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Sep 30
Viant Q3 2025 Earnings Report
Viant posted record Q3 2025 results with strong CTV growth and exceeded guidance on revenue, contribution ex-TAC, and adjusted EBITDA.
Key Takeaways
Viant Technology reported a 7% YoY revenue increase in Q3 2025, driven by record connected TV ad spend, strong contribution ex-TAC, and disciplined cost management. Net income declined but adjusted EBITDA improved, reflecting strong underlying business momentum.
Revenue rose to $85.6 million, up from $79.9 million YoY
Record CTV ad spend made up 46% of total ad spend
Adjusted EBITDA reached $16.03 million, up 9% YoY
Non-GAAP net income totaled $11.2 million despite a decline in GAAP net income
Viant
Viant
Viant Revenue by Segment
Revenue by Segment
Connected TV Revenue
CapyFin.com Forward Guidance
Viant expects strong momentum into Q4 2025 with revenue projected between $101.5M–$104.5M, contribution ex-TAC of $62M–$64M, and adjusted EBITDA of $22.5M–$23.5M.
Positive Outlook
- Revenue expected to grow 20% YoY in Q4 (adjusted for political spend and client transition)
- Contribution ex-TAC projected to grow 21% YoY in Q4
- Expected adjusted EBITDA margin of 37%, up 500bps YoY
- Momentum driven by new brand and agency client wins
- Continued growth from proprietary solutions like ViantAI, Household ID, and IRIS_ID
Challenges Ahead
- Reported revenue growth of 7% YoY does not reflect headwinds adjustment
- Net income declined 20% YoY
- Non-GAAP net income declined 9% YoY
- Net income as a % of gross profit dropped from 18% to 13%
- Some revenue impact from political ad spend reduction and a seasonal advertiser leaving the platform