This article first appeared on GuruFocus .
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Revenue:$110.1 million for Q4, up 22% year over year.
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Contribution ex-TAC:$64.6 million for Q4, up 19% year over year.
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Adjusted EBITDA:$24.7 million for Q4, up 45% year over year.
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Non-GAAP Net Income:$19 million for Q4, up 37% year over year.
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Cash and Cash Equivalents:$191.2 million at the end of Q4.
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Free Cash Flow:$28.2 million for Q4, up 132% year over year.
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Adjusted EBITDA Margin:38% for Q4, representing nearly 700 basis points improvement year over year.
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Full Year 2025 Revenue:$344.2 million, up 19% year over year.
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Full Year 2025 Adjusted EBITDA:$57.4 million, up 29% year over year.
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Q1 2026 Revenue Guidance:$83 million to $86 million, up 20% year over year at the midpoint.
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Q1 2026 Adjusted EBITDA Guidance:$8.5 million to $9.5 million, representing a 67% year over year increase at the midpoint.
Release Date: March 11, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Viant Technology Inc ( NASDAQ:DSP ) reported a 22% year-over-year increase in revenue for Q4 2025, surpassing their guidance range.
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The company achieved a 45% year-over-year increase in adjusted EBITDA for the quarter, exceeding the high end of their guidance range.
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Viant's CTV spend reached a new all-time high, representing 46% of total advertiser spend, driven by strategic investments in CTV infrastructure and publisher relationships.
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The launch of ViantAI's Outcomes solution is expected to drive significant performance improvements and attract performance budgets from existing and new clients.
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Viant Technology Inc ( NASDAQ:DSP ) has secured major new clients, including Molson Coors and WHOOP, which are expected to ramp up ad spend significantly in the coming quarters.
Negative Points
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The company faced challenges from tariff-related pressures and the migration of a material client off the platform due to a corporate merger.
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Despite strong performance, Viant Technology Inc ( NASDAQ:DSP ) is still navigating a competitive landscape with larger competitors like Google and Amazon.
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The Q1 2026 revenue guidance indicates a sequential decline from Q4 2025, reflecting seasonal factors and client mix.
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There is uncertainty around the impact of emerging AI services and partnerships, such as those involving OpenAI, on the programmatic advertising space.
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The company faces potential risks from the evolving competitive dynamics in the digital advertising market, particularly with Amazon's push into third-party inventory.
Q & A Highlights
Q: Can you explain the factors driving the expected growth acceleration in 2026 compared to Q1? A: Lawrence Madden, CFO, explained that the growth acceleration is expected due to several factors, including the ramp-up of new flagship customers like Molson Coors and WHOOP, which had limited contributions in Q1. Additionally, the Outcomes product is in early testing stages and is expected to contribute more significantly in future quarters. The company also anticipates a lift from other customer wins and the seasonal nature of Q1 being the lowest quarter, with growth expected to build nicely as the year progresses.
Q: How is Viant Technology managing to outperform larger competitors like Google and The Trade Desk in terms of growth? A: Tim Vanderhook, CEO, emphasized that Viant's proprietary data, such as Household ID and IRIS ID, and their focus on innovation are key factors. The company is winning against larger competitors by offering unique solutions that drive better performance for advertisers. Viant's direct access program and the ability to bypass middlemen also contribute to better efficiency and returns for clients.
Q: What is the potential for IRIS ID to continue its growth, and what are the factors influencing its adoption? A: Christopher Vanderhook, COO, highlighted that IRIS ID has seen significant adoption, with revenue attached to its utilization increasing 90% sequentially. The technology allows advertisers to target CTV inventory at the show level, providing better brand suitability and performance. The company expects IRIS ID penetration to reach 70% this year, driven by its ability to enhance conversion rates and the increasing number of content owners adopting it.
Q: How does Viant Technology view the potential impact of AI and partnerships like Trade Desk's with OpenAI on the programmatic space? A: Tim Vanderhook, CEO, expressed caution about the immediate impact of such partnerships, noting that while chatbots represent a new channel with significant user engagement, the specifics of ad formats and data sharing are still unclear. Viant is monitoring developments but believes that AI's true value lies in proprietary data and infrastructure, which Viant has embedded in its platform.
Q: What are the key reasons behind WHOOP choosing Viant Technology for their advertising needs? A: Christopher Vanderhook, COO, explained that WHOOP, a fast-growing brand, chose Viant due to their focus on CTV and the need for addressability solutions. Viant's ability to provide detailed insights into household and content consumption patterns, along with their addressability solutions, were critical factors in WHOOP's decision.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
