Viant Technology Inc.

Q2 revenue was $104.3 million, up 34% year over year and 18% sequentially, and contribution ex-TAC was $60.2 million, up 24% year over year and 20% sequentially. Adjusted EBITDA was $14.2 million, up 26% year over year and 46% sequentially, and non-GAAP basic EPS was $0.15 versus $0.10 a year ago. Non-GAAP operating expenses were $46.0 million, up 24% year over year, and non-GAAP net income was $9.9 million versus $8.0 million last year. For Q3, Viant guided to revenue of $107.5 million to $110.5 million, contribution ex-TAC of $65 million to $67 million, non-GAAP operating expenses of $46.5 million to $47.5 million, and adjusted EBITDA of $18.5 million to $19.5 million; management said the midpoint implies 27% revenue growth and 25% contribution ex-TAC growth year over year.

Tim Vanderhook framed the quarter as a step-up into a new phase of accelerated growth, driven by broader advertiser adoption of Viant’s intelligence layer, Viant AI, and CTV. He emphasized that Household ID, IRIS Content ID, TVision, and Outcomes are differentiated tools that help Viant “maximize the value of the advertisers’ next dollar.” His tone was notably upbeat and confident, with repeated references to record performance, a historic pipeline, and Viant’s position as an “essential must-have partner.”

Larry Madden highlighted that Q2 revenue, contribution ex-TAC, adjusted EBITDA, and EPS all improved meaningfully, with adjusted EBITDA of $14.2 million and free cash flow of $22.4 million, up 39% year over year. He said the company ended the quarter with $193.1 million in cash and cash equivalents, $200.6 million of positive working capital, no debt, and access to a $75 million undrawn credit facility. He also noted that TVision created about a 150 basis point drag on Q2 EBITDA margins and is expected to be about a 200 basis point drag in Q3, while the company repurchased $1.0 million of stock year to date and had $39.4 million remaining under authorization as of August 7.

Analysts focused on the sharp increase in Direct Access penetration, the enterprise sales force, the large pipeline, margin drag from TVision, political spend, and why Viant’s growth is diverging so sharply from The Trade Desk’s. Management said Direct Access adoption was helped by customer education on roughly 35% lower CPMs, the quality of publisher and OEM partners, and the fact that it is front and center in new-customer go-to-market efforts. On pipeline timing, Tim Vanderhook said some wins could land in Q4 but most of the pipeline is annual-cycle business, with the bigger revenue shift expected in 2027. On margins and political, Larry cited a 150 basis point Q2 drag and 200 basis point Q3 drag from TVision, while Tim said political is expected to be only about 200 basis points and “de minimis” overall.