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Rocket Fuel ups Q4 guidance, issues Q1/2014 guidance, announces offering

  • Rocket Fuel (FUEL) has hiked its Q4 revenue guidance range to $84M-$85M, above prior guidance of $74M-$77M and a $76.6M consensus. Adjusted EBITDA is now expected to be in a range of $3M-$4.5M, above prior guidance of $1M-$2M.
  • Gross margin is expected to be in the range of 47%-49% vs. 49% in Q3 and 43% a year ago. 32% of revenue is expected to come from "other" channels (inc. mobile, social, and video ads), up from 26% in Q3 and 8% a year ago.
  • Rocket Fuel is also guiding for Q1 revenue of $73M-$76M (consensus is at $73.8M), and 2014 revenue of $420M-$435M (above a $419.8M consensus). Adjusted EBITDA is expected to be in range of -$9M to -$7.5M in Q1, and $3M to $6M for the whole of 2014.
  • Also: Rocket Fuel has announced a 5M-share stock offering ahead of its March 19 lockup expiration. The company is selling 2M new shares (gross proceeds of $140M at current levels), and 3M on behalf of existing shareholders. Underwriters have a 750K-share overallotment option to buy additional shares from existing holders.
  • FUEL +5.8% AH.
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