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
IRVINE, Calif.--(BUSINESS WIRE)--March 11, 2026--
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 Year Ended
December 31, December 31,
------------------------- --------------------------
Change Change
2025 2024 (%) 2025 2024 (%)
------------ ----------- --------- ------------ ------------ ---------
(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$(R)$ 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 Year Ended
December 31, 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 Year Ended
December 31, 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 Year Ended
December 31, 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 Year Ended
December 31, 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 Year Ended
December 31, 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 Year Ended
December 31, 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 Year Ended
December 31, 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 Year Ended
December 31, 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
----------------------------------- --------------------------------------
Non-GAAP
Earnings Earnings Earnings Non-GAAP
(Loss) (Loss) (Loss) Earnings
per per per (Loss) per
Share Adjustments Share Share Adjustments 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 Three Months Ended
December 31, 2025 December 31, 2024
----------------------------------- --------------------------------------
Non-GAAP
Earnings Earnings Earnings Non-GAAP
(Loss) (Loss) (Loss) Earnings
per per per (Loss) per
Share Adjustments Share Share Adjustments 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/
CONTACT: Media Contact:
Marielle Lyon
press@viantinc.com
Investor Contact:
Nick Zangler
investors@viantinc.com
(END) Dow Jones Newswires
March 11, 2026 16:05 ET (20:05 GMT)
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