Viant Technology Inc (DSP, Financial) released its 8-K filing on November 12, 2024, reporting impressive financial results for the third quarter ended September 30, 2024. The company, a leader in AI-powered programmatic advertising, exceeded analyst expectations with a revenue of $79.92 million, surpassing the estimated $64.97 million, and reported earnings per share of $0.09, outperforming the projected $0.05.
Company Overview
Viant Technology Inc is an advertising software company that facilitates the programmatic purchase of advertising. This technology allows marketers to efficiently buy ads across various platforms, including desktop, mobile, connected TV, linear TV, streaming audio, and digital billboards.
Performance and Challenges
Viant Technology Inc's third-quarter performance was marked by a 34% year-over-year increase in revenue, reaching $79.92 million. This growth was driven by record advertiser spending on the platform, particularly in connected television (CTV), which saw a nearly 50% increase. The company's ability to capitalize on the growing demand for CTV advertising is crucial as it continues to expand its market share in the competitive programmatic advertising industry.
Financial Achievements
The company's gross profit rose by 23% to $35.32 million, while net income improved significantly to $6.46 million from a loss of $672,000 in the previous year. These achievements highlight Viant Technology Inc's effective cost management and strategic investments in technology, such as the acquisition of IRIS.TV, which enhances its CTV targeting and measurement capabilities.
Key Financial Metrics
Viant Technology Inc reported a contribution ex-TAC of $47.35 million, a 21% increase from the previous year, and an adjusted EBITDA of $14.68 million, up 52%. These metrics are vital for assessing the company's profitability and operational efficiency, as they exclude traffic acquisition costs and other variable expenses.
We delivered outstanding third quarter results, with revenue, contribution ex-TAC, and adjusted EBITDA surpassing the high end of our guidance," said Tim Vanderhook, Co-Founder and CEO of Viant.
Income Statement and Balance Sheet Highlights
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue | $79.92 million | $59.59 million | 34% |
| Gross Profit | $35.32 million | $28.62 million | 23% |
| Net Income | $6.46 million | $(672,000) | 1,061% |
| EPS (Diluted) | $0.09 | $(0.03) | 400% |
Analysis and Outlook
Viant Technology Inc's strong financial performance in Q3 2024 underscores its strategic focus on expanding its CTV capabilities and leveraging AI-driven solutions like ViantAI. The company's ability to exceed revenue and earnings expectations reflects its competitive positioning in the programmatic advertising market. However, maintaining this momentum will require continued innovation and adaptation to evolving market dynamics.
Looking ahead, Viant Technology Inc anticipates fourth-quarter revenue between $82 million and $85 million, with adjusted EBITDA ranging from $16 million to $17 million. These projections indicate confidence in sustained growth and operational efficiency.
Explore the complete 8-K earnings release (here) from Viant Technology Inc for further details.
