MediaAlpha Inc-A 2026年季度报告

(Mark One) For the quarterly period ended June 30, 2026 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________Commission File Number: 001-39671____________________ MediaAlpha, Inc. (Exact name of registrant as specified in its charter)____________________ 85-1854133 Delaware (I.R.S. Employer Identification Number) 700 South Flower Street, Suite 640Los Angeles, California 90017(Address of principal executive offices, including zip code)(213) 316-6256(Registrant's telephone number, including area code)_______________ Securities registered pursuant to Section12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements forthe past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or anemerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of July24, 2026, there were 52,975,711 shares of MediaAlpha, Inc.'s Class A common stock, $0.01 par value per share, and 8,288,267 shares ofMediaAlpha, Inc.’s Class B common stock, par value $0.01 per share, outstanding. MediaAlpha, Inc. and Subsidiaries TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Item 1Financial Statements6Consolidated Balance Sheets6Consolidated Statements of Operations7Consolidated Statements of Stockholders’ Deficit8Consolidated Statements of Cash Flows10Notes to the Consolidated Financial Statements11Item 2Management's Discussion and Analysis of Financial Condition and Results of Operations23Item 3Quantitative and Qualitative Disclosures About Market Risk41Item 4Controls and Procedures42PART II. OTHER INFORMATIONItem 1Legal Proceedings43Item 1ARisk Factors43Item 2Unregistered Sales of Equity Securities and Use of Proceeds43Item 3Defaults Upon Senior Securities44Item 4Mine Safety Disclosures44Item 5Other Information44Item 6Exhibits44Signatures46 Certain Definitions As used in this Quarterly Report on Form 10-Q: •“Class A-1 units” refers to the Class A-1 units of QL Holdings LLC (“QLH”).•“Class B-1 units” refers to the Class B-1 units of QLH.•“Company,” “we,” or “us” refers to MediaAlpha, Inc. and its consolidated subsidiaries, unless the context requires otherwise.•“Consumer Referral” means any consumer click, call or lead purchased by a buyer on our platform.•“Consumers” refer to end consumers. Examples include individuals shopping for insurance policies.•“Direct-to-consumer” or “DTC” means the sale of insurance products or services directly to end consumers, without the useof retailers, brokers, agents or other intermediaries.•“Distributor” means any company or individual that is involved in the distribution of insurance, such as an insurance agent orbroker.•“Exchange agreement” means the exchange agreement, dated as of October 27, 2020 by and among MediaAlpha, Inc., QLH,Intermediate Holdco, Inc. and certain Class B-1 unitholders party thereto.•“Founders” means, collectively, Steven Yi, Eugene Nonko, and Ambrose Wang.•“High-intent” consumer or customer means an in-market consumer that is actively browsing, researching or comparing thetypes of products or services that our partners sell.•“Insignia” means Insignia Capital Group, L.P. and its affiliates.•“Intermediate Holdco” means Guilford Holdings, Inc., our wholly owned subsidiary and the owner of all Class A-1 units.•“IPO” means our initial public offering of our Class A common stock, which closed on October 30, 2020.•“Lifetime value” or “LTV” is a type of metric that many of our business partners use to measure the estimated total worth to abusiness of a customer over the expected period of their relationship.•“Open Marketplace” refers to one of our two business models. In Open Marketplace transactions, we have separateagreements with Demand Partners and Supply Partners. We earn fees from