10-Q

请在复选框内指示注册者是否： 1.在过去的12个月内（或注册者需要提交此类报告的较短期间内）已经提交了根据证券交易所法案第13条或第15(d)条所需提交的全部报告；以及 2.在过去的90天内一直受到此类报告提交要求的规定。是☒ 不是 ☐

请用勾号标明注册人是否在过去12个月（或者注册人被要求提交这些文件的较短时间内）电子提交了根据规则405的S-t条例要求提交的每个互动数据文件。是☒ 不是 ☐

勾选以下选框，指示申报人是大型加速评估提交人、加速评估提交人、非加速评估提交人、小型报告公司或新兴成长型公司。关于“大型加速评估提交人”、“加速评估提交人”、“小型报告公司”和“新兴成长型公司”的定义，请参见《交易所法规》第12亿.2条。

如果是新兴成长型公司，在选中复选标记的同时，如果公司已选择不使用根据证券交易法第13(a)条提供的任何新的或修订后的财务会计准则的延长过渡期来符合新的或修订后的财务会计准则，则表明该公司已选择不使用根据证券交易法第13(a)条提供的任何新的或修订后的财务会计准则的延长过渡期来符合新的或修订后的财务会计准则。☐

请在复选框中选择是否为外壳公司（如《交易所法》120亿.2条款所定义）。是 ☐ 否 ☒

依照 2024年11月1日，登记人拥有 3,143,449 普通股股份。ommon stock outstanding.

1. 业务概况及重大会计政策

Marin Software公司（以下简称“公司”）于2006年3月在美国特拉华州成立。公司为广告主和代理机构提供企业市场营销软件，以整合、对齐和放大他们在网络和移动设备上的数字广告支出。作为一个统一的saas-云计算广告管理解决方案，提供搜索、社交和电子商务广告的管理，公司平台帮助数字营销人员转化精准受众，改善财务表现并做出更好的决策。

创课推荐基本报表原则和合并原则。

附带的未经审计的简明合并基本报表和简明附注是按照Form 10-Q的说明和S-X规章第10条的要求编制的。因此，它们不包括根据美国公认会计原则（“GAAP”）对完整财务报表所要求的所有信息和附注。根据管理层的意见，已包含所有调整，仅包括正常重复项目，认为对公允表述是必要的。截止2024年9月30日的三个月和九个月的操作结果不一定能反映预期的2024年12月31日截止的年度结果，或其他中期阶段或未来年度的结果。

附带的未经审计的简明合并基本报表包括公司及其全资子公司的账户。所有内部账户和交易都已在合并中消除。截止2023年12月31日的简明合并资产负债表源自该日期的经过审计的财务报表，但不包括根据GAAP对完整财务报表所要求的所有信息和附注。

这些简明合并基本报表应与公司2023年12月31日结束的财政年度的Form 10-K年报中包含的合并财务报表及相关附注一起阅读。于2024年2月23日向证券交易委员会（“SEC”）提交。

反向股票拆分及授权股份减少

2024年4月12日，公司进行了反向股票拆分，将其流通的普通股与公司授权的普通股减少。反向股票拆分后，公司每六股普通股合并为一股普通股，面值不变。普通股票于2024年4月15日在纳斯达克资本市场按调整后的拆分基准开始交易。反向股票拆分未发行任何碎股，因为公司以现金支付了这些碎股的公允价值。由于公司授权股份的减少，公司授权股份从 142,857 股份至 47,619 股份。

公司的所有股份及每股金额，以及股票期权和限制性股票单位（“RSUs”），已在附带的简化合并基本报表中追溯调整，以考虑反向股票拆分对所有呈现期间的影响，除非另有说明。此外，由于反向股票拆分，公司在其简化合并资产负债表上将等同于普通股面值减少的金额重新分类为额外实收资本。

流动性和持续经营

自2006年成立以来，公司每个财政年度都遭受了重大损失。公司净亏损为$6,755 截至2024年9月30日的九个月 2013年12月31日的年度净亏损为4.92亿美元。21,917 12月31日 2023年12月31日。截至2024年9月30日，公司拥有现金及现金等价物$5,588 及累计亏损 $351,006历史上，公司主要依靠出售其资本股票来资助运营活动。管理层预计将会产生额外的损失，并预计在可预见的未来会经历负的运营现金流。

在2024年10月，公司开始实施组织重组和裁员计划，以降低公司的运营成本（“2024年重组计划”），预计将减少公司全球员工大约 27 名员工，约占 26截至2024年9月30日，公司总员工人数的百分比。公司估计将在大约$之间产生现金支出600 和 $800 在截至2024年12月31日的三个月内，涉及2024年重组计划的现金支出，基本上所有费用均与裁员成本有关，公司预计将在同一期间基本完成2024年重组计划。在截至2024年9月30日的九个月内，与2024年重组计划相关的费用为零。

2023年7月，公司开始了一项包括全球裁员和其他节省成本措施的重组计划，以降低支出（“2023年重组计划”). 2023年重组计划导致公司全球员工人数在2023年下半年减少了64名全职员工，总员工人数减少约37%。2023年重组计划在2023年基本完成。.

公司实现其业务目标并继续满足其义务的能力取决于保持一定的流动性水平，受到多种因素的影响，如公司管理现金流、2024年重组计划的有效性、保持战略合作伙伴关系的能力、增加新订单、顾客接受程度、保留和使用MarinOne平台的程度，以及通货膨胀或任何经济衰退的程度和持续时间等宏观经济条件。尽管公司已经寻求并可能继续寻求额外的流动性来源，包括额外的股权和债务融资，但并不能确保会有任何额外融资可用且具有可接受的条件，或根本不会出现。未能有效管理现金流、增加新订单、提高客户保留率或筹集额外资本将对公司实现预期业务目标的能力产生重大不利影响。

根据公司截至本季度报告提交日期可获得的资金以及其不断发生的亏损和负现金流的历史，对公司是否能够作为持续经营实体存在提出了重大疑虑。公司作为持续经营实体存在的能力很大程度上取决于公司能否实现其预期业务目标。如果公司无法实现其预期业务目标，公司可能需要进一步减少人员编制和其他节约成本活动，延长与供应商的付款期限，在可能的情况下清算资产，或终止运营。这些行动可能会对公司的业务、运营结果和未来前景产生重大影响。因此，在附表的简明综合财务报表提交日期后的一年内，公司是否能够作为持续经营实体存在存在重大疑虑。

由于公司尚未能获得足够的资金来维持业务运营或实现净现金流，公司管理层和董事会认为，寻求战略选择符合公司股东的最佳利益。作为这一过程的一部分，公司正在探索各种选项，重点是最大化股东价值，包括潜在的公司出售、反向并购或公司资产出售或其他战略交易。公司一直在与一家投资银行合作，以担任其与此审查和类似事项有关的财务顾问。无法保证该过程会导致公司进行任何特定交易或其他战略结果，也无法保证任何潜在交易的条款或时间安排。

公司正在探讨潜在的“反向并购”和其他企业交易。任何完成的交易都将对Marin的股东产生重大影响。鉴于此类讨论处于初步阶段，在此阶段无法量化任何交易的潜在影响。要使可能的交易进展，所有涉及方需进行大量尽职调查，达成交易条款协议，进行谈判并获得交易文件的批准，并满足适用的收盘条件，包括在某些情况下准备并公开提交涉及任何建议的反向并购方的必需披露文件和股东批准。这样的过程将耗时且昂贵。无法保证任何交易最终会成功。

如果公司无法很快完成一个令人满意的交易，将有必要寻求额外融资或在不久的将来寻求解散和清算，公司的普通股持有人可能会因持有的普通股获得很少或根本没有回报。即使公司执行了令人满意的战略交易，公司的股东可能无法获得任何在我们普通股投资中的回报。与此同时，公司还在为可能根据特拉华州普通公司法进行法定解散和清算做准备，以及为公司如不能在不久的将来筹集到额外资本或完成战略交易而进行清算的情况，在此公司已经委托顾问帮助其准备潜在的清算和清算。

附表的简明综合财务报表是基于公司将继续作为持续经营实体进行编制的，并且不包括任何调整以反映可能影响资产回收能力和分类，或因公司与持续经营实体相关的不确定性而导致的负债的金额和分类的未来影响。这些调整可能会对公司的附表的简明综合财务报表产生重大影响。

公司目前并不知晓任何需要更新其估计、判断或修订其资产或负债账面价值的特定事件或情况。这些估计可能会随着新事件的发生和获取到更多信息而发生变化，并且一旦变得已知，就会被纳入综合财务报表中。实际结果可能会与这些估计不符，任何这种差异可能对公司的财务报表具有重大影响。

研究费用重组活动

2023年重组计划

2023年9月30日结束的三个月内，公司启动了2023年重组计划，包括全球性的裁员和其他节约成本措施，以降低其运营成本，导致公司全球员工减少 56 名全职员工和 14 名全职等效承包商，将其总全职等效员工和承包商人员组合的数量减少到约 36%，在某些情况下降至35%以内，并要求公司对来自非美国子公司的某些未归还收益缴纳一次过渡税，该税可分期支付，使美国公司未来获得的非美国来源收入免税，并为与母公司支付相关款项相关联的非美国子公司的收益创造一项新的最低税。该公司暂估根据该条款不需要缴纳税款。195 截至2023年6月30日 125 截至2023年9月30日。关于2023年重组计划的其余员工减少在2023年第四季度完成。截至2023年9月30日止三个月内，公司在附表中的综合损益简表中记录了$1,797 的与2023年重组计划相关的重组费用，其中$815 计入研发费用，$671 计入营业成本，$189为 461.4 百万包含在

一般和行政及$122 截至2023年12月31日，与2023年重组计划相关的金额尚未计提。

金融工具的公允价值

公司的财务工具，包括应收账款、应付账款和应计费用，按成本计价，因为这些工具的短期性质，故近似于公平价值。现金等价物由按公平价值记录的货币市场基金组成，并在公平价值层级中被归类为第1级。

信用损失准备和营业收入抵免

公司定期审查其客户的支付历史和相关信用风险，通常不要求其客户提供担保。某些与广告代理的合同包含连带责任条款，根据该条款，代理在未收到其客户的付款之前，没有义务向公司付款。在这些情况下，公司评估代理客户的信用质量，以及代理本身。公司维持一个信用损失准备，反映其对潜在无法收回的交易应收账款的最佳估计，并基于特定和一般准备金。一般准备金是根据历史经验、应收账款余额的年龄、当前经济条件和合理及可支持的未来经济条件预测等因素，通过集体基础维持的。

公司信用损失准备金的活动如下：截至2024年9月30日的九个月活动摘要如下（以千计）：


	总计
截至2023年12月31日的余额	$	501
本期预期损失的拨备		(7	)
列入抵免的注销		(74	)
2024年9月30日的账面	$	420

公司不时会向客户提供信贷，通常与客户纠纷或账单调整有关，并记录为营业收入的减少。这些收入信贷的准备金根据权威性营业收入确认指导（见附注2）视为变量对价，并根据历史信贷活动进行估计。截至2024年9月30日和2023年12月31日，公司记录了潜在客户信贷的准备金，金额为 $17 及12，分别。

收入确认

该公司主要通过与广告商或广告代理的订阅来产生营业收入，以管理搜索、社交媒体和电子商务的平台。该公司还通过与某些领先出版商的战略协议来产生营业收入。在订阅协议下，该公司根据客户在其平台上管理的广告支出获取报酬。当这些服务的控制权转移到该公司的客户时，该公司确认收入，金额反映该公司预期为这些服务有权获得的报酬。详情见第2注释，进一步讨论该公司的营业收入。

内部开发软件

开发阶段产生的成本会资本化，并在产品预期的使用寿命内摊销，当开发成本被认为是可收回的时候。该公司将所有与规划和实施后阶段相关的成本列为费用。开发阶段的成本通常包括与软件开发、配置和编码相关的薪水和人事成本以及第三方承包商支出。与内部开发的软件相关的资本化成本在开发过程中被视为施工进行中，直到程序、功能或特性准备好供其预期使用，届时开始摊销。

截至2024年9月30日的九个月内，该公司分析了其内部开发的软件是否仍然符合资产的定义，并得出结论，由于内部开发的软件对该公司没有未来的经济利益，基于其负现金流，内部开发的软件不再符合资产的定义。此外，因为内部开发的软件不再符合资产的定义，与内部开发的软件相关的开发成本将不再资本化，因为这些开发成本被认为是不可收回的。相反，所有与内部开发的软件相关的开发成本将即时列为费用。

截至2024年9月30日截至2023年12月31日，存在 no 尚未摊销的内部开发软体成本，包括施工中的项目。在截至2024年9月30日的九个月内， no 相关金额被资本化或摊销，因为在此期间的内部开发软体的开发成本被认为是无法收回的。在截至2023年9月30日的九个月内，公司资本化了$1,511 的内部开发软体相关开发成本并摊销了$1,278 与内部开发软体相关的费用。内部开发软体的摊销反映在营业收入成本中。与小幅增强和维护相关的费用在发生时立即列入费用。

2. 营业收入

收入确认

该公司主要通过订阅来产生营业收入，订阅可直接与广告商或与广告代理合作，使用其平台来管理搜索、社交、电子商务和苹果-显示屏广告。它也通过与某些领先出版商的长期战略协议产生一部分营业收入。当这些服务的控制权转移给公司的客户时，营业收入便被确认，金额反映公司期望就这些服务获得的报酬。该公司通过以下步骤来确定营业收入的确认：

•

识别与客户的合同或合同；

•

在合约中确认履行义务的识别；

•

确定交易价格；

•

将交易价格分配给合约中的绩效义务；和

•

当公司满足其履约义务时，确认营业收入。

公司的订阅合约为广告主提供了使用公司的广告管理平台的权限。广告主在任何时候都无权拥有支援这些服务的软体。这些合约通常是一年或更短的期限，虽然某些合约可延续至年内。。大多数合约下的订阅费用由最低每月平台费用或根据透过公司的平台管理的广告支出成交量计算的变量考量中的较高者组成。变量部分通常包括分层定价，根据广告支出的价值，收取的支出百分比会降低。分层定价通常每月重设，并在合约期限内保持一致。公司已得出结论，这种基于成交量的定价方式并不构成未来的重大权利，因为定价级别在合约期限内是一致的，且类似的定价通常也提供给同一地区和市场的类似客户。某些订阅合约仅由固定的每月平台费用组成。订阅费用通常在每月实际管理的广告支出基础上进行事后开票。在某些有限情况下，公司会提前对广告主开具合约上约定的最低每月平台费用的发票，该期限通常是三在权利益分享区间内， 12个月.

公司的订阅服务包含一项单一的准备履行义务，该义务随著广告客户同时接收和消耗公司表现的利益而随时间满足。这项履行义务构成了一系列性质基本相同并且随时间提供的服务，使用相同的进度衡量标准。从这些安排中产生的营业收入是随时间认列的，使用基于时间经过的产出方法，因为这样能真实描绘控制权转移的模式。固定的每月最低平台费用在合同期内按照比例认列，因为单一的履行义务已满足。变量费用则分配至赚取的系列中明确的月份，因为变量支付的条款专门与转移明确的时间增量（月份）服务的结果相关，并且这些金额反映了公司期望在该期间内因提供广告管理平台访问而有权获得的费用，这与根据会计准则编纂606（“ASC 606”）的权威营业收入指导的分配目标一致。

预期未来的营业收入是来自于截至目前尚未满足（或部分满足）的订阅服务的履约义务。于2024年9月30日的情况如下：


	订阅服务营业收入
2024（剩余三个月）	$	171
2025		401
2024年9月30日的账面	$	572

本公司根据ASC 606适用自愿豁免，并不披露原始期限为的订阅合同中尚未满足的履约义务的价值。一年或更低。上述披露的剩余履行义务的金额主要由合同下的固定或每月最小费用组成，其原预期的持续时间超过一年该金额不包括基于成交量的合同等变量补偿的估算，以及合同的预期续约。

战略协议

公司已与某些领先的搜索出版商签订长期战略协议，这些协议通常按季度结算。

在2021年9月，公司与谷歌签订了一项收益分享协议，该协议的预定三年期限从2021年10月1日开始，并持续到2024年9月30日（“谷歌收益分享协议”）。通过这项协议，公司有资格根据通过公司平台管理的搜索广告支出的百分比，获得固定和变量的收益分享付款，而公司则需要将这些收益分享付款的一定百分比重新投资于其搜索科技平台，以促进创新。在2024年7月，公司与谷歌签订了一项搜索广告创新协议（“谷歌搜索广告创新协议”），以便公司继续开发的搜索广告平台, 产品和专业知识Google 搜寻广告创新协议的预定期限为三年，自2024年10月1日起生效，此协议在2024年9月30日Google 营业收入分享协议到期后生效，且与之前的Google 营业收入分享协议基本类似，包括相同的最低季度付款。

公司评估从Google 营业收入分享协议预期获得的变量营业收入分享付款的总额，使用最可能的方法，因为它认为这种方法代表了根据历史服务趋势、个别合同考量和公司的最佳判断来进行此考量的最合适估计。公司仅在相信不会发生重大逆转的情况下，将变量考量的估计纳入营业收入，也就是说，当与变量考量相关的不确定性随后得到解决时，公司的累积确认营业收入的金额不会出现重大逆转。公司认可来自Google 营业收入分享协议的营业收入为$1,788 及5,363 于截至2024年和2023年9月30日的三个月和九个月，分别为。

营业收入的分解

按地理区域划分的营业收入，根据客户的帐单地点，所提供的期间如下：


	截至九月三十日的三个月				截至九月三十日的九个月。
	2024		2023		2024		2023
美利坚合众国	$	3,428	$	3,550	$	9,954	$	10,729
英国		518		529		1,471		1,536
其他 (1)		336		359		933		1,116
总营收，净收入	$	4,282	$	4,438	$	12,358	$	13,381

(1)

在“其他”类别中，没有任何单一国家在所提供的任何期间内占总营业收入的10%或更多。

来自美国以外的广告商占总营业收入的 20%，截至2024年和2023年9月30日的三个和九个月的总营业收入。

按提供的服务性质划分的营业收入如下：


	截至九月三十日的三个月				截至九月三十日的九个月。
	2024		2023		2024		2023
订阅	$	2,494	$	2,650	$	6,995	$	8,023
战略协议		1,788		1,788		5,363		5,358
总营收，净收入	$	4,282	$	4,438	$	12,358	$	13,381

Google 营业收入分享协议约占 42%及 43公司截至2024年9月30日的三个月和九个月总营业收入的 %以及在结束于年月的三个月和六个月期内分别认列了$的变动租赁收入和相关费用。 40截至2023年9月30日的三个月和九个月均为 %。此外，一位客户约占 19%及 17截至三个月和九个月的总营业收入 % 2024年9月30日和两位客户分别占总营业收入的约 26%及 24三个月及九个月结束于 2023年9月30日，分别。没有其他客户占超过 10的总营业收入。 three and nine months ended September 30, 2024 and 2023.

合同余额

应收账款, 净额

营收确认的时间可能与向客户开具发票的时间有所不同。应收账款按发票金额记录，扣除任何信用损失准备金和营收抵免。应收款项在公司提供相关服务或有权利获得对价时确认。截止2024年9月30日和2023年12月31日，净应收账款中包括了应收款项， $1,788 与谷歌的营业收入分享协议相关，代表了 49% a的 46%另外，一位客户约占 14% 的截至2024年9月30日的应收账款净额没有其他客户的应收账款净额超过了 10% 截至2024年9月30日。

客户预付款

在某些情况下，公司会在提供基础服务之前从客户那里收到现金预付款。这些客户预付款包括在随附的简明合并资产负债表中的应计费用和其他流动负债中。

获得和履行合同的成本

公司会将某些合同获取成本资本化，这些成本主要包括签署客户合同时的佣金及相关的工资税。公司还会将某些合同履行成本资本化，这些成本主要是与为新客户和现有客户提供入职和整合服务相关的专业服务团队的工资和附加福利部分（统称为“获得和履行合同的递延成本”）。

获得和履行合同的递延成本将在预期的收益期间内摊销，公司已确定该期间约为 30 个月。预期的收益期间考虑了公司的客户合同的持续时间、历史合同续签率、基础科技和其他因素。获得和履行合同的递延成本的摊销费用分别包含在随附的综合亏损简明合并报表中的销售和营销费用及销售成本中。无有关于在截至2024年和2023年9月30日的三个月或九个月内资本化的成本的减值损失。

公司根据相关摊销费用预计确认的时间，将获得和履行合同的递延成本分为流动和非流动部分。这些递延成本的流动部分包含在预付费用和其他流动资产中，而非流动部分包含在随附的合并资产负债表中的其他非流动资产中。截至2024年9月30日的九个月内，获得和履行合同的递延成本余额的变动如下：


	递延成本获取合同			递延成本履行合同
截至2023年12月31日的余额	$	288		$	98
递延成本		202			50
摊销		(201	)		(66	)
截至2024年9月30日的余额	$	289		$	82

3. 资产负债表成分

下表显示了截至所示日期的资产和计算机设备的元件：所示日期：


		九月三十日			12月31日
	预计使用寿命	2024			2023
软件，包括内部开发的软件	3 年	$	34,972		$	34,972
计算机设备	3 至 4年		18,074			18,080
租赁改善	有用寿命和租赁期中的较短者		512			512
办公设备、家具和装置	3 至 5年		94			94
总物业及设备			53,652			53,658
减：累计折旧和摊销			(50,261	)		(50,262	)
减：累计减值损失			(3,276	)		(3,276	)
总物业及设备，净值		$	115		$	120

D物业和设备的折旧，截至2024年9月30日的三个月和九个月的摊销金额不大，而截至2023年9月30日的内部开发软件的摊销和物业与设备的折旧金额也不大。截至2024年9月30日为止是$436 和 $1,295，分别为。

下表显示截至所呈现日期的应计费用和其他流动负债的元件：截至所呈现日期：


	九月三十日		12月31日
	2024		2023
应计工资和与工资相关的费用	$	862	$	872
应计负债		481		376
应付所得税		227		192
爱文思控股账单和客户积分 (1)		506		636
其他		13		23
总应计费用及其他流动负债	$	2,089	$	2,099

(1)

截至2023年12月31日的年度，公司注销了客户信用余额$443 作为信用损失费用的贷项，其中$43 和 $443 在截至的三个月和九个月内注销了$ 2023年9月30日. 否在截至九个月的期间内，客户信用余额已被注销。 2024年9月30日.

4. 股票基础的薪酬

公司的股票薪酬费用与期权、限制性股票单位（RSUs）及其员工股票购买计划（“ESPP”）相关，这些都是根据其股权激励计划授予的。

股票薪酬费用的分配如下：


	截至9月30日的三个月				截至9月30日的九个月
	2024		2023		2024		2023
营收成本	$	32	$	5	$	109	$	266
销售和市场营销		38		88		162		437
研究和开发		86		131		337		706
一般管理费用		57		85		349		1185
总的股票奖励补偿	$	213	$	309	$	957	$	2,594

对于公司授予的基于股票的奖励，基于奖励的公允价值在授予日期测量股票补偿成本，并在所需服务期内摊销。否基于股票的补偿在期间作为内部开发的软件进行资本化截至2024年9月30日的三个月和九个月，而$10 和 $87 股份薪酬被计入为内部开发的软件，截至2023年9月30日的三个月和九个月。

股票期权

公司的期权活动总结如下：


	尚未行使的期权
	数量股份			加权平均行使价格每股		加权平均剩余合同期限 (以年为单位)		合计内在价值
截至2023年12月31日，尚未行使、已归属且可行使		54		$	100.69		3.63	$	—
被取消和注销		(4	)		407.48		—		—
截至2024年9月30日，尚未行使、已归属且可行使		50			77.65		3.13		—

截至2024年9月30日的九个月内没有任何股票期权的授予或行使。

补偿费用在必要服务期间内按比例确认。截至2024年9月30日，有无与股票期权相关的未确认补偿费用，因为所有尚未行使的股票期权均已完全归属。

RSUs

公司RSU活动的总结如下：


	未归属股票奖励数量
	数量股份			加权平均授予日期公允价值每单位价值
截至2023年12月31日的未偿还金额		288		$	8.88
Vested		(133	)		8.74
已取消并保留以支付税款		(60	)		8.95
截至2024年9月30日的未偿还金额		95		$	9.08

截至2024年9月30日，还有$424 与RSU相关的未确认薪酬费用，预计将在一个加权平均期内确认 0.8 公司在授予日期使用基础普通股的公允市场价值来判断RSU的公允价值。

员工股票购买计划

截至2024年9月30日的三个月及九个月期间没有任何活动在公司的员工购股计划下，并且没有无截至目前与公司的员工购股计划相关的未确认薪酬费用 2024年9月30日.

5. 租赁

公司的主要运营租约是位于IDC概念的空间，该租约在2022年4月续签，至2025年到期。在2023年4月，公司最终决定行使选择权，减少运营租约下IDC概念的空间。截至2024年9月30日，用于折现使用权资产（"ROU"）运营租约租赁负债的加权平均利率为 6.0%以及ROU运营租约的加权平均剩余租期为 0.5 年。

运营租约费用主要由租金支出构成，约为$429 和 $1,284 截至2024年9月30日的三个月和九个月，分别为$439 和 $1,403 截至2023年9月30日的三个月和九个月的财务数据。对于截至2024年和2023年9月30日的三个月和九个月，变量租金支出并不显著。

截至的经营租赁负债到期情况为 2024年9月30日的到期情况如下：



2024年（剩余）		414
2025		414
总租赁付款		828
减：代表隐含利息的金额		(9	)
租赁负债的现值		819
减：租赁负债的当前部分		(819	)
租赁负债的非当前部分	$	—

与经营租赁相关的补充现金流信息为如下所示：


	截至九个月		截至九个月
	2024年9月30日		2023年9月30日
用于测量租赁负债的现金支付：
来自经营租赁的经营现金流	$	1,284	$	1,403
以租赁负债获得的使用权资产：		72		161

7. 每股净亏损

基本每股净亏损是通过将可供普通股股东的净亏损除以该期间的普通股加权平均流通股数来计算的，稀释每股净亏损则是将可供普通股股东的净亏损除以普通股加权平均流通股数（不包括待回购的普通股）以及在此期间如果是稀释性的潜在普通股流通股数来计算的。在截至2024年和2023年9月30日的三个月和九个月期间，公司没有非控股权益，因此所有公司的净亏损在这些期间都被视为可供公司的普通股股东使用。

下表呈现基本和稀释每股净亏损的计算每股净亏损：


	截至9月30日的三个月						截至9月30日的九个月
	2024			2023			2024			2023
分子：净亏损	$	(2,326	)	$	(4,954	)	$	(6,755	)	$	(16,654	)
分母：加权平均流通股数，基本和稀释		3,135			2,985			3,089			2,920
每股净亏损，基本和摊薄	$	(0.74	)	$	(1.66	)	$	(2.19	)	$	(5.70	)

基本和稀释后的每股净亏损在所有呈现的期间内是相同的，因为由于公司在这些期间内出现净亏损，所有可能的潜在稀释证券的影响都是反稀释的。下表展示了在计算稀释每股净亏损的期间内被排除的潜在流通普通股，因为包括它们将是反稀释的：：


	截至9月30日的九个月
	2024		2023
未行使的期权		50		55
已发行的限制性股票单位		95		300
截至2024年9月30日的未偿还金额		145		355

以下关于我们基本报表、经营成果和现金流的讨论与分析应与（1）截至2024年9月30日的季度报告表格10-Q中其他部分包含的未经审计的简明合并基本报表及相关附注一起阅读，以及（2）我们在其年度报告表格10-K中包含的截至2023年12月31日的已审计合并基本报表和附注及管理层对财务状况和经营成果的讨论和分析，该报告已于2024年2月23日提交给证券交易委员会（"SEC"）。本季度报告表格10-Q包含根据1934年证券交易法（经修订）的第21E条的定义的“前瞻性声明”。这些声明通常以“相信”、“可能”、“潜在”、“将”、“估计”、“持续”、“预期”、“计划”、“可能”、“应该”、“会”、“项目”、“计划”、“预测”、“期待”、“寻求”和类似表达或变体等词语为特征。此类前瞻性声明面临风险、不确定性及其他因素，这些因素可能导致实际结果及某些事件的时机与未来结果在实质上偏离这些前瞻性声明所表达或暗示的结果。导致或促成这些差异的因素包括但不限于此处所识别的因素，以及在本表格10-Q的第二部分第1A项中标题为“风险因素”的章节中讨论的因素。除法律要求外，我们不承担任何更新前瞻性声明的义务，以反映该声明日期后的事件或情况。

我们是数字营销解决方案的领先供应商，专注于搜索、社交和电子商务广告渠道，提供统一的软件即服务（SaaS-云计算）广告管理平台，专为以绩效为驱动的广告主和广告代理而设计。我们的平台是一个分析、工作流和优化的解决方案，帮助绩效营销人员最大化他们的数字广告支出的回报。我们直接向广告主和领先的广告代理销售我们的解决方案，我们的客户在我们的平台上共同管理数十亿美元的广告支出，覆盖广泛的行业。我们相信，这使我们成为独立广告云解决方案最大供应商之一。我们的软件解决方案旨在帮助我们的客户：

我们将搜索、社交和电子商务广告整合到一个平台中，帮助广告主最大化客户在亚马逊、谷歌、Meta、X（前身为Twitter）、沃尔玛、LinkedIn、TikTok、苹果搜索广告、Instacart、Criteo和YouTube等平台上的旅程。此外，我们与数十个领先的网络分析和广告投放解决方案以及关键企业应用程序进行了集成，使我们的客户能够更准确地衡量其营销项目的投资回报率。

我们的软件平台作为广告效果、销售和营业收入数据的整合点，使广告商能够将广告支出与收入结果联系起来。通过直观的界面，我们使客户能够同时在多个出版商和渠道上运行大规模数字广告活动，方便营销人员创建、发布、修改和优化活动。

我们的预测买盘管理和优化科技还允许广告客户预测结果，并在多个出版商和渠道之间优化活动，以实现他们的业务目标。我们的优化科技可以帮助广告客户在表现良好的活动、出版商和渠道上增加广告支出，同时减少在表现不佳的那些上的投资。我们称之为跨渠道买盘和活动优化的这一类解决方案，帮助企业智能高效地衡量、管理和优化他们的数字广告支出，以达到期望的业务结果。

下表是我们未经过审计的简明合并运营报表的总结，涵盖了指定期间及这些期间营业收入的百分比。结果的期间对比并不一定能准确指示未来期间的结果。营业收入的百分比数据经过四舍五入，可能无法准确汇总。

截至2024年9月30日的三个月和九个月的净营业收入分别减少了20万美元，或4%，和100万美元，或8%，与2023年同期相比。减少的主要原因是去年客户流失，未能被同期的新客户预订完全抵消。

我们位于美国的客户产生的营业收入占总营业收入的80%，这是截至2024年和2023年9月30日的三个月和九个月的净收入。

来自谷歌收益分享协议的营业收入净额分别占2024年9月30日止的三个月和九个月总营业收入净额的42%和43%，以及2023年9月30日止的三个月和九个月总营业收入净额的40%。此外，一位客户占2024年9月30日止的三个月和九个月总营业收入的约19%和17%；而两位客户占2023年9月30日止的三个月和九个月总营业收入的约26%和24%。在2024年和2023年9月30日止的三个月及九个月内，没有其他客户的总营业收入超过10%。

截至2024年9月30日的三个月和九个月的营业收入成本分别减少了140万美元，或45%，和440万美元，或46%，与2023年对应期间相比。减少的主要原因是截至2024年9月30日的三个月和九个月内重组费用减少70万美元，以及截至2024年9月30日的三个月和九个月内的人员成本减少30万美元和210万美元，分别与2023年对应期间相比，此外，截至2024年9月30日的三个月和九个月内没有对内部开发的软件进行摊销，而在2023年对应期间分别摊销了40万美元和130万美元。

截至2024年9月30日的三个月和九个月的毛利率分别提高至60%和58%，而2023年对应期间的毛利率为30%和29%。这主要是由于与2023年对应期间相比，营业收入成本降低，部分被与2023年对应期间相比略微下降的营业收入所抵消。

截至2024年9月30日的三个月和九个月的销售和营销费用分别减少了40万美元，或26%，以及210万美元，或38%，与2023年同期相比。减少的原因主要是由于市场营销成本降低了10万美元和120万美元，以及人员成本，包括专业费用，降低了10万美元和70万美元，分别在截至2024年9月30日的三个月和九个月中，以及在截至2024年9月30日的三个月和九个月中，重组费用也减少了10万美元。

截至2024年9月30日的三个月和九个月的研发费用分别减少了110万美元，或38%，和320万美元，或37%，与2023年同期相比。减少的主要原因是2024年9月30日的三个月和九个月内，重组费用都降低了80万美元，以及人事成本，包括专业费用，在2024年9月30日的三个月和九个月内分别降低了50万美元和340万美元，部分被由于在2024年9月30日的三个月和九个月内没有资本化的内部开发软件成本增加了30万美元和120万美元所抵消。

截至2024年9月30日的三个月和九个月的综合及管理费用分别减少了30万美元，或12%，和180万美元，或25%，与2023年对应期间相比。这一减少主要是由于截至2024年9月30日的三个月和九个月的重组费用降低了20万美元，以及截至2024年9月30日的三个月和九个月的人力成本（包括专业费用）降低了10万美元和180万美元。2024年截至9月30日的九个月期间的减少在一定程度上被由于2023年9月30日客户信用余额的核销而导致的信用损失费用增加40万美元所抵消。

其他收入（费用），净额主要由外币交易损益、利息收入和利息费用组成。截止到2024年9月30日的三个月和九个月的其他收入（费用），净额分别比2023年相应时期减少了30万美元，或211%，和50万美元，或89%。减少的主要原因是截止到2024年9月30日的三个月和九个月内，利息收入下降了10万美元和30万美元，外汇损失减少了20万美元和10万美元。

截至2024年9月30日的三个月及九个月的所得税准备金增加，主要是由于美国的估值准备的变化以及我们某些外国全资子公司产生的应税收入。

自2006年3月成立以来，我们主要依靠发行股份来为我们的运营活动提供资金。从公司成立到我们的首次公开募股（“IPO”），我们通过优先股的私人配售筹集了10570万美元（扣除相关发行成本）。在2013年3月和4月，我们在IPO中筹集了10930万美元的净收益。从2019年3月至2022年12月，我们通过Citizens JMP Securities, LLC（“Citizens JMP”，原名JMP Securities LLC）管理的市场发行计划共筹集了5210万美元的净收益，并且在2020年，我们通过PPP获得了330万美元的贷款，其中310万美元被免除。我们还时不时利用设备贷款，并签订融资租赁协议来资助资本采购。截至2024年9月30日，我们的主要流动资金来源是我们的现金及现金等价物。我们的主要运营现金需求包括支付薪酬及相关费用，以及我们的设施和信息科技制造行业的成本。

我们在境外子公司保持现金余额。截至2024年9月30日，我们的现金及现金等价物总额为560万美元，其中500,000美元由我们的境外子公司持有。如果境外子公司持有的资金需要用于我们的美国业务，我们将需要计提与这些资金汇回相关的美国税务负债。然而，考虑到我们在美国的净经营亏损结转金额，这样的汇回在明年内很可能不会导致实质性的美国现金税款支付。此外，我们认为汇回这些资金所涉及的外国预扣税不会是实质性的。

自2006年成立以来，我们每个财政年度均遭受重大损失。截止到2024年9月30日的九个月，我们的净亏损为680万元，2023年12月31日的年度净亏损为2190万元。截至2024年9月30日，我们的现金及现金等价物为560万元，累计赤字为35100万元。管理层预计在可预见的未来将继续遭受额外亏损，并经历负的经营现金流。

在2024年10月，我们开始实施2024年重组计划，预计将使我们全球员工减少约27名，约占截至2024年9月30日总人数的26%。我们预计在截至2024年12月31日的三个月内，将在2024年重组计划中产生约60万到80万的现金支出，其中大部分与遣散费用有关，我们预计将在同一期间基本完成2024年重组计划。在截至2024年9月30日的九个月内，没有发生与2024年重组计划相关的费用。

在2023年7月，我们开始实施2023年重组计划，这导致在2023年下半年我们全球员工减少了64名全职员工，使我们的员工总数减少了约37%。2023年重组计划在2023年基本完成。

我们实现业务目标的能力，以及继续满足我们的义务，依赖于保持一定水平的流动性，而流动性受到多个因素的影响，例如我们管理现金流的能力，包括2024重组计划的有效性，我们维护战略合作伙伴关系的能力，我们增加新订单的能力，客户对MarinOne平台的接受、保留和使用程度，以及通货膨胀等一般宏观经济条件，或任何衰退的程度和持续时间。虽然我们已寻求并可能继续寻求额外的流动性来源，包括额外的股权和债务融资，但没有保证任何额外融资将在可接受的条款下提供，或者根本不会提供。未能管理现金流、增加新订单、改善客户保留率或筹集额外资本将对我们实现预期业务目标的能力产生重大不利影响。

根据在本季度10-Q表格提交日期时我们可用的所有基金类型及我们持续亏损和负经营现金流的历史，对我们能否继续作为持续经营主体产生了重大疑虑。我们能否继续作为持续经营主体在很大程度上取决于我们能否实现预期的业务目标。如果我们无法实现预期的业务目标，可能需要进一步裁员和其他节约成本措施，与供应商延长付款期限，尽可能清理资产或停止运营。这些行动可能会对我们的业务、经营结果和未来前景产生重大影响。因此，对于我们在伴随的简明合并基本报表提交日期后一年的持续经营能力存在重大疑虑。

由于我们尚未能获得足够的资金以维持运营或实现净正现金流，我们的管理层和董事会决定寻求战略替代方案符合我们股东的最佳利益。在这个过程中，我们正在探索多种期权，重点是最大化股东价值，包括我们潜在的出售、反向合并，或出售我们的资产或其他战略交易。我们一直在与一位投资银行家合作，作为我们的财务顾问，处理此项审查和类似事务。不能保证这一过程将导致我们追求任何特定交易或其他战略结果，也不能确定任何潜在交易的条款或时机。

我们正在探索潜在的“反向合并”或其他公司交易。任何此类完成的交易都将对Marin股东产生重大影响。考虑到此类讨论的初步阶段，目前无法量化交易的潜在影响（如果有的话）。为了使任何潜在交易得以推进，所有相关方都需要进行大量尽职调查，并达成交易条款的协议，进行谈判和批准交易文件，以及满足适用的成交条件，包括在某些情况下准备和公开提交与任何拟议的反向合并方相关的披露文件。

股东批准。任何此类过程都将耗时且成本高昂。无法保证任何交易最终会成功。

如果我们无法尽快完成令人满意的交易，就有必要寻求额外融资或在不久的将来追求解散和清算，这时我们的普通股股东可能会对其普通股获得很少或没有的赔偿。即使我们完成了一笔令人满意的战略交易，我们的股东也可能无法从其普通股投资中获得任何回报。同时，我们也在准备根据特拉华州普通公司法进行潜在的法定解散和清算，以防我们无法筹集到额外资本或在不久的将来完成战略交易，我们已经聘请顾问帮助我们为潜在的解散和清算做好准备。

随附的简明合并基本报表是按照我们将继续作为持续经营单位的假设编制的，并不包含任何反映我们可能继续作为持续经营单位能力的不确定性而导致的资产的可收回性和分类或负债的金额和分类的未来可能影响的调整。这些调整可能会对我们随附的简明合并基本报表产生重大影响。

经营活动中使用的现金主要受我们投资于人员和制造行业以支持我们的业务事件的影响，以及使用我们平台的广告客户数量的波动。经营活动提供或使用的现金通常受到净亏损的影响，并受到我们经营资产和负债变化的进一步影响，特别是在应收账款、预付费用和其他资产、应付账款、应计费用及其他流动负债方面，调整非现金费用项目，如折旧、摊销、基于股票的补偿费用和递延所得税利益。

截至2024年9月30日的九个月经营活动所用现金为560万美元，主要是由于680万美元的净损失，经过不计现金的（收入）费用调整为260万美元，主要包括折旧和摊销、基于股票的补偿费用、未实现的汇率期货盈亏及信用损失准备，以及150万美元的营运资本项目净变动。这些项目尤其包括因收入下降和相关收款时机导致的应收账款减少10万美元、因相关支出时机导致的预付费用和其他资产（包括当前及非当前）减少20万美元、因相关支出时机导致的应付账款与应计费用及其他负债（包括当前及非当前）净减少20万美元，以及经营租赁负债减少120万美元。

截至2023年9月30日的九个月内，经营活动现金使用为1260万美元，主要是由于净亏损1670万美元，调整后影响为非现金（收入）费用380万美元，主要包括折旧和摊销、基于股票的补偿费用以及坏账准备，和20万美元的营运资本项目净变动。这些项目主要包括：(1) 因收入减少和相关收款时间影响，账户应收款减少90万美元；(2) 因相关支出时间影响，预付费用和其他资产（包括流动和非流动资产）减少30万美元；(3) 因相关支出时间影响，账户应付款、应计费用和其他负债（包括流动和非流动负债）净减少100万美元。

截至2023年9月30日的九个月内，投资活动中使用的现金与资本化的内部开发软件成本有关。

截至2024年和2023年9月30日的九个月期间，融资活动中使用的现金主要与因结算股权奖励而支付给员工的税款相关。

在截至2024年9月30日的九个月内，除了一般的业务控制外，对我们在2024年2月23日向SEC提交的2023财年10-K表格中披露的合同义务和承诺没有重大变化，具体内容在“管理层对财务控件和运营结果的讨论与分析”中。

截至2024年9月30日的九个月期间，我们分析了我们内部开发的软件是否仍然符合资产的定义，并得出结论，由于内部开发的软件对我们没有未来经济利益，基于其负现金流，它不再符合资产的定义。此外，由于内部开发的软件不再符合资产的定义，相关的开发成本将不再资本化，因为这些开发成本被认为是不可回收的。相反，与内部开发软件相关的所有开发成本将作为发生时费用化。

除了上述提到的对内部开发资产的更改外，与我们在2024年2月23日向SEC提交的2023财年10-k表格年报中所描述的关键会计政策和重大判断及估计相比，我们的关键会计政策和重大判断及估计没有实质性变化，详见“管理层对财务状况和经营成果的讨论与分析”。

截至2024年9月30日的九个月内，关于我们于2024年2月23日提交给SEC的2023财年10-K表格年度报告中第II部分、第7A项“市场风险的定量和定性披露”所呈现的信息，没有发生重大变化。

我们维护披露控制和程序（根据1934年证券交易法（“交易法”）修订条款中的第13a-15(e)和15d-15(e)定义），旨在确保在我们根据交易法提交或提交的报告中，所需披露的信息在美国证券交易委员会的规则和表格规定的时间内被记录、处理、总结和报告，并且相关信息被汇总并传达给我们的管理层，包括我们的首席执行官（我们的首席执行官）和首席财务官（我们的首席财务官），或执行类似职能的人员，以便及时做出关于必要或必需披露的决定。

我们的管理层在首席执行官和信安金融官的参与下，对截至本季度报告（表格10-Q）所覆盖期间的披露控制和程序的设计与事件的有效性进行了评估。基于该评估，我们的首席执行官和信安金融官得出结论，截至2024年9月30日，我们的披露控制和程序在合理保障水平上并不有效，原因如下所述的重大缺陷。

重大缺陷是内部控制在财务报告中存在的一项缺陷或缺陷组合，这样就有合理的可能性会导致年度或临时基本报表的重大错误未能及时防止或发现。如在2024年2月23日向美国证券交易委员会提交的截至2023年12月31日的财年10-K表格的年报中所披露的那样，管理层识别出在内部控制财务报告中存在一项重大缺陷，这与管理层对此项资产减值分析的审查有关，依据ASC 360，物业、厂房和设备。所进行的审查未能适当识别和评估用于判断自制软件公允价值的假设中的异常值，采用的是市场方法评估。这项重大缺陷导致对截至2023年12月31日的自制软件的全部减值相关的基本报表出现重大更正错误。

为了解决与管理层对长期资产减值分析的审查相关的实质性缺陷，管理层正在采取补救措施，增加一个审核步骤，以确保在根据ASC 360《物业、厂房和设备》审查长期资产减值分析时识别的所有异常值，已在截至2024年9月30日的九个月内实施。

管理层将继续审查、优化和增强其财务报告控制和程序。随着公司继续评估并努力改善其财务报告的内部控制，公司可能会实施额外措施来解决上述重大缺陷，或可能增强或修改补救措施。重大缺陷在适用的补救控制运行一段足够的时间且管理层通过进一步测试得出控制有效运行之前，将不会被视为已补救。

除了上述识别的控制措施外，在截至2024年9月30日的九个月内，我们的财务报告内部控制（根据交易所法第13a-15(f)和15d-15(f)条的定义）没有发生变化，这些变化在实质上影响了或合理可能会实质性影响我们的财务报告内部控制。

不时，我们可能会涉及到在我们业务的正常过程中产生的法律诉讼。我们目前并不是任何法律诉讼的当事方，如果这些诉讼对我们不利，则单独或整体上将对我们的业务、运营结果、财务状况或现金流产生重大负面影响。

投资我们的普通股票涉及高度风险。您应仔细考虑下面描述的风险和不确定性，以及在本季度报告（表格10-Q）中所包含的所有其他信息，包括我们的合并基本报表及相关附注，然后再决定是否投资我们的普通股票。下面总结和描述的风险和不确定性并不是我们面临的唯一风险。我们未意识到的或目前认为不重要的额外风险和不确定性，也可能成为影响我们的重要因素。如果以下任何风险发生，我们的业务、财务状况、经营结果及前景可能会受到实质性和不利的影响。在这种情况下，我们的普通股票的价格可能会下降，您可能会失去部分或全部投资。

我们持续亏损和负的经营现金流引发了对我们能否继续作为一家持续经营的公司的重大怀疑，除非我们能够增加营业收入、进一步减少开支或筹集更多资金以满足我们在短期内的义务。

自2006年成立以来，我们在每个财政年度均遭受重大亏损。截止2024年9月30日的九个月内，我们的净亏损为680万美元，以及在截至2023年12月31日和2022年的年份中，分别为2190万美元和1820万美元的净亏损。截至2024年9月30日，我们的累计赤字为35100万美元，现金及现金等价物为560万美元。这些亏损和累计赤字主要是由于营业收入下降以及我们为努力扩大业务和吸引客户而做出的投资。管理层预计在可预见的未来将继续承担额外亏损，并经历负的运营现金流。我们的营业收入在过去几年中持续下降，从2021年的2440万美元，2022年的2000万美元，降至2023年的1770万美元。从历史上看，我们主要依靠出售资本股票来为运营活动提供资金。

我们实现业务目标的能力，以及继续履行我们的义务，取决于维持一定水平的流动性，而这受到多个因素的影响，例如我们管理现金流的能力，包括2024年重组计划的有效性，我们维持战略伙伴关系的能力，我们增加新订单的能力，客户对MarinOne平台的接受度、保留率和使用情况的程度，以及通货膨胀或任何衰退的程度和持续时间等一般宏观经济条件。虽然我们已经在追求，并可能会继续追求额外的流动性来源，包括额外的股权和债务融资，但没有保证任何额外融资将以可接受的条件，或根本不会提供。未能管理我们的现金流、改善客户保留率或筹集额外资本将对我们实现预期的业务目标产生重大不利影响。

根据截至本季度报告（10-Q表格）提交之日我们可用的资金，以及我们持续亏损和负经营现金流的历史，我们的持续经营能力面临重大疑虑。我们的持续经营能力在很大程度上取决于我们管理现金流的能力，包括2024年重组计划的有效性，以及我们维持战略合作伙伴关系、改善客户留存率和增加新预订的能力。如果我们无法管理我们的现金流，维持战略合作伙伴关系，改善客户留存率，增加新预订或筹集足够的额外资本，我们可能需要启动进一步的裁员和其他节约成本的活动，延长与供应商的支付条款，尽可能出售资产，或终止运营。这些措施可能会对我们的业务、运营结果和未来前景产生重大影响。因此，对于我们在附带的简明合并基本报表提交日期后的一年内能否继续作为持续经营的疑虑很大。

我们在本季度报告（10-Q表格）中包含的未经审核的简明合并基本报表是基于持续经营原则准备的，符合公认会计原则（GAAP）。持续经营原则假设我们将在接下来的12个月内继续经营，并且我们能够在正常的业务过程中变现我们的资产，并履行我们的债务和承诺。因此，我们在本季度报告（10-Q表格）中包含的未经审核的简明合并基本报表不包括任何如果我们无法继续作为持续经营单位所需的调整。这些调整可能会对我们伴随的简明合并基本报表产生重大影响。

我们继续作为一家持续经营企业的能力存在重大疑虑，这可能会妨碍我们获取进一步融资的能力，并可能需要我们追求解散和清算。

我们能否持续运营在很大程度上依赖于我们改善客户留存率、增加新预订和管理现金流的能力。为了实现这一目标，我们计划通过销售和市场营销努力来提高我们当前服务的市场份额，继续开发新平台功能，向客户提供高效服务，这可能需要额外的资本和支出，尤其是在考虑到我们的财务状况和近期的运营结果，以及如果整体宏观经济状况恶化的情况下，这可能会变得困难。

我们打算继续投资以维持和发展我们的业务，并可能需要额外的所有基金类型来应对业务挑战，包括开发新功能或增强我们现有平台以及改善我们的制造行业，并参与股权或债务融资以获取额外的所有基金类型。如果我们通过进一步发行股权或可转换债务证券来筹集额外的资金，我们现有的股东可能会遭受重大稀释。

由于我们尚未能够获得足够的资金以维持运营或实现净正现金流，我们的管理层和董事会决定寻求战略替代方案以符合股东的最佳利益。在此过程中，我们正在探索多种期权，以最大化股东价值，包括对我们的潜在出售、反向并购或资产出售或其他战略交易。我们一直在与投资银行合作，作为我们在此审查及相关事务中的财务顾问。不能保证此过程会导致我们追求任何特定交易或其他战略结果，或有关任何潜在交易的条款或时机。我们还开始实施2024重组计划，该计划预计将使我们全球员工减少约27名，占截至2024年9月30日总人数的约26%，以及约七名承包商。

我们目前正在探索潜在的“反向并购”和其他企业交易。任何此类完成的交易都会对Marin的股东产生巨大的影响。鉴于此类讨论的初步阶段，目前无法量化交易的潜在影响（如果有的话）。为了使任何潜在交易得以推进，所有相关方都需要进行大量的尽职调查，并达成交易条款的协议，谈判和批准交易文件以及满足适用的成交条件，包括在某些情况下准备和公开提交与任何拟议的反向并购方和股东批准相关的必要披露文件。任何此类过程将耗时且费用昂贵。不能保证任何交易最终将取得成功。

如果我们未能完成战略交易，或无法获得足够的额外融资，我们很可能会寻求解散和清算。

如果我们在不久的将来未能完成战略交易或获得足够的额外融资，我们很可能会根据《特拉华州一般公司法》寻求法定解散和清算。我们目前正在为可能的解散和清算做准备，以防无法筹集额外资金或完成战略交易，并且我们已经在此过程中聘请了顾问。如果发生解散和清算，我们的股东很可能会损失大部分或全部投资。

我们未来的运营结果可能会受到对我们未来前景的不确定性的影响。

鉴于我们未来前景的不确定性，如果客户、潜在客户、供应商、合作伙伴或员工对我们的财务控件变得越来越担忧，进而不与我们建立新关系或继续保持关系，或离开我们，其未来运营结果可能会受到不利影响。

我们预计将继续遭受损失并面临负现金流，并可能需要进一步削减费用、改变我们的业务计划、卖出额外的证券、卖出资产或借入更多的所有基金类型以维持我们的业务运营。

我们目前经营亏损，预计在短期内将继续出现经营亏损。我们的业务未能产生足够的现金流来支持我们的销售和市场活动、研发计划及其他业务活动。根据截至本报告提交日期我们所拥有的资金以及我们历史上经常出现的亏损和负的经营现金流，关于我们是否能够持续经营存在重大疑虑。我们能否继续作为一个持续经营主体并发展我们的业务以及实现盈利在很大程度上依赖于我们改善客户保留率、增加新订单的能力以及管理我们的现金流。为此，我们计划通过销售和市场努力来尝试提高我们当前服务的市场份额，继续开发新平台功能，并为客户提供高效的服务，这可能需要额外的资本和支出，而这可能会很困难，特别是在整体宏观经济条件恶化的情况下。如果我们的营业收入未能增加，我们可能需要通过进一步削减开支措施来降低我们的费用，调整我们的业务计划，或者寻求出售额外的证券、出售资产或借入额外的资金以维持我们的业务运营。在2024年10月，我们开始了 2024重组计划，如第一部分第1项的财务报表附注1所述。我们不能保证能够从此重组中实现预期的成本节省，或通过任何其他未来的削减费用措施进一步降低我们的支出。此外，我们也不能保证能够在未来的某个时期发行额外的证券，或出售资产，或在商业合理的条款下借款，或者根本无法满足我们的现金需求并继续作为一个持续经营主体。我们筹集额外融资的能力受到多种不确定因素的影响，包括但不限于我们股票的市场需求、我们的财务表现和前景、产品和服务的市场需求，以及不利的市场条件。

我们可能需要额外资金来维持和发展我们的业务，而这些资金可能无法以可接受的条件获得，甚至根本无法获得。

我们 intend 继续进行投资，以维持和发展我们的业务，并可能需要额外的所有基金类型来应对业务挑战，包括开发新功能或增强我们现有平台以及改善我们的运营制造行业的需求。因此，我们可能需要进行股权或债务融资以确保额外的所有基金类型。如果我们通过进一步发行股权或可转换债务证券筹集额外的所有基金类型，我们现有的股东可能会遭受重大稀释，并且我们发行的任何新的股权证券可能会享有优于我们普通股持有者的权利、偏好和特权。例如，在截至2021年12月31日的年度中，我们在与Citizens JMP的股权分配协议下售出了80万股我们的普通股（在考虑到发生在2024年4月12日的1对6反向拆股后），并获得了约4170万的收入，扣除150万的发行成本，加权平均销售价格为每股47.09（在考虑到发生在2024年4月12日的1对6反向拆股后）。我们在2021年根据股权分配协议发行的80万股普通股使我们普通股的流通股份增加了约57％，导致我们之前现有股东的持股百分比被稀释。此外，在截至2022年12月31日的年度中，我们在与Citizens JMP的新股权分配协议下出售了20万股我们的普通股（在考虑到发生在2024年4月12日的1对6反向拆股后），以出售最多5000万的金额。

在“一次性市场”普通股发行设施中发行的新证券，净收益约为130万元，扣除10万元的发行成本，以每股加权平均销售价格7.98美元（考虑到2024年4月12日发生的1比6反向股票拆分）。该设施于2024年8月18日到期，我们将无法在其下进行任何额外融资。

在2020年5月，我们与Harvest Small Business Finance, LLC（即贷方）签订了一份贷款协议，贷款总额为330万美元，根据《冠状病毒援助、救济与经济安全法案》（CARES法案）下的工资保护计划。贷款中有310万美元于2022年1月被免除，我们在2022年2月偿还了剩余的20万美元。美国财政部（即财政部）与美国小企业管理局（即SBA）宣布，将审查所有等于或超过200万美元的工资保护计划贷款。虽然我们相信我们的行为是出于善意并符合工资保护计划的所有要求，但如果财政部或SBA认定我们的贷款申请不是真诚的，或者我们未能满足工资保护计划的其他资格要求，我们可能需要归还贷款或其部分金额。我们未来所获得的任何债务融资可能涉及与我们的资本筹集活动和其他财务及运营事项相关的限制性契约，这可能使我们更难获得额外资本和追求商业机会。此外，如果我们无法以对我们有利的条款获得额外融资，将会受到限制。如果我们不能在需要时获得足够的融资或以令我们满意的条款获得融资，我们维持和发展业务以及应对商业挑战的能力可能会受到重大影响。

我们的基于使用的定价模型使得预测来自现有客户和未来潜在客户的营业收入变得困难。

我们主要采用基于使用的定价模型，其中我们大部分费用是按照客户在我们平台上管理的广告支出的比例计算的。这种定价模型使得准确预测营业收入变得困难，因为客户在我们平台上管理的广告支出可能会因广告客户所在行业的多样性、这些行业的季节性以及客户广告预算的波动或其他因素而每月有所变化。数字广告市场可能受到不利市场条件的影响，包括通货膨胀或任何一般经济疲软，这在过去导致一些广告客户减少数字广告支出，并可能在未来导致广告客户同样削减其数字广告支出。与我们的直接广告客户的订阅合同通常包含最低每月平台费用，这通常大于合同签署时我们对该客户的预计每月营业收入的一半，因此，最低每月平台费用可能不是我们从该客户获得的营业收入的良好指标。此外，通过我们的代理客户使用我们平台的广告客户通常没有最低每月支出金额或必须使用我们平台的最低期限，因此，我们对这些广告客户的营业收入预测能力是困难的。如果我们错误地预测了这些广告客户的营业收入，而实际收入低于我们提供给投资者的预测，我们的普通股价格可能会大幅下跌。此外，如果我们高估了使用量，可能会在增加制造行业方面产生额外开支，而未能获得相应的营业收入，这将损害我们的毛利率和其他经营结果。

由于多种因素，我们的经营结果可能会出现季度波动，这使得我们未来的结果难以预测，并且可能导致我们的经营结果低于预期或指导范围。

我们的季度营业结果可能因多种因素波动，其中许多因素超出了我们的控制。因此，以期间为基础比较我们的营业结果可能没有意义。您不应将我们的过往业绩视为未来表现的指标。如果我们的营业收入或经营结果低于投资者或证券分析师的预期，或低于我们可能提供给市场的任何指导，我们的普通股价格可能会大幅下跌。

除了本节中列出的其他风险因素外，可能影响我们季度运营结果的因素包括以下内容：

基于上述所有因素，我们对未来的营业收入、成本和费用的预测能力有限，因此，我们的经营业绩可能会不时低于我们的估计或公众市场分析师和投资者的预期。

如果数字广告市场放缓或下降，我们的业务、增长前景和财务控件将受到不利影响。

我们能够成长或维持我们业务的能力可能受到新兴云计算服务商广告渠道的接受度和扩展水平的限制，以及现有渠道（如搜索和社交广告）的持续使用和增长的影响。即便这些渠道得到了广泛采用，广告主和代理机构可能不会在像我们这样的解决方案上进行重大投资，以帮助他们管理跨出版平台和广告渠道的数字广告支出。很难预测客户的采用率、对我们平台的需求、广告云解决方案市场的未来增长率和规模或竞争解决方案的进入。数字广告市场可能会受到不利市场条件的影响，包括通货膨胀或任何普遍经济疲软的影响，这导致一些广告主减少其数字广告支出，并可能继续导致广告主减少其数字广告支出。广告云解决方案市场的任何扩展都依赖于多个因素，包括基于云的广告市场的增长、社交和移动作为广告渠道的增长，以及与广告云解决方案相关的成本、性能和感知价值，以及云计算公司解决安防-半导体和隐私问题的能力。此外，云计算市场在美国以外的许多司法管辖区发展较为滞后。如果我们或其他云计算提供商经历安全事件、客户数据丢失、交付中断或其他问题，则整个云计算市场（包括我们的应用程序）可能会受到负面影响。

我们在一个快速发展和变化的行业板块中运营，这使得评估我们当前的业务和未来前景变得困难。

我们遇到并将继续遇到快速发展和变化行业公司经常面临的风险和困难，包括招聘和留住合格员工、合理利用有限资源进行投资、市场对我们现有和未来解决方案的接受程度、来自具备更大财务和技术资源的成熟公司的竞争、获取和保持客户、管理客户部署、改善现有产品和开发新解决方案。我们的当前运营基础设施可能需要进行更改，以便我们能够实现盈利并高效地扩展业务。例如，我们可能需要自动化部分解决方案以降低成本，确保我们的营销基础设施旨在以成本效益高的方式引导高质量的潜在客户，并改变我们的销售模式，以提高销售的可预测性并缩短销售周期。此外，我们可能需要不定期地在产品开发上进行额外投资，以应对市场需求，这可能会增加我们的整体开支并降低实现盈利的能力。我们成功和及时实施业务和运营变更的能力可能会受到我们在2024年10月启动的重组计划的不利影响，该计划预计会导致我们截至2024年9月30日的全球员工人数减少约26%。如果我们未能成功和及时地实施这些变更，我们的业务可能会受到影响，我们的营业收入可能会下降，我们可能无法实现增长或盈利。我们不能保证我们能够成功应对未来可能面临的这些及其他挑战。

我们必须开发和推出能够获得市场认可或与技术发展保持同步的增强功能和新特性，以便在不断发展变化的行业板块中保持竞争力。

我们在一个动态市场中运作，该市场的技术、行业和法律标准迅速变化。我们竞争对手推出的新广告平台解决方案、基于新技术或替代技术的解决方案的市场接受度，或新行业标准的出现，可能会使我们的平台变得过时。我们成功竞争、吸引新客户以及提高现有客户营业收入的能力在很大程度上依赖于我们增强和改善现有的跨渠道、跨设备企业营销软件平台的能力，以及持续推出或收购市场需求的新功能。我们还必须更新软件以反映出版商的应用程序编程接口（API）和使用条款的变化。我们已部署最新平台MarinOne，并正在部署包括Marin预算调整和动态分配工具在内的新功能和服务。关于我们于2024年10月开始的重组计划，我们正在将业务和产品开发工作集中在更具体的项目和举措上。这些项目或任何其他增强或新解决方案的成功依赖于几个因素，包括及时完成、充分的质量测试、现有客户的有效迁移以最小干扰以及适当的引入和市场接受度。我们开发或收购的任何新平台或功能可能无法及时推出，可能存在缺陷，可能比我们预期的更贵，或可能无法达到广泛的市场接受度，从而产生显著营业收入。我们成功按时开发新产品和功能的能力可能会受到2024年10月开始的重组计划的不利影响。如果我们无法有效或及时地升级我们的软件平台和功能，或无法及时成功地开发或收购新产品或功能，或增强现有平台以满足客户需求，我们的业务和经营结果将受到不利影响。

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.


特拉华州		20-4647180
（注册或组织的）提起诉讼的州或其他司法管辖区（如适用）组建国的驻地		（IRS雇主唯一识别号码）

149新蒙哥马利街, 4楼（主要营业地址，包括邮政编码）, 加利福尼亚州 (主要领导机构的地址)		94105 (邮政编码)


每种类别的证券	交易标志	名称为每个注册的交易所:
普通股，每股面值0.001美元	MRIN	纳斯达克资本市场


第I部分	财务信息	3
项目1。	基本报表（未经审计）	3
	2024年9月30日和2023年12月31日的汇总资产负债表	3
	2024年9月30日和2023年的三个月和九个月结束的简明综合损益表	4
	2024年9月30日和2023年的三个月和九个月结束的简明股东权益表	5
	截至2024年9月30日和2023年的现金流量简明综合报表	6
	基本财务报表附注	7
项目2。	分销计划	17
项目 3。	有关市场风险的定量和定性披露	22
项目 4。	控制和程序	22
第二部分	其他信息	24
项目 1.	法律诉讼	24
项目1A。	风险因素	24
项目 2.	未注册的股票股权销售和筹款用途	46
项目 3.	对优先证券的违约	46
项目4。	矿山安全披露	46
项目5。	其他信息	46
项目6。	展示资料	47
签名		48


	截至9月30日，			在12月31日
	2024			2023*
资产
流动资产：
现金及现金等价物	$	5,588		$	11,363
应收账款净额		3,661			3,864
预付费用及其他流动资产		1,479			1,548
总流动资产		10,728			16,775
房地产和设备，净额		115			120
使用权资产，操作租赁		819			1,912
其他非流动资产		518			508
资产总额	$	12,180		$	19,315
负债和股东权益
流动负债:
应付账款	$	579		$	664
应计费用及其他流动负债		2,089			2,099
营业租赁负债		819			1,518
流动负债合计		3,487			4,281
非流动经营租赁负债		—			394
其他长期负债		1,015			1,001
负债总额		4,502			5,676
Commitments and contingencies (Note 9)
股东权益:
可转换优先股，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，授权股份为，已发行和流通的股份为零		—			—
普通股，每股面值为 $0.0001；0.001面值 - 47,619已授权股份数， 3,143和 3,011分别于2024年9月30日和2023年12月31日发布并流通		3			3
额外实收资本		359,718			358,884
累积赤字		(351,006	)		(344,251	)
累计其他综合损失		(1,037	)		(997	)
股东权益总额		7,678			13,639
负债和股东权益总额	$	12,180		$	19,315


	截至9月30日的三个月						截至9月30日的九个月
	2024			2023			2024			2023
营业收入，净额	$	4,282		$	4,438		$	12,358		$	13,381
营收成本		1,703			3,087			5,136			9,501
毛利润		2,579			1,351			7,222			3,880
营业费用
销售和市场营销		1,091			1,482			3,384			5,442
研发		1,760			2,860			5,440			8,599
总务和行政		1,860			2,119			5,144			6,897
总营业费用		4,711			6,461			13,968			20,938
营业损失		(2,132	)		(5,110	)		(6,746	)		(17,058	)
其他收入（费用），净额		(176	)		158			66			598
税前净亏损		(2,308	)		(4,952	)		(6,680	)		(16,460	)
所得税准备		18			2			75			194
净亏损		(2,326	)		(4,954	)		(6,755	)		(16,654	)
外币翻译调整		(45	)		25			(40	)		1
综合损失	$	(2,371	)	$	(4,929	)	$	(6,795	)	$	(16,653	)
每股净亏损，基本和稀释（注释7）	$	(0.74	)	$	(1.66	)	$	(2.19	)	$	(5.70	)
基本和摊薄加权平均股本		3,135			2,985			3,089			2,920


大型加速报告人	☐	加速文件提交人	☐
非加速文件提交人	☒	较小的报告公司	☒
新兴成长公司	☐


											累计
					额外						其他			总计
	普通股				实收			累积的			全面			股东的
	分享		面值		资本			赤字			亏损			权益
2024年6月30日的余额		3,129	$	3	$	359,528		$	(348,680	)	$	(992	)	$	9,859
限制性股票单位归属时普通股票的发行（见注4）		14		—		—			—			—			—
限制性股票单位归属时的税款扣缴		—		—		(23	)		—			—			(23	)
基于股票的补偿费用		—		—		213			—			—			213
净亏损		—		—		—			(2,326	)		—			(2,326	)
外币翻译调整		—		—		—			—			(45	)		(45	)
2024年9月30日的余额		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日的九个月
	2024			2023
经营活动：
净亏损	$	(6,755	)	$	(16,654	)
调整为净损失到经营活动现金流量净使用：
财产和设备的折旧		5			17
自行开发软件的摊销		—			1,278
摊销租赁权资产		1,165			1,162
获取和履行合同的递延成本摊销		267			277
处置固定资产和设备的损失		—			2
未实现的外币损失		199			43
与股权奖励相关的股票补偿		957			2,594
拨备		(7	)		(388	)
递延所得税收益		(3	)		—
运营资产和负债的变化：
应收账款		113			872
预付款项和其他资产		(235	)		345
应付账款		(102	)		21
应计费用和其他负债		(85	)		(1,041	)
营业租赁负债		(1,165	)		(1,162	)
经营活动使用的净现金流量		(5,646	)		(12,634	)
投资活动：
内部开发软件的资本化		—			(1,511	)
投资活动使用的净现金		—			(1,511	)
筹资活动：
员工在股权授予结算时支付的代扣股票税		(116	)		(199	)
员工股票购买计划的净收入		—			(3	)
筹集资金净额		(116	)		(202	)
汇率变动对现金及现金等价物的影响		(13	)		(13	)
现金及现金等价物净减少		(5,775	)		(14,360	)
现金及现金等价物：
期初		11,363			27,957
期末	$	5,588		$	13,597


	截至9月30日的三个月													截至9月30日的九个月
	2024			2023			变化（$）			变化 (%)				2024			2023			变化（$）			变化 (%)
	(金额以千美元计)
销售和市场营销	$	1,091		$	1,482		$	(391	)		(26	)	%	$	3,384		$	5,442		$	(2,058	)		(38	)	%
净营业收入的百分比		25	%		33	%									27	%		41	%


	截至9月30日的三个月													截至9月30日的九个月
	2024			2023			变化（$）			变化 (%)				2024			2023			变化（$）			变化 (%)
	(金额以千美元计)
研究和开发	$	1,760		$	2,860		$	(1,100	)		(38	)	%	$	5,440		$	8,599		$	(3,159	)		(37	)	%
营业收入百分比		41	%		64	%									44	%		64	%


	截至9月30日的三个月													截至9月30日的九个月
	2024			2023			变化（$）			变化 (%)				2024			2023			变化（$）			变化 (%)
	(金额以千美元计)
一般管理费用	$	1,860		$	2,119		$	(259	)		(12	)	%	$	5,144		$	6,897		$	(1,753	)		(25	)	%
营业收入的百分比，净值		43	%		48	%									42	%		52	%