Viant Technology (DSP) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 results with revenue up 32% year-over-year to $70.6 million, driven by strong CTV demand and key verticals like healthcare, consumer goods, and business services.

• Adjusted EBITDA increased 76% year-over-year to $5.4 million, marking the ninth consecutive quarter of over 30% YoY growth.

• CTV accounted for over 45% of total advertiser spend, reaching an all-time high and driving platform growth.

• Customer base is diversified, with no single advertiser representing more than 5% of total ad spend.

• Increased share repurchase authorization by $50 million, with $46.5 million returned to shareholders since May 2024.

Financial highlights

• Q1 2025 revenue: $70.6 million (+32% YoY); gross profit: $30.6 million (+30% YoY); contribution ex-TAC: $42.7 million (+25% YoY); adjusted EBITDA: $5.4 million (+76% YoY); adjusted EBITDA margin: 13% (up from 9%).

• Non-GAAP net income: $2.8 million (up 109% YoY); non-GAAP EPS: $0.04 (vs. $0.02 prior year).

• Net loss: $3.3 million; net loss as % of gross profit improved to -11% from -14% YoY.

• Operating expenses increased 28% to $75.5 million, mainly due to platform operations, sales, and G&A costs.

• Ended Q1 with $173.9 million in cash, $199 million in working capital, no debt, and $75 million undrawn credit facility.

Outlook and guidance

• Q2 2025 revenue guidance: $77–$80 million (19% YoY growth at midpoint); contribution ex-TAC: $47.5–$49.5 million (17% YoY growth at midpoint); adjusted EBITDA: $10.5–$11.5 million (15% YoY growth at midpoint).

• Guidance reflects a temporary deferral of 3–4% of Q2 revenue/contribution ex-TAC to H2 2025 due to macro uncertainty and tariffs.

• Management expects continued investment in technology, platform operations, and sales to support long-term growth.

• ViantAI suite is expected to be foundational for future autonomous advertising solutions.

• Company believes existing cash, cash flow from operations, and undrawn credit will meet liquidity needs for at least the next 12 months.