On November 6, 2023, Viant Technology Inc (DSP, Financial), a leading people-based advertising technology company, released its financial results for the third quarter ended September 30, 2023. The company reported significant growth in key financial metrics, including a 22% increase in revenue and a 34% increase in gross profit compared to the same period in 2022. The company's net loss decreased by 95% year-over-year, demonstrating the strength of its business model.
Financial Highlights
For the third quarter of 2023, Viant Technology Inc (DSP, Financial) reported revenue of $59,585,000, a 22% increase from $48,830,000 in the same period in 2022. Gross profit for the quarter was $28,620,000, a 34% increase from $21,300,000 in Q3 2022. The company's net loss decreased significantly, from $12,426,000 in Q3 2022 to $672,000 in Q3 2023, a decrease of 95%. The net loss attributable to Viant Technology Inc was $526,000, an 83% decrease from $3,126,000 in the same period in 2022.
Non-GAAP Financial Measures
On a non-GAAP basis, the company reported a contribution ex-TAC of $39,102,000, a 22% increase from $32,071,000 in Q3 2022. Adjusted EBITDA for the quarter was $9,668,000, a significant increase from a loss of $1,804,000 in the same period in 2022. The non-GAAP net income attributable to Viant Technology Inc was $1,367,000, a 254% increase from a loss of $886,000 in Q3 2022.
Business Highlights and Future Outlook
Viant Technology Inc (DSP, Financial) reported strong growth in its business operations, with advertiser spend per active customer increasing by 11% year-over-year. The company also reported double-digit growth in CTV, representing more than a third of advertiser spend. For the fourth quarter of 2023, the company expects revenue in the range of $64.0 million to $67.0 million and adjusted EBITDA in the range of $10.5 million to $11.5 million.
Conclusion
The Q3 2023 financial results demonstrate Viant Technology Inc (DSP, Financial)'s strong performance and growth potential. With significant increases in revenue and gross profit, and a substantial decrease in net loss, the company is well-positioned for future growth. The company's focus on innovation and unique programmatic advertising tools continues to drive strong results, providing confidence in its market positioning and growth opportunities ahead.
Explore the complete 8-K earnings release (here) from Viant Technology Inc for further details.
