Core Insights - Viant Technology reported quarterly earnings of $0.12 per share, missing the Zacks Consensus Estimate of $0.13 per share, and down from $0.15 per share a year ago, representing an earnings surprise of -7.69% [1] - The company posted revenues of $85.58 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.34%, and significantly up from $47.35 million year-over-year [2] - Viant shares have declined approximately 54.7% year-to-date, contrasting with the S&P 500's gain of 14.4% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.20 on revenues of $97.48 million, and for the current fiscal year, it is $0.44 on revenues of $331.22 million [7] - The estimate revisions trend for Viant was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Technology Services industry, to which Viant belongs, is currently ranked in the top 34% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Skillsoft Corp., another company in the same industry, is expected to report quarterly earnings of $1.26 per share, reflecting a year-over-year increase of +169.2% [9]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $85.6 million, representing a 7% year-over-year increase and a 10% quarter-over-quarter increase, exceeding the midpoint of guidance [32] - Contribution XTAC totaled $53 million, up 12% year-over-year and 10% sequentially, reaching the high end of guidance [32] - Adjusted EBITDA for Q3 was $16 million, growing 9% year-over-year and 42% sequentially, with an adjusted EBITDA margin of 30% [38] Business Line Data and Key Metrics Changes - Excluding political ad spend from the prior year, Q3 revenue increased 19% year-over-year, and contribution XTAC increased 22% year-over-year on a pro forma basis [33] - CTV accounted for a record high of 46% of total platform spend, with nearly half running through Direct Access premium publishers [36] - Revenue attached to the Iris ID more than doubled sequentially versus the prior quarter, indicating strong demand for contextually targeted campaigns [15] Market Data and Key Metrics Changes - Spend across emerging digital channels, including CTV, streaming audio, and digital out of home, represented approximately 56% of total platform spend in Q3, up from 50% in 2024 and 43% in 2023 [36] - The majority of leading streaming services have joined the Direct Access program, enhancing the platform's capabilities [12] Company Strategy and Development Direction - The company aims to maintain its dominant position in the mid-market while expanding up-market with major U.S. advertisers and down-market to performance advertisers [23] - The launch of AI Decisioning is expected to enhance the self-service capabilities of the platform, making it more accessible for SMBs and direct-to-consumer e-commerce companies [29] - The partnership with Molson Coors highlights the company's ability to attract major U.S. brands seeking data-driven campaigns [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying performance of the business, with expectations for accelerating growth in 2026 driven by new client onboarding [44] - The company anticipates significant EBITDA margin expansion in 2026, supported by improved operational efficiencies and the integration of recent acquisitions [44] Other Important Information - The company ended Q3 with $161 million in cash and cash equivalents, no debt, and full access to a $75 million credit facility [39] - The share repurchase program has returned $59.6 million to shareholders since its launch, signaling confidence in long-term value [40] Q&A Session Summary Question: What is the difference with the third AI product launching in Q4? - Management indicated that AI Decisioning will complete the Viant AI suite, enabling full self-driving capabilities for ad campaigns, reducing the need for human intervention [51][52] Question: Is the 600 basis point headwind from a merger client a one-time issue? - Management clarified that the headwind is primarily from a seasonal client and will not significantly impact other quarters [48] Question: How does the company plan to grow awareness among SMB advertisers? - The strategy includes channel partnerships and a self-service sign-up flow to attract direct-to-consumer e-commerce companies [58][60] Question: What is the expected incremental spend from the Molson Coors partnership? - While specific figures cannot be disclosed, management expects the partnership to scale over time, contributing to the $250 million incremental spend pipeline [62] Question: How does the competitive environment look with companies like Amazon and Google? - Management noted that competition remains consistent, with Viant's objective buy-side approach differentiating it from competitors who have conflicts of interest [64][66]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $85.6 million, representing a 7% year-over-year increase and a 10% quarter-over-quarter increase, exceeding the midpoint of guidance [29] - Contribution XTAC totaled $53 million, up 12% year-over-year and 10% sequentially, reaching the high end of guidance [29] - Adjusted EBITDA for Q3 was $16 million, growing 9% year-over-year and 42% sequentially, exceeding guidance by 7% [35] Business Line Data and Key Metrics Changes - Excluding political ad spend, revenue increased 19% year-over-year, and contribution XTAC increased 22% year-over-year on a pro forma basis [30] - CTV ad spend reached a record high, accounting for 46% of total platform spend, with nearly half running through Direct Access premium publishers [32] - Contribution XTAC across the top 100 customers grew by 18% year-over-year on a trailing 12-month basis [31] Market Data and Key Metrics Changes - Spend across emerging digital channels, including CTV and streaming audio, represented approximately 56% of total platform spend in Q3, up from 50% in 2024 and 43% in 2023 [32] - The majority of leading streaming services have joined the Direct Access program, enhancing CTV ad spend [11] Company Strategy and Development Direction - The company aims to maintain its dominant position in the mid-market while expanding up-market with major U.S. advertisers and down-market to performance advertisers [21] - The launch of AI Decisioning is expected to enhance the self-service capabilities of the platform, targeting SMBs and direct-to-consumer e-commerce companies [25][44] - The partnership with Molson Coors highlights the company's ability to attract major U.S. brands seeking data-driven campaigns [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying performance, with expectations for accelerating growth in 2026 driven by new client onboarding [40] - The company anticipates easing headwinds from political ad spend starting in Q1 2026, which will positively impact revenue growth [39] - Management noted that the competitive landscape is evolving, with a focus on objectivity and independence in advertising solutions [51][53] Other Important Information - Non-GAAP net income for Q3 was $11.2 million, down 9% year-over-year, primarily due to lower interest income and higher income tax expense [35] - The company ended the quarter with $161 million in cash and cash equivalents and no debt, indicating a strong financial position [36] Q&A Session Summary Question: What is the significance of the third AI product being launched? - The third AI product, AI Decisioning, will complete the Viant AI suite, enabling full automation of ad campaigns, making it easier for advertisers to achieve their goals [44] Question: How will the merger client impact guidance? - The merger client was seasonal, and the significant impact was primarily in Q3, with minimal ongoing headwind expected [43] Question: Has competition increased from Amazon DSP? - No significant increase in competition was noted, with Amazon's DSP being a small portion of their revenue [45] Question: How will the company grow awareness among SMB advertisers? - The company plans to leverage channel partnerships and focus on demonstrating true performance to attract SMBs [46] Question: What is the expected incremental spend from the Molson Coors partnership? - While specific figures cannot be disclosed, the partnership is expected to scale significantly over the years [49] Question: How does the company view the competitive environment? - The competitive landscape is perceived as narrowing, with a focus on objectivity and serving the interests of marketers [51][53]

SAFE HARBOR This presentation 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," "project," "plan," "will," or words or phrases with similar meaning. Forward-looking statements s ...

Financial Performance - Revenue for Q3 2025 was $85.6 million, a 7% increase from $79.9 million in Q3 2024[104] - Gross profit for Q3 2025 was $39.8 million, representing a 13% increase from $35.3 million in Q3 2024[104] - Contribution ex-TAC for Q3 2025 was $53.0 million, up 12% from $47.4 million in Q3 2024[104] - Net income for Q3 2025 decreased to $5.2 million, down 20% from $6.5 million in Q3 2024[104] - Non-GAAP net income for Q3 2025 was $11.2 million, a decrease of 9% from $12.3 million in Q3 2024[104] - Adjusted EBITDA for Q3 2025 was $16.0 million, reflecting a 9% increase from $14.7 million in Q3 2024[104] - Revenue for the nine months ended September 30, 2025, was $234.1 million, an 18% increase from $199.2 million in the same period of 2024[104] - Net income for the nine months ended September 30, 2025, was $3.6 million, a decrease of $1.1 million or 23% from $4.7 million in 2024[132] - Non-GAAP net income for the nine months ended September 30, 2025, was $22.0 million, compared to $20.9 million for the same period in 2024, reflecting a growth of approximately 5.3%[158] Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $81,351,000, up from $75,884,000 in 2024, reflecting a 7% increase[1] - Platform operations expenses increased by $1,145,000, or 3%, to $45,743,000, with a notable rise in other platform operations expenses[114] - Sales and marketing expenses rose by $3,733,000, or 29%, to $16,740,000, primarily due to increased advertising and personnel costs[115] - Technology and development expenses increased by $2,072,000, or 37%, to $7,703,000, driven by higher personnel and technology costs[116] - General and administrative expenses decreased by $1,483,000, or 12%, to $11,165,000, mainly due to a reduction in bad debt and stock-based compensation[117] - Total operating expenses for the nine months ended September 30, 2025, were $234.7 million, up $33.1 million or 16% from $201.6 million in 2024[132] - Technology and development expenses increased by $5.6 million or 34%, reaching $22.3 million for the nine months ended September 30, 2025, compared to $16.7 million in 2024[125] - Sales and marketing expenses rose by $7.5 million or 19%, totaling $46.5 million for the nine months ended September 30, 2025, compared to $39.0 million in 2024[124] Cash Flow and Liquidity - Cash and cash equivalents decreased to $161.3 million as of September 30, 2025, down from $205.0 million as of December 31, 2024[159] - Cash flows provided by operating activities for the nine months ended September 30, 2025, were $19.5 million, down from $35.3 million in the same period of 2024[174][176] - Cash flows used in investing activities amounted to $17.4 million for the nine months ended September 30, 2025, primarily due to $12.6 million in capitalized software investments[179] - Cash flows used in financing activities were $45.9 million for the nine months ended September 30, 2025, mainly from $38.1 million for stock repurchases[183] - The company reported a net decrease in cash and cash equivalents of $43.8 million for the nine months ended September 30, 2025, compared to a decrease of $1.8 million in 2024[174] - The company anticipates that existing cash, cash flow from operations, and undrawn credit facilities will be sufficient to meet cash requirements over the next 12 months[162] Stock and Shareholder Information - A stock repurchase program was authorized for up to $100 million, with $40.4 million remaining available as of September 30, 2025[169] - The company repurchased 3.0 million shares of Class A common stock for an aggregate amount of $37.9 million during the nine months ended September 30, 2025[169] - Non-GAAP earnings per share of Class A common stock for the three months ended September 30, 2025, was $0.06, compared to $0.09 for the same period in 2024[155] - The weighted-average shares of Class A common stock outstanding—basic for the three months ended September 30, 2025, was 16,331,000, compared to 16,290,000 for the same period in 2024[155] - The total shares excluded from earnings per share of Class A common stock—diluted for the three months ended September 30, 2025, was 45,755,000[155] Future Outlook and Investments - The company plans to invest in platform operations and technology to enhance product capabilities, which may impact near-term profitability[107] - The adoption of programmatic advertising is expected to continue growing, benefiting the company's market position[109] - Seasonal fluctuations in revenue are anticipated, with the fourth quarter typically reflecting the highest advertising activity[110] - The company plans to continue investing in critical areas to accelerate demand for its products and growth across the platform for the remainder of 2025[161] - The company has a shelf registration statement allowing it to offer up to $100 million in securities, providing flexibility for future capital needs[168] Tax and Compliance - The provision for income taxes was $541,000 for the three months ended September 30, 2025, compared to a benefit of $(14,000) in 2024, reflecting a significant change[120] - The total unrecorded liability for the Tax Receivable Agreement (TRA) is approximately $13.2 million as of September 30, 2025[166] - The company maintained compliance with all covenants under the Amended Loan Agreement as of September 30, 2025[171] Market and Risk Factors - There have been no material changes in the company's exposure to market risk during the nine months ended September 30, 2025[188]

Financial Performance - Viant Technology reported third quarter 2025 revenue of $85,582,000, a 7% increase from $79,922,000 in the same quarter of 2024[3] - Gross profit for the third quarter 2025 was $39,839,000, reflecting a 13% increase from $35,324,000 year-over-year[3] - Contribution ex-TAC reached $52,990,000, up 12% from $47,352,000 in the prior year[3] - Adjusted EBITDA for the third quarter was $16,029,000, a 9% increase compared to $14,675,000 in Q3 2024[3] - Revenue for Q3 2025 was $85,582 million, a 7.5% increase from $79,922 million in Q3 2024[18] - Adjusted EBITDA for Q3 2025 was $16,029,000, compared to $14,675,000 in Q3 2024, reflecting an increase in operational performance[37] - Contribution ex-TAC for Q3 2025 was $52,990,000, compared to $47,352,000 in Q3 2024, representing an increase of about 11.0%[34] - Non-GAAP net income for Q3 2025 was $11,205,000, a decrease of 9% from $12,283,000 in Q3 2024[3] - Non-GAAP net income for the three months ended September 30, 2025, was $11,205,000, compared to $12,283,000 in 2024, a decline of 8.8%[40] - Non-GAAP net income for the nine months ended September 30, 2025, was $22,004 million, compared to $20,892 million in 2024, reflecting an increase of about 5.3%[44] Operating Expenses - Total operating expenses for Q3 2025 were $81,351 million, an increase of 7.8% compared to $75,884 million in Q3 2024[18] - Non-GAAP operating expenses for the nine months ended September 30, 2025, were $234,693 million, compared to $201,606 million in the same period of 2024[18] - Stock-based compensation for Q3 2025 was $6,428 million, an increase from $5,329 million in Q3 2024[18] - Non-GAAP operating expenses for Q3 2025 were $36,961,000, up from $32,677,000 in Q3 2024, indicating an increase of approximately 13.9%[35] - Stock-based compensation for the three months ended September 30, 2025, was $6,428,000, up from $5,329,000 in 2024, an increase of 20.6%[40] - Stock-based compensation adjustments for the nine months ended September 30, 2025, amounted to $18,410 million, up from $15,306 million in 2024, an increase of approximately 20.5%[44] - Transaction expenses for the nine months ended September 30, 2025, were $667 million, compared to $384 million in 2024, reflecting an increase of about 74%[44] Cash Flow and Assets - Cash and cash equivalents decreased to $161,286 million as of September 30, 2025, from $205,048 million at the end of 2024[20] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $19,531 million, down from $35,276 million in the same period of 2024[22] - Total assets decreased to $395,886 million as of September 30, 2025, from $440,804 million at the end of 2024[20] - Total liabilities decreased to $137,476 million as of September 30, 2025, from $166,729 million at the end of 2024[20] Shareholder Information - The company repurchased 4.8 million shares of Class A common stock for a total of $59.6 million from May 1, 2024, to November 7, 2025[9] - Basic earnings per share of Class A common stock was $0.06 for Q3 2025, down from $0.09 in Q3 2024[18] - Basic earnings per share for Class A common stock was $0.01 for the nine months ended September 30, 2025, down from $0.26 in 2024, indicating a decrease of approximately 96.2%[44] - Diluted earnings per share for Class A common stock was $0.00 for the nine months ended September 30, 2025, compared to $0.23 in 2024, a decline of about 100%[44] - The weighted-average shares of Class A common stock outstanding—basic increased slightly from 16,240 million in 2024 to 16,255 million in 2025[44] Future Outlook - The company expects fourth quarter 2025 revenue to be in the range of $101.5 million to $104.5 million, with contribution ex-TAC projected between $62.0 million and $64.0 million[10] - Viant anticipates adjusted EBITDA for Q4 2025 to be between $22.5 million and $23.5 million, indicating continued growth momentum[10] - The company plans to continue evaluating its operational performance and trends to develop future operational plans and capital allocation strategies[27] - Viant has signed a multi-year partnership with Molson Coors Beverage Company to power their programmatic ad campaigns starting in 2026[4] Market Performance - CTV advertiser spend accounted for 46% of total ad spend on the platform, marking a record high for Viant[4]

Core Insights - Viant Technology Inc. is a key player in the connected TV and AI-powered programmatic advertising sector, with upcoming quarterly earnings expected on November 10, 2025, projecting an EPS of $0.13 and revenue of approximately $85.5 million [1][4] Financial Metrics - The company's price-to-earnings (P/E) ratio stands at 58.44, indicating strong investor confidence in future growth potential, while the price-to-sales ratio of 0.44 suggests potential undervaluation in terms of sales [2] - DSP faces financial challenges, as evidenced by a negative enterprise value to sales ratio of -0.03 and an enterprise value to operating cash flow ratio of -0.19, indicating that liabilities exceed market capitalization and cash [2] - Despite these challenges, DSP maintains a strong liquidity position with a current ratio of 2.56, indicating more than twice the current assets compared to current liabilities, and a debt-to-equity ratio of 0.86, reflecting a moderate level of leverage [3] Investor Engagement - DSP's participation in investor conferences, such as Seaport's 3rd Virtual TMT Conference and Wells Fargo's 9th Annual TMT Summit, underscores its commitment to transparency and strategic communication with investors [2][4]

Core Insights - Viant has announced a multi-year partnership with Molson Coors Beverage Company, designating Viant as the Advertising Platform starting in 2026 [1] Company Summary - The partnership signifies a strategic move for Viant in the advertising technology sector, enhancing its position within the beverage industry [1] - Molson Coors Beverage Company is set to leverage Viant's advertising platform to optimize its marketing efforts [1]

Core Viewpoint - Viant Technology Inc. will release its third quarter 2025 financial results on November 10, 2025, followed by a conference call to discuss business and financial performance [1][2]. Company Overview - Viant Technology Inc. is a leader in CTV and AI-powered programmatic advertising, focusing on innovation in digital marketing [3]. - The company offers an omnichannel platform designed for CTV, enabling marketers to plan, execute, and measure campaigns with high precision and efficiency [3]. - Viant has launched ViantAI, aiming to create fully autonomous advertising solutions to help advertisers achieve their goals [3]. - The company has received multiple awards, including Best AI-Powered Advertising Solution and Best Demand-Side Platform by MarTech Breakthrough, and the AI Excellence Award from the Business Intelligence Group [3]. Upcoming Events - Viant's management team is scheduled to participate in several upcoming investor conferences, including: - Benchmark Tech, Media & Telecom Conference on September 4, 2025, in New York, NY - Piper Sandler Growth Frontiers Conference on September 10, 2025, in Nashville, TN - Wolfe Research TMT Conference on September 11, 2025, in San Francisco, CA [5][7].

Core Insights - Viant Technology Inc. has expanded its partnership with Tubi, enhancing advertisers' ability to reach addressable audiences with improved accuracy and scale through a new ID sync [2][4][5] Group 1: Partnership Details - The partnership allows advertisers to access over 100 million monthly active users and more than 300,000 movies and TV episodes on Tubi, leveraging Viant's capabilities in CTV and programmatic advertising [2][4] - Tubi's extensive AVOD reach combined with Viant's identity and measurement tools provides advertisers with greater transparency and performance [3][5] Group 2: Technological Enhancements - Viant's acquisition of IRIS.TV enables contextual and emotional targeting, enhancing the precision of advertising campaigns on Tubi [4][6] - The integration of IRIS_ID with Tubi's content allows for programmatic buying and measurement of video-level contextual and emotional data, driving stronger outcomes for advertisers [4][6] Group 3: Market Positioning - The collaboration exemplifies Viant's Direct Access program, which streamlines connections between advertisers and major streaming platforms, reducing reliance on intermediaries [5][6] - This partnership positions Viant as a leader in the evolving landscape of addressable advertising in CTV, catering to the growing demand for measurable advertising solutions [6]