Executive Summary

Q3 delivered record revenue, contribution ex-TAC, and adjusted EBITDA; revenue grew 7% YoY to $85.6M and contribution ex-TAC rose 12% YoY to $53.0M, with underlying growth excluding political and a seasonal client exit at +19% revenue and +22% CXT YoY .
Against S&P Global consensus, revenue was a slight beat ($85.58M vs $85.53M*) while EPS was a modest miss ($0.12 vs $0.132*); management emphasized strong CTV momentum (CTV = 46% of total ad spend) and accelerating AI adoption as offsets .
Q4 guidance implies record revenue ($101.5–$104.5M), contribution ex-TAC ($62–$64M), and adjusted EBITDA ($22.5–$23.5M), with adjusted EBITDA margin of 37% of CXT; reported growth is tempered by a 600–500 bps political comp headwind but pro forma growth remains 20–21% YoY at the midpoint .
Strategic wins, notably a multi-year designation as Advertising Platform for Molson Coors starting 2026, validate Viant’s buy-side independence, CTV leadership, and ViantAI differentiation; these underpin management’s expectation for accelerating growth and margin expansion into 2026 .

What Went Well and What Went Wrong

What Went Well
- Record CTV spend and mix: CTV reached an all-time high 46% of total ad spend, with roughly half of CTV routed through Direct Access premium publishers, improving working media efficiency .
- AI velocity: AI Bidding automated ~85% of platform ad spend; CXT from AI Bidding more than doubled YoY; AI Bidding 3.0 launched ahead of schedule to further reduce media costs .
- Addressability scale and performance: Household ID identifies ~95% of U.S. households and covers ~80% of biddable inventory; Iris ID revenue more than doubled sequentially, with advertisers seeing ~48% higher conversion rates versus controls; new Tubi integration broadened scale .
What Went Wrong
- Political comp and seasonal client exit pressed headline growth: management quantified ~600 bps revenue and ~400 bps CXT YoY headwind from last cycle’s political, plus ~600 bps from a seasonal advertiser shifting off-platform due to a corporate merger; underlying growth was stronger than reported .
- Non-GAAP EPS declined YoY despite higher EBITDA, driven by lower interest income and higher tax expense; non-GAAP net income fell 9% YoY .
- EPS miss vs consensus: diluted EPS of $0.12 modestly missed S&P Global consensus ($0.132*), despite top-line outperformance and margin expansion at the CXT level (estimates from S&P Global).

Financial Results

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	$70.64	$77.85	$85.58
Gross Profit ($USD Millions)	$30.56	$35.88	$39.84
Contribution ex-TAC ($USD Millions)	$42.73	$48.37	$52.99
Adjusted EBITDA ($USD Millions)	$5.40	$11.28	$16.03
Adjusted EBITDA as % of CXT	13%	23%	30%
Non-GAAP OpEx ($USD Millions)	$37.33	$37.09	$36.96
GAAP Diluted EPS ($)	($0.07)	$0.02	$0.06
Non-GAAP Diluted EPS ($)	$0.03	$0.09	$0.12

Consensus vs Actual (Q3 2025)

Revenue: $85.58M actual vs $85.53M consensus*; EPS: $0.12 actual vs $0.132 consensus*. Values retrieved from S&P Global.

Metric	Q3 2025 Actual	Q3 2025 Consensus*
Revenue ($USD)	$85,582,000	$85,534,180*
Primary EPS ($)	$0.12	$0.13167*
Revenue - # of Estimates	—	10*
EPS - # of Estimates	—	6*

KPI and Mix

KPI	Q1 2025	Q2 2025	Q3 2025
CTV as % of total platform spend	>45%	≈45%	46%
Video as % of platform spend	62%	60%	62%
Emerging channels (CTV, streaming audio, DOOH) % of platform spend	54%	~55%	~56%
Cash & Cash Equivalents ($USD Millions)	$173.88	$172.82	$161.29
Share Repurchases (cumulative shares / $)	3.5M / $46.5M (to May 2)	3.8M / $50.2M (to Aug 8)	4.8M / $59.6M (to Nov 7)

Notes: Viant reported no debt and full access to a $75M credit facility in Q3 .

Guidance Changes

Results vs Prior Guidance (Q3 2025 given on Aug 11, 2025)

Metric	Period	Previous Guidance (Aug 11)	Actual	Commentary
Revenue ($M)	Q3 2025	$83.5–$86.5	$85.58	Above midpoint; record Q3
Contribution ex-TAC ($M)	Q3 2025	$51.0–$53.0	$52.99	At high end; record Q3
Non-GAAP OpEx ($M)	Q3 2025	$37.0–$38.0	$36.96	Slightly below range midpoint
Adjusted EBITDA ($M)	Q3 2025	$14.0–$15.0	$16.03	Exceeded high end

Current Guidance (Q4 2025)

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue ($M)	Q4 2025	N/A	$101.5–$104.5	New
Contribution ex-TAC ($M)	Q4 2025	N/A	$62.0–$64.0	New
Non-GAAP OpEx ($M)	Q4 2025	N/A	$39.5–$40.5	New
Adjusted EBITDA ($M)	Q4 2025	N/A	$22.5–$23.5	New
Adj. EBITDA as % of CXT	Q4 2025	N/A	37% midpoint	New

Management also quantified political comp headwinds embedded in Q4 guidance (≈600 bps to revenue and 500 bps to CXT YoY); excluding political, pro forma revenue and CXT growth at midpoints are 20% and 21% YoY, respectively .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2025 and Q2 2025)	Current Period (Q3 2025)	Trend
CTV leadership & mix	CTV >45% (Q1); near 45% (Q2); Direct Access reduces fees, increases working media	CTV 46% of spend; half via Direct Access; video 62% of platform spend	Accelerating
Addressability (Household ID, IRIS_ID)	Household ID covers ~80% of biddable inventory; strong adoption; IRIS_ID doubled presence since acquisition	Household ID ~95% households and ~80% of biddable inventory; Tubi added; IRIS_ID rev >2x QoQ; +48% conversions vs control	Scaling and performing
ViantAI roadmap	AI Bidding automates ~85% of spend; AI Planning launched; AI Measurement launching; AI Decisioning planned H2 2025	AI Bidding 3.0 launched; AI Decisioning launching year-end to enable autonomous “do-it-for-me” campaigns	Advancing
Macro/political headwinds	Tariff-driven deferrals; political comps flagged for Q3/Q4 (Q2 call)	Political comp ~600 bps revenue/~500 bps CXT headwind; seasonal client exit concentrated in Q3	Headwinds easing post-Q4
Competitive stance vs walled gardens	Independence emphasized; Big Tech attribution critique; Amazon DSP not seen at finish line	Objective buy-side-only positioning reiterated; pipeline wins against TTD/Google cited (Molson Coors)	Differentiated positioning gaining validation
New business pipeline	$250M gross ad spend pipeline highlighted (Q2)	Multi-year Molson Coors platform win; minority of $250M decided; onboarding in 2026	Converting

Management Commentary

“Total CTV ad spend on our platform reached a new all-time high and represented 46% of total advertiser spend… also an all-time high.”
“Household ID identifies approximately 95% of U.S. households and is available across roughly 80% of all biddable ad inventory… four times the coverage of key competing identifiers.”
“In Q3, revenue attached to the Iris ID more than doubled sequentially… advertisers are seeing, on average, a 48% increase in conversion rates versus control groups.”
“Adjusted EBITDA… $16 million… exceeding the high point of our guidance by 7%… and 42% sequentially.”
“Revenue of $101.5–$104.5 million… CXT of $62–$64 million… Adjusted EBITDA of $22.5–$23.5 million… adjusted EBITDA margin… 37% at the midpoint.”

Q&A Highlights

AI Decisioning unlocks SMB/performance TAM: completes ViantAI’s four phases; aims for fully autonomous “self-driving” campaigns with minimal user input .
Seasonal advertiser headwind isolated to Q3: Spending concentrated in summer; minimal impact in other quarters .
Competitive dynamics: Amazon DSP not seen at finish line; Trade Desk’s OpenPath and incremental fees criticized; Viant reiterates independent buy-side model .
Pipeline conversion: Molson Coors multi-year win starts onboarding Q1–Q2 2026; minority of the cited $250M gross pipeline decided; additional wins not yet disclosed .
2026 setup: Accelerating revenue/CXT growth expected as new clients onboard; significant EBITDA margin expansion anticipated as OpEx growth slows post acquisition laps .

Estimates Context

S&P Global consensus for Q3 2025: Revenue $85.53M*, EPS $0.1317*; actuals were revenue $85.58M and non-GAAP diluted EPS $0.12, implying a slight revenue beat and modest EPS miss. Values retrieved from S&P Global.
Implications: Expect upward revisions to revenue trajectory less likely than EPS recalibration; management’s Q4 margin guide (37% of CXT) and 2026 expansion could support medium-term EPS estimate increases if execution persists .

Key Takeaways for Investors

CTV engine driving mix and margin: CTV at 46% with Direct Access routing and Iris-led targeting is expanding CXT and EBITDA margins (30% of CXT in Q3; guided 37% in Q4) .
AI flywheel accelerating: AI Bidding 3.0, rapid adoption, and upcoming AI Decisioning can lower media costs, automate workflows, and broaden TAM to SMB/performance advertisers .
Underlying growth stronger than reported: Ex-political and client merger effects, Q3 revenue/CXT grew 19%/22% YoY, and Q4 guidance embeds similar political comps; comps normalize in 2026 .
Strategic proof points: Molson Coors platform designation and wins vs large DSPs validate independent buy-side positioning and addressability strength; onboarding ramps in 2026 .
Capital allocation and balance sheet: $161M cash, no debt, active buyback ($59.6M since May 2024) provide flexibility amid growth investments .
Trading lens: Near-term narrative centers on Q4 execution vs political comps and achieving the 37% CXT margin; medium-term rerating hinges on 2026 acceleration and conversion of the large-pipeline wins .

Footnote on estimates: *Values retrieved from S&P Global.

Viant Technology Inc. (DSP)·Q3 2025 Earnings Summary