Viant Technology (DSP) investor relations material

Executive summary

• Revenue, contribution ex-TAC and adjusted EBITDA reached Q3 records; contribution ex-TAC and adjusted EBITDA exceeded guidance highs, while revenue was slightly below the high end.

• Broad-based demand, led by healthcare and public services, and accelerating CTV spend supported growth.

• Acquired Waymark, adding generative AI video ad creation for CTV and expanding advertiser capabilities.

Financial highlights

• Q3 revenue was $110.4M, up 29% YoY; contribution ex-TAC was $67.2M, up 27%, and gross profit was $51.6M, up 30%.

• Adjusted EBITDA was $19.8M, up 24%; non-GAAP net income was $13.4M, up 20%.

• GAAP net income was $2.6M, down 49% YoY, with diluted EPS of $0.00 versus $0.06.

• For 9M, revenue was $303.2M, up 30%; adjusted EBITDA was $43.8M, up 34%, and net loss was $1.4M versus net income of $3.6M.

Outlook and guidance

• Q4 guidance: revenue $130.5M–$133.5M, contribution ex-TAC $80.5M–$82.5M, non-GAAP operating expenses $49.5M–$50.5M and adjusted EBITDA $31M–$32M.

• Q4 guidance midpoint implies contribution ex-TAC growth of 26% YoY and 21% sequentially, adjusted EBITDA growth of 27% YoY and a 39% margin.

• FY26 midpoint outlook: revenue ~$435M, up 26%; contribution ex-TAC ~$259M, up 24%; adjusted EBITDA ~$75M, up 31%, with a 29% margin, up ~150 bps.

• For 2027, expected contribution ex-TAC growth is 20% or more annually, with meaningful adjusted EBITDA margin expansion; enterprise pipeline conversions could add growth.

• Continued investment in product, technology, data, measurement, sales and marketing is planned; existing cash, operating cash flows and undrawn revolver availability are expected to cover cash needs for 12 months.