Viant's Record Q4: A Triumph of AI-Powered Programmatic Advertising

Viant Technology (DSP) has just reported its strongest quarter and full year results to date, with revenue, contribution ex-TAC, and adjusted EBITDA all surpassing the high end of guidance. The company's success is a testament to its strategic focus on AI-powered programmatic advertising and its ability to offer proprietary, advanced solutions to support the growing demand among advertisers for addressable campaigns. Let's dive into the key highlights and what makes viant stand out in the rapidly evolving programmatic advertising landscape.



Record Performance in Q4 2024

Viant delivered record fourth quarter and full year results, with revenue, contribution ex-TAC, and adjusted EBITDA all exceeding the high end of guidance. The company's contribution ex-TAC growth accelerated to 28% in Q4, marking six consecutive quarters of 20%+ year-over-year growth in this key metric that represents their revenue after traffic acquisition costs. Even more impressive is their adjusted EBITDA growth of 30%+ for eight consecutive quarters, indicating strong operational efficiency alongside top-line growth.

Key Operational Highlights

1. Record Total Advertiser Spend and ctv Spend: Viant achieved record total advertiser spend in Q4 2024, with an all-time high in connected TV (CTV) spend. This demonstrates the company's ability to drive double-digit growth across all digital ad channels and successfully execute an omnichannel strategy.
2. Lockr Acquisition: Viant completed the acquisition of Lockr, a data collaboration platform, in February 2025. This strategic move addresses a critical industry challenge: first-party data activation in a privacy-focused world. By enabling content owners to collect, enrich, and activate first-party data through seamless integrations with various alternative ID partners within the programmatic ecosystem, Viant is strengthening its identity resolution capabilities and accelerating industry adoption of its patented Household ID and IRIS_ID.
3. TransUnion Partnership Expansion: Viant expanded its partnership with TransUnion to include TransUnion's TruAudience identity data, lifting Household ID match rates to 95% of U.S. adults. This improvement gives advertisers unprecedented targeting precision across the open internet.
4. Cash Flow from Operations: Viant's cash flow from operations increased 37% to $51.8 million for FY 2024. This significant improvement in cash generation capabilities has enabled the company to invest in strategic acquisitions like Lockr while simultaneously returning capital to shareholders through an active share repurchase program.
5. Share Repurchase Program: Viant purchased 2.0 million shares of Class A common stock from May 1, 2024, through February 28, 2025, for a total of $25.7 million. With $24.3 million remaining available, the company continues to return capital to shareholders through this program.

Q1 2025 Guidance

For the first quarter 2025, Viant projects revenue between $65-68M, contribution ex-TAC of $40.5-42.5M, and adjusted EBITDA of $3.25-4.25M. These projections indicate continued growth and strong financial momentum for the company.



Viant's Competitive Advantage

Viant's competitive advantage in the programmatic advertising landscape can be attributed to several strategic initiatives and advancements:

1. AI Innovations: Viant's ongoing commitment to empowering advertisers through AI innovations, such as the launch of ViantAI, has attracted interest from advertisers and agencies of all sizes. This strategic direction has helped the company capture incremental market share in the competitive ad tech space.
2. Strategic Acquisitions: The acquisition of Lockr and the expansion of its partnership with TransUnion have strengthened Viant's identity resolution capabilities and enhanced its targeting precision. These strategic moves enable Viant to address critical industry challenges and offer advanced solutions to advertisers.
3. Operational Efficiency: Viant's consecutive quarters of operational improvements, including 28% contribution ex-TAC growth in Q4 and 30%+ adjusted EBITDA growth for eight consecutive quarters, indicate strong operational efficiency alongside top-line growth. This focus on operational excellence allows Viant to maintain its competitive edge in the rapidly evolving programmatic advertising landscape.

In conclusion, Viant Technology's record-breaking Q4 performance demonstrates the company's ability to effectively position itself in the rapidly evolving programmatic advertising landscape. By focusing on AI-powered programmatic advertising, strategic acquisitions, and operational efficiency, Viant has achieved robust financial momentum and is well-positioned to capture incremental market share in 2025. As an investor, keeping an eye on Viant's progress and considering its stock as a potential addition to your portfolio could prove to be a wise decision.