CPM abnormally low after 4 months

I’ve had ads running since October 2024, and while I understand CPM can be low during the ramp-up period, mine has stayed extremely low (~$0.53) since the beginning—even through Q4. It has never gone above $1, even after implementing key optimizations.

Recently, I implemented Google Consent Mode, which is now properly tracking in GA4 and has fixed previous underreporting issues. After making these changes, I initially saw more ads filling and a spike in RPM (~$20 at one point), but CPM has remained under $1, and Grow placeholders are appearing more frequently again.

Additionally, when I check in incognito mode, I only see Grow ads—even after accepting cookies. I know placeholders show more for site owners, but this happens on every post and every session.

I’ve reviewed the self-help documentation and don’t see any issues with my script implementation. Since my site is on Squarespace, I don’t have any plug-ins interfering with ad performance. My impressions per pageview are strong, which I assume is why RPM is decent, but CPM remains abnormally low.

Could you check on your end if there are any technical issues with my site? Is my ad inventory being properly filled now that Consent Mode is active? Should I expect CPM to increase soon, or is there something else I need to adjust?

Thanks so much for your help!

Reem
www.onecreativecook.com