Viant Technology (DSP) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year 2025 results, with revenue, contribution ex-TAC, and adjusted EBITDA surpassing guidance and driven by broad-based growth across CTV, digital out-of-home, mobile, and AI-powered solutions.

• CTV and emerging digital channels drove platform growth, with CTV ad spend representing 46% of total advertiser spend in Q4 and over 45% for FY 2025.

• Major new clients onboarded, including Molson Coors and WHOOP, with multi-year partnerships expected to drive significant ramp-up in spend in 2026.

• Launched Outcomes, a fully autonomous AI-powered ad product, expanding the total addressable market and earning industry recognition.

• Expanded enterprise sales team and secured new partnerships to fuel future growth.

Financial highlights

• Q4 2025 revenue: $110.1M, up 22% year-over-year; full-year revenue: $344.2M, up 19% year-over-year.

• Q4 contribution ex-TAC: $64.6M, up 19% year-over-year; full-year: $208.7M, up 18% year-over-year.

• Q4 adjusted EBITDA: $24.7M, up 45% year-over-year; full-year adjusted EBITDA: $57.4M, up 29% year-over-year.

• Q4 non-GAAP net income: $19M, up 37% year-over-year; full-year: $41.1M, up 19% year-over-year.

• Ended Q4 with $191.2M in cash and cash equivalents.

Outlook and guidance

• Q1 2026 revenue guidance: $83M–$86M, up 20% year-over-year at midpoint.

• Q1 2026 contribution ex-TAC: $49M–$51M, up 17% year-over-year at midpoint.

• Q1 2026 adjusted EBITDA: $8.5M–$9.5M, up 67% year-over-year at midpoint.

• Management expects sequential acceleration in revenue and contribution ex-TAC growth through 2026, driven by new client ramp-up and political ad spend.

• Anticipate continued margin expansion as revenue and contribution ex-TAC outpace operating expense growth.