French firm Criteo is quickly evolving into an IPO advertising technology success story after it announced yet another record quarter.

Criteo’s revenue climbed 66% to €165.3 million in the second quarter of 2014 compared to Q2 2013’s €99.4 million, whereas revenue excluding traffic costs rose from last year’s €40 million to €67 million.

Net income is likely the figure that Criteo will be most pleased with as it managed to turn around a net loss of €5.6 million to €2.4 million in the black, which equates to an €8 million year-on-year rise.

EBITDA u-turn

A similar u-turn has occurred with the ad tech company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA). A €0.7 million Q2 2013 posting has increased to €13.2 million in this year’s correlating quarter.

All this has led to a 170% surge in cash flow from operating activities – €4.1 million in Q2 2013 turning into €11.2 million this year, while free cash moved from a negative $2.5 million to €0.7 million.

There has been some serious growth in Criteo’s client base too, mostly because of an accelerating mid-market segment, with the company’s total clients flying up 42% year on year to 6,131 in Q2.

For the full fiscal year ending December 31 2014, Criteo expects to reach a revenue figure between €280 million and €284 million, with EBITDA of €55.5 million to €59.5 million.