Viant Technology — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue increased 29% year-over-year to $110.4 million.
• Gross profit increased 30% year-over-year to $51.6 million.
• Contribution ex-TAC increased 27% year-over-year to $67.2 million.
• Adjusted EBITDA increased 24% year-over-year to $19.8 million.
• Adjusted EBITDA margin (as a percentage of contribution ex-TAC) was 29%, down from 30% in the prior year period.
• GAAP net income was $2.6 million, a 49% decrease from $5.2 million in the prior year period.
• Non-GAAP net income increased 20% year-over-year to $13.4 million.
• Non-GAAP earnings per share (basic) increased 17% year-over-year to $0.14; diluted non-GAAP EPS increased 8% to $0.13.
• Cash and cash equivalents stood at $183.2 million as of September 30, 2026.
• Deferred revenue increased to $2.6 million from $0.6 million in the prior year period.
• Total operating expenses were $108.6 million, compared to $81.4 million in the prior year period.

Guidance and Future Outlook:

• Q4 2026 revenue guidance is $130.5 million to $133.5 million.
• Q4 2026 contribution ex-TAC guidance is $80.5 million to $82.5 million.
• Q4 2026 non-GAAP operating expenses guidance is $49.5 million to $50.5 million.
• Q4 2026 adjusted EBITDA guidance is $31.0 million to $32.0 million.
• At the Q4 midpoint, full-year 2026 revenue is expected to be approximately $435 million (up 26% year-over-year).
• Full-year 2026 contribution ex-TAC is expected to be approximately $259 million (up 24% year-over-year).
• Full-year 2026 non-GAAP operating expenses are expected to be approximately $184 million (up 22% year-over-year).
• Full-year 2026 adjusted EBITDA is expected to be approximately $75 million (up 31% year-over-year).
• Management expects adjusted EBITDA margin expansion to 39% at the Q4 midpoint.
• Management anticipates significant operating leverage while integrating TVision and Waymark.

Business Segments and Product Lines:

• Connected TV (CTV) advertiser spend increased nearly 40% year-over-year, representing over 50% of total advertiser spend and reaching a record high.
• Direct Access transacted over 80% of CTV spend for the second consecutive quarter, up from over 50% in Q1 2026.
• Established direct integrations with AI frontier models including Claude, ChatGPT, and Cursor, allowing campaign management via natural language prompts.
• Launched the TVision mobile meter to extend attention analytics beyond TV screens by connecting linear TV and CTV viewership with mobile consumer actions.
• Acquired Waymark, a generative AI video creative production technology platform built for CTV, to enable generative ad creative optimization.
• Recognized as the winner of the "Best Buy-Side Programmatic Platform" by the Digiday Technology Awards.

Market and Competitive Landscape:

• Viant positions itself as a comprehensive advertising intelligence company differentiated by proprietary data, independent measurement, efficient supply paths, and advanced AI solutions.
• The company aims to empower advertisers of all sizes through its integrated suite of services.
• The acquisition of Waymark is intended to usher in the era of generative ad creative optimization for CTV.

Risks and Challenges:

• Management notes that future GAAP financial results could be significantly impacted by the variability of charges excluded from non-GAAP measures, specifically traffic acquisition costs, platform operations expenses, and stock-based compensation.
• Stock-based compensation is subject to unpredictable fluctuations based on share price and potential forfeitures of equity grants.
• Forward-looking statements involve risks including slower market development for programmatic advertising, customer demand expectations, data privacy regulations, and risks related to AI technology usage.

Management Commentary and Tone:

• CEO Tim Vanderhook stated the company delivered record third-quarter results, exceeding the high-end of guidance for contribution ex-TAC and adjusted EBITDA.
• Management attributed momentum to the evolution into a comprehensive advertising intelligence company and the integration of AI solutions.
• CFO Larry Madden expressed confidence in carrying Q3 momentum into Q4 and noted a strong pipeline positioning the company for continued growth in 2027.
• Management highlighted the $50 million increase in share repurchase authorization as a reflection of confidence in the long-term business opportunity.

Other Key Points:

• The Board of Directors authorized a $50 million increase to the share repurchase program, raising total authorization to $150 million.
• $70.8 million remained available for repurchase as of November 9, 2026.
• Between Q3 start and November 6, 2026, Viant repurchased 1.4 million shares for $18.6 million and net settled 0.4 million shares for $4.6 million, totaling 1.8 million shares for $23.2 million at an average price of $12.82.
• Total Class A and Class B common shares outstanding were 66.5 million as of September 30, 2026.
• The company has no long-term debt as of September 30, 2026.
• Goodwill increased to $32.4 million from $19.2 million in the prior year period, likely due to the Waymark acquisition.
• Intangible assets increased to $13.8 million from $2.9 million in the prior year period.