Viant(DSP) - 2025 Q2 - Quarterly Results

Second Quarter 2025 Financial Results Overview Viant Technology reported strong Q2 2025 financial performance with double-digit growth across key metrics and significant business achievements Q2 2025 Financial Performance (GAAP & Non-GAAP) Viant Technology reported strong double-digit year-over-year growth in Q2 2025 across key financial metrics, including revenue, gross profit, contribution ex-TAC, and adjusted EBITDA. Net income attributable to Viant Technology Inc. saw a significant increase Q2 2025 Financial Performance | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (%) | | :----------------------------------- | :--------------------- | :--------------------- | :--------- | | GAAP | | | | | Revenue | $77,853 | $65,866 | 18 % | | Gross profit | $35,883 | $30,744 | 17 % | | Net income | $1,787 | $1,488 | 20 % | | Net income attributable to Viant Technology Inc. | $290 | $55 | 427 % | | Earnings per share of Class A common stock—basic | $0.02 | $0.00 | NM | | Earnings per share of Class A common stock—diluted | $0.02 | $0.00 | NM | | Non-GAAP | | | | | Contribution ex-TAC | $48,372 | $41,558 | 16 % | | Adjusted EBITDA | $11,283 | $9,600 | 18 % | | Non-GAAP net income | $8,012 | $7,207 | 11 % | | Non-GAAP earnings per share of Class A common stock—basic | $0.10 | $0.08 | 25 % | | Non-GAAP earnings per share of Class A common stock—diluted | $0.09 | $0.08 | 13 % | Recent Business Achievements Viant achieved record CTV ad spend, launched the third phase of ViantAI, established a substantial growth pipeline with major U.S. advertisers, and continued its stock repurchase program - Generated record Connected TV (CTV) ad spend in the second quarter, accounting for approximately 45% of total ad spend on the platform[3] - Launched the third phase of the ViantAI product suite, 'AI Measurement and Analysis,' designed to revolutionize reporting with on-demand insights[3] - Established a growth pipeline of over $250 million in potential annualized ad spend opportunities associated with major U.S. advertisers[3] - Purchased 3.8 million shares of Class A common stock from May 1, 2024, through August 8, 2025, for a total of $50.2 million, including $28.5 million year-to-date[3] - Appointed ad-tech industry veteran and AI expert, Brett Wilson, to the Viant board of directors as an independent director[4] Management Commentary CEO Tim Vanderhook highlighted record Q2 results driven by strategic execution, including advancements in CTV Direct Access and addressability solutions, and the successful launch of AI Measurement and Analysis. CFO Larry Madden emphasized strong revenue, contribution ex-TAC, and adjusted EBITDA growth, along with a robust new business pipeline - CEO Tim Vanderhook noted record Q2 results, driven by strategic priorities like advancing CTV Direct Access, expanding Household ID and IRIS_ID, and launching ViantAI's AI Measurement and Analysis[2] - CFO Larry Madden reported 18% revenue growth, 16% contribution ex-TAC growth, and 18% adjusted EBITDA growth year-over-year, citing a robust pipeline of new business opportunities with major U.S. advertisers[4] Financial Outlook & Company Information This section provides Q3 2025 financial guidance, an overview of Viant Technology Inc., forward-looking statements, and investor contact details Q3 2025 Financial Guidance Viant provided guidance for Q3 2025, expecting revenue between $83.5 million and $86.5 million, and adjusted EBITDA between $14.0 million and $15.0 million Q3 2025 Financial Guidance | Metric | Q3 2025 Guidance (in millions) | | :-------------------------- | :----------------------------- | | Revenue | $83.5 - $86.5 | | Contribution ex-TAC | $51.0 - $53.0 | | Non-GAAP operating expenses | $37.0 - $38.0 | | Adjusted EBITDA | $14.0 - $15.0 | About Viant Technology Inc. Viant Technology Inc. is a leader in AI-powered programmatic advertising, offering an omnichannel platform for connected TV campaigns. The company is focused on autonomous advertising solutions and has received industry recognition - Viant Technology Inc. (NASDAQ: DSP) is a leader in AI-powered programmatic advertising, dedicated to driving innovation in digital marketing with an omnichannel platform built for connected TV[12] - The company is building the future of fully autonomous advertising solutions with ViantAI and has been recognized with awards such as Best Demand-Side Platform by MarTech Breakthrough and the Business Intelligence Group's AI Excellence Award[12] Forward-Looking Statements This section contains standard forward-looking statements regarding future performance, operating results, growth prospects, and strategic initiatives, emphasizing that actual results may differ due to various risks and uncertainties - The press release contains forward-looking statements, including financial guidance, growth prospects, strategic priorities, and impacts from ViantAI, which are subject to risks and uncertainties that may cause actual results to differ materially[13][14] Investor Relations & Contacts Viant provides details for accessing supplemental financial information, conference call and webcast details, and contact information for media and investors. The company also outlines its official channels for investor communication - Supplemental financial and other information can be accessed through Viant's Investor Relations website at investors.viantinc.com, with the Quarterly Report on Form 10-Q expected to be filed on August 11, 2025[8][9] - Viant will host a conference call and webcast to discuss financial results on Monday, August 11, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time), accessible via its Investor Relations website[10] - Viant uses its Investor Relations website, LinkedIn accounts of its CEO and COO, and X (formerly Twitter) accounts (@viant_tech, @cvanderhook) to post information important to investors[10] Condensed Consolidated Financial Statements (GAAP) This section presents Viant Technology Inc.'s GAAP condensed consolidated statements of operations, balance sheets, and cash flows Condensed Consolidated Statements of Operations The condensed consolidated statements of operations show revenue growth for both the three and six months ended June 30, 2025, compared to 2024, alongside changes in operating expenses and net income/loss Condensed Consolidated Statements of Operations | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Revenue | $77,853 | $65,866 | $148,495 | $119,259 | | Total operating expenses | $77,841 | $66,637 | $153,342 | $125,722 | | Income (loss) from operations | $12 | $(771) | $(4,847) | $(6,463) | | Net income (loss) | $1,787 | $1,488 | $(1,520) | $(1,726) | | Net income (loss) attributable to Viant Technology Inc. | $290 | $55 | $(900) | $(892) | | Basic EPS (Class A common stock) | $0.02 | $0.00 | $(0.06) | $(0.05) | | Diluted EPS (Class A common stock) | $0.02 | $0.00 | $(0.06) | $(0.05) | Condensed Consolidated Balance Sheets The condensed consolidated balance sheets present the company's financial position as of June 30, 2025, compared to December 31, 2024, showing changes in assets, liabilities, and stockholders' equity Condensed Consolidated Balance Sheets | Metric (in thousands) | As of June 30, 2025 | As of December 31, 2024 | | :------------------------------------ | :------------------ | :---------------------- | | Cash and cash equivalents | $172,816 | $205,048 | | Accounts receivable, net of allowances | $135,338 | $146,951 | | Total current assets | $315,750 | $362,489 | | Total assets | $397,972 | $440,804 | | Total current liabilities | $123,379 | $145,451 | | Total liabilities | $142,369 | $166,729 | | Total equity | $255,603 | $274,075 | Condensed Consolidated Statements of Cash Flows The condensed consolidated statements of cash flows detail the cash generated from or used in operating, investing, and financing activities for the six months ended June 30, 2025, and 2024 Condensed Consolidated Statements of Cash Flows | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $16,482 | $18,207 | | Net cash used in investing activities | $(12,566) | $(8,758) | | Net cash used in financing activities | $(36,148) | $(16,163) | | Net decrease in cash and cash equivalents | $(32,232) | $(6,714) | | Cash and cash equivalents at end of period | $172,816 | $209,744 | Non-GAAP Financial Measures and Reconciliations This section defines Viant's key non-GAAP financial measures and provides detailed reconciliations to their GAAP equivalents Definitions and Rationale for Non-GAAP Measures This section defines key non-GAAP financial measures used by Viant, including Contribution ex-TAC, Non-GAAP operating expenses, Adjusted EBITDA, Non-GAAP net income, and Non-GAAP earnings per share, explaining their relevance to management and investors - Contribution ex-TAC is a key profitability measure, calculated as gross profit plus other platform operations expense, used by management and the board to evaluate operating performance and trends[23] - Non-GAAP operating expenses exclude Traffic Acquisition Costs (TAC), stock-based compensation, depreciation, amortization, and certain non-core items, providing insight into core controllable costs[24] - Adjusted EBITDA is defined as net income (loss) before interest, taxes, depreciation, amortization, stock-based compensation, and certain non-core items, used to evaluate core operating performance and trends[25] - Non-GAAP net income (loss) and Non-GAAP earnings (loss) per share adjust GAAP figures for stock-based compensation, certain non-core items, and their tax effects, aiding in period-to-period comparisons and strategic decisions[27][28][29] Reconciliation of Non-GAAP Financial Measures to GAAP Detailed tables are provided to reconcile non-GAAP financial measures such as Contribution ex-TAC, Non-GAAP operating expenses, Adjusted EBITDA, Non-GAAP net income, and Non-GAAP EPS to their most directly comparable GAAP counterparts for the reported periods Contribution ex-TAC Reconciliation | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Gross profit | $35,883 | $30,744 | $66,445 | $54,257 | | Add: Other platform operations | $12,489 | $10,814 | $24,657 | $21,422 | | Contribution ex-TAC | $48,372 | $41,558 | $91,102 | $75,679 | Non-GAAP Operating Expenses Reconciliation | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Total operating expenses | $77,841 | $66,637 | $153,342 | $125,722 | | Less: Traffic acquisition costs | $(29,481) | $(24,308) | $(57,393) | $(43,580) | | Less: Stock-based compensation | $(6,343) | $(5,537) | $(11,982) | $(9,977) | | Less: Depreciation and amortization | $(4,559) | $(4,167) | $(8,883) | $(8,313) | | Non-GAAP operating expenses | $37,089 | $31,958 | $74,417 | $63,004 | Adjusted EBITDA Reconciliation | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net income (loss) | $1,787 | $1,488 | $(1,520) | $(1,726) | | Add back: Interest income, net | $(1,484) | $(2,359) | $(3,208) | $(4,740) | | Add back: Provision for (benefit from) income taxes | $(291) | $99 | $(444) | — | | Add back: Depreciation and amortization | $4,559 | $4,167 | $8,883 | $8,313 | | Add back: Stock-based compensation | $6,343 | $5,537 | $11,982 | $9,977 | | Adjusted EBITDA | $11,283 | $9,600 | $16,685 | $12,675 | Non-GAAP Net Income Reconciliation | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net income (loss) | $1,787 | $1,488 | $(1,520) | $(1,726) | | Add back: Stock-based compensation | $6,343 | $5,537 | $11,982 | $9,977 | | Less: Income tax benefit (expense) related to Viant Technology Inc.'s share of non-GAAP pre-tax income (loss) | $(487) | $(486) | $(653) | $(547) | | Non-GAAP net income | $8,012 | $7,207 | $10,801 | $8,555 | Non-GAAP EPS Reconciliation | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Basic EPS (Class A common stock) | $0.02 | $0.00 | $(0.06) | $(0.05) | | Non-GAAP Basic EPS (Class A common stock) | $0.10 | $0.08 | $0.14 | $0.09 | | Diluted EPS (Class A common stock) | $0.02 | $0.00 | $(0.06) | $(0.05) | | Non-GAAP Diluted EPS (Class A common stock) | $0.09 | $0.08 | $0.12 | $0.09 |