及授權股份減少

2024年4月12日，公司進行了反向股票拆分，將其流通的普通股與公司授權的普通股減少。反向股票拆分後，公司每六股普通股合併爲一股普通股，面值不變。普通股票於2024年4月15日在納斯達克資本市場按調整後的拆分基準開始交易。反向股票拆分未發行任何碎股，因爲公司以現金支付了這些碎股的公允價值。由於公司授權股份的減少，公司授權股份從 142,857 股份至 47,619 股份。

公司的所有股份及每股金額，以及股票期權和限制性股票單位（「RSUs」），已在附帶的簡化合並基本報表中追溯調整，以考慮反向股票拆分對所有呈現期間的影響，除非另有說明。此外，由於反向股票拆分，公司在其簡化合並資產負債表上將等同於普通股面值減少的金額重新分類爲額外實收資本。

流動性和持續經營

自2006年成立以來，公司每個財政年度都遭受了重大損失。公司淨虧損爲$6,755 截至2024年9月30日的九個月 2013年12月31日的年度淨虧損爲4.92億美元。21,917 12月31日 2023年12月31日。截至2024年9月30日，公司擁有現金及現金等價物$5,588 及累計虧損 $351,006歷史上，公司主要依靠出售其資本股票來資助運營活動。管理層預計將會產生額外的損失，並預計在可預見的未來會經歷負的運營現金流。

在2024年10月，公司開始實施組織重組和裁員計劃，以降低公司的運營成本（「2024年重組計劃」），預計將減少公司全球員工大約 27 名員工，約佔 26截至2024年9月30日，公司總員工人數的百分比。公司估計將在大約$之間產生現金支出600 和 $800 在截至2024年12月31日的三個月內，涉及2024年重組計劃的現金支出，基本上所有費用均與裁員成本有關，公司預計將在同一期間基本完成2024年重組計劃。在截至2024年9月30日的九個月內，與2024年重組計劃相關的費用爲零。

2023年7月，公司開始了一項包括全球裁員和其他節省成本措施的重組計劃，以降低支出（「2023年重組計劃」). 2023年重組計劃導致公司全球員工人數在2023年下半年減少了64名全職員工，總員工人數減少約37%。2023年重組計劃在2023年基本完成。.

公司實現其業務目標並繼續滿足其義務的能力取決於保持一定的流動性水平，受到多種因素的影響，如公司管理現金流、2024年重組計劃的有效性、保持戰略合作伙伴關係的能力、增加新訂單、顧客接受程度、保留和使用MarinOne平台的程度，以及通貨膨脹或任何經濟衰退的程度和持續時間等宏觀經濟條件。儘管公司已經尋求並可能繼續尋求額外的流動性來源，包括額外的股權和債務融資，但並不能確保會有任何額外融資可用且具有可接受的條件，或根本不會出現。未能有效管理現金流、增加新訂單、提高客戶保留率或籌集額外資本將對公司實現預期業務目標的能力產生重大不利影響。

根據公司截至本季度報告提交日期可獲得的資金以及其不斷髮生的虧損和負現金流的歷史，對公司是否能夠作爲持續經營實體存在提出了重大疑慮。公司作爲持續經營實體存在的能力很大程度上取決於公司能否實現其預期業務目標。如果公司無法實現其預期業務目標，公司可能需要進一步減少人員編制和其他節約成本活動，延長與供應商的付款期限，在可能的情況下清算資產，或終止運營。這些行動可能會對公司的業務、運營結果和未來前景產生重大影響。因此，在附表的簡明綜合財務報表提交日期後的一年內，公司是否能夠作爲持續經營實體存在存在重大疑慮。

由於公司尚未能獲得足夠的資金來維持業務運營或實現淨現金流，公司管理層和董事會認爲，尋求戰略選擇符合公司股東的最佳利益。作爲這一過程的一部分，公司正在探索各種選項，重點是最大化股東價值，包括潛在的公司出售、反向併購或公司資產出售或其他戰略交易。公司一直在與一家投資銀行合作，以擔任其與此審查和類似事項有關的財務顧問。無法保證該過程會導致公司進行任何特定交易或其他戰略結果，也無法保證任何潛在交易的條款或時間安排。

公司正在探討潛在的「反向併購」和其他企業交易。任何完成的交易都將對Marin的股東產生重大影響。鑑於此類討論處於初步階段，在此階段無法量化任何交易的潛在影響。要使可能的交易進展，所有涉及方需進行大量盡職調查，達成交易條款協議，進行談判並獲得交易文件的批准，並滿足適用的收盤條件，包括在某些情況下準備並公開提交涉及任何建議的反向併購方的必需披露文件和股東批准。這樣的過程將耗時且昂貴。無法保證任何交易最終會成功。

如果公司無法很快完成一個令人滿意的交易，將有必要尋求額外融資或在不久的將來尋求解散和清算，公司的普通股持有人可能會因持有的普通股獲得很少或根本沒有回報。即使公司執行了令人滿意的戰略交易，公司的股東可能無法獲得任何在我們普通股投資中的回報。與此同時，公司還在爲可能根據特拉華州普通公司法進行法定解散和清算做準備，以及爲公司如不能在不久的將來籌集到額外資本或完成戰略交易而進行清算的情況，在此公司已經委託顧問幫助其準備潛在的清算和清算。

附表的簡明綜合財務報表是基於公司將繼續作爲持續經營實體進行編制的，並且不包括任何調整以反映可能影響資產回收能力和分類，或因公司與持續經營實體相關的不確定性而導致的負債的金額和分類的未來影響。這些調整可能會對公司的附表的簡明綜合財務報表產生重大影響。

公司目前並不知曉任何需要更新其估計、判斷或修訂其資產或負債賬面價值的特定事件或情況。這些估計可能會隨着新事件的發生和獲取到更多信息而發生變化，並且一旦變得已知，就會被納入綜合財務報表中。實際結果可能會與這些估計不符，任何這種差異可能對公司的財務報表具有重大影響。

研究費用重組活動

2023年重組計劃

2023年9月30日結束的三個月內，公司啓動了2023年重組計劃，包括全球性的裁員和其他節約成本措施，以降低其運營成本，導致公司全球員工減少 56 名全職員工和 14 名全職等效承包商，將其總全職等效員工和承包商人員組合的數量減少到約 36%，在某些情況下降至35%以內，並要求公司對來自非美國子公司的某些未歸還收益繳納一次過渡稅，該稅可分期支付，使美國公司未來獲得的非美國來源收入免稅，併爲與母公司支付相關款項相關聯的非美國子公司的收益創造一項新的最低稅。該公司暫估根據該條款不需要繳納稅款。195 截至2023年6月30日 125 截至2023年9月30日。關於2023年重組計劃的其餘員工減少在2023年第四季度完成。截至2023年9月30日止三個月內，公司在附表中的綜合損益簡表中記錄了$1,797 的與2023年重組計劃相關的重組費用，其中$815 計入研發費用，$671 計入營業成本，$189爲 461.4 百萬包含在

一般和行政及$122 截至2023年12月31日，與2023年重組計劃相關的金額尚未計提。

金融工具的公允價值

公司的財務工具，包括應收賬款、應付賬款和應計費用，按成本計價，因為這些工具的短期性質，故近似於公平價值。現金等價物由按公平價值記錄的貨幣市場基金組成，並在公平價值層級中被歸類為第1級。

信用損失準備和營業收入抵免

公司定期審查其客戶的支付歷史和相關信用風險，通常不要求其客戶提供擔保。某些與廣告代理的合同包含連帶責任條款，根據該條款，代理在未收到其客戶的付款之前，沒有義務向公司付款。在這些情況下，公司評估代理客戶的信用質量，以及代理本身。公司維持一個信用損失準備，反映其對潛在無法收回的交易應收賬款的最佳估計，並基於特定和一般準備金。一般準備金是根據歷史經驗、應收賬款餘額的年齡、當前經濟條件和合理及可支持的未來經濟條件預測等因素，通過集體基礎維持的。

公司信用損失準備金的活動如下：截至2024年9月30日的九個月活動摘要如下（以千計）：


	總計
截至2023年12月31日的餘額	$	501
本期預期損失的撥備		(7	)
列入抵免的注銷		(74	)
2024年9月30日的賬面	$	420

公司不時會向客戶提供信貸，通常與客戶糾紛或賬單調整有關，並記錄為營業收入的減少。這些收入信貸的準備金根據權威性營業收入確認指導（見附註2）視為變量對價，並根據歷史信貸活動進行估計。截至2024年9月30日和2023年12月31日，公司記錄了潛在客戶信貸的準備金，金額為 $17 及12，分別。

收入確認

該公司主要通過與廣告商或廣告代理的訂閱來產生營業收入，以管理搜索、社交媒體和電子商務的平台。該公司還通過與某些領先出版商的戰略協議來產生營業收入。在訂閱協議下，該公司根據客戶在其平台上管理的廣告支出獲取報酬。當這些服務的控制權轉移到該公司的客戶時，該公司確認收入，金額反映該公司預期為這些服務有權獲得的報酬。詳情見第2註釋，進一步討論該公司的營業收入。

內部開發軟件

開發階段產生的成本會資本化，並在產品預期的使用壽命內攤銷，當開發成本被認為是可收回的時候。該公司將所有與規劃和實施後階段相關的成本列為費用。開發階段的成本通常包括與軟件開發、配置和編碼相關的薪水和人事成本以及第三方承包商支出。與內部開發的軟件相關的資本化成本在開發過程中被視為施工進行中，直到程序、功能或特性準備好供其預期使用，屆時開始攤銷。

截至2024年9月30日的九個月內，該公司分析了其內部開發的軟件是否仍然符合資產的定義，並得出結論，由於內部開發的軟件對該公司沒有未來的經濟利益，基於其負現金流，內部開發的軟件不再符合資產的定義。此外，因為內部開發的軟件不再符合資產的定義，與內部開發的軟件相關的開發成本將不再資本化，因為這些開發成本被認為是不可收回的。相反，所有與內部開發的軟件相關的開發成本將即時列為費用。

截至2024年9月30日截至2023年12月31日，存在 no 尚未攤銷的內部開發軟體成本，包括施工中的項目。在截至2024年9月30日的九個月內， no 相關金額被資本化或攤銷，因為在此期間的內部開發軟體的開發成本被認為是無法收回的。在截至2023年9月30日的九個月內，公司資本化了$1,511 的內部開發軟體相關開發成本並攤銷了$1,278 與內部開發軟體相關的費用。內部開發軟體的攤銷反映在營業收入成本中。與小幅增強和維護相關的費用在發生時立即列入費用。

2. 營業收入

收入確認

該公司主要通過訂閱來產生營業收入，訂閱可直接與廣告商或與廣告代理合作，使用其平台來管理搜索、社交、電子商務和蘋果-顯示屏廣告。它也通過與某些領先出版商的長期戰略協議產生一部分營業收入。當這些服務的控制權轉移給公司的客戶時，營業收入便被確認，金額反映公司期望就這些服務獲得的報酬。該公司通過以下步驟來確定營業收入的確認：

•

識別與客戶的合同或合同；

•

在合約中確認履行義務的識別；

•

確定交易價格；

•

將交易價格分配給合約中的績效義務；和

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當公司滿足其履約義務時，確認營業收入。

公司的訂閱合約為廣告主提供了使用公司的廣告管理平台的權限。廣告主在任何時候都無權擁有支援這些服務的軟體。這些合約通常是一年或更短的期限，雖然某些合約可延續至年內。。大多數合約下的訂閱費用由最低每月平台費用或根據透過公司的平台管理的廣告支出成交量計算的變量考量中的較高者組成。變量部分通常包括分層定價，根據廣告支出的價值，收取的支出百分比會降低。分層定價通常每月重設，並在合約期限內保持一致。公司已得出結論，這種基於成交量的定價方式並不構成未來的重大權利，因為定價級別在合約期限內是一致的，且類似的定價通常也提供給同一地區和市場的類似客戶。某些訂閱合約僅由固定的每月平台費用組成。訂閱費用通常在每月實際管理的廣告支出基礎上進行事後開票。在某些有限情況下，公司會提前對廣告主開具合約上約定的最低每月平台費用的發票，該期限通常是三在權利益分享區間內， 12個月.

公司的訂閱服務包含一項單一的準備履行義務，該義務隨著廣告客戶同時接收和消耗公司表現的利益而隨時間滿足。這項履行義務構成了一系列性質基本相同並且隨時間提供的服務，使用相同的進度衡量標準。從這些安排中產生的營業收入是隨時間認列的，使用基於時間經過的產出方法，因為這樣能真實描繪控制權轉移的模式。固定的每月最低平台費用在合同期內按照比例認列，因為單一的履行義務已滿足。變量費用則分配至賺取的系列中明確的月份，因為變量支付的條款專門與轉移明確的時間增量（月份）服務的結果相關，並且這些金額反映了公司期望在該期間內因提供廣告管理平台訪問而有權獲得的費用，這與根據會計準則編纂606（“ASC 606”）的權威營業收入指導的分配目標一致。

預期未來的營業收入是來自於截至目前尚未滿足（或部分滿足）的訂閱服務的履約義務。於2024年9月30日的情況如下：


	訂閱服務營業收入
2024（剩餘三個月）	$	171
2025		401
2024年9月30日的賬面	$	572

本公司根據ASC 606適用自願豁免，並不披露原始期限為的訂閱合同中尚未滿足的履約義務的價值。一年或更低。上述披露的剩餘履行義務的金額主要由合同下的固定或每月最小費用組成，其原預期的持續時間超過一年該金額不包括基於成交量的合同等變量補償的估算，以及合同的預期續約。

戰略協議

公司已與某些領先的搜索出版商簽訂長期戰略協議，這些協議通常按季度結算。

在2021年9月，公司與谷歌簽訂了一項收益分享協議，該協議的預定三年期限從2021年10月1日開始，並持續到2024年9月30日（“谷歌收益分享協議”）。通過這項協議，公司有資格根據通過公司平台管理的搜索廣告支出的百分比，獲得固定和變量的收益分享付款，而公司則需要將這些收益分享付款的一定百分比重新投資於其搜索科技平台，以促進創新。在2024年7月，公司與谷歌簽訂了一項搜索廣告創新協議（“谷歌搜索廣告創新協議”），以便公司繼續開發的搜索廣告平台, 產品和專業知識Google 搜尋廣告創新協議的預定期限為三年，自2024年10月1日起生效，此協議在2024年9月30日Google 營業收入分享協議到期後生效，且與之前的Google 營業收入分享協議基本類似，包括相同的最低季度付款。

公司評估從Google 營業收入分享協議預期獲得的變量營業收入分享付款的總額，使用最可能的方法，因為它認為這種方法代表了根據歷史服務趨勢、個別合同考量和公司的最佳判斷來進行此考量的最合適估計。公司僅在相信不會發生重大逆轉的情況下，將變量考量的估計納入營業收入，也就是說，當與變量考量相關的不確定性隨後得到解決時，公司的累積確認營業收入的金額不會出現重大逆轉。公司認可來自Google 營業收入分享協議的營業收入為$1,788 及5,363 於截至2024年和2023年9月30日的三個月和九個月，分別為。

營業收入的分解

按地理區域劃分的營業收入，根據客戶的帳單地點，所提供的期間如下：


	截至九月三十日的三個月				截至九月三十日的九個月。
	2024		2023		2024		2023
美利堅合眾國	$	3,428	$	3,550	$	9,954	$	10,729
英國		518		529		1,471		1,536
其他 (1)		336		359		933		1,116
總營收，淨收入	$	4,282	$	4,438	$	12,358	$	13,381

(1)

在“其他”類別中，沒有任何單一國家在所提供的任何期間內佔總營業收入的10%或更多。

來自美國以外的廣告商佔總營業收入的 20%，截至2024年和2023年9月30日的三個和九個月的總營業收入。

按提供的服務性質劃分的營業收入如下：


	截至九月三十日的三個月				截至九月三十日的九個月。
	2024		2023		2024		2023
訂閱	$	2,494	$	2,650	$	6,995	$	8,023
戰略協議		1,788		1,788		5,363		5,358
總營收，淨收入	$	4,282	$	4,438	$	12,358	$	13,381

Google 營業收入分享協議約占 42%及 43公司截至2024年9月30日的三個月和九個月總營業收入的 %以及在結束於年月的三個月和六個月期內分別認列了$的變動租賃收入和相關費用。 40截至2023年9月30日的三個月和九個月均為 %。此外，一位客戶約占 19%及 17截至三個月和九個月的總營業收入 % 2024年9月30日和兩位客戶分別佔總營業收入的約 26%及 24三個月及九個月結束於 2023年9月30日，分別。沒有其他客戶佔超過 10的總營業收入。 three and nine months ended September 30, 2024 and 2023.

合同餘額

應收賬款, 淨額

營收確認的時間可能與向客戶開具發票的時間有所不同。應收賬款按發票金額記錄，扣除任何信用損失準備金和營收抵免。應收款項在公司提供相關服務或有權利獲得對價時確認。截止2024年9月30日和2023年12月31日，淨應收賬款中包括了應收款項， $1,788 與谷歌的營業收入分享協議相關，代表了 49% a的 46%另外，一位客戶約佔 14% 的截至2024年9月30日的應收賬款淨額沒有其他客戶的應收賬款淨額超過了 10% 截至2024年9月30日。

客戶預付款

在某些情況下，公司會在提供基礎服務之前從客戶那裏收到現金預付款。這些客戶預付款包括在隨附的簡明合併資產負債表中的應計費用和其他流動負債中。

獲得和履行合同的成本

公司會將某些合同獲取成本資本化，這些成本主要包括簽署客戶合同時的佣金及相關的工資稅。公司還會將某些合同履行成本資本化，這些成本主要是與爲新客戶和現有客戶提供入職和整合服務相關的專業服務團隊的工資和附加福利部分（統稱爲「獲得和履行合同的遞延成本」）。

獲得和履行合同的遞延成本將在預期的收益期間內攤銷，公司已確定該期間約爲 30 個月。預期的收益期間考慮了公司的客戶合同的持續時間、歷史合同續簽率、基礎科技和其他因素。獲得和履行合同的遞延成本的攤銷費用分別包含在隨附的綜合虧損簡明合併報表中的銷售和營銷費用及銷售成本中。無有關於在截至2024年和2023年9月30日的三個月或九個月內資本化的成本的減值損失。

公司根據相關攤銷費用預計確認的時間，將獲得和履行合同的遞延成本分爲流動和非流動部分。這些遞延成本的流動部分包含在預付費用和其他流動資產中，而非流動部分包含在隨附的合併資產負債表中的其他非流動資產中。截至2024年9月30日的九個月內，獲得和履行合同的遞延成本餘額的變動如下：


	遞延成本獲取合同			遞延成本履行合同
截至2023年12月31日的餘額	$	288		$	98
遞延成本		202			50
攤銷		(201	)		(66	)
截至2024年9月30日的餘額	$	289		$	82

3. 資產負債表成分

下表顯示了截至所示日期的資產和計算機設備的元件：所示日期：


		九月三十日			12月31日
	預計使用壽命	2024			2023
軟件，包括內部開發的軟件	3 年	$	34,972		$	34,972
計算機設備	3 至 4年		18,074			18,080
租賃改善	有用壽命和租賃期中的較短者		512			512
辦公設備、傢俱和裝置	3 至 5年		94			94
總物業及設備			53,652			53,658
減：累計折舊和攤銷			(50,261	)		(50,262	)
減：累計減值損失			(3,276	)		(3,276	)
總物業及設備，淨值		$	115		$	120

D物業和設備的折舊，截至2024年9月30日的三個月和九個月的攤銷金額不大，而截至2023年9月30日的內部開發軟件的攤銷和物業與設備的折舊金額也不大。截至2024年9月30日爲止是$436 和 $1,295，分別爲。

下表顯示截至所呈現日期的應計費用和其他流動負債的元件：截至所呈現日期：


	九月三十日		12月31日
	2024		2023
應計工資和與工資相關的費用	$	862	$	872
應計負債		481		376
應付所得稅		227		192
愛文思控股賬單和客戶積分 (1)		506		636
其他		13		23
總應計費用及其他流動負債	$	2,089	$	2,099

(1)

截至2023年12月31日的年度，公司註銷了客戶信用餘額$443 作爲信用損失費用的貸項，其中$43 和 $443 在截至的三個月和九個月內註銷了$ 2023年9月30日. 否在截至九個月的期間內，客戶信用餘額已被註銷。 2024年9月30日.

4. 股票基礎的薪酬

公司的股票薪酬費用與期權、限制性股票單位（RSUs）及其員工股票購買計劃（「ESPP」）相關，這些都是根據其股權激勵計劃授予的。

股票薪酬費用的分配如下：


	截至9月30日的三個月				截至9月30日的九個月
	2024		2023		2024		2023
營收成本	$	32	$	5	$	109	$	266
銷售和市場營銷		38		88		162		437
研究和開發		86		131		337		706
一般管理費用		57		85		349		1185
總的股票獎勵補償	$	213	$	309	$	957	$	2,594

對於公司授予的基於股票的獎勵，基於獎勵的公允價值在授予日期測量股票補償成本，並在所需服務期內攤銷。否基於股票的補償在期間作爲內部開發的軟件進行資本化截至2024年9月30日的三個月和九個月，而$10 和 $87 股份薪酬被計入爲內部開發的軟件，截至2023年9月30日的三個月和九個月。

股票期權

公司的期權活動總結如下：


	尚未行使的期權
	數量股份			加權平均行使價格每股		加權平均剩餘合同期限 (以年爲單位)		合計內在價值
截至2023年12月31日，尚未行使、已歸屬且可行使		54		$	100.69		3.63	$	—
被取消和註銷		(4	)		407.48		—		—
截至2024年9月30日，尚未行使、已歸屬且可行使		50			77.65		3.13		—

截至2024年9月30日的九個月內沒有任何股票期權的授予或行使。

補償費用在必要服務期間內按比例確認。截至2024年9月30日，有無與股票期權相關的未確認補償費用，因爲所有尚未行使的股票期權均已完全歸屬。

RSUs

公司RSU活動的總結如下：


	未歸屬股票獎勵數量
	數量股份			加權平均授予日期公允價值每單位價值
截至2023年12月31日的未償還金額		288		$	8.88
Vested		(133	)		8.74
已取消並保留以支付稅款		(60	)		8.95
截至2024年9月30日的未償還金額		95		$	9.08

截至2024年9月30日，還有$424 與RSU相關的未確認薪酬費用，預計將在一個加權平均期內確認 0.8 公司在授予日期使用基礎普通股的公允市場價值來判斷RSU的公允價值。

員工股票購買計劃

截至2024年9月30日的三個月及九個月期間沒有任何活動在公司的員工購股計劃下，並且沒有無截至目前與公司的員工購股計劃相關的未確認薪酬費用 2024年9月30日.

5. 租賃

公司的主要運營租約是位於IDC概念的空間，該租約在2022年4月續簽，至2025年到期。在2023年4月，公司最終決定行使選擇權，減少運營租約下IDC概念的空間。截至2024年9月30日，用於折現使用權資產（"ROU"）運營租約租賃負債的加權平均利率爲 6.0%以及ROU運營租約的加權平均剩餘租期爲 0.5 年。

運營租約費用主要由租金支出構成，約爲$429 和 $1,284 截至2024年9月30日的三個月和九個月，分別爲$439 和 $1,403 截至2023年9月30日的三個月和九個月的財務數據。對於截至2024年和2023年9月30日的三個月和九個月，變量租金支出並不顯著。

截至的經營租賃負債到期情況爲 2024年9月30日的到期情況如下：



2024年（剩餘）		414
2025		414
總租賃付款		828
減：代表隱含利息的金額		(9	)
租賃負債的現值		819
減：租賃負債的當前部分		(819	)
租賃負債的非當前部分	$	—

與經營租賃相關的補充現金流信息爲如下所示：


	截至九個月		截至九個月
	2024年9月30日		2023年9月30日
用於測量租賃負債的現金支付：
來自經營租賃的經營現金流	$	1,284	$	1,403
以租賃負債獲得的使用權資產：		72		161

7. 每股淨虧損

基本每股淨虧損是通過將可供普通股股東的淨虧損除以該期間的普通股加權平均流通股數來計算的，稀釋每股淨虧損則是將可供普通股股東的淨虧損除以普通股加權平均流通股數（不包括待回購的普通股）以及在此期間如果是稀釋性的潛在普通股流通股數來計算的。在截至2024年和2023年9月30日的三個月和九個月期間，公司沒有非控股權益，因此所有公司的淨虧損在這些期間都被視爲可供公司的普通股股東使用。

下表呈現基本和稀釋每股淨虧損的計算每股淨虧損：


	截至9月30日的三個月						截至9月30日的九個月
	2024			2023			2024			2023
分子：淨虧損	$	(2,326	)	$	(4,954	)	$	(6,755	)	$	(16,654	)
分母：加權平均流通股數，基本和稀釋		3,135			2,985			3,089			2,920
每股淨虧損，基本和攤薄	$	(0.74	)	$	(1.66	)	$	(2.19	)	$	(5.70	)

基本和稀釋後的每股淨虧損在所有呈現的期間內是相同的，因爲由於公司在這些期間內出現淨虧損，所有可能的潛在稀釋證券的影響都是反稀釋的。下表展示了在計算稀釋每股淨虧損的期間內被排除的潛在流通普通股，因爲包括它們將是反稀釋的：：


	截至9月30日的九個月
	2024		2023
未行使的期權		50		55
已發行的限制性股票單位		95		300
截至2024年9月30日的未償還金額		145		355

以下關於我們基本報表、經營成果和現金流的討論與分析應與（1）截至2024年9月30日的季度報告表格10-Q中其他部分包含的未經審計的簡明合併基本報表及相關附註一起閱讀，以及（2）我們在其年度報告表格10-K中包含的截至2023年12月31日的已審計合併基本報表和附註及管理層對財務狀況和經營成果的討論和分析，該報告已於2024年2月23日提交給證券交易委員會（"SEC"）。本季度報告表格10-Q包含根據1934年證券交易法（經修訂）的第21E條的定義的「前瞻性聲明」。這些聲明通常以「相信」、「可能」、「潛在」、「將」、「估計」、「持續」、「預期」、「計劃」、「可能」、「應該」、「會」、「項目」、「計劃」、「預測」、「期待」、「尋求」和類似表達或變體等詞語爲特徵。此類前瞻性聲明面臨風險、不確定性及其他因素，這些因素可能導致實際結果及某些事件的時機與未來結果在實質上偏離這些前瞻性聲明所表達或暗示的結果。導致或促成這些差異的因素包括但不限於此處所識別的因素，以及在本表格10-Q的第二部分第1A項中標題爲「風險因素」的章節中討論的因素。除法律要求外，我們不承擔任何更新前瞻性聲明的義務，以反映該聲明日期後的事件或情況。

我們是數字營銷解決方案的領先供應商，專注於搜索、社交和電子商務廣告渠道，提供統一的軟件即服務（SaaS-雲計算）廣告管理平台，專爲以績效爲驅動的廣告主和廣告代理而設計。我們的平台是一個分析、工作流和優化的解決方案，幫助績效營銷人員最大化他們的數字廣告支出的回報。我們直接向廣告主和領先的廣告代理銷售我們的解決方案，我們的客戶在我們的平台上共同管理數十億美元的廣告支出，覆蓋廣泛的行業。我們相信，這使我們成爲獨立廣告雲解決方案最大供應商之一。我們的軟件解決方案旨在幫助我們的客戶：

我們將搜索、社交和電子商務廣告整合到一個平台中，幫助廣告主最大化客戶在亞馬遜、谷歌、Meta、X（前身爲Twitter）、沃爾瑪、LinkedIn、TikTok、蘋果搜索廣告、Instacart、Criteo和YouTube等平台上的旅程。此外，我們與數十個領先的網絡分析和廣告投放解決方案以及關鍵企業應用程序進行了集成，使我們的客戶能夠更準確地衡量其營銷項目的投資回報率。

我們的軟件平台作爲廣告效果、銷售和營業收入數據的整合點，使廣告商能夠將廣告支出與收入結果聯繫起來。通過直觀的界面，我們使客戶能夠同時在多個出版商和渠道上運行大規模數字廣告活動，方便營銷人員創建、發佈、修改和優化活動。

我們的預測買盤管理和優化科技還允許廣告客戶預測結果，並在多個出版商和渠道之間優化活動，以實現他們的業務目標。我們的優化科技可以幫助廣告客戶在表現良好的活動、出版商和渠道上增加廣告支出，同時減少在表現不佳的那些上的投資。我們稱之爲跨渠道買盤和活動優化的這一類解決方案，幫助企業智能高效地衡量、管理和優化他們的數字廣告支出，以達到期望的業務結果。

下表是我們未經過審計的簡明合併運營報表的總結，涵蓋了指定期間及這些期間營業收入的百分比。結果的期間對比並不一定能準確指示未來期間的結果。營業收入的百分比數據經過四捨五入，可能無法準確彙總。

截至2024年9月30日的三個月和九個月的淨營業收入分別減少了20萬美元，或4%，和100萬美元，或8%，與2023年同期相比。減少的主要原因是去年客戶流失，未能被同期的新客戶預訂完全抵消。

我們位於美國的客戶產生的營業收入佔總營業收入的80%，這是截至2024年和2023年9月30日的三個月和九個月的淨收入。

來自谷歌收益分享協議的營業收入淨額分別佔2024年9月30日止的三個月和九個月總營業收入淨額的42%和43%，以及2023年9月30日止的三個月和九個月總營業收入淨額的40%。此外，一位客戶佔2024年9月30日止的三個月和九個月總營業收入的約19%和17%；而兩位客戶佔2023年9月30日止的三個月和九個月總營業收入的約26%和24%。在2024年和2023年9月30日止的三個月及九個月內，沒有其他客戶的總營業收入超過10%。

截至2024年9月30日的三個月和九個月的營業收入成本分別減少了140萬美元，或45%，和440萬美元，或46%，與2023年對應期間相比。減少的主要原因是截至2024年9月30日的三個月和九個月內重組費用減少70萬美元，以及截至2024年9月30日的三個月和九個月內的人員成本減少30萬美元和210萬美元，分別與2023年對應期間相比，此外，截至2024年9月30日的三個月和九個月內沒有對內部開發的軟件進行攤銷，而在2023年對應期間分別攤銷了40萬美元和130萬美元。

截至2024年9月30日的三個月和九個月的毛利率分別提高至60%和58%，而2023年對應期間的毛利率爲30%和29%。這主要是由於與2023年對應期間相比，營業收入成本降低，部分被與2023年對應期間相比略微下降的營業收入所抵消。

截至2024年9月30日的三個月和九個月的銷售和營銷費用分別減少了40萬美元，或26%，以及210萬美元，或38%，與2023年同期相比。減少的原因主要是由於市場營銷成本降低了10萬美元和120萬美元，以及人員成本，包括專業費用，降低了10萬美元和70萬美元，分別在截至2024年9月30日的三個月和九個月中，以及在截至2024年9月30日的三個月和九個月中，重組費用也減少了10萬美元。

截至2024年9月30日的三個月和九個月的研發費用分別減少了110萬美元，或38%，和320萬美元，或37%，與2023年同期相比。減少的主要原因是2024年9月30日的三個月和九個月內，重組費用都降低了80萬美元，以及人事成本，包括專業費用，在2024年9月30日的三個月和九個月內分別降低了50萬美元和340萬美元，部分被由於在2024年9月30日的三個月和九個月內沒有資本化的內部開發軟件成本增加了30萬美元和120萬美元所抵消。

截至2024年9月30日的三個月和九個月的綜合及管理費用分別減少了30萬美元，或12%，和180萬美元，或25%，與2023年對應期間相比。這一減少主要是由於截至2024年9月30日的三個月和九個月的重組費用降低了20萬美元，以及截至2024年9月30日的三個月和九個月的人力成本（包括專業費用）降低了10萬美元和180萬美元。2024年截至9月30日的九個月期間的減少在一定程度上被由於2023年9月30日客戶信用餘額的核銷而導致的信用損失費用增加40萬美元所抵消。

其他收入（費用），淨額主要由外幣交易損益、利息收入和利息費用組成。截止到2024年9月30日的三個月和九個月的其他收入（費用），淨額分別比2023年相應時期減少了30萬美元，或211%，和50萬美元，或89%。減少的主要原因是截止到2024年9月30日的三個月和九個月內，利息收入下降了10萬美元和30萬美元，外匯損失減少了20萬美元和10萬美元。

截至2024年9月30日的三個月及九個月的所得稅準備金增加，主要是由於美國的估值準備的變化以及我們某些外國全資子公司產生的應稅收入。

自2006年3月成立以來，我們主要依靠發行股份來爲我們的運營活動提供資金。從公司成立到我們的首次公開募股（「IPO」），我們通過優先股的私人配售籌集了10570萬美元（扣除相關發行成本）。在2013年3月和4月，我們在IPO中籌集了10930萬美元的淨收益。從2019年3月至2022年12月，我們通過Citizens JMP Securities, LLC（「Citizens JMP」，原名JMP Securities LLC）管理的市場發行計劃共籌集了5210萬美元的淨收益，並且在2020年，我們通過PPP獲得了330萬美元的貸款，其中310萬美元被免除。我們還時不時利用設備貸款，並簽訂融資租賃協議來資助資本採購。截至2024年9月30日，我們的主要流動資金來源是我們的現金及現金等價物。我們的主要運營現金需求包括支付薪酬及相關費用，以及我們的設施和信息科技製造行業的成本。

我們在境外子公司保持現金餘額。截至2024年9月30日，我們的現金及現金等價物總額爲560萬美元，其中500,000美元由我們的境外子公司持有。如果境外子公司持有的資金需要用於我們的美國業務，我們將需要計提與這些資金匯回相關的美國稅務負債。然而，考慮到我們在美國的淨經營虧損結轉金額，這樣的匯回在明年內很可能不會導致實質性的美國現金稅款支付。此外，我們認爲匯回這些資金所涉及的外國預扣稅不會是實質性的。

自2006年成立以來，我們每個財政年度均遭受重大損失。截止到2024年9月30日的九個月，我們的淨虧損爲680萬元，2023年12月31日的年度淨虧損爲2190萬元。截至2024年9月30日，我們的現金及現金等價物爲560萬元，累計赤字爲35100萬元。管理層預計在可預見的未來將繼續遭受額外虧損，並經歷負的經營現金流。

在2024年10月，我們開始實施2024年重組計劃，預計將使我們全球員工減少約27名，約佔截至2024年9月30日總人數的26%。我們預計在截至2024年12月31日的三個月內，將在2024年重組計劃中產生約60萬到80萬的現金支出，其中大部分與遣散費用有關，我們預計將在同一期間基本完成2024年重組計劃。在截至2024年9月30日的九個月內，沒有發生與2024年重組計劃相關的費用。

在2023年7月，我們開始實施2023年重組計劃，這導致在2023年下半年我們全球員工減少了64名全職員工，使我們的員工總數減少了約37%。2023年重組計劃在2023年基本完成。

我們實現業務目標的能力，以及繼續滿足我們的義務，依賴於保持一定水平的流動性，而流動性受到多個因素的影響，例如我們管理現金流的能力，包括2024重組計劃的有效性，我們維護戰略合作伙伴關係的能力，我們增加新訂單的能力，客戶對MarinOne平台的接受、保留和使用程度，以及通貨膨脹等一般宏觀經濟條件，或任何衰退的程度和持續時間。雖然我們已尋求並可能繼續尋求額外的流動性來源，包括額外的股權和債務融資，但沒有保證任何額外融資將在可接受的條款下提供，或者根本不會提供。未能管理現金流、增加新訂單、改善客戶保留率或籌集額外資本將對我們實現預期業務目標的能力產生重大不利影響。

根據在本季度10-Q表格提交日期時我們可用的所有基金類型及我們持續虧損和負經營現金流的歷史，對我們能否繼續作爲持續經營主體產生了重大疑慮。我們能否繼續作爲持續經營主體在很大程度上取決於我們能否實現預期的業務目標。如果我們無法實現預期的業務目標，可能需要進一步裁員和其他節約成本措施，與供應商延長付款期限，儘可能清理資產或停止運營。這些行動可能會對我們的業務、經營結果和未來前景產生重大影響。因此，對於我們在伴隨的簡明合併基本報表提交日期後一年的持續經營能力存在重大疑慮。

由於我們尚未能獲得足夠的資金以維持運營或實現淨正現金流，我們的管理層和董事會決定尋求戰略替代方案符合我們股東的最佳利益。在這個過程中，我們正在探索多種期權，重點是最大化股東價值，包括我們潛在的出售、反向合併，或出售我們的資產或其他戰略交易。我們一直在與一位投資銀行家合作，作爲我們的財務顧問，處理此項審查和類似事務。不能保證這一過程將導致我們追求任何特定交易或其他戰略結果，也不能確定任何潛在交易的條款或時機。

我們正在探索潛在的「反向合併」或其他公司交易。任何此類完成的交易都將對Marin股東產生重大影響。考慮到此類討論的初步階段，目前無法量化交易的潛在影響（如果有的話）。爲了使任何潛在交易得以推進，所有相關方都需要進行大量盡職調查，並達成交易條款的協議，進行談判和批准交易文件，以及滿足適用的成交條件，包括在某些情況下準備和公開提交與任何擬議的反向合併方相關的披露文件。

股東批准。任何此類過程都將耗時且成本高昂。無法保證任何交易最終會成功。

如果我們無法儘快完成令人滿意的交易，就有必要尋求額外融資或在不久的將來追求解散和清算，這時我們的普通股股東可能會對其普通股獲得很少或沒有的賠償。即使我們完成了一筆令人滿意的戰略交易，我們的股東也可能無法從其普通股投資中獲得任何回報。同時，我們也在準備根據特拉華州普通公司法進行潛在的法定解散和清算，以防我們無法籌集到額外資本或在不久的將來完成戰略交易，我們已經聘請顧問幫助我們爲潛在的解散和清算做好準備。

隨附的簡明合併基本報表是按照我們將繼續作爲持續經營單位的假設編制的，並不包含任何反映我們可能繼續作爲持續經營單位能力的不確定性而導致的資產的可收回性和分類或負債的金額和分類的未來可能影響的調整。這些調整可能會對我們隨附的簡明合併基本報表產生重大影響。

經營活動中使用的現金主要受我們投資於人員和製造行業以支持我們的業務事件的影響，以及使用我們平台的廣告客戶數量的波動。經營活動提供或使用的現金通常受到淨虧損的影響，並受到我們經營資產和負債變化的進一步影響，特別是在應收賬款、預付費用和其他資產、應付賬款、應計費用及其他流動負債方面，調整非現金費用項目，如折舊、攤銷、基於股票的補償費用和遞延所得稅利益。

截至2024年9月30日的九個月經營活動所用現金爲560萬美元，主要是由於680萬美元的淨損失，經過不計現金的（收入）費用調整爲260萬美元，主要包括折舊和攤銷、基於股票的補償費用、未實現的匯率期貨盈虧及信用損失準備，以及150萬美元的營運資本項目淨變動。這些項目尤其包括因收入下降和相關收款時機導致的應收賬款減少10萬美元、因相關支出時機導致的預付費用和其他資產（包括當前及非當前）減少20萬美元、因相關支出時機導致的應付賬款與應計費用及其他負債（包括當前及非當前）淨減少20萬美元，以及經營租賃負債減少120萬美元。

截至2023年9月30日的九個月內，經營活動現金使用爲1260萬美元，主要是由於淨虧損1670萬美元，調整後影響爲非現金（收入）費用380萬美元，主要包括折舊和攤銷、基於股票的補償費用以及壞賬準備，和20萬美元的營運資本項目淨變動。這些項目主要包括：(1) 因收入減少和相關收款時間影響，帳戶應收款減少90萬美元；(2) 因相關支出時間影響，預付費用和其他資產（包括流動和非流動資產）減少30萬美元；(3) 因相關支出時間影響，帳戶應付款、應計費用和其他負債（包括流動和非流動負債）淨減少100萬美元。

截至2023年9月30日的九個月內，投資活動中使用的現金與資本化的內部開發軟件成本有關。

截至2024年和2023年9月30日的九個月期間，融資活動中使用的現金主要與因結算股權獎勵而支付給員工的稅款相關。

在截至2024年9月30日的九個月內，除了一般的業務控制外，對我們在2024年2月23日向SEC提交的2023財年10-K表格中披露的合同義務和承諾沒有重大變化，具體內容在「管理層對財務控件和運營結果的討論與分析」中。

截至2024年9月30日的九個月期間，我們分析了我們內部開發的軟件是否仍然符合資產的定義，並得出結論，由於內部開發的軟件對我們沒有未來經濟利益，基於其負現金流，它不再符合資產的定義。此外，由於內部開發的軟件不再符合資產的定義，相關的開發成本將不再資本化，因爲這些開發成本被認爲是不可回收的。相反，與內部開發軟件相關的所有開發成本將作爲發生時費用化。

除了上述提到的對內部開發資產的更改外，與我們在2024年2月23日向SEC提交的2023財年10-k表格年報中所描述的關鍵會計政策和重大判斷及估計相比，我們的關鍵會計政策和重大判斷及估計沒有實質性變化，詳見「管理層對財務狀況和經營成果的討論與分析」。

截至2024年9月30日的九個月內，關於我們於2024年2月23日提交給SEC的2023財年10-K表格年度報告中第II部分、第7A項「市場風險的定量和定性披露」所呈現的信息，沒有發生重大變化。

我們維護披露控制和程序（根據1934年證券交易法（「交易法」）修訂條款中的第13a-15(e)和15d-15(e)定義），旨在確保在我們根據交易法提交或提交的報告中，所需披露的信息在美國證券交易委員會的規則和表格規定的時間內被記錄、處理、總結和報告，並且相關信息被彙總並傳達給我們的管理層，包括我們的首席執行官（我們的首席執行官）和首席財務官（我們的首席財務官），或執行類似職能的人員，以便及時做出關於必要或必需披露的決定。

我們的管理層在首席執行官和信安金融官的參與下，對截至本季度報告（表格10-Q）所覆蓋期間的披露控制和程序的設計與事件的有效性進行了評估。基於該評估，我們的首席執行官和信安金融官得出結論，截至2024年9月30日，我們的披露控制和程序在合理保障水平上並不有效，原因如下所述的重大缺陷。

重大缺陷是內部控制在財務報告中存在的一項缺陷或缺陷組合，這樣就有合理的可能性會導致年度或臨時基本報表的重大錯誤未能及時防止或發現。如在2024年2月23日向美國證券交易委員會提交的截至2023年12月31日的財年10-K表格的年報中所披露的那樣，管理層識別出在內部控制財務報告中存在一項重大缺陷，這與管理層對此項資產減值分析的審查有關，依據ASC 360，物業、廠房和設備。所進行的審查未能適當識別和評估用於判斷自制軟件公允價值的假設中的異常值，採用的是市場方法評估。這項重大缺陷導致對截至2023年12月31日的自制軟件的全部減值相關的基本報表出現重大更正錯誤。

爲了解決與管理層對長期資產減值分析的審查相關的實質性缺陷，管理層正在採取補救措施，增加一個審核步驟，以確保在根據ASC 360《物業、廠房和設備》審查長期資產減值分析時識別的所有異常值，已在截至2024年9月30日的九個月內實施。

管理層將繼續審查、優化和增強其財務報告控制和程序。隨着公司繼續評估並努力改善其財務報告的內部控制，公司可能會實施額外措施來解決上述重大缺陷，或可能增強或修改補救措施。重大缺陷在適用的補救控制運行一段足夠的時間且管理層通過進一步測試得出控制有效運行之前，將不會被視爲已補救。

除了上述識別的控制措施外，在截至2024年9月30日的九個月內，我們的財務報告內部控制（根據交易所法第13a-15(f)和15d-15(f)條的定義）沒有發生變化，這些變化在實質上影響了或合理可能會實質性影響我們的財務報告內部控制。

不時，我們可能會涉及到在我們業務的正常過程中產生的法律訴訟。我們目前並不是任何法律訴訟的當事方，如果這些訴訟對我們不利，則單獨或整體上將對我們的業務、運營結果、財務狀況或現金流產生重大負面影響。

投資我們的普通股票涉及高度風險。您應仔細考慮下面描述的風險和不確定性，以及在本季度報告（表格10-Q）中所包含的所有其他信息，包括我們的合併基本報表及相關附註，然後再決定是否投資我們的普通股票。下面總結和描述的風險和不確定性並不是我們面臨的唯一風險。我們未意識到的或目前認爲不重要的額外風險和不確定性，也可能成爲影響我們的重要因素。如果以下任何風險發生，我們的業務、財務狀況、經營結果及前景可能會受到實質性和不利的影響。在這種情況下，我們的普通股票的價格可能會下降，您可能會失去部分或全部投資。

我們持續虧損和負的經營現金流引發了對我們能否繼續作爲一家持續經營的公司的重大懷疑，除非我們能夠增加營業收入、進一步減少開支或籌集更多資金以滿足我們在短期內的義務。

自2006年成立以來，我們在每個財政年度均遭受重大虧損。截止2024年9月30日的九個月內，我們的淨虧損爲680萬美元，以及在截至2023年12月31日和2022年的年份中，分別爲2190萬美元和1820萬美元的淨虧損。截至2024年9月30日，我們的累計赤字爲35100萬美元，現金及現金等價物爲560萬美元。這些虧損和累計赤字主要是由於營業收入下降以及我們爲努力擴大業務和吸引客戶而做出的投資。管理層預計在可預見的未來將繼續承擔額外虧損，並經歷負的運營現金流。我們的營業收入在過去幾年中持續下降，從2021年的2440萬美元，2022年的2000萬美元，降至2023年的1770萬美元。從歷史上看，我們主要依靠出售資本股票來爲運營活動提供資金。

我們實現業務目標的能力，以及繼續履行我們的義務，取決於維持一定水平的流動性，而這受到多個因素的影響，例如我們管理現金流的能力，包括2024年重組計劃的有效性，我們維持戰略伙伴關係的能力，我們增加新訂單的能力，客戶對MarinOne平台的接受度、保留率和使用情況的程度，以及通貨膨脹或任何衰退的程度和持續時間等一般宏觀經濟條件。雖然我們已經在追求，並可能會繼續追求額外的流動性來源，包括額外的股權和債務融資，但沒有保證任何額外融資將以可接受的條件，或根本不會提供。未能管理我們的現金流、改善客戶保留率或籌集額外資本將對我們實現預期的業務目標產生重大不利影響。

根據截至本季度報告（10-Q表格）提交之日我們可用的資金，以及我們持續虧損和負經營現金流的歷史，我們的持續經營能力面臨重大疑慮。我們的持續經營能力在很大程度上取決於我們管理現金流的能力，包括2024年重組計劃的有效性，以及我們維持戰略合作伙伴關係、改善客戶留存率和增加新預訂的能力。如果我們無法管理我們的現金流，維持戰略合作伙伴關係，改善客戶留存率，增加新預訂或籌集足夠的額外資本，我們可能需要啓動進一步的裁員和其他節約成本的活動，延長與供應商的支付條款，儘可能出售資產，或終止運營。這些措施可能會對我們的業務、運營結果和未來前景產生重大影響。因此，對於我們在附帶的簡明合併基本報表提交日期後的一年內能否繼續作爲持續經營的疑慮很大。

我們在本季度報告（10-Q表格）中包含的未經審核的簡明合併基本報表是基於持續經營原則準備的，符合公認會計原則（GAAP）。持續經營原則假設我們將在接下來的12個月內繼續經營，並且我們能夠在正常的業務過程中變現我們的資產，並履行我們的債務和承諾。因此，我們在本季度報告（10-Q表格）中包含的未經審核的簡明合併基本報表不包括任何如果我們無法繼續作爲持續經營單位所需的調整。這些調整可能會對我們伴隨的簡明合併基本報表產生重大影響。

我們繼續作爲一家持續經營企業的能力存在重大疑慮，這可能會妨礙我們獲取進一步融資的能力，並可能需要我們追求解散和清算。

我們能否持續運營在很大程度上依賴於我們改善客戶留存率、增加新預訂和管理現金流的能力。爲了實現這一目標，我們計劃通過銷售和市場營銷努力來提高我們當前服務的市場份額，繼續開發新平台功能，向客戶提供高效服務，這可能需要額外的資本和支出，尤其是在考慮到我們的財務狀況和近期的運營結果，以及如果整體宏觀經濟狀況惡化的情況下，這可能會變得困難。

我們打算繼續投資以維持和發展我們的業務，並可能需要額外的所有基金類型來應對業務挑戰，包括開發新功能或增強我們現有平台以及改善我們的製造行業，並參與股權或債務融資以獲取額外的所有基金類型。如果我們通過進一步發行股權或可轉換債務證券來籌集額外的資金，我們現有的股東可能會遭受重大稀釋。

由於我們尚未能夠獲得足夠的資金以維持運營或實現淨正現金流，我們的管理層和董事會決定尋求戰略替代方案以符合股東的最佳利益。在此過程中，我們正在探索多種期權，以最大化股東價值，包括對我們的潛在出售、反向併購或資產出售或其他戰略交易。我們一直在與投資銀行合作，作爲我們在此審查及相關事務中的財務顧問。不能保證此過程會導致我們追求任何特定交易或其他戰略結果，或有關任何潛在交易的條款或時機。我們還開始實施2024重組計劃，該計劃預計將使我們全球員工減少約27名，佔截至2024年9月30日總人數的約26%，以及約七名承包商。

我們目前正在探索潛在的「反向併購」和其他企業交易。任何此類完成的交易都會對Marin的股東產生巨大的影響。鑑於此類討論的初步階段，目前無法量化交易的潛在影響（如果有的話）。爲了使任何潛在交易得以推進，所有相關方都需要進行大量的盡職調查，並達成交易條款的協議，談判和批准交易文件以及滿足適用的成交條件，包括在某些情況下準備和公開提交與任何擬議的反向併購方和股東批准相關的必要披露文件。任何此類過程將耗時且費用昂貴。不能保證任何交易最終將取得成功。

如果我們未能完成戰略交易，或無法獲得足夠的額外融資，我們很可能會尋求解散和清算。

如果我們在不久的將來未能完成戰略交易或獲得足夠的額外融資，我們很可能會根據《特拉華州一般公司法》尋求法定解散和清算。我們目前正在爲可能的解散和清算做準備，以防無法籌集額外資金或完成戰略交易，並且我們已經在此過程中聘請了顧問。如果發生解散和清算，我們的股東很可能會損失大部分或全部投資。

我們未來的運營結果可能會受到對我們未來前景的不確定性的影響。

鑑於我們未來前景的不確定性，如果客戶、潛在客戶、供應商、合作伙伴或員工對我們的財務控件變得越來越擔憂，進而不與我們建立新關係或繼續保持關係，或離開我們，其未來運營結果可能會受到不利影響。

我們預計將繼續遭受損失並面臨負現金流，並可能需要進一步削減費用、改變我們的業務計劃、賣出額外的證券、賣出資產或借入更多的所有基金類型以維持我們的業務運營。

我們目前經營虧損，預計在短期內將繼續出現經營虧損。我們的業務未能產生足夠的現金流來支持我們的銷售和市場活動、研發計劃及其他業務活動。根據截至本報告提交日期我們所擁有的資金以及我們歷史上經常出現的虧損和負的經營現金流，關於我們是否能夠持續經營存在重大疑慮。我們能否繼續作爲一個持續經營主體並發展我們的業務以及實現盈利在很大程度上依賴於我們改善客戶保留率、增加新訂單的能力以及管理我們的現金流。爲此，我們計劃通過銷售和市場努力來嘗試提高我們當前服務的市場份額，繼續開發新平台功能，併爲客戶提供高效的服務，這可能需要額外的資本和支出，而這可能會很困難，特別是在整體宏觀經濟條件惡化的情況下。如果我們的營業收入未能增加，我們可能需要通過進一步削減開支措施來降低我們的費用，調整我們的業務計劃，或者尋求出售額外的證券、出售資產或借入額外的資金以維持我們的業務運營。在2024年10月，我們開始了 2024重組計劃，如第一部分第1項的財務報表附註1所述。我們不能保證能夠從此重組中實現預期的成本節省，或通過任何其他未來的削減費用措施進一步降低我們的支出。此外，我們也不能保證能夠在未來的某個時期發行額外的證券，或出售資產，或在商業合理的條款下借款，或者根本無法滿足我們的現金需求並繼續作爲一個持續經營主體。我們籌集額外融資的能力受到多種不確定因素的影響，包括但不限於我們股票的市場需求、我們的財務表現和前景、產品和服務的市場需求，以及不利的市場條件。

我們可能需要額外資金來維持和發展我們的業務，而這些資金可能無法以可接受的條件獲得，甚至根本無法獲得。

我們 intend 繼續進行投資，以維持和發展我們的業務，並可能需要額外的所有基金類型來應對業務挑戰，包括開發新功能或增強我們現有平台以及改善我們的運營製造行業的需求。因此，我們可能需要進行股權或債務融資以確保額外的所有基金類型。如果我們通過進一步發行股權或可轉換債務證券籌集額外的所有基金類型，我們現有的股東可能會遭受重大稀釋，並且我們發行的任何新的股權證券可能會享有優於我們普通股持有者的權利、偏好和特權。例如，在截至2021年12月31日的年度中，我們在與Citizens JMP的股權分配協議下售出了80萬股我們的普通股（在考慮到發生在2024年4月12日的1對6反向拆股後），並獲得了約4170萬的收入，扣除150萬的發行成本，加權平均銷售價格爲每股47.09（在考慮到發生在2024年4月12日的1對6反向拆股後）。我們在2021年根據股權分配協議發行的80萬股普通股使我們普通股的流通股份增加了約57％，導致我們之前現有股東的持股百分比被稀釋。此外，在截至2022年12月31日的年度中，我們在與Citizens JMP的新股權分配協議下出售了20萬股我們的普通股（在考慮到發生在2024年4月12日的1對6反向拆股後），以出售最多5000萬的金額。

在「一次性市場」普通股發行設施中發行的新證券，淨收益約爲130萬元，扣除10萬元的發行成本，以每股加權平均銷售價格7.98美元（考慮到2024年4月12日發生的1比6反向股票拆分）。該設施於2024年8月18日到期，我們將無法在其下進行任何額外融資。

在2020年5月，我們與Harvest Small Business Finance, LLC（即貸方）簽訂了一份貸款協議，貸款總額爲330萬美元，根據《冠狀病毒援助、救濟與經濟安全法案》（CARES法案）下的工資保護計劃。貸款中有310萬美元於2022年1月被免除，我們在2022年2月償還了剩餘的20萬美元。美國財政部（即財政部）與美國小企業管理局（即SBA）宣佈，將審查所有等於或超過200萬美元的工資保護計劃貸款。雖然我們相信我們的行爲是出於善意並符合工資保護計劃的所有要求，但如果財政部或SBA認定我們的貸款申請不是真誠的，或者我們未能滿足工資保護計劃的其他資格要求，我們可能需要歸還貸款或其部分金額。我們未來所獲得的任何債務融資可能涉及與我們的資本籌集活動和其他財務及運營事項相關的限制性契約，這可能使我們更難獲得額外資本和追求商業機會。此外，如果我們無法以對我們有利的條款獲得額外融資，將會受到限制。如果我們不能在需要時獲得足夠的融資或以令我們滿意的條款獲得融資，我們維持和發展業務以及應對商業挑戰的能力可能會受到重大影響。

我們的基於使用的定價模型使得預測來自現有客戶和未來潛在客戶的營業收入變得困難。

我們主要採用基於使用的定價模型，其中我們大部分費用是按照客戶在我們平台上管理的廣告支出的比例計算的。這種定價模型使得準確預測營業收入變得困難，因爲客戶在我們平台上管理的廣告支出可能會因廣告客戶所在行業的多樣性、這些行業的季節性以及客戶廣告預算的波動或其他因素而每月有所變化。數字廣告市場可能受到不利市場條件的影響，包括通貨膨脹或任何一般經濟疲軟，這在過去導致一些廣告客戶減少數字廣告支出，並可能在未來導致廣告客戶同樣削減其數字廣告支出。與我們的直接廣告客戶的訂閱合同通常包含最低每月平台費用，這通常大於合同簽署時我們對該客戶的預計每月營業收入的一半，因此，最低每月平台費用可能不是我們從該客戶獲得的營業收入的良好指標。此外，通過我們的代理客戶使用我們平台的廣告客戶通常沒有最低每月支出金額或必須使用我們平台的最低期限，因此，我們對這些廣告客戶的營業收入預測能力是困難的。如果我們錯誤地預測了這些廣告客戶的營業收入，而實際收入低於我們提供給投資者的預測，我們的普通股價格可能會大幅下跌。此外，如果我們高估了使用量，可能會在增加製造行業方面產生額外開支，而未能獲得相應的營業收入，這將損害我們的毛利率和其他經營結果。

由於多種因素，我們的經營結果可能會出現季度波動，這使得我們未來的結果難以預測，並且可能導致我們的經營結果低於預期或指導範圍。

我們的季度營業結果可能因多種因素波動，其中許多因素超出了我們的控制。因此，以期間爲基礎比較我們的營業結果可能沒有意義。您不應將我們的過往業績視爲未來表現的指標。如果我們的營業收入或經營結果低於投資者或證券分析師的預期，或低於我們可能提供給市場的任何指導，我們的普通股價格可能會大幅下跌。

除了本節中列出的其他風險因素外，可能影響我們季度運營結果的因素包括以下內容：

基於上述所有因素，我們對未來的營業收入、成本和費用的預測能力有限，因此，我們的經營業績可能會不時低於我們的估計或公衆市場分析師和投資者的預期。

如果數字廣告市場放緩或下降，我們的業務、增長前景和財務控件將受到不利影響。

我們能夠成長或維持我們業務的能力可能受到新興雲計算服務商廣告渠道的接受度和擴展水平的限制，以及現有渠道（如搜索和社交廣告）的持續使用和增長的影響。即便這些渠道得到了廣泛採用，廣告主和代理機構可能不會在像我們這樣的解決方案上進行重大投資，以幫助他們管理跨出版平台和廣告渠道的數字廣告支出。很難預測客戶的採用率、對我們平台的需求、廣告雲解決方案市場的未來增長率和規模或競爭解決方案的進入。數字廣告市場可能會受到不利市場條件的影響，包括通貨膨脹或任何普遍經濟疲軟的影響，這導致一些廣告主減少其數字廣告支出，並可能繼續導致廣告主減少其數字廣告支出。廣告雲解決方案市場的任何擴展都依賴於多個因素，包括基於雲的廣告市場的增長、社交和移動作爲廣告渠道的增長，以及與廣告雲解決方案相關的成本、性能和感知價值，以及雲計算公司解決安防-半導體和隱私問題的能力。此外，雲計算市場在美國以外的許多司法管轄區發展較爲滯後。如果我們或其他雲計算提供商經歷安全事件、客戶數據丟失、交付中斷或其他問題，則整個雲計算市場（包括我們的應用程序）可能會受到負面影響。

我們在一個快速發展和變化的行業板塊中運營，這使得評估我們當前的業務和未來前景變得困難。

我們遇到並將繼續遇到快速發展和變化行業公司經常面臨的風險和困難，包括招聘和留住合格員工、合理利用有限資源進行投資、市場對我們現有和未來解決方案的接受程度、來自具備更大財務和技術資源的成熟公司的競爭、獲取和保持客戶、管理客戶部署、改善現有產品和開發新解決方案。我們的當前運營基礎設施可能需要進行更改，以便我們能夠實現盈利並高效地擴展業務。例如，我們可能需要自動化部分解決方案以降低成本，確保我們的營銷基礎設施旨在以成本效益高的方式引導高質量的潛在客戶，並改變我們的銷售模式，以提高銷售的可預測性並縮短銷售週期。此外，我們可能需要不定期地在產品開發上進行額外投資，以應對市場需求，這可能會增加我們的整體開支並降低實現盈利的能力。我們成功和及時實施業務和運營變更的能力可能會受到我們在2024年10月啓動的重組計劃的不利影響，該計劃預計會導致我們截至2024年9月30日的全球員工人數減少約26%。如果我們未能成功和及時地實施這些變更，我們的業務可能會受到影響，我們的營業收入可能會下降，我們可能無法實現增長或盈利。我們不能保證我們能夠成功應對未來可能面臨的這些及其他挑戰。

我們必須開發和推出能夠獲得市場認可或與技術發展保持同步的增強功能和新特性，以便在不斷髮展變化的行業板塊中保持競爭力。

我們在一個動態市場中運作，該市場的技術、行業和法律標準迅速變化。我們競爭對手推出的新廣告平台解決方案、基於新技術或替代技術的解決方案的市場接受度，或新行業標準的出現，可能會使我們的平台變得過時。我們成功競爭、吸引新客戶以及提高現有客戶營業收入的能力在很大程度上依賴於我們增強和改善現有的跨渠道、跨設備企業營銷軟件平台的能力，以及持續推出或收購市場需求的新功能。我們還必須更新軟件以反映出版商的應用程序編程接口（API）和使用條款的變化。我們已部署最新平台MarinOne，並正在部署包括Marin預算調整和動態分配工具在內的新功能和服務。關於我們於2024年10月開始的重組計劃，我們正在將業務和產品開發工作集中在更具體的項目和舉措上。這些項目或任何其他增強或新解決方案的成功依賴於幾個因素，包括及時完成、充分的質量測試、現有客戶的有效遷移以最小干擾以及適當的引入和市場接受度。我們開發或收購的任何新平台或功能可能無法及時推出，可能存在缺陷，可能比我們預期的更貴，或可能無法達到廣泛的市場接受度，從而產生顯著營業收入。我們成功按時開發新產品和功能的能力可能會受到2024年10月開始的重組計劃的不利影響。如果我們無法有效或及時地升級我們的軟件平台和功能，或無法及時成功地開發或收購新產品或功能，或增強現有平台以滿足客戶需求，我們的業務和經營結果將受到不利影響。

If we are unable to maintain our relationships with, and access to, publishers, advertising exchange platforms and other platforms that aggregate the supply of advertising inventory, our business will suffer.

We currently depend on relationships with various publishers, including Amazon, Apple, Baidu, Bing, Meta, Google, Instagram, LinkedIn, Pinterest, Twitter, Verizon Media, Walmart and Yahoo!. Our subscription services interface with these publishers’ platforms through APIs, such as the Google API or Meta API. We are subject to the respective platforms’ standard API terms and conditions, which govern the use and distribution of data from these platforms. Our business significantly depends on having access to these APIs, particularly the Google API, which the substantial majority of our customers use, on commercially reasonable terms and our business would be harmed if any of these publishers, advertising exchanges or aggregators of advertising inventory discontinues or limits access to their platforms, modifies their terms of use or other policies or place additional restrictions on us as API users, or charges API license fees for API access. Moreover, some of these publishers, such as Google, market competitive solutions for their platforms. Because the advertising inventory suppliers control their APIs, they may develop competitive offerings that are not subject to the limits imposed on us through the API terms and conditions. Currently, restrictions in these API agreements limit our ability to implement certain functionality, require us to implement functionality in a particular manner or require us to implement certain required minimum functionality, causing us to devote development resources to implement certain functionality that we would not otherwise include in our subscription services and to incur costs for personnel to provide services to implement functionality that we are prohibited from automating. Publishers, advertising exchanges and advertising inventory aggregators update their API terms of use from time to time and new versions of these terms could impose additional restrictions on us. In addition, publishers, advertising exchanges and advertising inventory aggregators continually update their APIs and may update or modify functionality, which has required us to, and will likely continue to require us to modify our software to accommodate these changes and to devote technical resources and personnel to these efforts which could otherwise be used to focus on other priorities. In particular, we invested significant research and development resources in recent periods to transition to a new API recently released by Google. Any of these outcomes could cause disruptions in our service, demand for our products to decrease, our research and development costs to increase, and our results of operations and financial condition to be harmed.

We have also entered into long-term strategic agreements with certain leading search publishers. Under these strategic agreements, we receive consideration based on a percentage of the search advertising spend that our customers manage on our platform. The majority of our strategic agreement revenue is concentrated in one revenue share agreement with Google. We entered into our original revenue share agreement with Google in December 2018 for a three-year term that ran from October 1, 2018 until September 30, 2021. We entered into a new revenue share agreement with Google in September 2021 for a three-year term scheduled to run from October 1, 2021 until September 30, 2024. Under these Google Revenue Share Agreements, we have been eligible to receive fixed and variable revenue share payments based on a percentage of the search advertising spend that is managed through our platform. For the years ended December 31, 2023 and 2022, we recognized revenue of $7.2 million, respectively, from the applicable Google Revenue Share Agreement. Google has the right to terminate our current Google Revenue Share Agreement in certain circumstances and the agreement requires us to make minimum investments in product development. On July 24, 2024, we entered into the Google Search Ads Innovation Agreement for us to continue to develop its search advertising platforms, products and expertise. The Google Search Ads Innovation Agreement has a scheduled three-year term that took effect as of October 1, 2024, after the expiration of the prior Google Revenue Share Agreement on September 30, 2024, and is substantially similar to the prior Google Revenue Share Agreement, including the same minimum quarterly payments. Any termination or amendment of the Google Search Ads Innovation Agreement, or any failure of us to comply with the terms of the agreement, would have a material adverse effect on our results of operations.

Our ability to sustain and grow our business depends in part on the success of our relationships with advertising agencies and our strategic relationships with third parties.

Our ability to sustain and grow our business will depend, in part, on our ability to enter into successful relationships with advertising agencies. Identifying agencies and negotiating and documenting relationships with them requires significant time and resources. These relationships may not result in additional customers or enable us to generate significant revenue. Our contracts for these relationships are typically non-exclusive and do not prohibit the agency from working with our competitors or from offering competing services. Frequently, these agencies do in fact work with our competitors and compete with us. In addition, we often work with, or seek to work with, high-profile brands directly. This may not be possible where, for example, those brands obtain advertising services exclusively or primarily from advertising agencies.

We generally bill agencies for their customers’ use of our platform, but in most cases the agency’s customer has no direct contractual commitment to make payment to us. Furthermore, some of these agency contracts include provisions whereby the agency is not liable for making payment to us for our subscription services if the agency does not receive a corresponding payment from its client on whose behalf the subscription services were rendered. These provisions may result in longer collections periods or our inability to collect payment for some of our subscription services. If we are unsuccessful in establishing or maintaining our relationships with these agencies on commercially reasonable terms, or if these relationships are not profitable for us, our ability to compete in the marketplace or to grow our revenue could be impaired and our operating results would suffer.

Our ability to sustain and grow our business will also depend, in part, on our ability to enter-into and retain successful strategic relationships with third-parties. For example, we are seeking to establish relationships with third-parties to develop integrations with complementary technology and content. These relationships may not result in additional customers or enable us to generate significant revenue. For example, we have entered into Revenue Share Agreements with Google pursuant to which we are or have been eligible to receive fixed and variable revenue share payments based on a percentage of the search advertising spend that is managed through our platform. Identifying partners and negotiating and documenting relationships with them require significant time and resources. Our contracts for these relationships are typically non-exclusive and do not prohibit the other party from working with our competitors or from offering competing services. If we are unsuccessful in establishing or maintaining our relationships with these third parties, our ability to compete in the marketplace or to grow our revenue could be impaired and our operating results would suffer.

We may not be able to compete successfully against current and future competitors.

The overall market for advertising cloud solutions is rapidly evolving, highly competitive, complex, fragmented, and subject to changing technology and shifting customer needs. We face significant competition in this market and we expect competition to intensify in the future. We currently compete with large, well-established public companies, such as Adobe Systems Incorporated and Google Inc., and privately held companies, such as Skai.io. We also compete with channel-specific offerings, in-house proprietary tools, tools from publishers and custom solutions, including spreadsheets. We believe that our most significant competition comes from the SA360 product that is offered by Google and from other digital ad management tools offered by Google and other publishers. Increased competition may result in reduced pricing for our solutions, longer sales cycles or a decrease of our market share, any of which could negatively affect our revenue and future operating results and our ability to grow our business.

A number of competitive factors could cause us to lose potential sales or to sell our solutions at lower prices or at reduced margins, including, among others:

We cannot assure you that we will be able to compete successfully against current and future competitors. If we cannot compete successfully, our business, results of operations and financial condition could be negatively impacted.

We have incurred, and may incur in the future, expenses related to governmental investigations of Google and Meta.

In 2020, U.S. federal and state and foreign governments and regulatory agencies initiated lawsuits or investigations against Google and Meta related to certain of their anticompetitive business practices and conduct in the digital advertising and social media industries and we cannot be certain as to how such lawsuits and investigations might affect Google or Meta or otherwise affect the digital advertising industry. We are not a party to any such lawsuits or investigations. As a participant in the digital advertising industry and having business relationships with Google and Meta, certain governmental authorities and Google and have requested us to provide information to them in connection with such lawsuits and investigations, and responding to such requests has caused us to incur, and may cause us to incur in the future from time to time, professional fees and other expenses in connection with responding to such requests.

Our business depends on our customers’ continued willingness to manage advertising spend on our platform.

In order for us to improve our operating results, it is important that our customers continue to manage their advertising spend on our platform, increase their usage and also purchase additional solutions from us. In the case of our direct advertiser customers, we offer our solutions primarily through subscription contracts and generally bill customers over the related subscription period, which is generally one year or longer. During the term of their contracts, our direct advertiser customers generally have no obligation to maintain or increase their advertising spend on our platform beyond a specified minimum monthly platform fee, which is typically set at the time the contract is signed and is generally greater than half of the monthly amount we anticipate the customer will spend. Our direct advertiser customers generally have no renewal obligation after the initial or then-current renewal subscription period expires, and even if customers renew contracts, they may decrease the level of their digital advertising spend managed through our platform, resulting in lower revenue from that customer. Some customers, including some of our largest customers, have contractual rights to terminate their agreements with us in some circumstances. Advertisers that we serve through our arrangements with our advertising agencies generally do not have any contractual commitment to use our platform. Our customers’ usage may decline or fluctuate as a result of a number of factors, including, but not limited to, their satisfaction with our platform and our customer support, the frequency and severity of outages, the pricing of our, or competing, solutions, the effects of global economic conditions and reductions in spending levels or changes in our customers’ strategies regarding digital advertising. We may not be able to accurately predict future usage trends. If our customers renew on less favorable terms or reduce their advertising spend on our platform, our revenue may grow more slowly than expected or decline.

Unfavorable conditions in the market for digital advertising or the global economy or reductions in digital advertising spend could negatively affect our operating results.

Potential revenue growth and profitability of our business depends on digital advertising spend by advertisers in the markets we serve. Our operating results may vary based on changes in the market for digital advertising or the global economy. To the extent that weak economic conditions cause our customers and potential customers to freeze or reduce their advertising budgets, particularly digital advertising, demand for our solution may be negatively affected.

Historically, economic downturns have resulted in overall reductions in advertising spend. If general macroeconomic conditions deteriorate or the rise of geopolitical instability and military hostilities or global health emergencies and pandemics such as COVID-19 causes economic uncertainty, our customers and potential customers may elect to decrease their advertising budgets or defer or reconsider software and service purchases, which would limit our ability to grow our business and negatively affect our operating results.

Our business depends on retaining and attracting qualified personnel, and our reductions-in-force may result in operational inefficiencies that could negatively affect our business.

Our success depends upon the continued service of our talented management, operational and key technical employees, as well as our ability to continue to attract additional highly qualified talent. We have experienced employee attrition and have conducted restructuring actions. In October 2024, we commenced implementing the 2024 Restructuring Plan, an organizational restructuring and reduction-in-force plan to reduce our operating costs, and in July 2023, we implemented and completed the 2023 Restructuring Plan, each as described in Note 1 of our Condensed Consolidated Financial Statements under the heading “Liquidity and Going Concern.” We expect to complete the 2024 Restructuring Plan by the end of 2024. These changes, and any future changes, in our operations and management team could be disruptive to our operations. Our restructuring actions, any future restructuring actions or employee attrition resulting from concerns about our future prospects or other reasons could have an adverse effect on our business as a result of operational and administrative inefficiencies and added costs, decreases in employee morale and the failure to meet operational targets due to the loss of employees. If key employees leave, we may not be able to fully integrate new personnel or replicate the prior working relationships, which could adversely affect our results of operations, stock price and customer relationships, and could make recruiting for future management and other positions more difficult. In addition, changes in other key positions may temporarily affect our financial performance and results of operations as new employees become familiar with our business.

We do not maintain key person life insurance policies on any of our employees. Each of our executive officers, key technical personnel and other employees could terminate his or her relationship with us at any time. Our business also requires skilled technical, sales and other personnel, who are in high demand and are often subject to competing offers. If we expand into additional geographic markets, we will require personnel with expertise in these new areas. Competition for qualified employees is particularly intense in our industry and particularly in San Francisco, California. An inability to retain, attract, relocate and motivate employees required for our business could delay or prevent the achievement of our business objectives and could materially harm our business and our customer relationships.

Since the start of the COVID-19 pandemic in March 2020, most of our employees have been working remotely. In addition, the lease for our largest office, in San Francisco, California, expired in July 2022. As a result of these developments, we have transitioned to a more hybrid working environment with a larger number of employees dispersed remotely, which may present challenges to maintaining our corporate culture or employee productivity. We expect that most of our employees will work remotely for most of the time for the foreseeable future. Any failure to preserve our culture or productivity could negatively affect our future success, including our ability to retain and recruit personnel and to effectively focus on and pursue our corporate objectives.

We incur upfront costs associated with onboarding advertisers to our platform and may not recoup our investment if we do not maintain the advertiser relationship over time.

Our operating results may be negatively affected if we are unable to recoup our upfront costs for onboarding new advertisers to our platform. Upfront costs when adding new advertisers generally include sales commissions for our sales force, expenses associated with entering customer data into our platform and other implementation-related costs. Because our customers, including direct advertisers and agencies, are billed over the term of the contract, if new customers sign contracts with short initial subscription periods and do not renew their subscriptions, or otherwise do not continue to use our platform to a level that generates revenue in excess of our upfront expenses, our operating results could be negatively impacted. In cases in which the implementation process is particularly complex, the revenue resulting from the customer under our contract may not cover the upfront investment; therefore, if a significant number of these customers do not renew their contracts, it could negatively affect our operating results. In addition, because we capitalize certain upfront costs to obtain and fulfill contracts under authoritative accounting guidance, we could be required to record impairment expense for these upfront costs if the estimated revenue for these contracts is not realized.

Because we generally bill our customers over the term of the contract, near term decline in new or renewed subscriptions may not be reflected immediately in our operating results.

Most of our revenue in each quarter are derived from contracts entered into with our customers during previous quarters. Consequently, a decline in new or renewed subscriptions in any one quarter may not be fully reflected in our revenue for that quarter. Such declines, however, would negatively affect our revenue in future periods and the effect of significant downturns in sales and market acceptance of our solutions, and potential changes in our rate of renewals or renewal terms, may not be fully reflected in our results of operations until future periods. In addition, we may be unable to adjust our cost structure rapidly, or at all, to take account of reduced revenue. Our subscription model also makes it difficult for us to rapidly increase our total revenue through additional sales in any period, as revenue from new customers must be earned over the applicable subscription term based on the value of their monthly advertising spend.

We have been dependent on our customers’ use of search advertising. Any decrease in the use of search advertising or our inability to further penetrate social and eCommerce advertising channels would harm our business, growth prospects, operating results and financial condition.

Historically, our customers have primarily used our solutions for managing their search advertising, including mobile search advertising, and the substantial majority of our revenue is derived from advertisers that use our platform to manage their search advertising. We expect that search advertising will continue to be the primary channel used by our customers for the foreseeable future. Should our customers lose confidence in the value or effectiveness of search advertising, or if search advertising growth moderates or declines, the demand for our solutions may decline, and it may negatively impact our revenue. In addition, our failure to achieve market acceptance of our solution for the management of social and eCommerce advertising spend would harm our growth prospects, operating results and financial condition.

Our sales cycle can be long and unpredictable and require considerable time and expense, which may cause our operating results to fluctuate.

The sales cycle for our solutions, from initial contact with a potential lead to contract execution and implementation, varies widely by customer, but can take as long as three to nine months. Some of our customers undertake a significant evaluation process that frequently involves not only our solutions but also those of our competitors, which has in the past resulted in extended sales cycles. Our sales efforts involve educating our customers about the use, technical capabilities and benefits of our platform. In addition, under certain circumstances, we sometimes offer an initial term, typically of a few months in duration, to new customers who may terminate their subscription at any time during this initial period before the fixed term contract commences. We have no assurance that the substantial time and money spent on our sales efforts will produce any sales. If our sales efforts result in a new customer subscription, the customer may terminate its subscription during the initial period, after we have incurred the expenses associated with entering the customer’s data in our platform and related training and support. If sales expected from a customer are not realized in the time period expected or not realized at all, or if a customer terminates during the initial period, our business, operating results and financial condition could be adversely affected.

Our ability to generate revenue depends on our collection of significant amounts of data from various sources.

Our ability to optimize the delivery of Internet advertisements for our customers depends on our ability to successfully leverage data, including data that we collect from our customers as well as data provided by publishers and from third parties. Using cookies and similar tracking technologies, we collect information about the interaction of users with our advertisers’ and publishers’ websites. Our ability to successfully leverage such data is dependent upon our continued ability to access and utilize such data. Our ability to access and use such data could be restricted by a number of factors, including consumer choice, restrictions imposed by advertisers and publishers, changes in technology, and new developments in laws, regulations, and industry standards.

For example, the release by Apple of its iOS 14 operating systems in April 2021 brought with it a number of new changes, including the need for mobile app users to opt-in before their identifier for advertisers, or IDFA, can be accessed by an app. Apple’s IDFA is a string of numbers and letters assigned to Apple devices which advertisers use to identify app users to deliver personalized and targeted advertising. Although we do not rely heavily on IDFA, low opt-in rates to grant IDFA access may result in advertisers rethinking their conversion tracking strategy. Any reduced ability of advertisers to accurately target and measure their advertising campaigns may cause spend fluctuations. If consumer resistance to the collection and sharing of the data used to deliver targeted advertising continues to increase, or the use and adoption of consent / Do Not Track mechanisms increases as a result of industry regulatory and/or legal developments, and/or new technologies are developed and deployed that have a material impact on our ability to collect data, such developments could have a material adverse effect on our results of our operations.

Material defects, errors or disruptions in our software platform could harm our reputation, result in significant costs to us and impair our ability to sell our subscription services.

The software applications underlying our subscription services are inherently complex and may contain material defects or errors, which may cause disruptions in availability, misallocation of advertising spend or other performance problems. Any such errors, defects, disruptions in service or other performance problems with our software platform, including those resulting from new versions or updates to our software platform or from changes or interruptions to third party applications or systems that we interconnect with, could negatively impact our customers’ businesses or the success of their advertising campaigns and cause harm to our reputation. If we have any errors, defects, disruptions in service or other performance problems with our software platform, customers could elect not to renew or reduce their usage or delay or withhold payment to us, which could result in an increase in our provision for doubtful accounts or an increase in the length of collection cycles for accounts receivable. Errors, defects, disruptions in service or other performance problems could also result in customers making warranty or other claims against us, us providing refunds or credits to our customers toward future advertising spend, or costly litigation. We implement bug fixes and upgrades as part of our regularly scheduled system maintenance. If we do not complete this maintenance according to schedule or if customers are otherwise dissatisfied with the frequency and/or duration of our maintenance services, customers could elect not to renew, or delay or withhold payment to us, or cause us to issue credits, make refunds or pay penalties.

On occasion, we have granted credits to some of our customers in connection with product issues that resulted in unexpected ad spending, and we may agree to grant certain credits in the future, particularly as we gain experience with new products and features. After the release of new versions of our software or new products or features, defects or errors may be identified from time to time by our internal team and by our customers. We have recently launched our new MarinOne Budget Optimizer solution and we may observe performance issues with the product as it becomes more widely deployed with more customers and in more use cases. Changes or interruptions to third party applications or systems that we interconnect with could cause us to incur significant time and expense to remedy such issues or develop integrations with other third-party suppliers. As a result, material defects or errors in our platform could have a material adverse impact on our business and financial performance.

We primarily derive our revenue from a single software platform and any factor adversely affecting subscriptions to our platform could harm our business and operating results.

We primarily derive our revenue from sales of a single software platform. As such, any factor adversely affecting subscriptions to our platform, including product release cycles, market acceptance, product competition, performance and reliability, reputation, price competition, and economic and market conditions, could harm our business and operating results.

If mobile connected devices, their operating systems or content distribution channels, including those controlled by our competitors, develop in ways that prevent our advertising campaigns from being delivered to their users, our ability to grow our business will be impaired.

Our success in the mobile channel depends upon the ability of our technology platform to integrate with mobile inventory suppliers and provide advertising for most mobile connected devices, as well as the major operating systems that run on them and the applications that are downloaded onto them. For example, the release of iOS 14 brought with it a number of new changes, including the need for app users to opt-in before their identifier for advertisers, or IDFA, can be accessed by an app (which was released April 26, 2021). Apple’s IDFA is a string of numbers and letters assigned to Apple devices which advertisers use to identify app users to deliver personalized and targeted advertising. Although we do not rely heavily on IDFA, low opt-in rates to grant IDFA access may result in advertisers rethinking their conversion tracking strategy. Any reduced ability of advertisers to accurately target and measure their advertising campaigns may cause spend fluctuations.

Further, the design of mobile devices and operating systems is controlled by third parties with whom we do not have any formal relationships. These parties frequently introduce new devices, and from time to time they may introduce new operating systems or modify existing ones. Network carriers may also impact the ability to access specified content on mobile devices. If our solution were unable to work on these devices or operating systems, either because of technological constraints or because an operating system or app developer, device maker or carrier wished to impair our ability to purchase inventory and provide advertisements, our ability to generate revenue could be significantly harmed.

If our security measures are breached or unauthorized access to customer data or our data is otherwise obtained, our solutions may be perceived as not being secure, customers may reduce the use of or stop using our solutions and we may incur significant liabilities.

In the ordinary course of our business, we maintain sensitive data on our networks, including our intellectual property and proprietary or confidential business information relating to our business and that of our customers and business partners. The secure maintenance of this information is critical to our business and reputation. Despite the implementation of security measures, our internal information technology systems and infrastructure, and those of our current and any future third parties on which we rely, are vulnerable to breakdown or other damage or interruption from service interruptions, system malfunction, computer viruses, malware, natural disasters, terrorism, war, telecommunication and electrical failures, cyber-attacks or cyber-intrusions over the Internet (including harmful attachments to emails, ransomware, denial-of-service attacks, social engineering, and other means to affect service reliability and threaten the confidentiality, integrity, and availability of information), by persons inside our organization, or by persons with access to systems inside our organization. Any of the foregoing may compromise our system infrastructure, or that of our third-party partners and other contractors and consultants, or lead to data leakage.

The risk of a security breach or disruption, particularly through cyber-attacks or cyber-intrusion, including by computer hackers, foreign governments, and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. We may not be able to anticipate all types of security threats, and we may not be able to implement preventive measures effective against all such security threats. The techniques used by cyber criminals change frequently, may not be recognized until launched, and can originate from a wide variety of sources. In addition, the prevalent use of mobile devices that access confidential information increases the risk of data security breaches, which could lead to the loss of confidential information or other intellectual property. Because techniques used to obtain unauthorized access or to sabotage systems change frequently and generally are not recognized until launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. Third parties may also attempt to fraudulently induce employees or customers into disclosing sensitive information such as usernames, passwords or other information in order to gain access to our customers’ data or our data, including intellectual property and other confidential business information. Moreover, our employees, service providers and third parties work more frequently on a remote basis, which may involve relying on less secure systems and may increase the risk of, and susceptibility to, cybersecurity related incidents. We cannot guarantee these private work environments and electronic connections to our work environment have the same robust security measures deployed in our physical offices. If an actual or perceived breach of our security occurs, the market perception of the effectiveness of our security measures could be harmed, we could lose potential sales and existing customers or we could incur other liabilities, which could adversely affect our business.

The costs to us to mitigate network security problems, bugs, viruses, worms, malicious software programs and security vulnerabilities could be material, and although we have implemented security measures to protect our data security and information technology systems, our efforts to address these problems may not be successful, and these problems could result in unexpected interruptions, delays, cessation of service and other harm to our business and our competitive position. If the information technology systems of our third-party partners and other contractors and consultants become subject to disruptions or security breaches, we may have insufficient recourse against such third parties and we may have to expend significant resources to mitigate the impact of such an event, and to develop and implement protections to prevent future events of this nature from occurring.

We and our third-party service providers regularly defend against and respond to data security incidents, and we cannot assure you that our data protection efforts and our investment in information technology will prevent significant breakdowns, data leakages, breaches in our systems, or those of our third-party partners and other contractors and consultants, or other cyber incidents that could have a material adverse effect upon our reputation, business, operations, or financial condition. If such an event were to occur that causes interruptions in our operations, or those of our third-party vendors and other contractors and consultants, it could result in a material disruption or delay of our product development programs. Furthermore, significant disruptions of our internal information technology systems or those of our third-party vendors and other contractors and consultants, or security breaches could result in the loss, misappropriation, and/or unauthorized access, use, or disclosure of, or the prevention of access to, confidential information (including trade secrets or other intellectual property, proprietary business information, and personal information), which could result in financial, legal, business, and reputational harm to us. If any such event, including a computer security breach, results in the unauthorized access, use or release of personally identifiable information, our reputation could be materially damaged. In addition, such a breach may require notification to governmental agencies, the media or individuals pursuant to various federal and state privacy and security laws (and other similar non-U.S. laws), subject us to mandatory corrective action, and otherwise subject us to liability under laws and regulations that protect the privacy and security of personal information. For example, data breaches frequently result in regulatory actions and commercial and class action litigation based on a variety of laws and legal duties, such as the CCPA, which provides for a private right of action in the event of certain data security breaches. Such actions could result in significant legal and financial exposure and reputational damages that could have a material adverse effect on our business, results of operations, prospects and financial condition.

In addition, our insurance may not cover all costs from a security incident or breach. The assertion of a claim against our insurance policies could result in premium increases, imposition of a large deductible or other adverse circumstances.

We primarily use third-party data centers to deliver our services. Any disruption of service at these facilities could harm our business.

We manage a significant portion of our services and serve substantially all of our customers from only a single third-party data center facility. While we control the actual computer, network and storage systems upon which our platform runs, and deploy them to the data center facility, we do not control the operation of the facility. The owner of the facility has no obligation to renew the agreement with us on commercially reasonable terms, or at all. If we are unable to renew the agreement on commercially reasonable terms, we may be required to transfer to a new facility or facilities, and we may incur significant costs and possible service interruption in connection with doing so.

The facility is vulnerable to damage or service interruption resulting from human error, intentional bad acts, cyberattacks, earthquakes, hurricanes, floods, fires, war, terrorist attacks, power losses, hardware failures, systems failures, telecommunications failures and similar events. Moreover, while we have a disaster recovery plan in place, we do not maintain a “hot failover” instance of our software platform permitting us to immediately switch over in the event of damage or service interruption at our data center. The occurrence of a natural disaster or an act of terrorism, any outages or vandalism or other misconduct, or a decision to close the facility without adequate notice or other unanticipated problems could result in lengthy interruptions in our services.

Any changes in service levels at the facility or any errors, defects, disruptions or other performance problems at or related to the facility that affect our services could harm our reputation and may damage our customers’ businesses. Interruptions in our services might reduce our revenue, subject us to potential liability, or result in reduced usage of our platform. In addition, some of our customer contracts require us to issue credits for downtime in excess of certain levels and in some instances give our customers the ability to terminate their subscriptions.

We also depend on third-party Internet-hosting providers and continuous and uninterrupted access to the Internet through third-party bandwidth providers to operate our business. If we lose the services of one or more of our Internet-hosting or bandwidth providers for any reason or if their services are disrupted, for example due to viruses or “denial-of-service” or other attacks on their systems, or due to human error, intentional bad acts, power loss, hardware failures, telecommunications failures, fires, wars, terrorist attacks, floods, earthquakes, hurricanes, tornadoes or similar events, we could experience disruption in our ability to offer our solutions or we could be required to retain the services of replacement providers, which could increase our operating costs and harm our business and reputation.

Depending upon the level of our customers’ usage of our software platform, we may need to continually improve our hosting infrastructure to avoid service interruptions or slower system performance.

We seek to maintain sufficient excess capacity in our infrastructure to meet the needs of all of our customers. We also seek to maintain excess capacity to facilitate the rapid provision of new customer deployments and the expansion of existing customer deployments. For example, if we secure a large customer or a group of customers that require significant amounts of bandwidth or storage, we may need to increase bandwidth, storage, power or other elements of our application architecture and our infrastructure, and our existing systems may not be able to scale in a manner satisfactory to our existing or prospective customers.

The amount of infrastructure needed to support our customers is based on our estimates of anticipated usage. If we were to experience unforeseen increases in usage, we could be required to increase our infrastructure investments resulting in increased costs or reduced gross margins, and if we do not accurately predict our infrastructure capacity requirements, our customers could experience service outages that may subject us to financial penalties and liabilities and result in customer losses. If our hosting infrastructure capacity fails to keep pace with sales, customers may experience service interruptions or slower system performance, which could harm our reputation and adversely affect our revenue growth. As customers use our software platform for more complicated tasks, we will need to devote resources to improve our application architecture and our infrastructure in order to maintain the performance of our software platform. We may need to incur additional costs to upgrade or expand our computer systems and architecture if our systems cannot handle current or higher volumes of usage. In addition, increasing our systems and infrastructure in advance of new customers would cause us to have increased cost of revenue, which can adversely affect our gross margins until we increase revenue that are spread over the increased costs.

Our solutions must integrate with our customers’ enterprise applications and infrastructures. If we cannot efficiently implement our solutions for customers, we may lose customers.

Our customers have a variety of different data formats, enterprise applications and infrastructure and our platform must support our customers’ data formats and integrate with complex enterprise applications and infrastructures. If our platform does not currently support a customer’s required data format or appropriately integrate with a customer’s applications and infrastructure, then we may choose to configure our platform to do so, which would increase our expenses. Additionally, we do not control our customers’ implementation schedules. As a result, as we have experienced in the past, if our customers do not allocate internal resources necessary to meet their implementation responsibilities or if we face unanticipated implementation difficulties, the implementation may be delayed. Further, in the past, our implementation capacity has at times constrained our ability to successfully implement our solutions for our customers in a timely manner, particularly during periods of high demand. If the customer implementation process is not executed successfully or if execution is delayed, we could incur significant costs, customers could become dissatisfied and decide not to increase usage of our platform, not to use our platform beyond an initial period prior to their term commitment and revenue recognition could be delayed. In addition, competitors with more efficient operating models with lower implementation costs could penetrate our customer relationships.

Additionally, large customers may request or require specific features or functions unique to their particular business processes, which increase our upfront investment in sales and deployment efforts and the revenue resulting from the customers under our typical contract length may not cover the upfront investments. If prospective large customers require specific features or functions that we do not offer, then the market for our solution will be more limited and our business could suffer. In addition, supporting large customers could require us to devote significant development services and support personnel and strain our personnel resources and infrastructure. If we are unable to address the needs of these customers in a timely fashion or further develop and enhance our solution, these customers may not renew their subscriptions, seek to terminate their relationship with us, renew on less favorable terms, or reduce their advertising spend on our platform. If any of these were to occur, our revenue may decline and our operating results could be adversely affected.

If we are unable to maintain our sales and marketing capabilities, we may not be able to generate anticipated revenue.

Increasing our customer base and achieving broader market acceptance of our software platform will depend to an extent on our ability to maintain our sales and marketing operations and activities. We are substantially dependent on our sales force to obtain new customers and our marketing organization to generate a sufficient pipeline of qualified sales leads; however, we restructured our sales team in 2023 in order to decrease our expenses, which may make our sales and marketing activities more challenging. Additionally, our solutions require a sophisticated sales force with specific sales skills and technical knowledge. Competition for qualified sales personnel is intense, and we may not be able to retain our existing sales personnel or attract, integrate, train or retain sufficient highly qualified sales personnel. In addition, we may need to invest in lead generation activities to develop our pipeline of qualified opportunities for our sales force, which could increase our marketing expenses. If our lead generation activities do not increase our pipeline or if our sales force is unable to close opportunities at a high rate, then we may not generate an increase in revenue.

Any failure to offer high-quality technical support services may adversely affect our relationships with our customers and harm our financial results.

Our customers depend on our support organization to resolve any technical issues relating to our solutions. Any changes in our customer support teams could be disruptive to our operations. In addition, our sales process is highly dependent on the quality of our solutions, our business reputation and on strong recommendations from our existing customers. In October 2024, we commenced the implementation of an organizational restructuring and reduction-in-force to reduce our operating expenses. The 2024 Restructuring Plan resulted in the reduction of employees by approximately 26% of our global headcount as of September 30, 2024, which could adversely affect our ability to provide the same of level of high-quality technical support services as in the past. Any failure to maintain high-quality technical support, or a market perception that we do not maintain high-quality support, could harm our reputation, adversely affect our ability to sell our solutions to existing and prospective customers, and harm our business, operating results and financial condition.

We offer technical support services with our solutions and may be unable to respond quickly enough to accommodate short-term increases in customer demand for support services. We also may be unable to modify the format of our support services to compete with changes in support services provided by competitors. It is difficult to predict customer demand for technical support services and if customer demand increases significantly, we may be unable to provide satisfactory support services to our customers. Additionally, increased customer demand for these services, without corresponding revenue, could increase costs and adversely affect our operating results.

Any failure to protect our intellectual property rights could impair our ability to protect our proprietary technology and adversely affect our business, reputation or brand.

Our success and ability to compete depends in part upon our intellectual property. We primarily rely on a combination of copyright, trade secret and trademark laws, as well as confidentiality procedures and contractual restrictions with our employees, customers, partners and others to establish and protect our intellectual property rights, reputation and brand. However, the steps we take to protect our intellectual property rights may be inadequate or we may be unable to secure intellectual property protection for all of our solutions.

If we are unable to protect our intellectual property, our competitors could use our intellectual property to market products and services similar to ours and our ability to compete effectively would be impaired. Moreover, others may independently develop technologies that are competitive to ours or infringe our intellectual property. In addition, we are aware that third parties have been attempting to impersonate us in conducting online scams, which could harm our reputation and brand. The enforcement of our intellectual property rights and the protection of our reputation and brand depends on our legal actions against any infringers being successful, but we cannot be sure these actions will be successful, even when our rights have been infringed. In addition, defending our intellectual property rights and protecting our reputation and brand might entail significant expense and diversion of management resources. Any of our intellectual property rights may be challenged by others or invalidated through administrative processes or litigation. Any patents issued in the future may not provide us with competitive advantages or may be successfully challenged by third parties.

Furthermore, legal standards relating to the validity, enforceability and scope of protection of intellectual property rights are uncertain. Effective protection of our intellectual property may not be available to us in every country in which our solutions are available. The laws of some foreign countries may not be as protective of intellectual property rights as those in the U.S., and mechanisms for enforcement of intellectual property rights may be inadequate. Accordingly, despite our efforts, we may be unable to prevent third parties from infringing upon or misappropriating our intellectual property.

We might be required to spend significant resources to monitor and protect our intellectual property rights, our reputation and our brand, and our efforts to enforce our intellectual property rights and protect our reputation and brand may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property rights. Litigation to protect and enforce our intellectual property rights, our reputation and our brand could be costly, time-consuming and distracting to management, whether or not it is resolved in our favor, and could ultimately result in the impairment or loss of portions of our intellectual property.

We could incur substantial costs as a result of any claim of infringement of another party’s intellectual property rights.

In recent years, there has been significant litigation in the U.S. involving patents and other intellectual property rights. Companies in the Internet and technology industries are increasingly bringing and becoming subject to suits alleging infringement of proprietary rights, particularly patent rights, and our competitors may hold patents or have pending patent applications, which could be related to our business. These risks have been amplified by the increase in third parties, which we refer to as non-practicing entities, whose sole primary business is to assert such claims. We have received in the past, and expect to receive in the future, notices that claim we or our customers using our solutions have misappropriated or misused other parties’ intellectual property rights. If we are sued by a third party that claims that our technology infringes its rights, the litigation could be expensive and could divert our management resources. We do not currently have an extensive patent portfolio of our own, which may limit the defenses available to us in any such litigation.

In addition, in most instances, we have agreed to indemnify our customers against certain claims that our subscription services infringe the intellectual property rights of third parties. Our business could be adversely affected by any significant disputes between us and our customers as to the applicability or scope of our indemnification obligations to them. The results of any intellectual property litigation to which we might become a party, or for which we are required to provide indemnification, may require us to do one or more of the following:

If we are required to make substantial payments or undertake any of the other actions noted above as a result of any intellectual property infringement claims against us or any obligation to indemnify our customers for such claims, such payments or costs could have a material adverse effect upon our business and financial results.

Our use of open source technology could impose limitations on our ability to commercialize our software platform.

We use open source software in our platform. Some open source software licenses require users who distribute open source software as part of their software to publicly disclose all or part of the source code to such software and/or make available any derivative works of the open source code on unfavorable terms or at no cost. The terms of various open source licenses have not been interpreted by the U.S. courts, and there is a risk that such licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to market our software platform. While we monitor our use of open source software and try to ensure that none is used in a manner that would require us to disclose our source code or that would otherwise breach the terms of an open source agreement, such use could inadvertently occur and we may be required to release our proprietary source code, pay damages for breach of contract, re-engineer our applications, discontinue sales in the event re-engineering cannot be accomplished on a timely basis or take other remedial action that may divert resources away from our development efforts, any of which could cause us to breach customer contracts, harm our reputation, result in customer losses or claims, increase our costs or otherwise adversely affect our business and operating results.

Because our long-term success depends, in part, on our ability to expand our sales to customers outside the U.S., our business will be susceptible to risks associated with international operations.

We currently have personnel and/or customers in China, England, France, Ireland, Japan and Singapore, as well as the U.S. Due to our international exposure, our business is susceptible to risks associated with international operations. Managing our business and operations internationally requires considerable management attention and resources and is subject to particular challenges of supporting a rapidly growing business in an environment of diverse cultures, languages, customs, tax laws, legal systems, alternate dispute systems and regulatory systems. In 2020, we restructured our international corporate structure to address changes in international tax laws and regulations, and completion of such restructuring may cause us to incur some additional expense. The risks and challenges associated with international expansion include:

We have limited experience in marketing, selling and supporting our subscription services internationally, which increases the risk that any potential future expansion efforts that we may undertake will not be successful.

Fluctuations in the exchange rate of foreign currencies could result in currency transactions losses.

We currently have foreign sales denominated in Australian Dollars, British Pound Sterling, Chinese Yuan, Euros, Japanese Yen and Singaporean Dollars. In addition, we incur a portion of our operating expenses in currencies other than the U.S. Dollar. We face exposure to adverse movements in currency exchange rates, which may cause our revenue and operating results to differ materially from expectations. In addition, the continued uncertainty around the full impact of Brexit and the exact trade arrangements upon exit has adversely impacted global markets, including currencies, and resulted in a decline and volatility in the value of the British Pound Sterling and the Euro, as compared to the U.S. Dollar and other currencies. Volatility in exchange rates and global financial markets may continue due to a number of factors, including political and economic uncertainty. If the U.S. Dollar strengthens relative to foreign currencies, as it has from time to time in the past, our non-U.S. revenue would be adversely affected. Conversely, a decline in the U.S. Dollar relative to foreign currencies would increase our non-U.S. revenue when translated into U.S. Dollars. Our operating results could be negatively impacted depending on the amount of expense denominated in foreign currencies. As exchange rates vary, revenue, cost of revenue, operating expenses and other operating results, when translated, may differ materially from expectations. In addition, our revenue and operating results are subject to fluctuation if our mix of U.S. and foreign currency-denominated transactions or expenses changes in the future because we do not currently hedge our foreign currency exposure. Even if we were to implement hedging strategies to mitigate foreign currency risk, these strategies might not eliminate our exposure to foreign exchange rate fluctuations and would involve costs and risks of their own, such as ongoing management time and expertise, external costs to implement the strategies and potential accounting implications.

Managing a global organization has placed, and may continue to place, significant demands on our management and infrastructure. If we fail to manage our operations effectively, we may be unable to execute our business plan, maintain high levels of service or address competitive challenges adequately.

Managing a global and geographically dispersed workforce and operation has required substantial management effort, the allocation of valuable management resources and significant additional investment in our infrastructure. We will be required to continue to improve our operational, financial and management controls and operations reporting procedures, and we may not be able to do so effectively. Moreover, we may from time to time decide to undertake cost savings initiatives, such as the 2024 Restructuring Plan, disposing of, and/or otherwise discontinuing certain products, in an effort to focus our resources on key strategic initiatives and streamline our business. Further, to support our customers and operations, we must continually improve and maintain our technology, systems and network infrastructure. As such, we may be unable to manage our expenses effectively in the future, which may negatively impact our gross margins or operating expenses in any particular quarter. If we fail to manage our anticipated growth or change in a manner that does not preserve the key aspects of our corporate culture, the quality of our solutions may suffer, which could negatively affect our brand and reputation and harm our ability to retain and attract customers.

Future acquisitions or divestitures, strategic investments, partnerships or alliances could be difficult to integrate or complete, divert the attention of key management personnel, disrupt our business, dilute shareholder value and adversely affect our results of operations and financial condition.

We acquired and divested businesses in the past and may seek to acquire or divest businesses, products or technologies in the future. However, we have limited experience in acquiring or divesting businesses, products and technologies. If we identify an appropriate acquisition or divestment candidate, we may not be successful in negotiating the terms of any transaction, and our due diligence may fail to identify all of the problems, liabilities or other shortcomings or challenges of an acquired business, product or technology, including issues related to intellectual property, product quality or architecture, regulatory compliance practices, revenue recognition or other accounting practices or employee or client issues.

Any acquisition or investment may require us to use significant amounts of cash, issue potentially dilutive equity securities or incur debt. In addition, acquisitions involve numerous risks, any of which could harm our business, including:

If we are unable to successfully integrate any future business, product or technology we acquire, our business and results of operations may suffer.

In addition, a significant portion of the purchase price of companies we acquire may be allocated to acquired goodwill and other intangible assets, which must be assessed for impairment at least annually. If our acquisitions do not yield expected returns, we may be required to take charges to our operating results based on this impairment assessment process, which could adversely affect our results of operations.

Acquisitions could also result in dilutive issuances of equity securities or the incurrence of debt, which could adversely affect our operating results. For instance, in connection with our prior acquisitions, we issued shares of our common stock. We may consider divestitures of certain non-core businesses, products, technologies or other assets from time to time. We may not be successful in identifying buyers for any such assets or in negotiating the terms of any such sale. Any such sale could disrupt our business and adversely affect our results of operations.

Domestic and foreign government regulation and enforcement of data practices and data tracking technologies is expansive, not clearly defined and rapidly evolving. Such regulation could directly restrict portions of our business or indirectly affect our business by constraining our customers’ use of our platform or limiting the growth of our markets.

Federal, state, municipal and/or foreign governments and agencies have adopted and could in the future adopt, modify, apply or enforce laws, policies, and regulations covering user privacy, data security, technologies such as cookies that are used to collect, store and/or process data, the taxation of products and services, unfair and deceptive practices, and/or the collection, use, processing, transfer, storage and/or disclosure of data associated with a unique individual. The categories of data regulated under these laws vary widely and are often ill-defined and subject to new applications or interpretation by regulators. Our subscription services enable our customers to display digital advertisements to targeted population segments, as well as collect, manage and store data regarding the measurement and valuation of their digital advertising and marketing campaigns, which may include data that is directly or indirectly obtained or derived through the activities of online or mobile visitors. The uncertainty and inconsistency among these laws, coupled with a lack of guidance as to how these laws will be applied to current and emerging Internet and mobile analytics technologies, creates a risk that regulators, lawmakers or other third parties, such as potential plaintiffs, may assert claims, pursue investigations or audits, or engage in civil or criminal enforcement. These actions could limit the market for our subscription services or impose burdensome requirements on our services and/or customers’ use of our services, thereby rendering our business unprofitable.

The General Data Protection Regulation, or the GDPR, is applicable in all European Union member states and prescribes data protection requirements in the European Union and substantial fines for non-compliance. We make use of model contractual clauses approved by the European Commission in relation to the transfer of personal data from the European Union to the U.S. The European Commission’s model contractual clauses are subject to changes and legal challenges in the European Union, however, and it is unclear whether these will continue serve as appropriate means for us to transfer personal data from the European Union to the U.S. Some features of our subscription services use cookies, which trigger the data protection requirements of certain foreign jurisdictions, such as the GDPR and the EU ePrivacy Directive. In addition, our services collect data about visitors’ interactions with our advertiser clients that may be subject to regulation under current or future laws or regulations. If our privacy or data security measures fail to comply with these current or future laws and regulations in any of the jurisdictions in which we collect information, we may be subject to litigation, regulatory investigations, civil or criminal enforcement, audits or other liabilities in such jurisdictions, or our advertisers may terminate their relationships with us. In addition, foreign court judgments or regulatory actions could impact our ability to transfer, process and/or receive transnational data that is critical to our operations, including data relating to users, clients, or partners outside the U.S. Such judgments or actions could affect the manner in which we provide our services or adversely affect our financial results if foreign clients and partners are not able to lawfully transfer data to us.

This area of the law is currently under intense government scrutiny and many governments, including the U.S. government, are considering a variety of proposed regulations that would restrict or impact the conditions under which data obtained from or through the activities of visitors could be collected, processed or stored. In addition, regulators such as the Federal Trade Commission and the California Attorney General are continually proposing new regulations and interpreting and applying existing regulations in new ways. For example, the California Consumer Privacy Act, or the CCPA, took effect January 1, 2020, which provides new data privacy rights for consumers and new disclosure and operational requirements for companies. The CCPA gives California residents expanded rights to access and delete their personal information, opt out of certain personal information sharing and receive detailed information about how their personal information is used. The CCPA provides for civil penalties for violations, as well as a private right of action for data breaches that is expected to increase data breach litigation. In connection with the United Kingdom leaving the European Union, new or amended data privacy laws may be adopted in the United Kingdom. The burdens imposed by the GDPR and CCPA, and changes to existing laws or new laws regulating the solicitation, collection or processing of personal and consumer information, truth-in-advertising and consumer protection could affect our customers’ utilization of digital advertising and marketing, potentially reducing demand for our subscription services, or impose restrictions that make it more difficult or expensive for us to provide our services.

If legislation dampens the growth in web and mobile usage or access to the Internet, our results of operations could be harmed.

Legislation enacted in the future could dampen the growth in web and mobile usage and decrease its acceptance as a medium of communications and commerce or result in increased adoption of new modes of communication and commerce that may not be serviced by our products. In addition, government agencies or private organizations may begin to impose taxes, fees or other charges for accessing the Internet, which could result in slower growth or a decrease in eCommerce, use of social media and/or use of mobile devices. Any of these outcomes could cause demand for our platform to decrease, our costs to increase, and our results of operations and financial condition to be harmed.

If our customers fail to abide by applicable privacy laws or to provide adequate notice and/or obtain consent from end users, we could be subject to litigation or enforcement action or reduced demand for our services. Industry self-regulatory standards may be implemented in the future that could affect demand for our platform and our ability to access data we use to provide our platform.

Our customers utilize our services to support and measure their direct interactions with visitors, and although we provide notice and choice mechanisms on our websites for our subscription services, we also must rely on our customers to implement and administer notice and choice mechanisms required under applicable laws. If we or our customers fail to abide by these laws, it could result in litigation or regulatory or enforcement action against our customers or against us directly.

In addition, self-regulatory organizations (such as the Digital Advertising Network or Network Advertising Initiative) to which our customers, partners and suppliers may belong, may impose opt-in or opt-out requirements on our customers, which may in the future require our customers to provide various mechanisms for users to opt-in or opt-out of the collection of any data, including anonymous data, with respect to such users’ web or mobile activities. The online and/or mobile industries may adopt technical or industry standards, or federal, state, local or foreign laws may be enacted that allow users to opt-in or opt-out of data that is necessary to our business. In particular, some government regulators and standard-setting organizations have suggested a “Do Not Track” standard that allows users to express a preference, independent of cookie settings in their browser, not to have website browsing recorded. All the major Internet browsers have implemented some version of a “Do Not Track” setting. Furthermore, publishers may implement alternative tracking technologies that make it more difficult to access the data necessary to our business or make it more difficult for us to compete with the publisher’s own advertising management solutions. If any of these events were to occur in the future, it could have a material effect on our ability to provide services and for our customers to collect the data that is necessary to use our services.

Public scrutiny of Internet privacy and security issues may result in increased regulation and different industry standards, which could deter or prevent us from providing our current services to our customers, thereby harming our business.

The regulatory framework for privacy and security issues worldwide is currently in flux and is likely to remain so for the foreseeable future. Practices regarding the collection, processing, use, storage, transmission, disclosure, and security of personal information by companies operating over the internet have recently come under increased public scrutiny. State, federal and foreign lawmakers and regulatory authorities have increased their attention on the collection and use of consumer data. In addition, many jurisdictions in which we operate have or are developing laws that protect the privacy and security of sensitive and personal information, including, but not limited to, those described under the heading “Business—Government Regulations.”

The various privacy and cybersecurity laws and regulations with which we must comply are complex and evolving. Compliance with such laws and regulations require we expend significant resources, and we cannot guarantee that we will be able to successfully comply with all such privacy and cybersecurity laws and regulations, especially where they do or may in the future conflict with one another, nor can we predict the extent to which such new and evolving regulatory and legal requirements will impact our business strategies and the cost or availability of previously useful data, increase our potential liability, increase our compliance costs, require changes in business practices and policies, or otherwise adversely affect our business. Furthermore, any data breach or a failure by us to comply with the cybersecurity and privacy regulations and laws which we are subject to could result in penalties and fines, or in civil litigation against us, which could have a material adverse effect on our business, including on how we use personal data, on our financial condition, and our operating results.

If we do not comply with applicable privacy guidelines and other applicable laws and regulations under which we are regulated, if there are changes to the guidelines, laws, or regulations, or their interpretation, or if new regulations are enacted that are inconsistent with our current business practices, our business could be harmed. We may be required to change our business practices, services, or privacy policy, among other changes. Changes like these could increase our operating costs and potentially make it more difficult for customers to use our services, resulting in less revenue or slower growth.

Our revenue may be adversely affected if we are required to charge sales taxes in additional jurisdictions or other taxes for our solutions.

We collect or have imposed upon us sales or other taxes related to the solutions we sell in certain states and other jurisdictions. An increasing number of states have considered or adopted laws that attempt to impose tax collection obligations on out-of-state companies. Additionally, the U.S. Supreme Court recently ruled in South Dakota v. Wayfair, Inc. et al, or Wayfair, that online sellers can be required to collect sales and use tax despite not having a physical presence in the buyer’s state. In response to Wayfair, or otherwise, states or local governments may adopt, or begin to enforce, laws requiring us to calculate, collect, and remit taxes on sales in their jurisdictions. A successful assertion by any state, country or other jurisdiction in which we do business that we should be collecting sales or other taxes on the sale of our products and services could, among other things, create significant administrative burdens for us, result in substantial tax liabilities for past sales, discourage clients from purchasing solutions from us or otherwise substantially harm our business and results of operations.

We have identified a material weakness in our internal controls over financial reporting as of December 31, 2023. If we experience material weaknesses or deficiencies in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our common stock.

We have identified a material weakness in our internal controls over financial reporting as of December 31, 2023 relating to our review of the long-lived asset impairment analysis pursuant to ASC 360, Property, Plant and Equipment, specifically our review did not appropriately identify and evaluate an outlier in an assumption used to determine the fair value of internally developed software under the market approach valuation method. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected and corrected on a timely basis.

There can be no assurance that our remediation efforts will ultimately have the intended effects. Additionally, measures to remediate material weaknesses may be time-consuming and costly, and even if we remediate this material weakness, there can be no assurance that we will not have material weaknesses or deficiencies in our internal control over financial reporting in the future.

If we cannot remediate the material weakness identified above, identify other material weaknesses or deficiencies in the future, if we are unable to comply with the requirements of Section 404(b) of the Sarbanes-Oxley Act, or Section 404, in a timely manner, if we are unable to assert that our internal control over financial reporting is effective or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock could be negatively affected, and we could become subject to investigations by the stock exchange on which our securities are listed, the SEC, or other regulatory authorities, which could require additional financial and management resources.

We are a smaller reporting company and we cannot be certain if the reduced disclosure requirements applicable to smaller reporting companies will make our common stock less attractive to investors.

We are a smaller reporting company and as a result we can provide simplified executive compensation disclosures in our filings; are exempt from the provisions of Section 404 requiring that independent registered public accounting firms provide an attestation report on the effectiveness of internal control over financial reporting; and we have certain other decreased disclosure obligations in their SEC filings, including, among other things, only being required to provide two years of audited financial statements in annual reports. Decreased disclosures in our SEC filings due to our status as a smaller reporting company may make it harder for investors to analyze our results of operations and financial prospects. We cannot predict if investors will find our common stock less attractive because we will rely on the exemptions available to smaller reporting companies. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.

We may not be able to utilize a significant portion of our net operating loss or research tax credit carryforwards, which could adversely affect our profitability.

As of December 31, 2023, we had federal and state net operating loss carryforwards due to prior period losses, which if not utilized will begin to expire in 2027 for federal purposes and began to expire in 2022 for state purposes. Our federal net operating loss generated in 2018 and after can be carried forward indefinitely. We also have federal research tax credit carryforwards, which if not utilized will begin to expire in 2026. These net operating loss and research tax credit carryforwards could expire unused and be unavailable to offset future income tax liabilities, which could adversely affect our profitability.

In addition, under Section 382 of the Internal Revenue Code of 1986, as amended, or the Code, our ability to utilize net operating loss carryforwards or other tax attributes, such as research tax credits, in any taxable year may be limited if we experience an “ownership change.” A Section 382 “ownership change” generally occurs if one or more stockholders or groups of stockholders who own at least 5% of our stock increase their ownership by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Similar rules may apply under state tax laws.

Future issuances of our stock could cause an “ownership change.” It is possible that any future ownership change could have a material effect on the use of our net operating loss carryforwards or other tax attributes, which could adversely affect our profitability.

If we cannot maintain compliance with the continued listing requirements of Nasdaq, Nasdaq may de-list our common stock, which would have an adverse effect on the trading volume, liquidity and market price of our common stock.

Our common stock is listed on the Nasdaq Capital Market, or Nasdaq. Nasdaq’s listing standards generally require that we meet certain requirements relating to stockholders’ equity, market capitalization, stock price, the aggregate market value of publicly held shares, and distribution requirements, and we cannot assure you that we will be able to meet Nasdaq’s listing requirements. One of Nasdaq’s listing requirements is that our shares maintain a minimum bid price of at least $1.00. We received a deficiency notice from Nasdaq on April 26, 2023, advising that the closing bid price of our stock for the previous 30 consecutive business days was below the $1.00 minimum bid price requirement and, therefore, we no longer satisfied this Nasdaq requirement.

In accordance with Nasdaq rules, we had until October 23, 2023 (180 calendar days from the date of the Nasdaq deficiency notice) to regain compliance with the minimum bid price requirement, which we did not achieve prior to October 23, 2023. In October 2023, we applied to Nasdaq for an additional 180 calendar day compliance period and, in connection with such application, applied to transfer the listing of our common stock from the Nasdaq Global Market to the Nasdaq Capital Market. Nasdaq approved our application effective on October 24, 2023, and the listing of our common stock transferred to the Nasdaq Capital Market effective as of the opening of business on October 25, 2023. After the extension of the compliance period, we completed a 1-for-6 reverse stock split on April 12, 2024. Since the completion of the reverse stock split, the bid price of our common stock has closed at or above $1.00 per share for a minimum of 10 consecutive business days. On April 29, 2024, Nasdaq notified us that we have regained compliance with the minimum bid price requirement.

If in the future the closing bid price of our common stock on the Nasdaq Capital Market is below the $1.00 minimum bid price requirement for 30 consecutive business days or if we fail to continue to satisfy other listing requirements, we expect Nasdaq will provide us with a deficiency notice. If we are not able to timely correct any deficiency or if we otherwise become ineligible to maintain the listing of our common stock on the Nasdaq Capital Market, we expect Nasdaq will provide us with written notification that our securities are subject to delisting from the Nasdaq Capital Market. At that time, we may appeal the delisting determination to a hearings panel.

If Nasdaq delists our securities for trading on the Nasdaq, we could face significant adverse consequences, including:

Such a de-listing would likely have an adverse effect on the price of our common stock and would impair your ability to sell or purchase our common stock when you wish to do so. In the event that we receive a deficiency notice from Nasdaq or our stock is de-listed, we would discuss with Nasdaq plans to restore our compliance with the listing requirements and may take actions to restore our compliance, but we can provide no assurance that any such action taken by us would allow our common stock to remain listed or to become listed again, would stabilize the market price or improve the liquidity or trading volume of our common stock, would prevent our common capitalization and stockholder’s equity from dropping below the Nasdaq minimum requirements, or would prevent other future non-compliance with Nasdaq’s continued listing requirements.

The market price of our common stock has been highly volatile and may continue to be subject to wide fluctuations due to circumstances beyond our control, which could result in stockholders incurring losses on their investments and subject us to litigation.

Since our initial public offering, the closing sales price of our common stock on the New York Stock Exchange (from March 22, 2013 through June 19, 2018), The Nasdaq Global Market (from June 20, 2018 through October 24, 2023) and The Nasdaq Capital Market (from October 25, 2023 to the date of this filing) has been volatile. From January 1, 2024 through November 1, 2024, the closing sales price of our common stock on the Nasdaq Capital Market ranged from $1.68 to $3.90 per share (after accounting for the 1-for-6 reverse stock split that occurred on April 12, 2024). Factors that may affect the market price of our common stock include:

Because our stock price has been volatile, investing in our common stock is risky.

In addition, the stock market in general has experienced substantial price and volume volatility that is often seemingly unrelated to the operating results of any particular companies. If the market for technology stocks, especially software and cloud computing-related stocks, or the stock market in general experiences uneven investor confidence, the market price of our common stock could decline for reasons unrelated to our business, operating results or financial condition. The market price for our stock might also decline in reaction to events that affect other companies within, or outside, our industry, even if these events do not directly affect us. Some companies that have experienced volatility in the trading price of their stock have been subject of securities litigation. If we are the subject of such litigation, it could result in substantial costs and a diversion of management’s attention and resources.

We have never declared nor paid cash dividends on our capital stock. We currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future. Consequently, stockholders must rely on sales of their common stock after price appreciation, which may never occur, as the only way to realize any future gains on their investment.

Delaware law and provisions in our restated certificate of incorporation and restated bylaws could make a merger, tender offer, or proxy contest difficult, and limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees, thereby depressing the trading price of our common stock.

Our status as a Delaware corporation and the anti-takeover provisions of the Delaware General Corporation Law may discourage, delay, or prevent a change in control by prohibiting us from engaging in a business combination with an interested stockholder for a period of three years after the person becomes an interested stockholder, even if a change of control would be beneficial to our existing stockholders. In addition, our restated certificate of incorporation and restated bylaws contain provisions that may make the acquisition of our company more difficult, including the following:

In addition, our restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the exclusive forum for: (1) any derivative action or proceeding brought on our behalf; (2) any action asserting a breach of fiduciary duty; (3) any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, our restated certificate of incorporation, or our restated bylaws; (4) any action to interpret, apply, enforce or determine the validity of our restated certificate of incorporation or our restated bylaws, or (5) any action asserting a claim against us that is governed by the internal affairs doctrine. This choice of forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers, or other employees, which may discourage lawsuits with respect to such claims. Alternatively, if a court were to find the choice of forum provision contained in our restated certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, operating results, and financial condition.

GAAP are subject to interpretation by the FASB, the SEC, and various bodies formed to promulgate and interpret appropriate accounting principles. A change in these principles or interpretations could have a significant effect on our reported financial results, and could affect the reporting of transactions completed before the announcement of a change.

* As contemplated by SEC Release No. 33-8212, these exhibits are furnished with this Quarterly Report on Form 10-Q and are not deemed filed with the Securities and Exchange Commission and are not incorporated by reference in any filing of Marin Software Incorporated under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filings.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


特拉華州		20-4647180
（註冊或組織的）提起訴訟的州或其他司法管轄區（如適用）組建國的駐地		（IRS僱主唯一識別號碼）

149新蒙哥馬利街, 4樓（主要營業地址，包括郵政編碼）, 加利福尼亞州 (主要領導機構的地址)		94105 (郵政編碼)


每種類別的證券	交易標誌	名稱爲每個註冊的交易所:
普通股，每股面值0.001美元	MRIN	納斯達克資本市場


第I部分	財務信息	3
項目1。	基本報表（未經審計）	3
	2024年9月30日和2023年12月31日的彙總資產負債表	3
	2024年9月30日和2023年的三個月和九個月結束的簡明綜合損益表	4
	2024年9月30日和2023年的三個月和九個月結束的簡明股東權益表	5
	截至2024年9月30日和2023年的現金流量簡明綜合報表	6
	基本財務報表附註	7
項目2。	分銷計劃	17
項目 3。	有關市場風險的定量和定性披露	22
項目 4。	控制和程序	22
第二部分	其他信息	24
項目 1.	法律訴訟	24
項目1A。	風險因素	24
項目 2.	未註冊的股票股權銷售和籌款用途	46
項目 3.	對優先證券的違約	46
項目4。	礦山安全披露	46
項目5。	其他信息	46
項目6。	展示資料	47
簽名		48


	截至9月30日，			在12月31日
	2024			2023*
資產
流動資產：
現金及現金等價物	$	5,588		$	11,363
應收賬款淨額		3,661			3,864
預付費用及其他流動資產		1,479			1,548
總流動資產		10,728			16,775
房地產和設備，淨額		115			120
使用權資產，操作租賃		819			1,912
其他非流動資產		518			508
資產總額	$	12,180		$	19,315
負債和股東權益
流動負債:
應付賬款	$	579		$	664
應計費用及其他流動負債		2,089			2,099
營業租賃負債		819			1,518
流動負債合計		3,487			4,281
非流動經營租賃負債		—			394
其他長期負債		1,015			1,001
負債總額		4,502			5,676
Commitments and contingencies (Note 9)
股東權益:
可轉換優先股，每股面值$0.001每股面值 - 10,000截至2024年9月30日和2023年12月31日，授權股份爲，已發行和流通的股份爲零		—			—
普通股，每股面值爲 $0.0001；0.001面值 - 47,619已授權股份數， 3,143和 3,011分別於2024年9月30日和2023年12月31日發佈並流通		3			3
額外實收資本		359,718			358,884
累積赤字		(351,006	)		(344,251	)
累計其他綜合損失		(1,037	)		(997	)
股東權益總額		7,678			13,639
負債和股東權益總額	$	12,180		$	19,315


	截至9月30日的三個月						截至9月30日的九個月
	2024			2023			2024			2023
營業收入，淨額	$	4,282		$	4,438		$	12,358		$	13,381
營收成本		1,703			3,087			5,136			9,501
毛利潤		2,579			1,351			7,222			3,880
營業費用
銷售和市場營銷		1,091			1,482			3,384			5,442
研發		1,760			2,860			5,440			8,599
總務和行政		1,860			2,119			5,144			6,897
總營業費用		4,711			6,461			13,968			20,938
營業損失		(2,132	)		(5,110	)		(6,746	)		(17,058	)
其他收入（費用），淨額		(176	)		158			66			598
稅前淨虧損		(2,308	)		(4,952	)		(6,680	)		(16,460	)
所得稅準備		18			2			75			194
淨虧損		(2,326	)		(4,954	)		(6,755	)		(16,654	)
外幣翻譯調整		(45	)		25			(40	)		1
綜合損失	$	(2,371	)	$	(4,929	)	$	(6,795	)	$	(16,653	)
每股淨虧損，基本和稀釋（註釋7）	$	(0.74	)	$	(1.66	)	$	(2.19	)	$	(5.70	)
基本和攤薄加權平均股本		3,135			2,985			3,089			2,920


大型加速報告人	☐	加速文件提交人	☐
非加速文件提交人	☒	較小的報告公司	☒
新興成長公司	☐


											累計
					額外						其他			總計
	普通股				實收			累積的			全面			股東的
	分享		面值		資本			赤字			虧損			權益
2024年6月30日的餘額		3,129	$	3	$	359,528		$	(348,680	)	$	(992	)	$	9,859
限制性股票單位歸屬時普通股票的發行（見注4）		14		—		—			—			—			—
限制性股票單位歸屬時的稅款扣繳		—		—		(23	)		—			—			(23	)
基於股票的補償費用		—		—		213			—			—			213
淨虧損		—		—		—			(2,326	)		—			(2,326	)
外幣翻譯調整		—		—		—			—			(45	)		(45	)
2024年9月30日的餘額		3,143	$	3	$	359,718		$	(351,006	)	$	(1,037	)	$	7,678


		Incorporated by Reference
Number	Exhibit Title	Form	File No.	Filing Date	Filed Herewith

10.1	Search Ads Innovation Agreement, dated July 24, 2024, between Google LLC and Marin	8-K	001-35838	7/29/2024

31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X

31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X

32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*				X

32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*				X

101.INS	Inline XBRL Instance Document.				X

101.SCH	Inline XBRL Taxonomy Extension Schema Document.				X

101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.				X

101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.				X

101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.				X

101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.				X

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).				X


	MARIN SOFTWARE INCORPORATED

Dated: November 12, 2024	By:	/s/ Christopher A. Lien
		Christopher A. Lien
		Chief Executive Officer
		(Principal Executive Officer)

Dated: November 12, 2024	By:	/s/ Robert Bertz
		Robert Bertz
		Chief Financial Officer
		(Principal Financial and Accounting Officer)


	截至9月30日的九個月
	2024			2023
經營活動：
淨虧損	$	(6,755	)	$	(16,654	)
調整爲淨損失到經營活動現金流量淨使用：
財產和設備的折舊		5			17
自行開發軟件的攤銷		—			1,278
攤銷租賃權資產		1,165			1,162
獲取和履行合同的遞延成本攤銷		267			277
處置固定資產和設備的損失		—			2
未實現的外幣損失		199			43
與股權獎勵相關的股票補償		957			2,594
撥備		(7	)		(388	)
遞延所得稅收益		(3	)		—
運營資產和負債的變化：
應收賬款		113			872
預付款項和其他資產		(235	)		345
應付賬款		(102	)		21
應計費用和其他負債		(85	)		(1,041	)
營業租賃負債		(1,165	)		(1,162	)
經營活動使用的淨現金流量		(5,646	)		(12,634	)
投資活動：
內部開發軟件的資本化		—			(1,511	)
投資活動使用的淨現金		—			(1,511	)
籌資活動：
員工在股權授予結算時支付的代扣股票稅		(116	)		(199	)
員工股票購買計劃的淨收入		—			(3	)
籌集資金淨額		(116	)		(202	)
匯率變動對現金及現金等價物的影響		(13	)		(13	)
現金及現金等價物淨減少		(5,775	)		(14,360	)
現金及現金等價物：
期初		11,363			27,957
期末	$	5,588		$	13,597


	截至9月30日的三個月													截至9月30日的九個月
	2024			2023			變化（$）			變化 (%)				2024			2023			變化（$）			變化 (%)
	(金額以千美元計)
銷售和市場營銷	$	1,091		$	1,482		$	(391	)		(26	)	%	$	3,384		$	5,442		$	(2,058	)		(38	)	%
淨營業收入的百分比		25	%		33	%									27	%		41	%


	截至9月30日的三個月													截至9月30日的九個月
	2024			2023			變化（$）			變化 (%)				2024			2023			變化（$）			變化 (%)
	(金額以千美元計)
研究和開發	$	1,760		$	2,860		$	(1,100	)		(38	)	%	$	5,440		$	8,599		$	(3,159	)		(37	)	%
營業收入百分比		41	%		64	%									44	%		64	%


	截至9月30日的三個月													截至9月30日的九個月
	2024			2023			變化（$）			變化 (%)				2024			2023			變化（$）			變化 (%)
	(金額以千美元計)
一般管理費用	$	1,860		$	2,119		$	(259	)		(12	)	%	$	5,144		$	6,897		$	(1,753	)		(25	)	%
營業收入的百分比，淨值		43	%		48	%									42	%		52	%