Liftoff Mobile, Inc.: Performance Rules Everything Around Me

Research evidence excerpt

Liftoff Mobile, Inc.: Performance Rules Everything Around Me

Equity Research

U.S. Internet

29 June 2026

Liftoff Mobile, Inc.

Performance Rules Everything

Around Me Initiating Coverage

We initiate coverage of LFTO with an OW rating and $34 PT. LFTO OVERWEIGHT

from Not Rated

The Key Take Away: The newer generation of ad tech companies like LFTO, APP (not covered) U.S. Internet POSITIVE

and others are benefiting from important structural differences (compared to their legacy peers) Unchanged

that appear durable: 1) App-based digital advertising is a bigger and more concentrated Price Target USD 34.00

industry than its web-based predecessors; 2) Ad tech has shifted from reach and frequency to from N/A

hard-core performance, unlocked by new AI/ML capabilities; 3) These changes are happening at Price (26-Jun-26) USD 27.39

a time where the largest digital advertisers are over-allocated to the megacap walled gardens Potential Upside/Downside +24.2%

and looking for alternatives at similar ROAS. It is this backdrop that gives us confidence that Source: Bloomberg, Barclays Research

LFTO can execute and disrupt the history of poor returns from public market ad tech stocks (see

Risk #2 for more details). U.S. Internet

Ross Sandler

Four Reasons We Like The Story: 1) The space that LFTO plays in is one of the largest in +1 415 263 4470

consumer internet, upwards of $330B in 2025, and more each day shifting to performance; 2) ross.sandler@barclays.com

Cortex is a modern tech stack uniquely positioned to capture performance dollars across a BCI, US

number of categories, not just gaming, on both the supply and demand sides of the industry; 3) Alex Hughes

the company’s EBITDA margins have room to run; and 4) At ~11x 2027E EBITDA, shares are +1 212 526 3069