Why Citizens JMP Backed Viant in November After EBITDA Beat and ex‑TAC Strength

Core Insights - Viant Technology Inc. has been recognized as one of the best-performing small-cap tech stocks over the past three years [1] - Citizens JMP maintained a "Market Outperform" rating for Viant after its Q3 earnings report, adjusting the price target to $16 from $18 due to a strong quarterly performance [1] - The company reported revenue of $85.6 million, a 7% year-over-year increase, with contribution ex-TAC at approximately $53 million, up 12% year-over-year, and adjusted EBITDA of around $16.0 million, reflecting a 9% year-over-year increase [2] Financial Performance - Viant's revenue growth was attributed to increased demand for Connected TV (CTV), broader adoption of its Household ID / IRIS_ID addressability stack, and new brand acquisitions [2] - Excluding political spending and a seasonal advertiser that transitioned off-platform, revenue growth was approximately 19% and contribution ex-TAC growth was about 22% [2] - The guidance for Q4 includes contribution ex-TAC expected to be between $62 million and $64 million, and adjusted EBITDA projected at $22.5 million to $23.5 million [2] Company Overview - Viant Technology Inc. operates as an ad-tech company with a focus on privacy-centric, programmatic advertising, particularly in the Connected TV space [3] - The company utilizes proprietary identifiers and ViantAI to enhance targeting and measurement capabilities across the open internet [3]