LFTO: Waiting On Launchpad; Initiating Coverage At Peer Perform

Research evidence excerpt

LFTO: Waiting On Launchpad; Initiating Coverage At Peer Perform

Global Internet

Online Advertising - Market Overweight

LIFTOFF MOBILE, INC. (LFTO) June 29, 2026

LFTO: Waiting On Launchpad; Initiating Coverage At Peer Rating:

Perform Peer Perform

Price:

$27.39

The Wolfe Byte Price Target:

We are initiating coverage of LFTO with a PP rating. LFTO is one of the leading NA

independent mobile app ad-tech platforms with a DSP & SSP solution. While View LFTO Model

View Comp Tablewe think there is upside to estimates, we see execution risk with limited topline

visibility. Valuation looks balanced. Company Information

52-Week Range $24 - $28

Market Cap. (MM) $4,559

Liftoff's mission is to connect people to the mobile apps they enjoy. Liftoff helps Enterprise Value (MM) $6,193

advertisers, mobile app developers, and DSPs generate healthy ROI on their ad spend Shares Out. (MM) 166.5

Avg. Value Traded (MM) $17.78

(user acquisition, app installs, and engagement) and helps publishers scale revenue. SI% of Float 2.5%

Liftoff has 160K+ SDK integrations, reaches 1.4B+ DAUs, powers $140B of economic FCF Yield 6.5%

activity, and has 1K+ advertisers globally. For 2026 we estimate $856MM in Revenue EV/ EBITDA 10.5x FCF/ Share $1.77

(25% Y/Y) and $487MM in EBITDA (57% margin). Initiating with PP rating - see our

investment conclusion on pg 2. 30

At a high level, Liftoff faces a large ~$80B global in-app SAM expected to grow 2928

to $135B by 2030 (11% CAGR), an attractive business model (healthy growth 27

and high margin + FCF conversion), integrated DSP and SSP solutions, AI-enabled 26

proprietary tech (Cortex), diversification through non-gaming verticals vs. peers, and 25 24

global geographic exposure. 23

Investment Positives: a) Scaled user access: DSP & SSP solutions + proprietary LFTO