Strong Preliminary Second Quarter Results and Robust Second Half Business Pipeline - Increases Revenues and Adjusted EBITDA Guidance for 2021

Perion Network Ltd. (NASDAQ: PERI), a global advertising technology company that delivers comprehensive solutions across the three main pillars of digital advertising – ad search, social media, and display / video / CTV – today announced preliminary results for the second quarter of 2021, along with increased guidance for full year 2021 revenues and Adjusted EBITDA. The new guidance is based on a strong first half of 2021 coupled with a robust revenues pipeline going into the second half of the year.

Preliminary results

($M)	Q2 2020 Actual Results	Q1 2021 Actual Results
			Q2 2021 Preliminary Results	Sequential Quarterly Growth	Year Over Year Growth
Total Revenues	$60.3	$89.8	$105	17%	74%
Adjusted EBITDA	$2.5	$8.8	$13.5	53%	440%

Main highlights:

• Perion’s Hub and Spoke business model which successfully connects both demand and supply sides of the “open internet” is driving efficiencies which improve Adjusted EBITDA margins;
• Video advertising and CTV are key growth drivers for our year-over-year increase in projected advertising revenue;
• Increase in our clients’ performance marketing initiatives is driving record search revenues.

($M)	2020	2021
	Actual Annual Results	Revised Annual Guidance	Annual Growth*
Revenues	$328.1	$410-$430	28%