Intense Market Competition: The digital advertising and ad tech industry is highly competitive, with numerous established and emerging players, which could impact Teads' market share, pricing power, and ability to attract and retain clients.

Evolving Data Privacy Regulations and Cookie Deprecation: Stricter global data privacy laws (e.g., GDPR, CCPA) and the deprecation of third-party cookies by major browsers (e.g., Google Chrome) could limit Teads' ability to collect, process, and use data for targeted advertising, impacting its effectiveness and revenue.

Dependence on Publisher Relationships: Teads relies on maintaining strong relationships with premium publishers to secure high-quality advertising inventory. The loss of key publishers or a failure to attract new ones could significantly impact its supply side and overall business.