LFTO: Ready for blast off; Initiate at Outperform, $35 PT

研报英文原文证据摘录

LFTO: Ready for blast off; Initiate at Outperform, $35 PT

If you read only one slide …

Driving ROAS

▪Initiate with an Outperform rating and $35 price target: Liftoff delivers attribution through performance marketing, monetization

and creative solutions powered by Cortex. The company works across application verticals in terms of both supply and demand which

is differentiated from peers. Liftoff’s platform serves verticals including social media, finance, entertainment as well as gaming.

▪Demand generation. Marketing and advertising have gone through a transition from art to science or qualitative to quantitative. Chief

Marketing Officers are increasingly under pressure from their CFOs and CEOs to justify their spending, creating an emphasis on tools

like Liftoff to deliver attribution through performance marketing, monetization and creative solutions. Liftoff’s solutions are powered by

Cortex, which helps marketers acquire new users across over 167K apps with access to over 1.4B daily active users. The machine

learning and AI of Cortex allow the platform to improve over time and deliver better performance.

▪Large and expanding market opportunity. According to Sensor Tower estimates, over five billion mobile users globally spend an

average of ~3 hours daily on applications. The in-app advertising spend is projected to grow from $332 billion in 2025 to ~$617 billion

by 2030 according to a study by Altman Solon that Liftoff commissioned. In the same report, they estimated Liftoff’s serviceable

addressable market (SAM) was $79B in 2025 growing at CAGR of 11% through 2030.

▪Growth strategy.

▪Cortex is the company’s neural network powered AI prediction model that is the foundation of the business. The transition to

the platform happened between Q4/23 and early 2025.