Viant Technology Inc (DSP)

Viant Technology Announces First Quarter 2026 Financial ResultsMay 11, 2026 4:05 PM
Business Wire Acquired TVision Insights, a leader in attention measurement across linear TV and CTV Achieved record first quarter results across all key metrics, including a 25% increase in revenue Generated record first quarter CTV advertiser spend(1), accounting for over 50% of total ad spend Viant Technology Inc. (Nasdaq: DSP), a leader in AI-powered programmatic advertising, today reported financial results for its first quarter ended March 31, 2026. "Viant delivered record first quarter results, exceeding the high end of our guidance range across both the top and bottom lines for the quarter," said Tim Vanderhook, Co-Founder and CEO, Viant. "Our continued success is amplified by our recent landmark acquisition of TVision, which further transforms Viant from a media execution platform into a highly differentiated advertising intelligence company, equipped with proprietary data, measurement, and activation capabilities that enables advertisers to drive optimal media decisions. By integrating TVision's measurement and proprietary attention data into our AI-powered ad platform, we have created a first-of-its-kind solution that transforms viewer attention into real-time actionable signals for planning, bidding, and optimized decisioning. Our exclusive data now spans content, identity and attention, strategically positioning Viant as the most sophisticated and effective platform delivering outcomes for advertisers. With the addition of TVision, we expect to accelerate top-line growth, improve profitability and seize market share." First Quarter 2026 Financial Highlights, year-over-year (in thousands, except percentages and per share data):   2026   2025   Change (%)               (NM = Not Meaningful) GAAP           Revenue $ 88,538     $ 70,642     25 % Gross profit $ 36,373     $ 30,562     19 % Net loss $ (2,190 )   $ (3,307 )   34 % Net loss as a percentage of gross profit   (6 )%     (11 )%   NM   Net loss attributable to Viant Technology Inc. $ (455 )   $ (1,190 )   62 % Earnings (loss) per share of Class A common stock—basic $ (0.03 )   $ (0.07 )   57 % Earnings (loss) per share of Class A common stock—diluted $ (0.03 )   $ (0.07 )   57 % Class A and Class B common shares outstanding (as of March 31)   63,824           Cash and cash equivalents (as of March 31) $ 185,687                       Non-GAAP(2)           Contribution ex-TAC $ 50,297     $ 42,729     18 % Adjusted EBITDA $ 9,753     $ 5,402     81 % Adjusted EBITDA as a percentage of contribution ex-TAC   19 %     13 %   NM   Non-GAAP net income $ 5,606     $ 2,816     99 % Non-GAAP earnings per share of Class A common stock—basic $ 0.09     $ 0.04     125 % Non-GAAP earnings per share of Class A common stock—diluted $ 0.07     $ 0.03     133 %   Recent Business Highlights: Acquired TVision Insights, establishing Viant as an objective measurement and buying platform uniquely capable of valuing inventory across linear TV, CTV, Netflix, YouTube and Prime Video, which uniquely enables Viant to direct advertiser spend to destinations projected to maximize human engagement and deliver optimal outcomes. Launched inaugural performance advertising campaigns within Outcomes, the first fully autonomous advertising solution built for the open-internet. Outcomes leverages Viant's newly developed AI Lattice Brain, a decisioning architecture purpose-built to plan and execute campaigns autonomously by continuously evaluating proprietary data signals including Viant's Household ID, IRIS_ID, TVision attention insights, supply quality scoring models, historical campaign performance data and more. CTV spend reached a seasonal record high in the first quarter, representing over 50% of total advertiser spend on the platform. "We are off to a strong start to the year, delivering contribution ex-TAC growth of 18%, exceeding the mid-point of our guidance, and adjusted EBITDA growth of 81%, exceeding the high end of our guidance," stated Larry Madden, CFO of Viant. "On May 1st, we closed on our acquisition of TVision, enabling the exclusive integration of proprietary attention insights directly into our AI-powered ad platform. TVision materially strengthens our targeting and measurement capabilities, which we expect will drive increased ad spend across our platform, elevate our take-rate and lead to adjusted EBITDA margin expansion over time. Reflecting strengthening advertiser demand, continued adoption of ViantAI, incremental use of our proprietary data, and increased engagement across our sales pipeline - we expect to accelerate top-line growth in each quarter throughout 2026, while delivering Adjusted EBITDA margin expansion for the year." For the second quarter 2026, the Company expects: Revenue in the range of $98.5 million to $101.5 million Contribution ex-TAC in the range of $58.5 million to $60.5 million Non-GAAP operating expenses in the range of $45.5 million to $46.5 million Adjusted EBITDA in the range of $13.0 million to $14.0 million Contribution ex-TAC, non-GAAP operating expenses, adjusted EBITDA, adjusted EBITDA as a percentage of contribution ex-TAC, non-GAAP net income, and non-GAAP earnings (loss) per share of Class A common stock—basic and diluted are non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with U.S. generally accepted accounting principles ("GAAP"). Reconciliations of these non-GAAP financial measures to Viant’s financial results as determined in accordance with GAAP are included at the end of this press release under “Reconciliation of Non-GAAP Financial Measures.” For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see “Non-GAAP Financial Measures” in this press release. We are not able to estimate gross profit, total operating expenses or net income (loss) on a forward-looking basis or reconcile the guidance provided for contribution ex-TAC, non-GAAP operating expenses, or adjusted EBITDA to the closest corresponding GAAP financial measures on a forward-looking basis without unreasonable efforts due to the variability and complexity with respect to the charges excluded from these non-GAAP financial measures; in particular, the impact of future traffic acquisition costs and other platform operations expenses, as well as the measures and effects of our stock-based compensation related to equity grants that are directly impacted by unpredictable fluctuations in our share price and the potential forfeitures of equity grants. We expect the variability of the above charges could have a significant and potentially unpredictable impact on our future GAAP financial results. (1) We define advertiser spend as the total amount billed to our customers for activity on our platform inclusive of the costs of advertising media, third-party data, other add-on features and our platform fee we charge customers. (2) For a discussion on how we define, use and calculate these non-GAAP financial measures and a reconciliation thereof to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Measures” and the supplementary schedules under “Reconciliation of Non-GAAP Financial Measures” in this press release. Supplemental Financial and Other Information: Supplemental financial and other information can be accessed through Viant’s Investor Relations website at investors.viantinc.com. As of March 31, 2026, there were 18,264,502 shares of the Company's Class A common stock outstanding and 45,559,716 shares of the Company's Class B common stock outstanding. For more information, please refer to our Quarterly Report on Form 10-Q expected to be filed with the Securities and Exchange Commission ("SEC") on May 11, 2026. Conference Call and Webcast Details: Viant will host a conference call and webcast to discuss its financial results on Monday, May 11, 2026 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). A live webcast of the call can be accessed from Viant’s Investor Relations website. An archived version of the webcast will be available from the same website after the call. Viant Technology has used, and intends to continue to use, the “Investor Relations” section of its website at investors.viantinc.com, its LinkedIn account, the LinkedIn account of its Chief Executive Officer, Tim Vanderhook, the LinkedIn account of its Chief Operating Officer, Chris Vanderhook, its X (formerly known as Twitter) account (@viant_tech), and Chris Vanderhook's X account (@cvanderhook) to post information that may be important to investors. Investors and potential investors are encouraged to consult Viant Technology’s website and the foregoing LinkedIn and X accounts regularly for important information. About Viant Viant Technology Inc. (NASDAQ: DSP) is an exclusively buy-side AI-powered advertising platform purpose-built for CTV. Viant uniquely combines proprietary content intelligence, household-level identity resolution, and person-level attention signals to connect advertisers with real customers and drive measurable outcomes across the open internet. Through its award-winning AI solutions, Viant is building the future of autonomous advertising, where AI doesn't just assist the campaign, it delivers real results. Learn more at viantinc.com. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “guidance,” “believe,” “expect,” “estimate,” “commit,” “ensure,” “target,” “project,” “plan,” “will,” or words or phrases with similar meaning. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements contained in this press release relate to, among other things, Viant’s projected financial performance and operating results, including our guidance for revenue, contribution ex-TAC, non-GAAP operating expenses, and adjusted EBITDA, as well as statements regarding Viant’s growth prospects and drivers, strategic priorities, the benefits of Viant’s acquisition of TVision, including enhanced capabilities and expected tailwinds for Viant’s financial results, and impacts from the ViantAI product suite and other offerings. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, the market for programmatic advertising may develop slower or differently than Viant’s expectations, the demands and expectations of customers, the ability to attract and retain customers, the impact of information and data privacy trends and regulations on our business and competitors, risks related to the use of artificial intelligence technologies, and other economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements. Investors are referred to our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement. We do not intend and undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law.   VIANT TECHNOLOGY INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited; in thousands, except per share data)     Three Months Ended
March 31,     2026       2025   Revenue $ 88,538     $ 70,642   Operating expenses(1):       Platform operations   52,165       40,080   Sales and marketing   16,277       14,229   Technology and development   7,138       6,911   General and administrative   16,916       14,281   Total operating expenses   92,496       75,501   Loss from operations   (3,958 )     (4,859 ) Other expense (income), net:       Interest income, net   (1,362 )     (1,724 ) TRA remeasurement expense   —       325   Total other expense (income), net   (1,362 )     (1,399 ) Loss before income taxes   (2,596 )     (3,460 ) Provision for (benefit from) income taxes   (406 )     (153 ) Net loss   (2,190 )     (3,307 ) Less: Net loss attributable to noncontrolling interests   (1,735 )     (2,117 ) Net loss attributable to Viant Technology Inc. $ (455 )   $ (1,190 ) Earnings (loss) per share of Class A common stock:       Basic $ (0.03 )   $ (0.07 ) Diluted $ (0.03 )   $ (0.07 ) Weighted-average shares of Class A common stock outstanding:       Basic   17,827       16,439   Diluted   63,452       16,439   (1) Stock-based compensation and depreciation and amortization included in operating expenses are as follows (in thousands):   Three Months Ended
March 31,   2026   2025 Stock-based compensation:       Platform operations $ 688   $ 892 Sales and marketing   2,403     1,500 Technology and development   976     758 General and administrative   2,510     2,489 Total stock-based compensation $ 6,577   $ 5,639     Three Months Ended
March 31,   2026   2025 Depreciation and amortization:       Platform operations $ 4,817   $ 3,572 Sales and marketing   96     74 Technology and development   474     590 General and administrative   86     88 Total depreciation and amortization $ 5,473   $ 4,324   VIANT TECHNOLOGY INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited; in thousands, except share and per share data)     As of
March 31,   As of
December 31,     2026       2025   Assets       Current assets:       Cash and cash equivalents $ 185,687     $ 191,151   Accounts receivable, net of allowances   146,230       177,139   Prepaid expenses and other current assets   5,998       7,902   Total current assets   337,915       376,192   Property, equipment, and software, net   35,424       35,069   Operating lease assets, net   21,181       19,689   Intangible assets, net   2,728       2,899   Goodwill   19,190       19,190   Deferred tax assets   18,534       17,524   Other assets   4,033       4,100   Total assets $ 439,005     $ 474,663   Liabilities and stockholders’ equity       Liabilities       Current liabilities:       Accounts payable $ 53,711     $ 83,520   Accrued liabilities   46,064       50,828   Accrued compensation   9,204       12,988   Deferred revenue   551       583   Current portion of operating lease liabilities   5,098       5,080   Other current liabilities   3,206       4,036   Total current liabilities   117,834       157,035   Long-term debt   —       —   Long-term portion of operating lease liabilities   18,286       16,668   Long-term portion of TRA liability   12,486       12,159   Total liabilities   148,606       185,862   Commitments and contingencies       Stockholders’ equity       Preferred stock, $0.001 par value       Authorized shares — 10,000,000       Issued and outstanding — none   —       —   Class A common stock, $0.001 par value       Authorized shares — 450,000,000       Issued — 18,820,004 and 18,271,293   19       18   Outstanding — 18,264,502 and 17,593,198       Class B common stock, $0.001 par value       Authorized shares — 150,000,000       Issued and outstanding — 45,559,716 and 45,717,216   46       46   Additional paid-in capital   190,099       182,744   Accumulated deficit   (98,749 )     (91,751 ) Treasury stock, at cost; 555,502 and 678,095 shares held   (6,105 )     (8,920 ) Total stockholders’ equity attributable to Viant Technology Inc.   85,310       82,137   Noncontrolling interests   205,089       206,664   Total equity   290,399       288,801   Total liabilities and stockholders’ equity $ 439,005     $ 474,663     VIANT TECHNOLOGY INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited; in thousands)     Three Months Ended
March 31,     2026       2025   Cash flows from operating activities:       Net loss $ (2,190 )   $ (3,307 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities:       Depreciation and amortization   5,473       4,324   Stock-based compensation   6,577       5,639   Provision for doubtful accounts   204       390   Loss on disposal of assets   132       —   Noncash lease expense   1,206       1,126   Deferred taxes   (518 )     —   Changes in operating assets and liabilities:       Accounts receivable   30,705       15,269   Prepaid expenses and other assets   1,971       (60 ) Accounts payable   (29,819 )     (11,595 ) Accrued liabilities   (4,515 )     (9,293 ) Accrued compensation   (4,644 )     (3,784 ) Deferred revenue   (32 )     (330 ) Operating lease liabilities   (1,062 )     (1,073 ) Other liabilities   (563 )     (1,758 ) Net cash provided by (used in) operating activities   2,925       (4,452 ) Cash flows from investing activities:       Purchases of property and equipment   (313 )     (124 ) Capitalized software development costs   (3,617 )     (3,599 ) Cash paid for acquisitions   —       (315 ) Net cash used in investing activities   (3,930 )     (4,038 ) Cash flows from financing activities:       Repurchase of stock related to tax withholdings on vested equity awards   (3,121 )     (3,232 ) Repurchase of stock related to the stock repurchase program   (987 )     (17,025 ) Payment of member tax distributions   (452 )     (3,645 ) Proceeds from the exercise of stock options   380       1,222   Payment on tax receivable agreement liability   (279 )     —   Net cash used in financing activities   (4,459 )     (22,680 ) Net decrease in cash and cash equivalents   (5,464 )     (31,170 ) Cash and cash equivalents at beginning of period   191,151       205,048   Cash and cash equivalents at end of period $ 185,687     $ 173,878     Non-GAAP Financial Measures To provide investors and others with additional information regarding Viant’s results, we have included in this press release the following financial measures that are not calculated in accordance with GAAP: contribution ex-TAC, non-GAAP operating expenses, adjusted EBITDA, adjusted EBITDA as a percentage of contribution ex-TAC, non-GAAP net income (loss) and non-GAAP earnings (loss) per share of Class A common stock—basic and diluted. The Company’s management believes that this information can assist investors in evaluating the Company’s operational trends, financial performance, and cash generating capacity. Management believes these non-GAAP financial measures allow investors to evaluate the Company’s financial performance using some of the same measures as management. Contribution ex-TAC is a non-GAAP financial measure. Gross profit is the most comparable GAAP financial measure, which is calculated as revenue less platform operations expense. In calculating contribution ex-TAC, we add back other platform operations expense to gross profit. Contribution ex-TAC is a key profitability measure used by our management and board of directors to understand and evaluate our operating performance and trends, develop short- and long-term operational plans and make strategic decisions regarding the allocation of capital. “Traffic acquisition costs” or “TAC” represents amounts incurred and payable to suppliers for the cost of advertising media, third-party data and other add-on features related to our fixed cost per mille pricing option and certain arrangements related to our percentage of spend pricing option. In particular, we believe that contribution ex-TAC can provide a measure of period-to-period comparisons for all pricing options within our business. Accordingly, we believe that this measure provides information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors. Non-GAAP operating expenses is a non-GAAP financial measure. Total operating expenses is the most comparable GAAP financial measure. Non-GAAP operating expenses is defined by us as total operating expenses plus other expense, net, less TAC, stock-based compensation, depreciation, amortization, and certain other items that are not related to our core operations, such as acquisition and restructuring costs. Non-GAAP operating expenses is a key component in calculating adjusted EBITDA, which is one of the measures we use to provide our business outlook to the investment community. Additionally, non-GAAP operating expenses is used by our management and board of directors to understand and evaluate our operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. We believe that the elimination of TAC, stock-based compensation, depreciation, amortization and certain other items not related to our core operations provides another measure for period-to-period comparisons of our business, provides additional insight into our core controllable costs, and is a useful metric for investors because it allows them to evaluate our operational performance in the same manner as our management and board of directors. Adjusted EBITDA is a non-GAAP financial measure defined by us as net income (loss) before interest expense (income), net, income tax benefit (expense), depreciation, amortization, stock-based compensation and certain other items that are not related to our core operations, such as acquisition and restructuring costs as well as Tax Receivable Agreement (the "TRA") remeasurement expense. Net income (loss) is the most comparable GAAP financial measure. Adjusted EBITDA as a percentage of contribution ex-TAC is a non-GAAP financial measure we calculate by dividing adjusted EBITDA by contribution ex-TAC for the period or periods presented. Net income (loss) as a percentage of gross profit is the most comparable GAAP financial measure. Adjusted EBITDA and adjusted EBITDA as a percentage of contribution ex-TAC are used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating adjusted EBITDA can provide a measure for period-to-period comparisons of our business. Adjusted EBITDA as a percentage of contribution ex-TAC, a non-GAAP financial measure, is used by our management and board of directors to evaluate adjusted EBITDA relative to our profitability after costs that are directly variable to revenues, which comprise TAC. Accordingly, we believe that adjusted EBITDA and adjusted EBITDA as a percentage of contribution ex-TAC provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors. Non-GAAP net income (loss) is a non-GAAP financial measure defined by us as net income (loss) adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as acquisition and restructuring costs as well as TRA remeasurement expense and the income tax effect of these adjustments. Net income (loss) is the most comparable GAAP financial measure. Non-GAAP net income (loss) is a key measure used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of stock-based compensation and certain other items that are not related to our core operations provides measures for period-to-period comparisons of our business and additional insight into our core controllable costs. Accordingly, we believe that non-GAAP net income (loss) provides information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors. Non-GAAP earnings (loss) per share of Class A common stock—basic and diluted is a non-GAAP financial measure defined by us as earnings (loss) per share of Class A common stock—basic and diluted, adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as acquisition and restructuring costs as well as TRA remeasurement expense and the income tax effect of these adjustments. Earnings (loss) per share of Class A common stock—basic and diluted is the most comparable GAAP financial measure. Non-GAAP earnings (loss) per share of Class A common stock—basic and diluted is used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of stock-based compensation and certain other items that are not related to our core operations provides measures for period-to-period comparisons of our business and provides additional insight into our core controllable costs. Accordingly, we believe that non-GAAP earnings (loss) per share of Class A common stock—basic and diluted provides information to investors and the market generally that aids in the understanding and evaluation of our results of operations in the same manner as our management and board of directors. Basic non-GAAP earnings (loss) per share of Class A common stock is calculated by dividing the non-GAAP net income (loss) attributable to Class A common stockholders by the number of weighted-average shares of Class A common stock outstanding. Shares of our Class B common stock do not share in our earnings or losses and are therefore not participating securities. As such, separate presentation of basic and diluted non-GAAP earnings (loss) of Class B common stock under the two-class method has not been presented. Diluted non-GAAP earnings (loss) per share of Class A common stock adjusts the basic non-GAAP earnings (loss) per share for the potential dilutive impact of shares of Class A common stock such as equity awards using the treasury-stock method and Class B common stock using the if-converted method. Diluted non-GAAP earnings (loss) per share of Class A common stock considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Shares of our Class B common stock, restricted stock units ("RSUs"), performance stock units ("PSUs"), and nonqualified stock options ("NQSOs") are considered potentially dilutive shares of Class A common stock. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, the Company’s financial information calculated in accordance with GAAP and should not be considered measures of the Company’s liquidity. Further, these non-GAAP financial measures as defined by the Company may not be comparable to similar non-GAAP financial measures presented by other companies, including peer companies, and therefore comparability may be limited. The presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company’s future results, cash flows or leverage will be unaffected by other unusual or non-recurring items. Management encourages investors and others to review Viant’s financial information in its entirety and not rely on a single financial measure. Reconciliation of Non-GAAP Financial Measures The following tables show the reconciliations of the Company’s non-GAAP financial measures contained in this press release to the most directly comparable GAAP financial measures. The following table presents the calculation of gross profit and the reconciliation of gross profit to contribution ex-TAC for the periods presented (unaudited; in thousands):   Three Months Ended
March 31,     2026       2025   Revenue $ 88,538     $ 70,642   Less: Platform operations   (52,165 )     (40,080 ) Gross profit   36,373       30,562   Add: Other platform operations   13,924       12,167   Contribution ex-TAC $ 50,297     $ 42,729   The following table presents a reconciliation of total operating expenses to non-GAAP operating expenses for the periods presented (unaudited; in thousands):   Three Months Ended
March 31,     2026       2025   Operating expenses:       Platform operations $ 52,165     $ 40,080   Sales and marketing   16,277       14,229   Technology and development   7,138       6,911   General and administrative   16,916       14,281   Total operating expenses   92,496       75,501   Add:       Other expense, net   —       —   Less:       Traffic acquisition costs   (38,241 )     (27,913 ) Stock-based compensation   (6,577 )     (5,639 ) Depreciation and amortization   (5,473 )     (4,324 ) Acquisition and restructuring costs(1)   (1,661 )     (298 ) Non-GAAP operating expenses $ 40,544     $ 37,327   (1) Acquisition and restructuring costs primarily consist of costs incurred related to our contemplated and completed acquisitions for the three months ended March 31, 2026 and 2025.   The following table presents a reconciliation of net loss to adjusted EBITDA for the periods presented (unaudited; in thousands):   Three Months Ended
March 31,     2026       2025   Net loss $ (2,190 )   $ (3,307 ) Add back (less):       Interest income, net   (1,362 )     (1,724 ) Provision for (benefit from) income taxes   (406 )     (153 ) Depreciation and amortization   5,473       4,324   Stock-based compensation   6,577       5,639   Acquisition and restructuring costs(1)   1,661       298   TRA remeasurement expense(2)   —       325   Adjusted EBITDA $ 9,753     $ 5,402   (1) Acquisition and restructuring costs primarily consist of costs incurred related to our contemplated and completed acquisitions for the three months ended March 31, 2026 and 2025. (2) TRA remeasurement expense reflects the remeasurement of the TRA liability for the three months ended March 31, 2025.   The following table presents the calculation of net loss as a percentage of gross profit and the calculation of adjusted EBITDA as a percentage of contribution ex-TAC for the periods presented (unaudited; in thousands, except percentages):   Three Months Ended
March 31,   2026   2025 Gross profit $ 36,373     $ 30,562   Net loss $ (2,190 )   $ (3,307 ) Net loss as a percentage of gross profit   (6 )%     (11 )% Contribution ex-TAC $ 50,297     $ 42,729   Adjusted EBITDA $ 9,753     $ 5,402   Adjusted EBITDA as a percentage of contribution ex-TAC   19 %     13 % The following table presents a reconciliation of net loss to non-GAAP net income for the periods presented (unaudited; in thousands):   Three Months Ended
March 31,     2026       2025   Net loss $ (2,190 )   $ (3,307 ) Add back (less):       Stock-based compensation   6,577       5,639   Acquisition and restructuring costs(1)   1,661       298   TRA remeasurement expense(2)   —       325   Income tax benefit (expense) related to Viant Technology Inc.’s share of non-GAAP pre-tax loss(3)   (442 )     (139 ) Non-GAAP net income $ 5,606     $ 2,816   (1) Acquisition and restructuring costs primarily consist of costs incurred related to our contemplated and completed acquisitions for the three months ended March 31, 2026 and 2025. (2) TRA remeasurement expense reflects the remeasurement of the TRA liability for the three months ended March 31, 2025. (3) The estimated income tax effect of our share of income (loss) after non-GAAP reconciling items for the three months ended March 31, 2026 and 2025 is calculated using assumed blended tax rates of 28% and 23%, respectively, which represent our expected corporate tax rates, excluding discrete and non-recurring tax items.   The following table presents a reconciliation of earnings (loss) per share of Class A common stock—basic and diluted to non-GAAP earnings (loss) per share of Class A common stock—basic and diluted for the periods presented (unaudited; in thousands, except per share data):   Three Months Ended March 31, 2026   Three Months Ended March 31, 2025   Earnings (Loss) per Share   Non-GAAP Earnings (Loss) per Share   Earnings (Loss) per Share   Non-GAAP Earnings (Loss) per Share Numerator               Net loss $ (2,190 )   $ (2,190 )   $ (3,307 )   $ (3,307 ) Adjustments:               Add back: Stock-based compensation   —       6,577       —       5,639   Add back: Acquisition and restructuring costs(1)   —       1,661       —       298   Add back: TRA remeasurement expense(2)   —       —       —       325   Income tax benefit (expense) related to Viant Technology Inc.'s share of non-GAAP pre-tax loss(3)   —       (442 )     —       (139 ) Non-GAAP net income   (2,190 )     5,606       (3,307 )     2,816   Less: Net income (loss) attributable to noncontrolling interests(4)   (1,735 )     4,073       (2,117 )     2,188   Net income (loss) attributable to Viant Technology Inc.—basic $ (455 )   $ 1,533     $ (1,190 )   $ 628   Add back: Reallocation of net loss attributable to noncontrolling interest from the assumed exchange of RSUs and NQSOs for Class A common stock   —       —       —       119   Income tax benefit (expense) from the assumed exchange of dilutive securities for Class A common stock   —       —       —       (27 ) Add back: Net income (loss) attributable to noncontrolling interests(4)   (1,735 )     4,073       —       —   Income tax benefit (expense) related to the Company's share of non-GAAP pre-tax loss(3)   —       (1,146 )     —       —   Net income (loss) attributable to Viant Technology Inc.—diluted $ (2,190 )   $ 4,460     $ (1,190 )   $ 720   Denominator               Weighted-average shares of Class A common stock outstanding —basic   17,827       17,827       16,439       16,439   Effect of dilutive securities:               RSUs   —       736       —       2,553   NQSOs   —       1,887       —       3,047   Shares of Class B common stock   45,625       45,625       —       —   Weighted-average shares of Class A common stock outstanding —diluted   63,452       66,075       16,439       22,039                   Earnings (loss) per share of Class A common stock—basic $ (0.03 )   $ 0.09     $ (0.07 )   $ 0.04   Earnings (loss) per share of Class A common stock—diluted $ (0.03 )   $ 0.07     $ (0.07 )   $ 0.03                   Anti-dilutive shares excluded from earnings (loss) per share of Class A common stock—diluted:               RSUs   6,504       —       5,415       —   NQSOs   4,291       —       4,899       —   PSUs(5)   487       487       —       —   Shares of Class B common stock   —       —       46,720       46,720   Total shares excluded from earnings (loss) per share of Class A common stock—diluted   11,282       487       57,034       46,720   (1) Acquisition and restructuring costs primarily consist of costs incurred related to our contemplated and completed acquisitions for the three months ended March 31, 2026 and 2025. (2) TRA remeasurement expense reflects the remeasurement of the TRA liability for the three months ended March 31, 2025. (3) The estimated income tax effect of our share of income (loss) after non-GAAP reconciling items for the three months ended March 31, 2026 and 2025 is calculated using assumed blended tax rates of 28% and 23%, respectively, which represent our expected corporate tax rates, excluding discrete and non-recurring tax items. (4) The adjustment to net income attributable to noncontrolling interests represents stock-based compensation as well as acquisition and restructuring costs attributed to the noncontrolling interests outstanding during the period. (5) Number of securities outstanding at the end of the period that were excluded from the computation of diluted non-GAAP earnings (loss) per share of Class A common stock because the performance conditions associated with these awards were not met assuming the end of the reporting period was the end of the performance period.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260511454896/en/ Media Contact:
Marielle Lyon
press@viantinc.com Investor Contact:
Nick Zangler
nzangler@viantinc.com Original: Viant Technology Announces First Quarter 2026 Financial Results

Viant Announces Agreement to Acquire TVision Strengthening Its AI-Powered Programmatic PlatformApril 15, 2026 7:35 AM
Business Wire
Delivering Advertisers an Unbiased View of the TV Landscape and a Clearer Path to Results


Viant Technology Inc. (NASDAQ: DSP), a leader in CTV and AI-powered programmatic advertising, today announced it has entered into a definitive agreement to acquire TVision Insights, the only attention measurement provider delivering second-by-second, eyes-on-screen attention, co-viewership and in-room presence for TV.


With this acquisition, Viant strengthens its AI-powered programmatic platform by integrating TVision's proprietary attention signals directly into its buying platform. Combined with Viant's Household ID and IRIS_ID, TVision adds three new critical signals to Viant's Intelligence Layer, creating a continuous feedback loop where viewer engagement flows directly into planning, buying, optimizing, and measuring advertising campaigns. This creates an unprecedented level of granularity across TV at the network, CTV app, show, scene, pod, and spot level – delivering immediate improvements in inventory valuation, bidding precision, and return on ad spend, exclusively within the Viant platform.


"Every advertising platform measures its own performance today, which makes it difficult for advertisers to understand what's actually working. With TVision, we are providing advertisers a true market-wide view of how their advertising performs, free from any platform's self-attribution bias. While our competitors measure themselves, Viant measures the market,” said Tim Vanderhook, CEO and Co-Founder of Viant. “Advertisers can now use attention, co-viewing and in-room signals within Viant’s AI-powered buying platform giving them unparalleled strategic advantages, including a first-of-its-kind metric: the attention-adjusted CPM."


Television advertising today spans linear, Google’s YouTube, Amazon’s Prime Video, and streaming platforms across the open internet. Yet each platform largely measures its own performance, leaving marketers without an objective, unbiased view of how their total advertising investment actually performs. TVision's nationally representative panel uses advanced computer vision and Automatic Content Recognition technology to capture genuine viewer engagement across this entire ecosystem — giving advertisers a single, independent view of attention and enabling them to optimize spend toward impressions that are actually seen.


"TVision was built to provide a more accurate and transparent view of how people engage with television and streaming content," said Yan Liu, CEO and Co-Founder of TVision. "By joining Viant, we can bring our measurement capabilities together with real-time activation and AI-powered optimization, helping advertisers turn attention insights into superior campaign performance."


The result is the trifecta TV advertisers have long been waiting for: identity, context, and verified attention unified in one independent platform, free from the conflicts of walled garden inventory — enabling advertisers to confidently direct spend toward the ad inventory that truly performs and delivers optimal outcomes.


Transaction Details


Pursuant to the definitive purchase agreement, Viant will purchase TVision for a total consideration of $40.0 million, subject to customary adjustments and hold-backs. The consideration consists of $22.5 million in cash and $17.5 million of shares of Viant's Class A common stock (based on a fixed price per share established in the merger agreement) delivered at closing.


The transaction is expected to close in Q2 2026, subject to customary closing conditions.


Rockefeller Capital Management served as exclusive investment banking advisor to TVision in connection with the transaction.


Reaffirming 1Q26 Guidance


Viant also today reaffirmed its first quarter 2026 guidance as provided on March 11, 2026.


Conference Call and Webcast Details


Viant will host a conference call and webcast today, April 15 at 6:00 a.m. Pacific Time (9:00 a.m. Eastern Time) to discuss this acquisition.


Viant’s Acquisition of TVision Conference Call


Date: April 15, 2026

Time: 6:00 a.m. Pacific Time / 9:00 a.m. Eastern Time

Webcast: https://viantinc.zoom.us/j/94220501124


Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://investors.viantinc.com.


Forward-Looking Statements


This press release contains forward-looking statements, including statements regarding the expected benefits of the proposed acquisition and future product capabilities. These statements are subject to risks and uncertainties that could cause actual results to differ materially. There can be no assurance that the transaction will be completed on the anticipated timeline or at all. Viant undertakes no obligation to update these statements, except as required by law.


About Viant


Viant Technology Inc. (NASDAQ: DSP) is an exclusively buy-side advertising platform powered by artificial intelligence and designed to drive performance across the open internet. Our omnichannel platform purpose-built for CTV turns data and intelligence into scalable, measurable performance for advertisers. With the launch of ViantAI and Outcomes, Viant has been at the forefront of AI innovation in advertising, building the future of fully autonomous solutions. Viant has been recognized for excellence in AI by Adweek, the Business Intelligence Group and MarTech Breakthrough and is Great Place to Work® certified. Learn more at viantinc.com.


About TVision


TVision provides second-by-second, person-level data about how people watch TV — measuring who is watching, what they are watching, and how much attention they are paying across linear and streaming environments.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260415094583/en/
Media Contact:

Marielle Lyon

press@viantinc.com
Investor Contact:

Nick Zangler

investors@viantinc.com


Original: Viant Announces Agreement to Acquire TVision Strengthening Its AI-Powered Programmatic Platform

Viant Technology Announces Fourth Quarter and Full Year 2025 Financial ResultsMarch 11, 2026 4:05 PM
Business Wire
Signed multi-year partnership with WHOOP, the human performance company behind world-class wearable technology


Achieved record results across key metrics


Generated record quarterly CTV advertiser spend(1), accounting for 46% of total ad spend in the fourth quarter


Viant Technology Inc. (Nasdaq: DSP), a leader in AI-powered programmatic advertising, today reported financial results for its fourth quarter and full year ended December 31, 2025.


“Viant delivered record fourth quarter and full year results, with revenue, contribution ex-TAC and adjusted EBITDA surpassing the high end of our guidance for the quarter,” said Tim Vanderhook, Co-Founder and CEO, Viant. “Looking forward, we see an unprecedented opportunity to accelerate top and bottom-line growth, led by the recent launch of Outcomes, our fully autonomous AI Decisioning advertising solution. Outcomes is built for the open internet and is uniquely capable of leveraging our industry-leading addressability solutions and proprietary datasets to autonomously plan, build and execute campaigns designed to yield an optimal outcome. With this launch, we have further expanded our total addressable market to include performance budgets across advertisers of all sizes. We believe our go-to-market offering is stronger than ever, putting Viant in position to capitalize on the secular growth opportunities that exist across our strategic priorities: CTV, Addressability and ViantAI.”


Fourth quarter and full year 2025 Financial Highlights, year-over-year (in thousands, except percentages and per share data):




 







Three Months Ended




December 31,






 






 






 






Year Ended




December 31,






 






 








 







2025






 






2024






 






Change (%)






 






2025






 






2024






 






Change (%)








 







 






 






 






 






 






 






 






 






 






 






 








 







(NM = Not Meaningful)








GAAP







 






 






 






 






 






 






 






 






 






 






 








Revenue







$






110,124






 






 






$






90,054






 






 






22






%






 






$






344,201






 






 






$






289,235






 






 






19






%








Gross profit







$






51,301






 






 






$






42,490






 






 






21






%






 






$






157,585






 






 






$






132,071






 






 






19






%








Net income







$






20,463






 






 






$






7,720






 






 






165






%






 






$






24,096






 






 






$






12,452






 






 






94






%








Net income as a percentage of gross profit







 






40






%






 






 






18






%






 






NM






 






 






 






15






%






 






 






9






%






 






NM






 








Net income attributable to Viant Technology Inc.







$






8,256






 






 






$






1,747






 






 






373






%






 






$






8,352






 






 






$






2,362






 






 






254






%








Earnings per share of Class A common stock—basic







$






0.49






 






 






$






0.11






 






 






345






%






 






$






0.51






 






 






$






0.15






 






 






240






%








Earnings per share of Class A common stock—diluted







$






0.31






 






 






$






0.10






 






 






210






%






 






$






0.36






 






 






$






0.14






 






 






157






%








Class A and Class B common shares outstanding (as of December 31)







 






63,310






 






 






 






 






 






 






 






63,310






 






 






 






 






 








Cash and cash equivalents (as of December 31)







$






191,151






 






 






 






 






 






 






$






191,151






 






 






 






 






 








 







 






 






 






 






 






 






 






 






 






 






 








Non-GAAP(2)







 






 






 






 






 






 






 






 






 






 






 








Contribution ex-TAC







$






64,560






 






 






$






54,359






 






 






19






%






 






$






208,652






 






 






$






177,390






 






 






18






%








Adjusted EBITDA







$






24,711






 






 






$






17,091






 






 






45






%






 






$






57,424






 






 






$






44,441






 






 






29






%








Adjusted EBITDA as a percentage of contribution ex-TAC







 






38






%






 






 






31






%






 






NM






 






 






 






28






%






 






 






25






%






 






NM






 








Non-GAAP net income







$






18,985






 






 






$






13,831






 






 






37






%






 






$






41,096






 






 






$






34,661






 






 






19






%








Non-GAAP earnings per share of Class A common stock—basic







$






0.23






 






 






$






0.17






 






 






35






%






 






$






0.50






 






 






$






0.41






 






 






22






%








Non-GAAP earnings per share of Class A common stock—diluted







$






0.22






 






 






$






0.15






 






 






47






%






 






$






0.45






 






 






$






0.39






 






 






15






%







Recent Business Highlights:



Viant has been designated as the Advertising Platform for WHOOP, the human performance company behind world-class wearable technology, and is expected to power their programmatic ad campaigns deployed across the open internet over a multi-year period beginning in Q1 2026.



CTV reached a record high in the fourth quarter, representing 46% of total advertiser spend on the platform.



Launched Outcomes, the first fully autonomous advertising solution built for the open-internet, and designed to deliver optimal campaign performance for advertisers. Outcomes leverages Viant's newly developed AI Lattice Brain, a decisioning architecture purpose-built to plan and execute campaigns autonomously by continuously evaluating proprietary data signals including Viant's Household ID, IRIS_ID, supply quality scoring models, historical campaign performance data and more.



Viant AI Named “Best Strategic AI Platform” in Adweek’s 2025 Tech Stack Awards.



“We concluded a record setting year with exceptional fourth quarter performance and strong momentum as we enter 2026,” stated Larry Madden, CFO of Viant. “During the fourth quarter, contribution ex-TAC growth accelerated to 19%, despite a difficult comparison with elevated political advertising in the prior year which weighed on contribution ex-TAC growth by 500 basis points. Adjusted EBITDA increased 45% year-over-year, demonstrating the high level of profitable flow-through inherent in our model. We expect to deliver another record-breaking year in 2026. Fueled by marquee client wins like Molson Coors and WHOOP, among others, we expect to accelerate top-line growth in each quarter throughout 2026, while delivering consistent year-over-year Adjusted EBITDA margin expansion.”


Guidance:


For the first quarter 2026, the Company expects:



Revenue in the range of $83.0 million to $86.0 million



Contribution ex-TAC in the range of $49.0 million to $51.0 million



Non-GAAP operating expenses in the range of $40.5 million to $41.5 million



Adjusted EBITDA in the range of $8.5 million to $9.5 million



Contribution ex-TAC, non-GAAP operating expenses, adjusted EBITDA, adjusted EBITDA as a percentage of contribution ex-TAC, non-GAAP net income, and non-GAAP earnings (loss) per share of Class A common stock—basic and diluted are non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with U.S. generally accepted accounting principles ("GAAP"). Reconciliations of these non-GAAP financial measures to Viant’s financial results as determined in accordance with GAAP are included at the end of this press release under “Reconciliation of Non-GAAP Financial Measures.” For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see “Non-GAAP Financial Measures” in this press release. We are not able to estimate gross profit, total operating expenses or net income (loss) on a forward-looking basis or reconcile the guidance provided for contribution ex-TAC, non-GAAP operating expenses, or adjusted EBITDA to the closest corresponding GAAP financial measures on a forward-looking basis without unreasonable efforts due to the variability and complexity with respect to the charges excluded from these non-GAAP financial measures; in particular, the impact of future traffic acquisition costs and other platform operations expenses, as well as the measures and effects of our stock-based compensation related to equity grants that are directly impacted by unpredictable fluctuations in our share price and the potential forfeitures of equity grants. We expect the variability of the above charges could have a significant and potentially unpredictable impact on our future GAAP financial results.




(1)







We define advertiser spend as the total amount billed to our customers for activity on our platform inclusive of the costs of advertising media, third-party data, other add-on features and our platform fee we charge customers.








(2)







For a discussion on how we define, use and calculate these non-GAAP financial measures and a reconciliation thereof to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Measures” and the supplementary schedules under “Reconciliation of Non-GAAP Financial Measures” in this press release.







Supplemental Financial and Other Information:


Supplemental financial and other information can be accessed through Viant’s investor relations website at investors.viantinc.com.


As of December 31, 2025, there were 17.6 million shares of the Company's Class A common stock outstanding and 45.7 million shares of the Company's Class B common stock outstanding. For more information, please refer to our Annual Report on Form 10-K expected to be filed with the Securities and Exchange Commission ("SEC") on March 11, 2026.


Conference Call and Webcast Details:


Viant will host a conference call and webcast to discuss its financial results on Monday, March 11, 2026 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). A live webcast of the call can be accessed from Viant’s Investor Relations website. An archived version of the webcast will be available from the same website after the call. Viant Technology has used, and intends to continue to use, the “Investor Relations” section of its website at investors.viantinc.com, its LinkedIn account, the LinkedIn account of its Chief Executive Officer, Tim Vanderhook, the LinkedIn account of its Chief Operating Officer, Chris Vanderhook, its X (formerly known as Twitter) account (@viant_tech), and Chris Vanderhook's X account (@cvanderhook) to post information that may be important to investors. Investors and potential investors are encouraged to consult Viant Technology’s website and the foregoing LinkedIn and X accounts regularly for important information.


About Viant


Viant Technology Inc. (NASDAQ: DSP) is an exclusively buy-side advertising platform powered by artificial intelligence and designed to drive performance across the open internet. Our omnichannel platform purpose-built for CTV turns data and intelligence into scalable, measurable performance for advertisers. With the launch of ViantAI and Outcomes, Viant has been at the forefront of AI innovation in advertising, building the future of fully autonomous solutions. Viant has been recognized for excellence in AI by Adweek, the Business Intelligence Group and MarTech Breakthrough, and is Great Place to Work® certified. Learn more at viantinc.com.


Forward-Looking Statements


This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.


Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “guidance,” “believe,” “expect,” “estimate,” "commit," "ensure," "target," “project,” “plan,” “will,” or words or phrases with similar meaning.


Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements contained in this press release relate to, among other things, Viant’s projected financial performance and operating results, including our guidance for revenue, contribution ex-TAC, non-GAAP operating expenses, and adjusted EBITDA, as well as statements regarding Viant’s growth prospects and drivers, strategic priorities, new brand partnerships and related pipeline, total addressable market expansion, and impacts from the ViantAI product suite and other offerings. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, the market for programmatic advertising may develop slower or differently than Viant’s expectations, the demands and expectations of customers, the ability to attract and retain customers, the impact of information and data privacy trends and regulations on our business and competitors, risks related to the use of artificial intelligence technologies, and other economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements. Investors are referred to our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 expected to be filed on March 11, 2026 and subsequent Quarterly Reports on Form 10-Q and other filings, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement. We do not intend and undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law.




VIANT TECHNOLOGY INC.




CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




(unaudited; in thousands, except per share data)











 



 







Three Months Ended




December 31,






 






Year Ended




December 31,








 







2025






 






2024






 






2025






 






2024








Revenue







$






110,124






 






 






$






90,054






 






 






$






344,201






 






 






$






289,235






 








Operating expenses(1):







 






 






 






 






 






 






 








Platform operations







 






58,823






 






 






 






47,564






 






 






 






186,616






 






 






 






157,164






 








Sales and marketing







 






18,348






 






 






 






14,756






 






 






 






64,801






 






 






 






53,750






 








Technology and development







 






8,229






 






 






 






7,062






 






 






 






30,534






 






 






 






23,740






 








General and administrative







 






12,030






 






 






 






14,769






 






 






 






50,172






 






 






 






51,103






 








Total operating expenses







 






97,430






 






 






 






84,151






 






 






 






332,123






 






 






 






285,757






 








Income from operations







 






12,694






 






 






 






5,903






 






 






 






12,078






 






 






 






3,478






 








Other expense (income), net:







 






 






 






 






 






 






 








Interest income, net







 






(1,428






)






 






 






(2,088






)






 






 






(6,099






)






 






 






(9,235






)








Other expense







 






1






 






 






 






8






 






 






 






1






 






 






 






12






 








TRA remeasurement expense







 






10,565






 






 






 






—






 






 






 






10,890






 






 






 






—






 








Employee retention credit







 






(2,845






)






 






 






—






 






 






 






(2,845






)






 






 






—






 








Total other expense (income), net







 






6,293






 






 






 






(2,080






)






 






 






1,947






 






 






 






(9,223






)








Income before income taxes







 






6,401






 






 






 






7,983






 






 






 






10,131






 






 






 






12,701






 








Provision for (benefit from) income taxes







 






(14,062






)






 






 






263






 






 






 






(13,965






)






 






 






249






 








Net income







 






20,463






 






 






 






7,720






 






 






 






24,096






 






 






 






12,452






 








Less: Net income attributable to noncontrolling interests







 






12,207






 






 






 






5,973






 






 






 






15,744






 






 






 






10,090






 








Net income attributable to Viant Technology Inc.







$






8,256






 






 






$






1,747






 






 






$






8,352






 






 






$






2,362






 








Earnings (loss) per Class A common stock:







 






 






 






 






 






 






 








Basic







$






0.49






 






 






$






0.11






 






 






$






0.51






 






 






$






0.15






 








Diluted







$






0.31






 






 






$






0.10






 






 






$






0.36






 






 






$






0.14






 








Weighted-average Class A common stock outstanding:







 






 






 






 






 






 






 








Basic







 






16,919






 






 






 






16,166






 






 






 






16,422






 






 






 






16,221






 








Diluted







 






65,056






 






 






 






21,633






 






 






 






66,976






 






 






 






20,466






 









(1)







Stock-based compensation and depreciation and amortization included in operating expenses are as follows (in thousands):









 







Three Months Ended




December 31,






 






Year Ended




December 31,








 







2025






 






2024






 






2025






 






2024








Stock-based compensation:







 






 






 






 






 






 






 








Platform operations







$






1,034






 






$






601






 






$






3,948






 






$






2,114








Sales and marketing







 






1,771






 






 






1,164






 






 






6,860






 






 






4,238








Technology and development







 






1,094






 






 






873






 






 






3,980






 






 






2,717








General and administrative







 






2,532






 






 






3,090






 






 






10,052






 






 






11,965








Total stock-based compensation







$






6,431






 






$






5,728






 






$






24,840






 






$






21,034









 







Three Months Ended




December 31,






 






Year Ended




December 31,








 







2025






 






2024






 






2025






 






2024








Depreciation and amortization:







 






 






 






 






 






 






 








Platform operations







$






3,838






 






$






3,402






 






$






14,844






 






$






13,842








Sales and marketing







 






85






 






 






—






 






 






319






 






 






—








Technology and development







 






993






 






 






456






 






 






3,173






 






 






1,759








General and administrative







 






96






 






 






252






 






 






366






 






 






860








Total depreciation and amortization







$






5,012






 






$






4,110






 






$






18,702






 






$






16,461









VIANT TECHNOLOGY INC.




CONDENSED CONSOLIDATED BALANCE SHEETS




(unaudited; in thousands, except share and per share data)









 



 







As of December 31,








 







2025






 






2024








Assets







 






 






 








Current assets:







 






 






 








Cash and cash equivalents







$






191,151






 






 






$






205,048






 








Accounts receivable, net of allowances







 






177,139






 






 






 






146,951






 








Prepaid expenses and other current assets







 






7,902






 






 






 






10,490






 








Total current assets







 






376,192






 






 






 






362,489






 








Property, equipment, and software, net







 






35,069






 






 






 






31,482






 








Operating lease assets, net







 






19,689






 






 






 






23,663






 








Intangible assets, net







 






2,899






 






 






 






3,048






 








Goodwill







 






19,190






 






 






 






19,190






 








Deferred tax assets







 






17,524






 






 






 






—






 








Other assets







 






4,100






 






 






 






932






 








Total assets







$






474,663






 






 






$






440,804






 








Liabilities and stockholders' equity







 






 






 








Liabilities







 






 






 








Current liabilities:







 






 






 








Accounts payable







$






83,520






 






 






$






71,320






 








Accrued liabilities







 






50,828






 






 






 






47,352






 








Accrued compensation







 






12,988






 






 






 






11,513






 








Deferred revenue







 






583






 






 






 






581






 








Current portion of operating lease liabilities







 






5,080






 






 






 






4,730






 








Other current liabilities







 






4,036






 






 






 






9,955






 








Total current liabilities







 






157,035






 






 






 






145,451






 








Long-term debt







 






—






 






 






 






—






 








Long-term portion of operating lease liabilities







 






16,668






 






 






 






21,278






 








Long-term portion of TRA liability







 






12,159






 






 






 






—






 








Total liabilities







 






185,862






 






 






 






166,729






 








Commitments and contingencies







 






 






 








Stockholders’ equity







 






 






 








Preferred stock, $0.001 par value







 






—






 






 






 






—






 








Authorized shares — 10,000,000







 






 






 








Issued and outstanding — none







 






 






 








Class A common stock, $0.001 par value







 






18






 






 






 






18






 








Authorized shares — 450,000,000







 






 






 








Issued — 18,271,293 and 17,933,825







 






 






 








Outstanding — 17,593,198 and 16,368,452







 






 






 








Class B common stock, $0.001 par value







 






46






 






 






 






47






 








Authorized shares — 150,000,000







 






 






 








Issued and outstanding — 45,717,216 and 46,753,841







 






 






 








Additional paid-in capital







 






182,744






 






 






 






125,386






 








Accumulated deficit







 






(91,751






)






 






 






(50,566






)








Treasury stock, at cost; 678,095 and 1,565,373 shares held







 






(8,920






)






 






 






(21,046






)








Total stockholders' equity attributable to Viant Technology Inc.







 






82,137






 






 






 






53,839






 








Noncontrolling interests







 






206,664






 






 






 






220,236






 








Total equity







 






288,801






 






 






 






274,075






 








Total liabilities and stockholders’ equity







$






474,663






 






 






$






440,804






 









VIANT TECHNOLOGY INC.




CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS




(unaudited; in thousands)









 



 







Year Ended December 31,








 







2025






 






2024








Cash flows from operating activities:







 






 






 








Net income







$






24,096






 






 






$






12,452






 








Adjustments to reconcile income to net cash provided by operating activities:







 






 






 








Depreciation and amortization







 






18,702






 






 






 






16,461






 








Stock-based compensation







 






24,840






 






 






 






21,034






 








Provision for doubtful accounts







 






622






 






 






 






1,420






 








Loss on disposal of assets







 






94






 






 






 






25






 








Noncash lease expense







 






4,207






 






 






 






4,019






 








Deferred taxes







 






(14,685






)






 






 






—






 








TRA remeasurement expense







 






10,890






 






 






 






—






 








Changes in operating assets and liabilities:







 






 






 








Accounts receivable







 






(30,812






)






 






 






(30,233






)








Prepaid expenses and other assets







 






2,920






 






 






 






(3,904






)








Accounts payable







 






12,158






 






 






 






23,792






 








Accrued liabilities







 






3,560






 






 






 






7,875






 








Accrued compensation







 






1,613






 






 






 






939






 








Deferred revenue







 






2






 






 






 






161






 








Operating lease liabilities







 






(4,493






)






 






 






(4,114






)








Other liabilities







 






(1,107






)






 






 






1,840






 








Net cash provided by operating activities







 






52,607






 






 






 






51,767






 








Cash flows from investing activities:







 






 






 








Purchases of property and equipment







 






(926






)






 






 






(2,498






)








Capitalized software development costs







 






(17,367






)






 






 






(15,246






)








Cash paid for acquisitions







 






(549






)






 






 






(10,000






)








Cash paid for investments







 






(3,500






)






 






 






—






 








Net cash used in investing activities







 






(22,342






)






 






 






(27,744






)








Cash flows from financing activities:







 






 






 








Repurchase of stock related to tax withholdings on vested equity awards







 






(3,232






)






 






 






(10,658






)








Repurchase of stock related to the stock repurchase program







 






(38,090






)






 






 






(21,570






)








Payment of member tax distributions







 






(6,606






)






 






 






(5,953






)








Proceeds from the exercise of stock options







 






3,766






 






 






 






3,074






 








Payment of offering costs







 






—






 






 






 






(326






)








Net cash used in financing activities







 






(44,162






)






 






 






(35,433






)








Net decrease in cash and cash equivalents







 






(13,897






)






 






 






(11,410






)








Cash and cash equivalents at beginning of period







 






205,048






 






 






 






216,458






 








Cash and cash equivalents at end of period







$






191,151






 






 






$






205,048






 







Non-GAAP Financial Measures


To provide investors and others with additional information regarding Viant’s results, we have included in this press release the following financial measures that are not calculated in accordance with GAAP: contribution ex-TAC, non-GAAP operating expenses, adjusted EBITDA, adjusted EBITDA as a percentage of contribution ex-TAC, non-GAAP net income (loss) and non-GAAP earnings (loss) per share of Class A common stock—basic and diluted. The Company’s management believes that this information can assist investors in evaluating the Company’s operational trends, financial performance, and cash generating capacity. Management believes these non-GAAP financial measures allow investors to evaluate the Company’s financial performance using some of the same measures as management.


Contribution ex-TAC is a non-GAAP financial measure. Gross profit is the most comparable GAAP financial measure, which is calculated as revenue less platform operations expense. In calculating contribution ex-TAC, we add back other platform operations expense to gross profit. Contribution ex-TAC is a key profitability measure used by our management and board of directors to understand and evaluate our operating performance and trends, develop short- and long-term operational plans and make strategic decisions regarding the allocation of capital. “Traffic acquisition costs” or “TAC” represents amounts incurred and payable to suppliers for the cost of advertising media, third-party data and other add-on features related to our fixed cost per mille pricing option and certain arrangements related to our percentage of spend pricing option. In particular, we believe that contribution ex-TAC can provide a measure of period-to-period comparisons for all pricing options within our business. Accordingly, we believe that this measure provides information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors.


Non-GAAP operating expenses is a non-GAAP financial measure. Total operating expenses is the most comparable GAAP financial measure. Non-GAAP operating expenses is defined by us as total operating expenses plus other expense (income), net, less TAC, stock-based compensation, depreciation, amortization, and certain other items that are not related to our core operations, such as restructuring and other charges, transaction expense and non-operational media purchases. Non-GAAP operating expenses is a key component in calculating adjusted EBITDA, which is one of the measures we use to provide our business outlook to the investment community. Additionally, non-GAAP operating expenses is used by our management and board of directors to understand and evaluate our operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. We believe that the elimination of TAC, stock-based compensation, depreciation, amortization and certain other items not related to our core operations provides another measure for period-to-period comparisons of our business, provides additional insight into our core controllable costs, and is a useful metric for investors because it allows them to evaluate our operational performance in the same manner as our management and board of directors.


Adjusted EBITDA is a non-GAAP financial measure defined by us as net income (loss) before interest expense (income), net, income tax benefit (expense), depreciation, amortization, stock-based compensation and certain other items that are not related to our core operations, such as restructuring and other charges, transaction expense, non-operational media purchases, Tax Receivable Agreement (the "TRA") remeasurement expense, and employee retention credit. Net income (loss) is the most comparable GAAP financial measure. Adjusted EBITDA as a percentage of contribution ex-TAC is a non-GAAP financial measure we calculate by dividing adjusted EBITDA by contribution ex-TAC for the period or periods presented. Net income (loss) as a percentage of gross profit is the most comparable GAAP financial measure.


Adjusted EBITDA and adjusted EBITDA as a percentage of contribution ex-TAC are used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating adjusted EBITDA can provide a measure for period-to-period comparisons of our business. Adjusted EBITDA as a percentage of contribution ex-TAC, a non-GAAP financial measure, is used by our management and board of directors to evaluate adjusted EBITDA relative to our profitability after costs that are directly variable to revenues, which comprise TAC. Accordingly, we believe that adjusted EBITDA and adjusted EBITDA as a percentage of contribution ex-TAC provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors.


Non-GAAP net income (loss) is a non-GAAP financial measure defined by us as net income (loss) adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as restructuring and other charges, transaction expense, non-operational media purchases, TRA remeasurement expense, income tax benefit resulting from the release of the valuation allowance and employee retention credit, as well as the income tax effect of these adjustments. Net income (loss) is the most comparable GAAP financial measure. Non-GAAP net income (loss) is a key measure used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of stock-based compensation and certain other items that are not related to our core operations provides measures for period-to-period comparisons of our business and additional insight into our core controllable costs. Accordingly, we believe that non-GAAP net income (loss) provides information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.


Non-GAAP earnings (loss) per share of Class A common stock—basic and diluted is a non-GAAP financial measure defined by us as earnings (loss) per share of Class A common stock—basic and diluted, adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as restructuring and other charges, transaction expense, non-operational media purchases, TRA remeasurement expense, income tax benefit resulting from the release of the valuation allowance and employee retention credit, as well as the income tax effect of these adjustments. Earnings (loss) per share of Class A common stock—basic and diluted is the most comparable GAAP financial measure. Non-GAAP earnings (loss) per share of Class A common stock—basic and diluted is used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of stock-based compensation and certain other items that are not related to our core operations provides measures for period-to-period comparisons of our business and provides additional insight into our core controllable costs. Accordingly, we believe that non-GAAP earnings (loss) per share of Class A common stock—basic and diluted provides information to investors and the market generally that aids in the understanding and evaluation of our results of operations in the same manner as our management and board of directors.


Basic non-GAAP earnings (loss) per share of Class A common stock is calculated by dividing the non-GAAP net income (loss) attributable to Class A common stockholders by the number of weighted-average shares of Class A common stock outstanding. Shares of our Class B common stock do not share in our earnings or losses and are therefore not participating securities. As such, separate presentation of basic and diluted non-GAAP earnings (loss) of Class B common stock under the two-class method has not been presented.


Diluted non-GAAP earnings (loss) per share of Class A common stock adjusts the basic non-GAAP earnings (loss) per share for the potential dilutive impact of shares of Class A common stock such as equity awards using the treasury-stock method and Class B common stock using the if-converted method. Diluted non-GAAP earnings (loss) per share of Class A common stock considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Shares of our Class B common stock, restricted stock units ("RSUs") and nonqualified stock options ("NQSOs") are considered potentially dilutive shares of Class A common stock.


These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, the Company’s financial information calculated in accordance with GAAP and should not be considered measures of the Company’s liquidity. Further, these non-GAAP financial measures as defined by the Company may not be comparable to similar non-GAAP financial measures presented by other companies, including peer companies, and therefore comparability may be limited. The presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company’s future results, cash flows or leverage will be unaffected by other unusual or non-recurring items. Management encourages investors and others to review Viant’s financial information in its entirety and not rely on a single financial measure.


Reconciliation of Non-GAAP Financial Measures


The following tables show the reconciliations of the Company’s non-GAAP financial measures contained in this press release to the most directly comparable GAAP financial measures.


The following table presents the calculation of gross profit and the reconciliation of gross profit to contribution ex-TAC for the periods presented (unaudited; in thousands):




 







Three Months Ended




December 31,






 






Year Ended




December 31,








 







2025






 






2024






 






2025






 






2024








Revenue







$






110,124






 






 






$






90,054






 






 






$






344,201






 






 






$






289,235






 








Less: Platform operations







 






(58,823






)






 






 






(47,564






)






 






 






(186,616






)






 






 






(157,164






)








Gross profit







 






51,301






 






 






 






42,490






 






 






 






157,585






 






 






 






132,071






 








Add: Other platform operations







 






13,259






 






 






 






11,869






 






 






 






51,067






 






 






 






45,319






 








Contribution ex-TAC







$






64,560






 






 






$






54,359






 






 






$






208,652






 






 






$






177,390






 







The following table presents a reconciliation of total operating expenses to non-GAAP operating expenses for the periods presented (unaudited; in thousands):




 







Three Months Ended




December 31,






 






Year Ended




December 31,








 







2025






 






2024






 






2025






 






2024








Operating expenses:







 






 






 






 






 






 






 








Platform operations







$






58,823






 






 






$






47,564






 






 






$






186,616






 






 






$






157,164






 








Sales and marketing







 






18,348






 






 






 






14,756






 






 






 






64,801






 






 






 






53,750






 








Technology and development







 






8,229






 






 






 






7,062






 






 






 






30,534






 






 






 






23,740






 








General and administrative







 






12,030






 






 






 






14,769






 






 






 






50,172






 






 






 






51,103






 








Total operating expenses







 






97,430






 






 






 






84,151






 






 






 






332,123






 






 






 






285,757






 








Add:







 






 






 






 






 






 






 








Other expense, net







 






1






 






 






 






8






 






 






 






1






 






 






 






12






 








Less:







 






 






 






 






 






 






 








Traffic acquisition costs







 






(45,564






)






 






 






(35,695






)






 






 






(135,549






)






 






 






(111,845






)








Stock-based compensation







 






(6,431






)






 






 






(5,728






)






 






 






(24,840






)






 






 






(21,034






)








Depreciation and amortization







 






(5,012






)






 






 






(4,110






)






 






 






(18,702






)






 






 






(16,461






)








Restructuring and other(1)







 






(526






)






 






 






—






 






 






 






(526






)






 






 






(467






)








Transaction expense(2)







 






(49






)






 






 






(1,358






)






 






 






(716






)






 






 






(1,742






)








Non-operational media purchases(3)







 






—






 






 






 






—






 






 






 






(563






)






 






 






(1,271






)








Non-GAAP operating expenses







$






39,849






 






 






$






37,268






 






 






$






151,228






 






 






$






132,949






 









(1)







Restructuring and other for the three months and year ended December 31, 2025 includes severance and other charges incurred in connection with organizational restructuring initiatives and for the year ended December 31, 2024 is related to aligning our workforce with our strategic performance goals.








(2)







Transaction expense consists of costs incurred related to our contemplated and completed acquisitions for the three months and year ended December 31, 2025 and costs incurred related to our completed acquisition as well as the filing of a "shelf" registration statement on Form S-3 for the three months and year ended December 31, 2024.








(3)







Non-operational media purchases reflects costs incurred for non-operating supplier purchases that are not billable to the customer for the years ended December 31, 2025 and 2024.







The following table presents a reconciliation of net income (loss) to adjusted EBITDA for the periods presented (unaudited; in thousands):




 







Three Months Ended




December 31,






 






Year Ended




December 31,








 







2025






 






2024






 






2025






 






2024








Net income







$






20,463






 






 






$






7,720






 






 






$






24,096






 






 






$






12,452






 








Add back (less):







 






 






 






 






 






 






 








Interest income, net







 






(1,428






)






 






 






(2,088






)






 






 






(6,099






)






 






 






(9,235






)








Provision for (benefit from) income taxes







 






(14,062






)






 






 






263






 






 






 






(13,965






)






 






 






249






 








Depreciation and amortization







 






5,012






 






 






 






4,110






 






 






 






18,702






 






 






 






16,461






 








Stock-based compensation







 






6,431






 






 






 






5,728






 






 






 






24,840






 






 






 






21,034






 








Restructuring and other(1)







 






526






 






 






 






—






 






 






 






526






 






 






 






467






 








Transaction expense(2)







 






49






 






 






 






1,358






 






 






 






716






 






 






 






1,742






 








Non-operational media purchases(3)







 






—






 






 






 






—






 






 






 






563






 






 






 






1,271






 








TRA remeasurement expense(4)







 






10,565






 






 






 






—






 






 






 






10,890






 






 






 






—






 








Employee retention credit(5)







 






(2,845






)






 






 






—






 






 







(2,845






)






 







—






 








Adjusted EBITDA







$






24,711






 






 






$






17,091






 






 






$






57,424






 






 






$






44,441






 









(1)







Restructuring and other for the three months and year ended December 31, 2025 includes severance and other charges incurred in connection with organizational restructuring initiatives and for the year ended December 31, 2024 is related to aligning our workforce with our strategic performance goals.








(2)







Transaction expense consists of costs incurred related to our contemplated and completed acquisitions for the three months and year ended December 31, 2025 and costs incurred related to our completed acquisition as well as the filing of a "shelf" registration statement on Form S-3 for the three months and year ended December 31, 2024.








(3)







Non-operational media purchases reflects costs incurred for non-operating supplier purchases that are not billable to the customer for the years ended December 31, 2025 and 2024.








(4)







TRA remeasurement expense reflects the remeasurement of the TRA liability for the three months and year ended December 31, 2025.








(5)







Employee retention credit represents proceeds from a government grant enacted under the CARES Act for the three months and year ended December 31, 2025.







The following table presents the calculation of net income (loss) as a percentage of gross profit and the calculation of adjusted EBITDA as a percentage of contribution ex-TAC for the periods presented (unaudited; in thousands, except percentages):




 







Three Months Ended




December 31,






 






Year Ended




December 31,








 







2025






 






2024






 






2025






 






2024








Gross profit







$






51,301






 






 






$






42,490






 






 






$






157,585






 






 






$






132,071






 








Net income







$






20,463






 






 






$






7,720






 






 






$






24,096






 






 






$






12,452






 








Net income as a percentage of gross profit







 






40






%






 






 






18






%






 






 






15






%






 






 






9






%








Contribution ex-TAC







$






64,560






 






 






$






54,359






 






 






$






208,652






 






 






$






177,390






 








Adjusted EBITDA







$






24,711






 






 






$






17,091






 






 






$






57,424






 






 






$






44,441






 








Adjusted EBITDA as a percentage of contribution ex-TAC







 






38






%






 






 






31






%






 






 






28






%






 






 






25






%







The following table presents a reconciliation of net income (loss) to non-GAAP net income (loss) for the periods presented (unaudited; in thousands):




 







Three Months Ended




December 31,






 






Year Ended




December 31,








 







2025






 






2024






 






2025






 






2024








Net income







$






20,463






 






 






$






7,720






 






 






$






24,096






 






 






$






12,452






 








Add back (less):







 






 






 






 






 






 






 








Stock-based compensation







 






6,431






 






 






 






5,728






 






 






 






24,840






 






 






 






21,034






 








Restructuring and other(1)







 






526






 






 






 






—






 






 






 






526






 






 






 






467






 








Transaction expense(2)







 






49






 






 






 






1,358






 






 






 






716






 






 






 






1,742






 








Non-operational media purchases(3)







 






—






 






 






 






—






 






 






 






563






 






 






 






1,271






 








TRA remeasurement expense(4)







 






10,565






 






 






 






—






 






 






 






10,890






 






 






 






—






 








Income tax benefit resulting from the release of the valuation allowance







 






(14,685






)






 






 






—






 






 






 






(14,685






)






 






 






—






 








Employee retention credit(5)







 






(2,845






)






 






 






—






 






 






 






(2,845






)






 






 






—






 








Income tax expense (benefit) related to Viant Technology Inc.’s share of non-GAAP pre-tax income (loss)(6)







 






(1,519






)






 






 






(975






)






 






 






(3,005






)






 






 






(2,305






)








Non-GAAP net income







$






18,985






 






 






$






13,831






 






 






$






41,096






 






 






$






34,661






 









(1)







Restructuring and other for the three months and year ended December 31, 2025 includes severance and other charges incurred in connection with organizational restructuring initiatives and for the year ended December 31, 2024 is related to aligning our workforce with our strategic performance goals.








(2)







Transaction expense consists of costs incurred related to our contemplated and completed acquisitions for the three months and year ended December 31, 2025 and costs incurred related to our completed acquisition as well as the filing of a "shelf" registration statement on Form S-3 for the three months and year ended December 31, 2024.








(3)







Non-operational media purchases reflects costs incurred for non-operating supplier purchases that are not billable to the customer for the years ended December 31, 2025 and 2024.








(4)







TRA remeasurement expense reflects the remeasurement of the TRA liability for the three months and year ended December 31, 2025.








(5)







Employee retention credit represents proceeds from a government grant enacted under the CARES Act for the three months and year ended December 31, 2025.








(6)







The estimated income tax effect of our share of income (loss) after non-GAAP reconciling items for the three months and years ended December 31, 2025 and 2024 is calculated using assumed blended tax rates of 25% and 25%, respectively, which represent our expected corporate tax rate, excluding discrete and non-recurring tax items.







The following tables present a reconciliation of earnings (loss) per share of Class A common stock—basic and diluted to non-GAAP earnings (loss) per share of Class A common stock—basic and diluted for the periods presented (unaudited; in thousands, except per share data):




 







Year Ended December 31, 2025






 






Year Ended December 31, 2024








 







Earnings




(Loss) per




Share






 






Adjustments






 






Non-GAAP




Earnings (Loss)




per Share






 






Earnings




(Loss) per




Share






 






Adjustments






 






Non-GAAP




Earnings (Loss)




per Share








Numerator







 






 






 






 






 






 






 






 






 






 






 








Net income







$






24,096






 






$






—






 






 






$






24,096






 






 






$






12,452






 






 






$






—






 






 






$






12,452






 








Adjustments:







 






 






 






 






 






 






 






 






 






 






 








Add back: Stock-based compensation







 






—






 






 






24,840






 






 






 






24,840






 






 






 






—






 






 






 






21,034






 






 






 






21,034






 








Add back: Restructuring and other(1)







 






—






 






 






526






 






 






 






526






 






 






 






—






 






 






 






467






 






 






 






467






 








Add back: Transaction expense(2)







 






—






 






 






716






 






 






 






716






 






 






 






—






 






 






 






1,742






 






 






 






1,742






 








Add back: Non-operational media purchases(3)







 






—






 






 






563






 






 






 






563






 






 






 






—






 






 






 






1,271






 






 






 






1,271






 








Add back: TRA remeasurement expense(4)







 






—






 






 






10,890






 






 






 






10,890






 






 






 






—






 






 






 






—






 






 






 






—






 








Less: Income tax benefit resulting from the release of the valuation allowance







 






—






 






 






(14,685






)






 






 






(14,685






)






 






 






—






 






 






 






—






 






 






 






—






 








Less: Employee retention credit(5)







 






—






 






 






(2,845






)






 






 






(2,845






)






 






 






—






 






 






 






—






 






 






 






—






 








Income tax expense (benefit) related to Viant Technology Inc.’s share of non-GAAP pre-tax income (loss)(6)







 






—






 






 






(3,005






)






 






 






(3,005






)






 






 






—






 






 






 






(2,305






)






 






 






(2,305






)








Non-GAAP net income







 






24,096






 






 






17,000






 






 






 






41,096






 






 






 






12,452






 






 






 






22,209






 






 






 






34,661






 








Less: Net income attributable to noncontrolling interests(7)







 






15,744






 






 






17,176






 






 






 






32,920






 






 






 






10,090






 






 






 






17,857






 






 






 






27,947






 








Net income attributable to Viant Technology Inc.—basic







 






8,352






 






 






(176






)






 






 






8,176






 






 






 






2,362






 






 






 






4,352






 






 






 






6,714






 








Add back: Reallocation of net income attributable to noncontrolling interest from the assumed exchange of RSUs and NQSOs for Class A common stock







 






—






 






 






1,416






 






 






 






1,416






 






 






 






712






 






 






 






1,013






 






 






 






1,725






 








Income tax benefit (expense) from the assumed exchange of RSUs and NQSOs for Class A common stock







 






—






 






 






(357






)






 






 






(357






)






 






 






(177






)






 






 






(252






)






 






 






(429






)








Add back (less): Net income attributable to noncontrolling interests(7)







 






15,744






 






 






(15,744






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Net income attributable to Viant Technology Inc.—diluted







$






24,096






 






$






(14,861






)






 






$






9,235






 






 






$






2,897






 






 






$






5,113






 






 






$






8,010






 








Denominator







 






 






 






 






 






 






 






 






 






 






 








Weighted-average shares of Class A common stock outstanding—basic







 






16,422






 






 






 






 






16,422






 






 






 






16,221






 






 






 






 






 






16,221






 








Effect of dilutive securities:







 






 






 






 






 






 






 






 






 






 






 








RSUs







 






1,794






 






 






 






 






1,794






 






 






 






2,125






 






 






 






 






 






2,125






 








NQSOs







 






2,328






 






 






 






 






2,328






 






 






 






2,120






 






 






 






 






 






2,120






 








Shares of Class B common stock







 






46,432






 






 






 






 






—






 






 






 






—






 






 






 






 






 






—






 








Weighted-average shares of Class A common stock outstanding—diluted







 






66,976






 






 






 






 






20,544






 






 






 






20,466






 






 






 






 






 






20,466






 








 







 






 






 






 






 






 






 






 






 






 






 








Earnings (loss) per share of Class A common stock—basic







$






0.51






 






 






 






$






0.50






 






 






$






0.15






 






 






 






 






$






0.41






 








Earnings (loss) per share of Class A common stock—diluted







$






0.36






 






 






 






$






0.45






 






 






$






0.14






 






 






 






 






$






0.39






 








 







 






 






 






 






 






 






 






 






 






 






 








Anti-dilutive shares excluded from earnings (loss) per share of Class A common stock—diluted:







 






 






 






 






 






 






 






 






 






 






 








RSUs







 






—






 






 






 






 






—






 






 






 






—






 






 






 






 






 






—






 








NQSOs







 






—






 






 






 






 






—






 






 






 






—






 






 






 






 






 






—






 








Shares of Class B common stock







 






—






 






 






 






 






45,717






 






 






 






46,754






 






 






 






 






 






46,754






 








Total shares excluded from earnings (loss) per share of Class A common stock—diluted







 






—






 






 






 






 






45,717






 






 






 






46,754






 






 






 






 






 






46,754






 









(1)







Restructuring and other for the year ended December 31, 2025 includes severance and other charges incurred in connection with organizational restructuring initiatives and for the year ended December 31, 2024 is related to aligning our workforce with our strategic performance goals.








(2)







Transaction expense consists of costs incurred related to our contemplated and completed acquisitions for the year ended December 31, 2025 and costs incurred related to our completed acquisition as well as the filing of a "shelf" registration statement on Form S-3 for the year ended December 31, 2024.








(3)







Non-operational media purchases reflects costs incurred for non-operating supplier purchases that are not billable to the customer for the years ended December 31, 2025 and 2024.








(4)







TRA remeasurement expense reflects the remeasurement of the TRA liability for the year ended December 31, 2025.








(5)







Employee retention credit represents proceeds from a government grant enacted under the CARES Act for the year ended December 31, 2025.








(6)







The estimated income tax effect of our share of income (loss) after non-GAAP reconciling items for the years ended December 31, 2025 and 2024 is calculated using assumed blended tax rates of 25% and 25%, respectively, which represent our expected corporate tax rate, excluding discrete and non-recurring tax items.








(7)







The adjustment to net income attributable to noncontrolling interests represents stock-based compensation, restructuring and other charges, transaction expense, non-operational media purchases and employee retention credit attributed to the noncontrolling interests outstanding during the period.









 







Three Months Ended

December 31, 2025






 






Three Months Ended

December 31, 2024








 







Earnings




(Loss) per




Share






 






Adjustments






 






Non-GAAP




Earnings (Loss)




per Share






 






Earnings




(Loss) per




Share






 






Adjustments






 






Non-GAAP




Earnings (Loss)




per Share








Numerator







 






 






 






 






 






 






 






 






 






 






 








Net income







$






20,463






 






$






—






 






 






$






20,463






 






 






$






7,720






 






 






$






—






 






 






$






7,720






 








Adjustments:







 






 






 






 






 






 






 






 






 






 






 








Add back: Stock-based compensation







 






—






 






 






6,431






 






 






 






6,431






 






 






 






—






 






 






 






5,728






 






 






 






5,728






 








Add back: Restructuring and other(1)







 






—






 






 






526






 






 






 






526






 






 






 






—






 






 






 






—






 






 






 






—






 








Add back: Transaction expense(2)







 






—






 






 






49






 






 






 






49






 






 






 






—






 






 






 






1,358






 






 






 






1,358






 








Add back: TRA remeasurement expense(3)







 






—






 






 






10,565






 






 






 






10,565






 






 






 






—






 






 






 






—






 






 






 






—






 








Less: Income tax benefit resulting from the release of the valuation allowance







 






—






 






 






(14,685






)






 






 






(14,685






)






 






 






—






 






 






 






—






 






 






 






—






 








Less: Employee retention credit(4)







 






—






 






 






(2,845






)






 






 






(2,845






)






 






 






—






 






 






 






—






 






 






 






—






 








Income tax expense (benefit) related to Viant Technology Inc.’s share of non-GAAP pre-tax income(5)







 






—






 






 






(1,519






)






 






 






(1,519






)






 






 






—






 






 






 






(975






)






 






 






(975






)








Non-GAAP net income







 






20,463






 






 






(1,478






)






 






 






18,985






 






 






 






7,720






 






 






 






6,111






 






 






 






13,831






 








Less: Net income attributable to noncontrolling interests(6)







 






12,207






 






 






2,903






 






 






 






15,109






 






 






 






5,973






 






 






 






5,174






 






 






 






11,147






 








Net income attributable to Viant Technology Inc.—basic







 






8,256






 






 






(4,381






)






 






 






3,876






 






 






 






1,747






 






 






 






937






 






 






 






2,684






 








Add back: Reallocation of net income attributable to noncontrolling interest from the assumed exchange of RSUs and NQSOs for Class A common stock







 






—






 






 






561






 






 






 






561






 






 






 






469






 






 






 






405






 






 






 






874






 








Income tax benefit (expense) from the assumed exchange of RSUs and NQSOs for Class A common stock







 






—






 






 






(142






)






 






 






(142






)






 






 






(117






)






 






 






(101






)






 






 






(218






)








Add back: Net income attributable to noncontrolling interests(6)







 






12,207






 






 






(12,207






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Net income attributable to Viant Technology Inc.—diluted







$






20,463






 






$






(16,169






)






 






$






4,295






 






 






$






2,099






 






 






$






1,241






 






 






$






3,340






 








Denominator







 






 






 






 






 






 






 






 






 






 






 








Weighted-average shares of Class A common stock outstanding—basic







 






16,919






 






 






 






 






16,919






 






 






 






16,166






 






 






 






 






 






16,166






 








Effect of dilutive securities:







 






 






 






 






 






 






 






 






 






 






 








RSUs







 






666






 






 






 






 






666






 






 






 






2,413






 






 






 






 






 






2,413






 








NQSOs







 






1,723






 






 






 






 






1,723






 






 






 






3,054






 






 






 






 






 






3,054






 








Shares of Class B common stock







 






45,748






 






 






 






 






—






 






 






 






—






 






 






 






 






 






—






 








Weighted-average shares of Class A common stock outstanding—diluted







 






65,056






 






 






 






 






19,308






 






 






 






21,633






 






 






 






 






 






21,633






 








 







 






 






 






 






 






 






 






 






 






 






 








Earnings (loss) per share of Class A common stock—basic







$






0.49






 






 






 






$






0.23






 






 






$






0.11






 






 






 






 






$






0.17






 








Earnings (loss) per share of Class A common stock—diluted







$






0.31






 






 






 






$






0.22






 






 






$






0.10






 






 






 






 






$






0.15






 








 







 






 






 






 






 






 






 






 






 






 






 








Anti-dilutive shares excluded from earnings (loss) per share of Class A common stock—diluted:







 






 






 






 






 






 






 






 






 






 






 








RSUs







 






—






 






 






 






 






—






 






 






 






—






 






 






 






 






 






—






 








NQSOs







 






—






 






 






 






 






—






 






 






 






—






 






 






 






 






 






—






 








Shares of Class B common stock







 






—






 






 






 






 






45,717






 






 






 






46,754






 






 






 






 






 






46,754






 








Total shares excluded from earnings (loss) per share of Class A common stock—diluted







 






—






 






 






 






 






45,717






 






 






 






46,754






 






 






 






 






 






46,754






 









(1)







Restructuring and other for the three months ended December 31, 2025 includes severance and other charges incurred in connection with organizational restructuring initiatives.








(2)







Transaction expense consists of costs incurred related to our contemplated acquisitions for the three months ended December 31, 2025 and costs incurred related to our completed acquisition as well as filing of a "shelf" registration statement on Form S-3 for the three months ended December 31, 2024.








(3)







TRA remeasurement expense reflects the remeasurement of the TRA liability for the three months ended December 31, 2025.








(4)







Employee retention credit represents proceeds from a government grant enacted under the CARES Act for the three months ended December 31, 2025.








(5)







The estimated income tax effect of our share of income after non-GAAP reconciling items for the three months ended December 31, 2025 and 2024 is calculated using assumed blended tax rates of 25% and 25%, respectively, which represent our expected corporate tax rate, excluding discrete and non-recurring tax items.








(6)







The adjustment to net income attributable to noncontrolling interests represents stock-based compensation, restructuring and other charges, transaction expense and employee retention credit attributed to the noncontrolling interests outstanding during the period.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260311410013/en/
Media Contact:

Marielle Lyon

press@viantinc.com


Investor Contact:

Nick Zangler

investors@viantinc.com


Original: Viant Technology Announces Fourth Quarter and Full Year 2025 Financial Results