Viant Q2 2025 slides: revenue up 18%, CTV drives nearly half of ad spend

Introduction & Market Context

Viant Technology Inc. (NASDAQ:DSP) presented its Q2 2025 earnings results on August 11, 2025, reporting solid growth across key financial metrics. The digital advertising technology company delivered 18% year-over-year revenue growth, though showing some deceleration from the 32% growth reported in the previous quarter.

Following the earnings announcement, Viant’s stock moved slightly higher in aftermarket trading, up 0.32% to $12.51, after closing the regular session at $12.47, down 3.77% for the day. The stock has experienced significant volatility over the past year, trading between $8.70 and $26.33.

Quarterly Performance Highlights

Viant reported strong Q2 2025 results that met or exceeded guidance across all key metrics. The company achieved record Q2 performance in revenue, contribution ex-TAC, and adjusted EBITDA.

As shown in the following highlights summary from the presentation:

Revenue reached $77.9 million, representing an 18% increase year-over-year, while contribution ex-TAC (a key non-GAAP metric that excludes traffic acquisition costs) grew 16% to $48.4 million. Adjusted EBITDA increased 18% to $11.3 million, maintaining a healthy 23% margin. Cash flow from operations showed particularly strong growth, up 46% year-over-year to $21 million.

The company’s performance against its previously issued guidance demonstrates its ability to deliver on expectations:

Detailed Financial Analysis

Viant’s revenue and contribution ex-TAC have shown consistent growth over recent quarters, though the pace has moderated compared to Q1 2025. The following chart illustrates the year-over-year comparison:

Connected TV (CTV) continues to be a significant growth driver for Viant, now representing nearly 45% of total advertiser spend. This aligns with CEO Tim Vanderhoek’s previous statement that "CTV will become the cornerstone of every advertiser’s marketing strategy," as noted in the Q1 earnings call.

The company’s operating expenses and adjusted EBITDA trends reveal disciplined cost management alongside growth:

Non-GAAP operating expenses increased 16% year-over-year to $37.1 million in Q2 2025. However, excluding the impact of acquisitions (IRIS.TV and Lockr), these expenses would have increased by only 10% year-over-year and actually declined 1% quarter-over-quarter, demonstrating the company’s focus on operational efficiency.

Looking at the company’s quarterly financial performance over the past six quarters shows a consistent growth trajectory, though with some seasonal fluctuations:

Strategic Initiatives

Viant highlighted several strategic developments in its Q2 presentation. The company launched the third phase of its ViantAI product suite, continuing its investment in artificial intelligence capabilities for digital advertising. This aligns with industry trends toward more automated, data-driven advertising solutions.

The company also announced the appointment of Brett Wilson to its board of directors, adding experienced leadership to guide its growth strategy.

Viant maintains a strong financial position with $173 million in cash and cash equivalents and no debt, providing flexibility for strategic investments and continued share repurchases. The company purchased 3.8 million shares of Class A common stock between May 1, 2024, and August 8, 2025, totaling $50.2 million.

The company’s focus on operational efficiency is evident in its improving contribution ex-TAC per employee:

Forward-Looking Statements

For Q3 2025, Viant provided the following guidance:

The company expects revenue between $83.5 million and $86.5 million, representing 6% year-over-year growth at the midpoint. Contribution ex-TAC is projected to be between $51.0 million and $53.0 million, a 10% increase year-over-year at the midpoint.

While revenue and contribution ex-TAC are expected to continue growing, adjusted EBITDA is projected to be between $14.0 million and $15.0 million, representing a slight 1% year-over-year decrease at the midpoint. This suggests some near-term pressure on profitability, potentially due to continued investments in growth initiatives and the integration of recent acquisitions.

The Q3 guidance indicates a continued deceleration in revenue growth compared to the 18% growth in Q2 and 32% growth in Q1 2025. This trend bears watching as it could signal broader challenges in the digital advertising market or increasing competitive pressures.

Conclusion

Viant’s Q2 2025 results demonstrate solid performance with double-digit growth across key metrics, though at a slower pace than the previous quarter. The company’s strong position in CTV advertising, which now accounts for nearly half of advertiser spend, provides a foundation for continued growth as advertising budgets shift increasingly toward streaming platforms.

With a healthy cash position, no debt, and ongoing share repurchases, Viant appears well-positioned financially. However, investors should monitor the decelerating growth trend and the slight decline in expected adjusted EBITDA for Q3 2025, which could indicate challenges ahead in maintaining the strong growth trajectory seen in previous quarters.

Full presentation:

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