Strong Q1 2026 results and TVision deal highlight Viant (NASDAQ: DSP)
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Viant Technology Inc. reported strong first quarter 2026 results, with revenue of $88.5 million, up 25% from $70.6 million a year earlier. Gross profit grew to $36.4 million, while net loss narrowed to $2.2 million and loss as a percentage of gross profit improved to 6% from 11%.
Non-GAAP metrics were notably higher: contribution ex-TAC rose 18% to $50.3 million, adjusted EBITDA increased 81% to $9.8 million, and non-GAAP net income nearly doubled to $5.6 million. The company closed its acquisition of TVision Insights, adding proprietary attention measurement data, and guided for Q2 2026 revenue of $98.5–$101.5 million and adjusted EBITDA of $13.0–$14.0 million, signaling expectations for continued growth and margin expansion.
Positive
- Strong top-line growth: Q1 2026 revenue was $88.5 million, a 25% year-over-year increase, while contribution ex-TAC grew 18% to $50.3 million, indicating broader platform usage and higher-quality revenue.
- Profitability improvement: Adjusted EBITDA rose 81% to $9.8 million, adjusted EBITDA margin on contribution ex-TAC expanded from 13% to 19%, and non-GAAP net income nearly doubled to $5.6 million.
- Strategic acquisition: Closing the TVision Insights deal adds proprietary attention measurement data that management expects will enhance targeting, support higher advertiser spend, and contribute to margin expansion.
- Confident outlook: Q2 2026 guidance for revenue of $98.5–$101.5 million and adjusted EBITDA of $13.0–$14.0 million, plus commentary about accelerating growth through 2026, signals management’s positive expectations.
Negative
- None.
Insights
Q1 2026 showed strong growth, margin expansion and a strategic acquisition that management expects will support further gains.
Viant delivered Q1 2026 revenue of $88.538M, up 25% year over year, with contribution ex-TAC up 18%. Adjusted EBITDA climbed to $9.753M, an 81% increase, and non-GAAP net income reached $5.606M, almost double the prior year.
The acquisition of TVision Insights, closed on May 1, 2026, brings proprietary attention data across linear TV and CTV into Viant’s AI-powered platform. Management states this should strengthen targeting, measurement, and ViantAI-driven products, and expects benefits in advertiser spend, take-rate, and adjusted EBITDA margin over time.
Guidance for Q2 2026 calls for revenue of $98.5M–$101.5M, contribution ex-TAC of $58.5M–$60.5M, and adjusted EBITDA of $13.0M–$14.0M. Management also indicates an expectation to accelerate top-line growth each quarter through 2026 with full-year adjusted EBITDA margin expansion, so subsequent quarterly results will be important to see how closely performance tracks this outlook.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $88.538M
Q1 2026 Gross Profit: $36.373M
Q1 2026 Net Loss: $2.190M
+5 more
8 metrics
Q1 2026 Revenue
$88.538M
Three months ended March 31, 2026; 25% year-over-year increase
Q1 2026 Gross Profit
$36.373M
Three months ended March 31, 2026
Q1 2026 Net Loss
$2.190M
Three months ended March 31, 2026; improved from $3.307M loss in 2025
Q1 2026 Adjusted EBITDA
$9.753M
Three months ended March 31, 2026; 81% year-over-year increase
Q1 2026 Non-GAAP Net Income
$5.606M
Three months ended March 31, 2026; up from $2.816M in 2025
Cash and Cash Equivalents
$185.687M
As of March 31, 2026
Q2 2026 Revenue Guidance
$98.5M–$101.5M
Company guidance for second quarter 2026 revenue range
Total Class A and B Shares
63,824,218 shares
Class A and Class B common shares outstanding as of March 31, 2026
Key Terms
contribution ex-TAC, adjusted EBITDA, Traffic acquisition costs, Tax Receivable Agreement, +2 more
6 terms
contribution ex-TAC financial
"Contribution ex-TAC is a non-GAAP financial measure. Gross profit is the most comparable GAAP financial measure"
adjusted EBITDA financial
"Adjusted EBITDA is a non-GAAP financial measure defined by us as net income (loss) before interest expense (income), net, income tax benefit (expense)"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Traffic acquisition costs financial
"“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"
Traffic acquisition costs are the money a company spends to bring visitors or users to its website, app or platform—things like advertising fees, partner payments, or search-engine placement charges. Think of it as the cost of buying foot traffic for a store: higher costs mean each new user is more expensive, so investors watch this number to judge whether growth is affordable, sustainable and likely to lead to profits.
Tax Receivable Agreement financial
"Adjusted EBITDA ... includes Tax Receivable Agreement (the "TRA") remeasurement expense"
A contract in which a company agrees to pay a specified party (often former owners after a spinoff or IPO) a share of future tax savings the company realizes. Think of it like agreeing to share a future tax refund with someone who helped create the conditions for that refund. For investors it matters because those payments reduce the cash the company can use for dividends, buybacks, or reinvestment, and therefore affect valuation and returns.
non-GAAP operating expenses financial
"Non-GAAP operating expenses is a non-GAAP financial measure. Total operating expenses is the most comparable GAAP financial measure"
Non-GAAP operating expenses are the costs a company reports that exclude certain items typically considered unusual or non-recurring, such as restructuring charges or asset write-downs. They are used to give investors a clearer view of the company's regular, ongoing expenses by filtering out one-time or non-core costs, helping them better assess the company's true operational performance.
noncontrolling interests financial
"Less: Net loss attributable to noncontrolling interests"
The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.
Earnings Snapshot
Revenue: $88.538M · Guidance included
Q1 2026
Revenue
$88.538M
+25% YoY
Gross profit
$36.373M
+19% YoY
Net loss
$2.190M
34% improvement YoY
Contribution ex-TAC
$50.297M
+18% YoY
Adjusted EBITDA
$9.753M
+81% YoY
Non-GAAP net income
$5.606M
+99% YoY
Guidance
For Q2 2026, Viant expects revenue of $98.5M–$101.5M, contribution ex-TAC of $58.5M–$60.5M, non-GAAP operating expenses of $45.5M–$46.5M, and adjusted EBITDA of $13.0M–$14.0M.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 11, 2026
__________________________________________________________________
(Exact name of registrant as specified in its charter)
__________________________________________________________________
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices and zip code)
(949 ) 861-8888
Registrant’s telephone number, including area code
__________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The (Nasdaq Global Select Market) | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On May 11, 2026 , Viant Technology Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information included in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description | |||||||
| 99.1 | Press release of Viant Technology Inc., dated May 11, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| VIANT TECHNOLOGY INC. | ||||||||
Date: | By: | /s/ Tim Vanderhook | ||||||
| Tim Vanderhook | ||||||||
| Chief Executive Officer and Chairman | ||||||||
| (Principal Executive Officer) | ||||||||
2
Exhibit 99.1
Viant Technology Announces First
Quarter 2026 Financial Results
Acquired TVision Insights, a leader in attention measurement across linear TV and CTV
Achieved record first quarter results across all key metrics, including a 25% increase in revenue
Generated record first quarter CTV advertiser spend(1), accounting for over 50% of total ad spend
IRVINE, Calif., May 11, 2026 – Viant Technology Inc. (Nasdaq: DSP), a leader in AI-powered programmatic advertising, today reported financial results for its first quarter ended March 31, 2026.
"Viant delivered record first quarter results, exceeding the high end of our guidance range across both the top and bottom lines for the quarter," said Tim Vanderhook, Co-Founder and CEO, Viant. "Our continued success is amplified by our recent landmark acquisition of TVision, which further transforms Viant from a media execution platform into a highly differentiated advertising intelligence company, equipped with proprietary data, measurement, and activation capabilities that enables advertisers to drive optimal media decisions. By integrating TVision's measurement and proprietary attention data into our AI-powered ad platform, we have created a first-of-its-kind solution that transforms viewer attention into real-time actionable signals for planning, bidding, and optimized decisioning. Our exclusive data now spans content, identity and attention, strategically positioning Viant as the most sophisticated and effective platform delivering outcomes for advertisers. With the addition of TVision, we expect to accelerate top-line growth, improve profitability and seize market share."
First Quarter 2026 Financial Highlights, year-over-year (in thousands, except percentages and per share data):
| 2026 | 2025 | Change (%) | |||||||||||||||
(NM = Not Meaningful) | |||||||||||||||||
GAAP | |||||||||||||||||
Revenue | $ | 88,538 | $ | 70,642 | 25 | % | |||||||||||
Gross profit | $ | 36,373 | $ | 30,562 | 19 | % | |||||||||||
Net loss | $ | (2,190) | $ | (3,307) | 34 | % | |||||||||||
Net loss as a percentage of gross profit | (6) | % | (11) | % | NM | ||||||||||||
Net loss attributable to Viant Technology Inc. | $ | (455) | $ | (1,190) | 62 | % | |||||||||||
Earnings (loss) per share of Class A common stock—basic | $ | (0.03) | $ | (0.07) | 57 | % | |||||||||||
Earnings (loss) per share of Class A common stock—diluted | $ | (0.03) | $ | (0.07) | 57 | % | |||||||||||
Class A and Class B common shares outstanding (as of March 31) | 63,824 | ||||||||||||||||
Cash and cash equivalents (as of March 31) | $ | 185,687 | |||||||||||||||
Non-GAAP(2) | |||||||||||||||||
Contribution ex-TAC | $ | 50,297 | $ | 42,729 | 18 | % | |||||||||||
Adjusted EBITDA | $ | 9,753 | $ | 5,402 | 81 | % | |||||||||||
Adjusted EBITDA as a percentage of contribution ex-TAC | 19 | % | 13 | % | NM | ||||||||||||
Non-GAAP net income | $ | 5,606 | $ | 2,816 | 99 | % | |||||||||||
Non-GAAP earnings per share of Class A common stock—basic | $ | 0.09 | $ | 0.04 | 125 | % | |||||||||||
Non-GAAP earnings per share of Class A common stock—diluted | $ | 0.07 | $ | 0.03 | 133 | % | |||||||||||
Recent Business Highlights:
•Acquired TVision Insights, establishing Viant as an objective measurement and buying platform uniquely capable of valuing inventory across linear TV, CTV, Netflix, YouTube and Prime Video, which uniquely enables Viant to direct advertiser spend to destinations projected to maximize human engagement and deliver optimal outcomes.
•Launched inaugural performance advertising campaigns within Outcomes, the first fully autonomous advertising solution built for the open-internet. 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, TVision attention insights, supply quality scoring models, historical campaign performance data and more.
•CTV spend reached a seasonal record high in the first quarter, representing over 50% of total advertiser spend on the platform.
"We are off to a strong start to the year, delivering contribution ex-TAC growth of 18%, exceeding the mid-point of our guidance, and adjusted EBITDA growth of 81%, exceeding the high end of our guidance," stated Larry Madden, CFO of Viant. "On May 1st, we closed on our acquisition of TVision, enabling the exclusive integration of proprietary attention insights directly into our AI-powered ad platform. TVision materially strengthens our targeting and measurement capabilities, which we expect will drive increased ad spend across our platform, elevate our take-rate and lead to adjusted EBITDA margin expansion over time. Reflecting strengthening advertiser demand, continued adoption of ViantAI, incremental use of our proprietary data, and increased engagement across our sales pipeline - we expect to accelerate top-line growth in each quarter throughout 2026, while delivering Adjusted EBITDA margin expansion for the year."
For the second quarter 2026, the Company expects:
•Revenue in the range of $98.5 million to $101.5 million
•Contribution ex-TAC in the range of $58.5 million to $60.5 million
•Non-GAAP operating expenses in the range of $45.5 million to $46.5 million
•Adjusted EBITDA in the range of $13.0 million to $14.0 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 March 31, 2026, there were 18,264,502 shares of the Company's Class A common stock outstanding and 45,559,716 shares of the Company's Class B common stock outstanding. For more information, please refer to our Quarterly Report on Form 10-Q expected to be filed with the Securities and Exchange Commission ("SEC") on May 11, 2026.
Conference Call and Webcast Details:
Viant will host a conference call and webcast to discuss its financial results on Monday, May 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 AI-powered advertising platform purpose-built for CTV. Viant uniquely combines proprietary content intelligence, household-level identity resolution, and person-level attention signals to connect advertisers with real customers and drive measurable outcomes across the open internet. Through its award-winning AI solutions, Viant is building the future of autonomous advertising, where AI doesn't just assist the campaign, it delivers real results. 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, the benefits of Viant’s acquisition of TVision, including enhanced capabilities and expected tailwinds for Viant’s financial results, 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 and subsequent Quarterly Reports on Form 10-Q, 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.
Media Contact:
Marielle Lyon
press@viantinc.com
Investor Contact:
Nick Zangler
nzangler@viantinc.com
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except per share data)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue | $ | 88,538 | $ | 70,642 | |||||||
Operating expenses(1): | |||||||||||
| Platform operations | 52,165 | 40,080 | |||||||||
| Sales and marketing | 16,277 | 14,229 | |||||||||
| Technology and development | 7,138 | 6,911 | |||||||||
| General and administrative | 16,916 | 14,281 | |||||||||
| Total operating expenses | 92,496 | 75,501 | |||||||||
| Loss from operations | (3,958) | (4,859) | |||||||||
| Other expense (income), net: | |||||||||||
| Interest income, net | (1,362) | (1,724) | |||||||||
| TRA remeasurement expense | — | 325 | |||||||||
| Total other expense (income), net | (1,362) | (1,399) | |||||||||
| Loss before income taxes | (2,596) | (3,460) | |||||||||
| Provision for (benefit from) income taxes | (406) | (153) | |||||||||
| Net loss | (2,190) | (3,307) | |||||||||
| Less: Net loss attributable to noncontrolling interests | (1,735) | (2,117) | |||||||||
| Net loss attributable to Viant Technology Inc. | $ | (455) | $ | (1,190) | |||||||
| Earnings (loss) per share of Class A common stock: | |||||||||||
| Basic | $ | (0.03) | $ | (0.07) | |||||||
| Diluted | $ | (0.03) | $ | (0.07) | |||||||
| Weighted-average shares of Class A common stock outstanding: | |||||||||||
| Basic | 17,827 | 16,439 | |||||||||
| Diluted | 63,452 | 16,439 | |||||||||
(1) Stock-based compensation and depreciation and amortization included in operating expenses are as follows (in thousands):
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Stock-based compensation: | |||||||||||
| Platform operations | $ | 688 | $ | 892 | |||||||
| Sales and marketing | 2,403 | 1,500 | |||||||||
| Technology and development | 976 | 758 | |||||||||
| General and administrative | 2,510 | 2,489 | |||||||||
| Total stock-based compensation | $ | 6,577 | $ | 5,639 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Depreciation and amortization: | |||||||||||
| Platform operations | $ | 4,817 | $ | 3,572 | |||||||
| Sales and marketing | 96 | 74 | |||||||||
| Technology and development | 474 | 590 | |||||||||
| General and administrative | 86 | 88 | |||||||||
| Total depreciation and amortization | $ | 5,473 | $ | 4,324 | |||||||
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited; in thousands, except share and per share data)
| As of March 31, | As of December 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 185,687 | $ | 191,151 | |||||||
| Accounts receivable, net of allowances | 146,230 | 177,139 | |||||||||
| Prepaid expenses and other current assets | 5,998 | 7,902 | |||||||||
| Total current assets | 337,915 | 376,192 | |||||||||
| Property, equipment, and software, net | 35,424 | 35,069 | |||||||||
| Operating lease assets, net | 21,181 | 19,689 | |||||||||
| Intangible assets, net | 2,728 | 2,899 | |||||||||
| Goodwill | 19,190 | 19,190 | |||||||||
| Deferred tax assets | 18,534 | 17,524 | |||||||||
| Other assets | 4,033 | 4,100 | |||||||||
| Total assets | $ | 439,005 | $ | 474,663 | |||||||
| Liabilities and stockholders’ equity | |||||||||||
| Liabilities | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 53,711 | $ | 83,520 | |||||||
| Accrued liabilities | 46,064 | 50,828 | |||||||||
| Accrued compensation | 9,204 | 12,988 | |||||||||
| Deferred revenue | 551 | 583 | |||||||||
| Current portion of operating lease liabilities | 5,098 | 5,080 | |||||||||
| Other current liabilities | 3,206 | 4,036 | |||||||||
| Total current liabilities | 117,834 | 157,035 | |||||||||
| Long-term debt | — | — | |||||||||
| Long-term portion of operating lease liabilities | 18,286 | 16,668 | |||||||||
| Long-term portion of TRA liability | 12,486 | 12,159 | |||||||||
| Total liabilities | 148,606 | 185,862 | |||||||||
| 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 | |||||||||||
Authorized shares — 450,000,000 | |||||||||||
Issued — 18,820,004 and 18,271,293 | 19 | 18 | |||||||||
Outstanding — 18,264,502 and 17,593,198 | |||||||||||
Class B common stock, $0.001 par value | |||||||||||
Authorized shares — 150,000,000 | |||||||||||
Issued and outstanding — 45,559,716 and 45,717,216 | 46 | 46 | |||||||||
| Additional paid-in capital | 190,099 | 182,744 | |||||||||
| Accumulated deficit | (98,749) | (91,751) | |||||||||
Treasury stock, at cost; 555,502 and 678,095 shares held | (6,105) | (8,920) | |||||||||
| Total stockholders’ equity attributable to Viant Technology Inc. | 85,310 | 82,137 | |||||||||
| Noncontrolling interests | 205,089 | 206,664 | |||||||||
| Total equity | 290,399 | 288,801 | |||||||||
| Total liabilities and stockholders’ equity | $ | 439,005 | $ | 474,663 | |||||||
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (2,190) | $ | (3,307) | |||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 5,473 | 4,324 | |||||||||
| Stock-based compensation | 6,577 | 5,639 | |||||||||
| Provision for doubtful accounts | 204 | 390 | |||||||||
| Loss on disposal of assets | 132 | — | |||||||||
| Noncash lease expense | 1,206 | 1,126 | |||||||||
| Deferred taxes | (518) | — | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | 30,705 | 15,269 | |||||||||
| Prepaid expenses and other assets | 1,971 | (60) | |||||||||
| Accounts payable | (29,819) | (11,595) | |||||||||
| Accrued liabilities | (4,515) | (9,293) | |||||||||
| Accrued compensation | (4,644) | (3,784) | |||||||||
| Deferred revenue | (32) | (330) | |||||||||
| Operating lease liabilities | (1,062) | (1,073) | |||||||||
| Other liabilities | (563) | (1,758) | |||||||||
| Net cash provided by (used in) operating activities | 2,925 | (4,452) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property and equipment | (313) | (124) | |||||||||
| Capitalized software development costs | (3,617) | (3,599) | |||||||||
| Cash paid for acquisitions | — | (315) | |||||||||
| Net cash used in investing activities | (3,930) | (4,038) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Repurchase of stock related to tax withholdings on vested equity awards | (3,121) | (3,232) | |||||||||
| Repurchase of stock related to the stock repurchase program | (987) | (17,025) | |||||||||
| Payment of member tax distributions | (452) | (3,645) | |||||||||
| Proceeds from the exercise of stock options | 380 | 1,222 | |||||||||
| Payment on tax receivable agreement liability | (279) | — | |||||||||
| Net cash used in financing activities | (4,459) | (22,680) | |||||||||
| Net decrease in cash and cash equivalents | (5,464) | (31,170) | |||||||||
| Cash and cash equivalents at beginning of period | 191,151 | 205,048 | |||||||||
| Cash and cash equivalents at end of period | $ | 185,687 | $ | 173,878 | |||||||
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, net, less TAC, stock-based compensation, depreciation, amortization, and certain other items that are not related to our core operations, such as acquisition and restructuring costs. 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 acquisition and restructuring costs as well as Tax Receivable Agreement (the "TRA") remeasurement expense. 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 acquisition and restructuring costs as well as TRA remeasurement expense and 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 acquisition and restructuring costs as well as TRA remeasurement expense and 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"), performance stock units ("PSUs"), 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 March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue | $ | 88,538 | $ | 70,642 | |||||||
| Less: Platform operations | (52,165) | (40,080) | |||||||||
| Gross profit | 36,373 | 30,562 | |||||||||
| Add: Other platform operations | 13,924 | 12,167 | |||||||||
| Contribution ex-TAC | $ | 50,297 | $ | 42,729 | |||||||
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 March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating expenses: | |||||||||||
| Platform operations | $ | 52,165 | $ | 40,080 | |||||||
| Sales and marketing | 16,277 | 14,229 | |||||||||
| Technology and development | 7,138 | 6,911 | |||||||||
| General and administrative | 16,916 | 14,281 | |||||||||
| Total operating expenses | 92,496 | 75,501 | |||||||||
| Add: | |||||||||||
| Other expense, net | — | — | |||||||||
| Less: | |||||||||||
| Traffic acquisition costs | (38,241) | (27,913) | |||||||||
| Stock-based compensation | (6,577) | (5,639) | |||||||||
| Depreciation and amortization | (5,473) | (4,324) | |||||||||
Acquisition and restructuring costs(1) | (1,661) | (298) | |||||||||
| Non-GAAP operating expenses | $ | 40,544 | $ | 37,327 | |||||||
(1)Acquisition and restructuring costs primarily consist of costs incurred related to our contemplated and completed acquisitions for the three months ended March 31, 2026 and 2025.
The following table presents a reconciliation of net loss to adjusted EBITDA for the periods presented (unaudited; in thousands):
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net loss | $ | (2,190) | $ | (3,307) | |||||||
| Add back (less): | |||||||||||
| Interest income, net | (1,362) | (1,724) | |||||||||
| Provision for (benefit from) income taxes | (406) | (153) | |||||||||
| Depreciation and amortization | 5,473 | 4,324 | |||||||||
| Stock-based compensation | 6,577 | 5,639 | |||||||||
Acquisition and restructuring costs(1) | 1,661 | 298 | |||||||||
TRA remeasurement expense(2) | — | 325 | |||||||||
| Adjusted EBITDA | $ | 9,753 | $ | 5,402 | |||||||
(1)Acquisition and restructuring costs primarily consist of costs incurred related to our contemplated and completed acquisitions for the three months ended March 31, 2026 and 2025.
(2)TRA remeasurement expense reflects the remeasurement of the TRA liability for the three months ended March 31, 2025.
The following table presents the calculation of net 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 March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Gross profit | $ | 36,373 | $ | 30,562 | |||||||
| Net loss | $ | (2,190) | $ | (3,307) | |||||||
| Net loss as a percentage of gross profit | (6) | % | (11) | % | |||||||
Contribution ex-TAC | $ | 50,297 | $ | 42,729 | |||||||
| Adjusted EBITDA | $ | 9,753 | $ | 5,402 | |||||||
| Adjusted EBITDA as a percentage of contribution ex-TAC | 19 | % | 13 | % | |||||||
The following table presents a reconciliation of net loss to non-GAAP net income for the periods presented (unaudited; in thousands):
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net loss | $ | (2,190) | $ | (3,307) | |||||||
| Add back (less): | |||||||||||
| Stock-based compensation | 6,577 | 5,639 | |||||||||
Acquisition and restructuring costs(1) | 1,661 | 298 | |||||||||
TRA remeasurement expense(2) | — | 325 | |||||||||
Income tax benefit (expense) related to Viant Technology Inc.’s share of non-GAAP pre-tax loss(3) | (442) | (139) | |||||||||
| Non-GAAP net income | $ | 5,606 | $ | 2,816 | |||||||
(1)Acquisition and restructuring costs primarily consist of costs incurred related to our contemplated and completed acquisitions for the three months ended March 31, 2026 and 2025.
(2)TRA remeasurement expense reflects the remeasurement of the TRA liability for the three months ended March 31, 2025.
(3)The estimated income tax effect of our share of income (loss) after non-GAAP reconciling items for the three months ended March 31, 2026 and 2025 is calculated using assumed blended tax rates of 28% and 23%, respectively, which represent our expected corporate tax rates, excluding discrete and non-recurring tax items.
The following table presents 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):
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | ||||||||||||||||||||||
| Earnings (Loss) per Share | Non-GAAP Earnings (Loss) per Share | Earnings (Loss) per Share | Non-GAAP Earnings (Loss) per Share | ||||||||||||||||||||
| Numerator | |||||||||||||||||||||||
| Net loss | $ | (2,190) | $ | (2,190) | $ | (3,307) | $ | (3,307) | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Add back: Stock-based compensation | — | 6,577 | — | 5,639 | |||||||||||||||||||
Add back: Acquisition and restructuring costs(1) | — | 1,661 | — | 298 | |||||||||||||||||||
Add back: TRA remeasurement expense(2) | — | — | — | 325 | |||||||||||||||||||
Income tax benefit (expense) related to Viant Technology Inc.'s share of non-GAAP pre-tax loss(3) | — | (442) | — | (139) | |||||||||||||||||||
| Non-GAAP net income | (2,190) | 5,606 | (3,307) | 2,816 | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests(4) | (1,735) | 4,073 | (2,117) | 2,188 | |||||||||||||||||||
| Net income (loss) attributable to Viant Technology Inc.—basic | $ | (455) | $ | 1,533 | $ | (1,190) | $ | 628 | |||||||||||||||
| Add back: Reallocation of net loss attributable to noncontrolling interest from the assumed exchange of RSUs and NQSOs for Class A common stock | — | — | — | 119 | |||||||||||||||||||
| Income tax benefit (expense) from the assumed exchange of dilutive securities for Class A common stock | — | — | — | (27) | |||||||||||||||||||
Add back: Net income (loss) attributable to noncontrolling interests(4) | (1,735) | 4,073 | — | — | |||||||||||||||||||
Income tax benefit (expense) related to the Company's share of non-GAAP pre-tax loss(3) | — | (1,146) | — | — | |||||||||||||||||||
| Net income (loss) attributable to Viant Technology Inc.—diluted | $ | (2,190) | $ | 4,460 | $ | (1,190) | $ | 720 | |||||||||||||||
| Denominator | |||||||||||||||||||||||
| Weighted-average shares of Class A common stock outstanding —basic | 17,827 | 17,827 | 16,439 | 16,439 | |||||||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||||||||
| RSUs | — | 736 | — | 2,553 | |||||||||||||||||||
| NQSOs | — | 1,887 | — | 3,047 | |||||||||||||||||||
| Shares of Class B common stock | 45,625 | 45,625 | — | — | |||||||||||||||||||
| Weighted-average shares of Class A common stock outstanding —diluted | 63,452 | 66,075 | 16,439 | 22,039 | |||||||||||||||||||
| Earnings (loss) per share of Class A common stock—basic | $ | (0.03) | $ | 0.09 | $ | (0.07) | $ | 0.04 | |||||||||||||||
| Earnings (loss) per share of Class A common stock—diluted | $ | (0.03) | $ | 0.07 | $ | (0.07) | $ | 0.03 | |||||||||||||||
| Anti-dilutive shares excluded from earnings (loss) per share of Class A common stock—diluted: | |||||||||||||||||||||||
| RSUs | 6,504 | — | 5,415 | — | |||||||||||||||||||
| NQSOs | 4,291 | — | 4,899 | — | |||||||||||||||||||
PSUs(5) | 487 | 487 | — | — | |||||||||||||||||||
| Shares of Class B common stock | — | — | 46,720 | 46,720 | |||||||||||||||||||
| Total shares excluded from earnings (loss) per share of Class A common stock—diluted | 11,282 | 487 | 57,034 | 46,720 | |||||||||||||||||||
(1)Acquisition and restructuring costs primarily consist of costs incurred related to our contemplated and completed acquisitions for the three months ended March 31, 2026 and 2025.
(2)TRA remeasurement expense reflects the remeasurement of the TRA liability for the three months ended March 31, 2025.
(3)The estimated income tax effect of our share of income (loss) after non-GAAP reconciling items for the three months ended March 31, 2026 and 2025 is calculated using assumed blended tax rates of 28% and 23%, respectively, which represent our expected corporate tax rates, excluding discrete and non-recurring tax items.
(4)The adjustment to net income attributable to noncontrolling interests represents stock-based compensation as well as acquisition and restructuring costs attributed to the noncontrolling interests outstanding during the period.
(5)Number of securities outstanding at the end of the period that were excluded from the computation of diluted non-GAAP earnings (loss) per share of Class A common stock because the performance conditions associated with these awards were not met assuming the end of the reporting period was the end of the performance period.
FAQ
How did Viant Technology (DSP) perform financially in Q1 2026?
Viant reported Q1 2026 revenue of $88.5 million, up 25% year over year from $70.6 million. Gross profit increased to $36.4 million, while net loss narrowed to $2.2 million, reflecting improved operating leverage and more efficient spending.
What were Viant Technology (DSP) key non-GAAP results for Q1 2026?
Contribution ex-TAC reached $50.3 million, up 18% year over year, and adjusted EBITDA was $9.8 million, an 81% increase. Non-GAAP net income rose to $5.6 million, with non-GAAP diluted EPS improving to $0.07 from $0.03 a year earlier.
What guidance did Viant Technology (DSP) provide for Q2 2026?
For Q2 2026, Viant expects revenue of $98.5–$101.5 million, contribution ex-TAC of $58.5–$60.5 million, non-GAAP operating expenses of $45.5–$46.5 million, and adjusted EBITDA of $13.0–$14.0 million, implying continued growth and margin expansion.
What is the significance of Viant’s acquisition of TVision Insights?
On May 1, 2026, Viant closed its acquisition of TVision Insights, gaining proprietary attention measurement across linear TV and CTV. Management expects this exclusive data to strengthen targeting, enhance measurement, and support higher advertiser spend and adjusted EBITDA margins over time.
How did Viant Technology’s (DSP) profitability metrics change year over year?
Net loss improved from $3.3 million to $2.2 million and net loss as a percentage of gross profit improved from 11% to 6%. Adjusted EBITDA margin on contribution ex-TAC rose from 13% to 19%, indicating better conversion of revenue into operating earnings.
What is Viant Technology’s cash position as of March 31, 2026?
As of March 31, 2026, Viant held $185.7 million in cash and cash equivalents. This compares with $191.2 million at December 31, 2025, reflecting modest net cash usage after operating, investing, and financing activities during the quarter.