Kubient, Inc. (KBNT): History, Ownership, Mission, How It Works & Makes Money

When you look at a digital advertising technology company like Kubient, Inc. (KBNT), which promised to transform the industry with its KAI Ad Fraud Prevention, can you really trust the numbers when its founder was sentenced to prison in March 2025 for accounting fraud? The company's mission-to eliminate ad fraud from a market where losses were projected to hit $100 billion by 2023-is compelling, but its current reality is far different, having filed for Chapter 7 liquidation in July 2024. This is a crucial case study for any investor or strategist in the ad-tech space, as the firm's valuation plummeted to a mere $4,418.00 market cap by November 2025, a defintely shocking decline.

The story of Kubient is a stark reminder of how quickly a promising business model can be undermined, especially when more than $1.3 million in fraudulent revenue was improperly recognized, misleading investors at the time of its 2020 IPO. How do you assess the true value and risk of a disruptive technology when the integrity of its initial financial reporting is compromised? We need to dig into how a company with such a clear value proposition ended up here, so you can spot the red flags before you commit capital to the next big thing.

Kubient, Inc. (KBNT) History

Kubient, Inc. (KBNT) was established to tackle the rampant fraud and lack of transparency in the digital advertising supply chain. The company's trajectory is a clear example of a high-growth tech startup that hit major public market milestones quickly, but then faced significant operational and legal headwinds that fundamentally shifted its course, culminating in a pivot toward the out-of-home advertising space.

Honestly, the story isn't just about tech innovation; it's a cautionary tale about corporate governance, too. You need to understand the initial promise to grasp the current valuation, which as of November 8, 2025, sat at a mere $0.0003 per share.

Kubient, Inc.'s Founding Timeline

Year established

Kubient, Inc. was incorporated in May 2017 as a Delaware corporation.

Original location

The company established its headquarters in New York, New York.

Founding team members

The company was founded by Paul Roberts, who served in various roles including Chief Executive Officer, Chairman, and Chief Strategy Officer. The initial team was described as an experienced group of marketing and technology veterans focused on solving digital advertising's most significant problems.

Initial capital/funding

While early-stage seed funding details are not public, the company's major capital infusion came later with its public offerings. The Initial Public Offering (IPO) in August 2020 raised more than $12.5 million, and a secondary public offering in December 2020 raised over $20 million. The CEO, Peter A. Bordes, Jr., personally committed to purchasing $100,000 of units in the IPO.

Kubient, Inc.'s Evolution Milestones

Kubient, Inc.'s Transformative Moments

The company's history is marked by two major, opposing forces: a rapid ascent to the public market fueled by an innovative fraud-prevention technology, and a dramatic fall due to internal financial misconduct, which ultimately forced a complete business transformation.

• The KAI Fraud Claim: The core technology, KAI, was the main selling point for the IPO, but the founder's admission of fabricating documents to improperly recognize over $1.3 million in revenue-representing about 45% of the company's reported 2020 revenue-was a seismic event. This betrayal of trust fundamentally undermined the value proposition of the Audience Cloud platform.
• The Adomni Merger: The definitive merger agreement with Adomni in May 2023 was a necessary, transformative decision. It effectively shifted the company's primary focus from the highly competitive and now-tainted digital ad-fraud sector to the programmatic out-of-home (OOH) advertising market. This move was a clear attempt to reset the narrative and capitalize on a new, high-growth area.
• The Financial Reality Check: Despite the strategic pivot, the financial performance remains challenging. The Trailing Twelve Months (TTM) Earnings Per Share (EPS) as of November 2025 stands at -$0.87, reflecting continued losses as the company integrates the merger and attempts to grow in the new market. This number tells you the company is still in a heavy investment or restructuring phase.

If you're looking to dig deeper into the current shareholder base and why they are holding on, you should be Exploring Kubient, Inc. (KBNT) Investor Profile: Who's Buying and Why?

The key takeaway is that the current Kubient is essentially a new entity, built on the ashes of the old, with a new business model that is still trying to prove its profitability.

Kubient, Inc. (KBNT) Ownership Structure

The ownership structure of Kubient, Inc. is defined by its status as a publicly traded company on the Over-The-Counter (OTC) Markets that filed for Chapter 7 liquidation on July 25, 2024. This means the company is being dissolved, and its assets are under the control of a court-appointed trustee, fundamentally altering the traditional decision-making power of its shareholders and management. The company's market capitalization is nominal, standing at roughly $14.73K as of November 2025, with shares trading around $0.0003 each.

Kubient's Current Status

Kubient is no longer a going concern; it is in the process of liquidation under Chapter 7 of the U.S. Bankruptcy Code. The company delisted from the Nasdaq Capital Market in November 2023 and now trades on the OTC Markets. The primary financial reality for 2025 is the management of its remaining assets and liabilities, which were listed as approximately $3.34 million in assets and $2.88 million in liabilities at the time of the Chapter 7 filing. This move to liquidation supersedes any prior strategic direction or operational control by the former executive team.

The former CEO was sentenced to prison in March 2025 for accounting fraud. That's a serious risk factor you defintely need to be aware of.

Kubient's Ownership Breakdown

Given the Chapter 7 filing and the company's micro-cap status, institutional interest is virtually non-existent. As of the latest available data, Kubient, Inc. has 0 institutional owners who have filed a 13D/G or 13F form with the SEC. The remaining 100% of the 14.73 million outstanding shares are held by insiders and retail investors. This concentration of ownership among a small public float and affiliates means the stock is extremely illiquid and volatile, trading at approximately $0.0003 per share. If you're looking for more details on the shareholder base, you can check out Exploring Kubient, Inc. (KBNT) Investor Profile: Who's Buying and Why?.

Kubient's Leadership

In a Chapter 7 liquidation, the traditional executive management team is replaced by a court-appointed trustee who assumes fiduciary control over the company's assets. This is the ultimate governing body for Kubient in November 2025.

• Case Trustee (Liquidation Officer): Alfred T. Giuliano was appointed to oversee the liquidation process following the July 2024 Chapter 7 filing. His role is to marshal and sell the company's assets to pay off creditors.
• Former CEO: Paul Roberts, the founder and former Chief Executive Officer, was sentenced to prison in March 2025 after pleading guilty to securities fraud for improperly recognizing over $1.3 million in fraudulent revenue.
• Former Interim CEO: Elisabeth DeMarse was the Interim CEO until late 2023, but her operational role was superseded by the bankruptcy proceedings in 2024.

The leadership is now a legal and fiduciary function, not an operational one. The trustee is the one making the decisions now.

Kubient, Inc. (KBNT) Mission and Values

Kubient, Inc.'s core purpose was to transform the digital advertising ecosystem by championing transparency and fighting ad fraud, but its operational mission was cut short by a Chapter 7 liquidation filing in July 2024 and subsequent revelations of executive accounting fraud.

Kubient, Inc.'s Core Purpose

The company's foundational drive was to fix a broken, opaque programmatic advertising market. They aimed to shift the industry from impression-based buying to a more efficient, audience-based marketing model. This focus on integrity is now starkly contrasted by the September 2024 guilty plea of its former CEO for accounting fraud, including misrepresenting the performance of the core fraud-detection tool, KAI.

Official mission statement

Kubient, Inc. was a technology company with a clear, stated mission to overhaul the digital advertising industry's mechanics.

• Transform the digital advertising industry to audience-based marketing.
• Provide a transparent programmatic environment.
• Enable efficient marketplace liquidity for buyers and sellers of digital advertising.
• Utilize proprietary artificial intelligence-powered pre-bid ad fraud prevention.

Honestly, the mission was a good one. It just wasn't executed with the integrity the market demands, which is why the stock price was around $0.0003 as of November 2025.

Vision statement

While a formal, separate vision statement is not public, the company's stated goal of altering the status quo implies a future state where their platform, the Audience Marketplace, becomes the standard for digital ad transactions. The vision was essentially a fraud-minimized, fully transparent, and efficient programmatic market.

• Establish the Audience Marketplace as the go-to solution for brands and publishers demanding transparency.
• Be the next generation of the industry's advertising inventory auction infrastructure.
• Offer a comprehensive, fraud-minimized, independent advertising marketplace.

The vision was to stop fraud before it started, detecting it within the 300-millisecond bid stream window. You can see how this all played out in Exploring Kubient, Inc. (KBNT) Investor Profile: Who's Buying and Why?

Kubient, Inc. slogan/tagline

Kubient, Inc. did not widely use a single, formal, public tagline, but their core value proposition centered on a promise of integrity and advanced technology.

• The Audience Marketplace.
• The solution for brands and publishers that demand transparency.
• Fraud detection within the 300-millisecond window.

The key takeaway here is that culture eats strategy for breakfast; a great mission about transparency is defintely worthless without ethical leadership, which is a critical lesson for any investor to internalize.

Kubient, Inc. (KBNT) How It Works

Honestly, the direct takeaway here is that Kubient, Inc. is no longer operating; it filed for Chapter 7 liquidation bankruptcy on July 25, 2024. The company's core business was a cloud-based platform designed to connect digital advertisers and publishers with a focus on eliminating ad fraud, but its operations ceased well before November 2025.

The company's model, prior to its collapse, centered on the Kubient Audience Cloud, a programmatic marketplace intended to facilitate transparent, real-time bidding (RTB) for digital advertising inventory. The entire premise was to create a clean, direct environment, but that vision was ultimately undermined by internal fraud and a lack of sustained revenue growth.

Given Company's Product/Service Portfolio

To be clear, this portfolio represents the company's final, historical offerings before liquidation. The goal was to sell transparency and efficiency in a murky ad-tech world.

Given Company's Operational Framework

The operational framework as of November 2025 is a formal liquidation process under Chapter 7 of the US Bankruptcy Code. This is a critical distinction-the company is not restructuring; it is dissolving.

• Cessation of Business: All active business operations, including the Audience Cloud platform, ceased following the July 2024 filing.
• Trustee Management: Alfred T. Giuliano was appointed as the case trustee to manage the liquidation of assets.
• Financial Status: The bankruptcy petition listed total assets of $3.34 million against total liabilities of $2.88 million.
• Stock Status: The stock, KBNT, now trades on the OTC market at a nominal value, recently quoted at around $0.0003 per share.

The value-driving process shifted from facilitating ad transactions to the trustee's methodical sale of remaining intellectual property, equipment, and other assets to pay creditors. It's defintely a sad end for a company with such a strong initial concept.

Given Company's Strategic Advantages

The company's intended strategic advantages were ultimately overshadowed by operational failure and legal issues. The real advantage it should have had-trust-was compromised.

• Pre-Bid Fraud Prevention: The KAI technology was designed to stop fraud before an ad impression was served, a significant advantage over post-bid solutions.
• Transparency and Efficiency: The Audience Cloud promised a direct, transparent marketplace, cutting out intermediaries and reducing the cost-per-impression.
• The Fraud Reality: This advantage was nullified when the former CEO pleaded guilty to securities fraud in September 2024, admitting to misrepresenting KAI's efficacy and improperly recognizing over $1.3 million in fraudulent revenue.
• Liquidity Risk: The company's inability to secure a successful acquisition in late 2023, coupled with a lack of consistent revenue (Total Revenue was $2.403 million in 2022), meant it couldn't sustain its cash burn.

The lesson here is simple: a great technology concept means nothing without ethical execution and a sustainable business model. For a deeper dive into the trading history around this collapse, you should be Exploring Kubient, Inc. (KBNT) Investor Profile: Who's Buying and Why?

Kubient, Inc. (KBNT) How It Makes Money

Kubient, Inc. historically made money by operating a cloud-based programmatic advertising platform, the Audience Cloud, which connected advertisers and publishers, primarily charging a transaction fee-a take rate-on the media spend that flowed through its system. The financial reality as of November 2025, however, is that the company is in Chapter 7 bankruptcy (liquidation), having filed on July 25, 2024, meaning its business model is no longer operational or sustainable.

Given Company's Revenue Breakdown

The last trailing twelve months (TTM) revenue reported was approximately $1.17 million. This revenue was generated from two primary, but now defunct, product lines. The most recent quarterly revenue, released in August 2025, dropped to a negligible $0.01 million (or $10,000), showing the business has effectively ceased operations.

Here's the quick math: the bulk of the revenue came from the core platform services, which facilitated real-time bidding (RTB) auctions, including its unique programmatic Digital Out-of-Home (DOOH) offerings. The Fraud Prevention segment, centered on its Kubient Artificial Intelligence (KAI) tool, was meant to be a high-margin, stand-alone Software-as-a-Service (SaaS) offering, but its historical revenue was plagued by an accounting fraud scheme involving the former CEO. The trend is defintely terminal, as the company is liquidating its assets.

Business Economics

Kubient's intended economic model was typical of an AdTech exchange, but its failure was rooted in a lack of sustainable volume and the fallout from corporate fraud. The core idea was to capture a percentage of the gross media spend that passed through the Audience Cloud (its take rate), recognizing revenue on a net basis-the difference between the gross billing to the advertiser and the payment to the publisher.

• Pricing Model: Transactional, based on a percentage of the media spend (the take rate), which is standard for a supply-side platform (SSP) or exchange.
• Key Differentiator: The proprietary KAI fraud prevention tool was supposed to be a high-value, high-margin product, stopping ad fraud in the critical 300-millisecond bid-stream window.
• Financial Reality: The economic model never achieved scale. The company was unable to generate significant revenue, with the former CEO fabricating over $1.3 million in KAI revenue in 2020 to mislead investors.
• Cost Structure: The business was highly unprofitable, with operating expenses consistently dwarfing revenue, leading to a net loss of -$2.47 million in the latest reported quarter.

What this estimate hides is that the technology assets, like KAI and the Audience Cloud, are now being sold off to satisfy creditors in the Chapter 7 process, not generating operating revenue.

Given Company's Financial Performance

The financial performance of Kubient, Inc. as of November 2025 is a snapshot of a business in distress and liquidation. The numbers show a complete collapse of operations following the Chapter 7 filing in mid-2024.

• Revenue Decline: Trailing twelve months (TTM) revenue is $1.17 million, down significantly from prior years, and the latest quarterly revenue is near zero at $0.01 million.
• Profitability: The company is deeply unprofitable, with a TTM Net Profit Margin of -566.69%. This means for every dollar of revenue, the company lost over five dollars.
• Efficiency Metrics: Return on Equity (ROE) is poor at -76.23% on a TTM basis, reflecting the substantial and ongoing losses against shareholder equity.
• Liquidity/Balance Sheet: The company reported total assets of $12.25 million and total liabilities of $1.72 million in the latest quarter. The current ratio is high at 7.11, but this reflects cash on hand (assets) being held for the liquidation process, not a healthy, operating business.

The focus for creditors and investors is now on the liquidation value of the remaining assets, rather than any future earnings potential. For more on the company's original goals, you can look at the Mission Statement, Vision, & Core Values of Kubient, Inc. (KBNT).

Kubient, Inc. (KBNT) Market Position & Future Outlook

Kubient, Inc.'s market position as of November 2025 is effectively non-existent, having filed for a voluntary petition for liquidation under Chapter 7 bankruptcy on July 25, 2024. The future outlook is solely focused on the orderly disposition of its remaining assets by the appointed trustee, Alfred T. Giuliano, to satisfy creditor claims.

The company's stock, trading under KBNT, reflects this reality, with a market capitalization of only $4.42 thousand as of November 13, 2025, and a share price of approximately $0.0003. This is a cautionary tale of how quickly a public company can dissolve when governance fails; you should read Breaking Down Kubient, Inc. (KBNT) Financial Health: Key Insights for Investors for a deeper dive into the financial red flags.

Competitive Landscape

In the traditional sense, Kubient, Inc. has no competitive landscape as it is in liquidation. Its former competitors continue to operate in the ad-tech space, which is dominated by giants. The table below illustrates the stark difference in scale between Kubient's final, nominal valuation and that of its former micro-cap peers and the industry leader.

The ad-tech market is fiercely competitive, and Kubient's failure underscores the difficulty for small players to gain traction against behemoths like Alphabet, which is projected to capture 24.8% of the global online advertising revenue in 2025, reaching $288 billion in annual ad revenue.

Opportunities & Challenges

For the former shareholders and creditors, the opportunities and risks are entirely administrative, centered on the Chapter 7 process. The initial bankruptcy filing showed assets of $3.34 million against liabilities of $2.88 million in July 2024, but this is a gross figure and the net recovery for equity holders is defintely near zero.

Industry Position

Kubient's final industry position is a footnote, serving as a negative case study in corporate governance and the perils of micro-cap ad-tech. The core technology, Kubient Artificial Intelligence (KAI), was designed to address ad-fraud, a persistent problem that costs advertisers billions, but the company's internal issues overshadowed its potential.

• The former CEO's accounting fraud scheme, which involved improperly recognizing over $1.3 million in fraudulent revenue, was a major factor in the company's collapse.
• The company's dissolution highlights the market's shift toward larger, integrated platforms that offer end-to-end solutions, making it tough for single-focus platforms to survive.
• The ad-tech trend is moving toward AI-enabled tools and privacy-first solutions, a space where Kubient's KAI could have competed, but its operational and financial instability precluded any real chance.

The final action for any investor still holding KBNT shares is to wait for the final distribution notice from the Chapter 7 trustee, though a recovery is highly unlikely.