revenue
107.5–110.5 $million
Q3 2026
official guidance
VIANT TECHNOLOGY INC.
Last · NASDAQ$12.62-0.61 (-4.61%)close · yahoo · 18h ago
Market cap$839.53M21.2M sh
P/E · TTM37.1fwd 16.1 · eps 0.34
Beta1.11vs S&P 500
Div yield0.00%annual · TTM
52w range
$8.16$14.80
Volume326.5Ksession
| Revenue | $388.5M |
|---|---|
| Operating income | $-7.8M |
| Net income | $-566,000 |
| Free cash flow | $30.2M |
| Operating margin | -2.0% |
| Net margin | -0.1% |
| Return on equity | -0.5% |
| Period | TTM 2026-06-30 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Buyable execution, but not a risk-free setup:
Q2 revenue rose 34% to $104.3M, contribution ex-TAC rose 24% to $60.2M, and adjusted EBITDA rose 26% to $14.2M, while Q3 guidance implies 27% revenue growth and 19% EBITDA growth at the midpoint. The bull case is unusually strong CTV momentum, 80% Direct Access utilization, and early Viant AI adoption; the key tension is that TVision already drags EBITDA margin by 150 bps and is expected to create a 200 bps drag in Q3, while the much larger pipeline is expected to contribute mainly in 2027.
Themes
- Ctv Growth
- Direct Access
- Tvision Integration
- Viant Ai
- Enterprise Rfp Pipeline
- Iris Content Id
Near term
Q3 guidance calls for $107.5M-$110.5M of revenue, $18.5M-$19.5M of adjusted EBITDA and 29% adjusted EBITDA margin as TVision integration costs peak at an estimated 200 bps drag.
CTV spend growth of nearly 50% and Direct Access penetration above 80% are the clearest near-term operating indicators; management expects more than 90% of CTV spend through Direct Access in the near future.
Political contribution is expected to be only about 200 bps, limiting the risk that the current growth rate is primarily event-driven.
The enterprise RFP pipeline may produce some Q4 upside, but management said most annual-cycle wins should have their major impact in 2027.
Longer term
CTV remains the central share-gain opportunity: management cites approximately $51 billion of linear TV spend still available for migration versus roughly $37 billion currently in CTV.
The proprietary-data thesis is becoming more differentiated through Household ID, IRIS Content ID and TVision attention data, but its durability depends on converting those signals into measurable advertiser ROI rather than merely higher adoption.
Viant AI Outcomes reached 5% of platform ad spend within six months, creating a credible route into search and social performance budgets; the longer-term test is whether this becomes incremental demand from new customers rather than mainly budget reallocation by existing clients.
IRIS Content ID penetration is nearly 50% of the bidstream, with management targeting approximately 70% of biddable inventory by year-end, potentially strengthening the CTV data moat.
Management targets consistent annual top-line growth of at least 20% and adjusted EBITDA margins of 40% or higher over the next several years, but these are targets rather than formal guidance.
Analyst questioning highlighted the sharp divergence versus The Trade Desk. Management attributed it to Viant's proprietary CTV data and measurement positioning, but did not provide a quantified share-gain bridge or independently verifiable explanation for the gap.
Red flags
TVision integration is materially dilutive near term: a 150 bps Q2 EBITDA-margin drag is expected to widen to approximately 200 bps in Q3. Management gave no detailed timetable or quantified synergy plan for margin recovery.
The 42 TVision pilot campaigns and reported 1.4x average conversion lift are encouraging but remain a small, selected sample; the extreme 14x vertical result may not be representative of scaled economics.
Management repeatedly cited a record pipeline and hundreds of millions of dollars of potential enterprise spend, but did not quantify win rates, ramp timing, revenue contribution or expected incremental margins.
The explanation for The Trade Desk's weakness rested largely on assertions about third-party data and CTV differentiation, without addressing whether macro exposure, customer mix or execution differences explain the full performance gap.
Management declined to comment on reported MySpace issues, leaving a governance and non-core-asset uncertainty unresolved.
Claims of 35% CPM savings through Direct Access and superior advertiser outcomes are not accompanied by disclosed take-rate, retention or margin data.
Forward outlook
revenue growth
27 pct
Q3 2026
official guidance
ebitda
18.5–19.5 $million
Q3 2026
official guidance
gross margin
29 pct
Q3 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-03-11
- Accumulated Deficit High
Red flags
- Accumulated Deficit High — Accumulated deficit / equity 112%
Upcoming earnings
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
$0.17
Est. revenue
109.3M
Earnings transcripts
Documents
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