Viant Technology Inc. Q3 FY2025 earnings call

• Strong third quarter performance with revenue and contribution ex TAC exceeding guidance. Growth driven by new customer wins, CTV and streaming audio demand, addressability solutions, and Viant AI.
• Flagship multiyear partnership with Molson Coors, leveraging Viant's intelligence layer for programmatic ad campaigns.
• CTV saw accelerating growth, with total CTV ad spend reaching an all-time high and 46% of total advertiser spend on the platform. Addressability solutions like Household ID (covering 95% US households) and Iris ID (ramping across publishers) are driving demand.
• Viant AI phases: AI bidding automates 85% of ad spend, AI planning enables quick ad campaign creation, AI measurement provides on-demand insights, and AI decisioning (launching end-2025) will serve performance advertisers with a self-service solution.

Viant Technology Inc. reported revenue of $85.6 million for the third quarter, a 7% year-over-year increase. Contribution ex TAC totaled $53 million, up 12% year-over-year. CTV was a key growth driver, accounting for 46% of total platform spend, an all-time high. Revenue from addressability solutions like Household ID and Iris ID is growing, with Iris ID revenue doubling sequentially in Q3. Viant AI product suite phases, including AI bidding, planning, and measurement, are contributing to growth, with AI bidding generating more than double year-over-year contribution ex TAC.

• Q4 2025 guidance: Revenue $101.5M-$104.5M (14% YOY), contribution ex TAC $62M-$64M (16% YOY), adjusted EBITDA $22.5M-$23.5M. Midpoint of full-year 2025 guidance: revenue and contribution ex TAC growth 17%, adjusted EBITDA growth 25%, margin 27%.
• 2026 expected acceleration with lapping acquisition operating expenses and Molson Coors spend scaling, leading to significant EBITDA margin expansion.

• Temporary factors like political advertising and seasonal client spend impacting results.
• Competitive landscape changes, including DSPs like Amazon and Google potentially affecting market share.
• Dependence on key partnerships and client wins for sustained growth, with competition from major players in the DSP space.

Q: Laura Anne Martin asks about AI decisioning and guidance headwind.

A: Tim Vanderhook explains AI decisioning completes Viant AI cycle for full self-driving, Lawrence J. Madden clarifies seasonal client headwind is modest.

Q: Matthew Dorrian Condon asks about Amazon DSP competition.

A: Tim Vanderhook states no increased competition, Viant is objective with a different approach from DSPs like Amazon and Google.

Q: Wyatt Swanson asks about Molson Coors incremental spend and competitive environment.

A: Tim Vanderhook talks about product-led growth, objectivity, and competition with major players like Trade Desk, Google, etc.

Q: Jason Michael Kreyer asks about sales teams backfilling opportunities.

A: Tim Vanderhook says growth is product-led, not a heavy sales drain.

Q: Andrew Jordan Marok asks about large advertiser characteristics.

A: Tim mentions advertisers in shrinking markets needing efficiency and data-driven decision-making.

Q: Barton Evans Crockett asks about growth rates and new business wins.

A: Lawrence J. Madden says growth is inclusive of political, new wins drive growth.

Q: Zach Cummins asks about CTV growth durability and client winback.

A: Tim Vanderhook says CTV growth is durable, potential for client winback exists