Why Citizens JMP supported Viant in November after EBITDA surpassing and ex-TAC strength
Viant Technology Inc. (NASDAQ: DSP) is one of the best-performing small-cap tech stocks over the past three years.
On November 11, a day after Viant’s third quarter release (November 10), Matthew Condon of Citizens JMP maintained “market outperformance” and reduced the price target from $18 to $16, citing a strong quarter. Condon noted that the ex-TAC contribution was approximately 2% above consensus and that adjusted EBITDA exceeded the upper end of guidance.
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Viant reported revenue of $85.6 million (+7% YoY), ex-TAC contribution of approximately $53 million (+12% YoY), and adjusted EBITDA of approximately $16.0 million (+9% YoY), representing a margin of 30%: all above median guidance. Management attributed this outperformance to strengthening demand for CTV, broader adoption of its Household ID/IRIS_ID addressability stack, and new brand wins; excluding political spending and a seasonal advertiser who left the platform due to a merger, revenue increased by approximately 19% and the non-TAC contribution by approximately 22%. Guidance called for a non-TAC contribution of $62 million to $64 million for the fourth quarter and adjusted EBITDA of $22.5 million to $23.5 million.
Viant Technology Inc. (NASDAQ: DSP) is an advertising technology company whose demand-side platform focuses on privacy-centric programmatic advertising, particularly connected TV, leveraging proprietary identifiers and ViantAI to optimize targeting and measurement across the open internet.
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Disclosure: None.
