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Viant Technology (DSP)
NASDAQ:DSP
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Viant Technology (DSP) AI Stock Analysis

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DSP

Viant Technology

(NASDAQ:DSP)

Rating:59Neutral
Price Target:
$10.00
▼(-0.40% Downside)
Viant Technology's overall stock score is primarily driven by its solid financial performance and strong cash flow generation. However, the stock's technical indicators and high P/E ratio suggest caution, as they indicate bearish momentum and potential overvaluation. The earnings call provided a mixed outlook with strong growth in certain areas but highlighted temporary challenges impacting short-term growth.
Positive Factors
Growth Potential
Viant's mid-teens/20%+ growth profile and runway for margin expansion compares favorably to most of its ad tech peers.
Market Position
Viant is well-positioned to benefit from the ongoing secular migration of Linear TV ad budgets to CTV, thanks in part to its differentiated approach to online identity and campaign addressability.
Product Development
The ongoing rollout of the ViantAI product suite, with three of the four phases having already been launched, has delivered operational efficiencies that are particularly attractive for larger advertisers.
Negative Factors
Competition
There is worry that DSP might not win many requests for proposals from large new marketers.
Growth Concerns
There is concern about decelerating growth guidance for the next quarter.

Viant Technology (DSP) vs. SPDR S&P 500 ETF (SPY)

Viant Technology Business Overview & Revenue Model

Company DescriptionViant Technology Inc. operates as an advertising software company. It provides Adelphic, an enterprise software platform that enables marketers and their advertising agencies to plan, buy, and measure advertising across channels, including desktop, mobile, connected and linear TV, in-game, streaming audio, and digital billboards. The company also offers Holistic, an omnichannel demand side platform for marketers and their agencies to manage omnichannel campaigns and access metrics from each channel to inform decisions in other channels; Viant Household ID, a household profile, which provides household insights for optimized bid decisions and touchpoint collection across consumer pathways, as well as offers holistic targeting and measurement across channels; World Without Cookies software to manage reach and frequency at the household level; and Viant Identity Graph, which reduces or eliminates the need for cookies by enabling matching of people-based identifiers that anchor digital identifiers that allows marketers to reach targeted consumers in a privacy-conscious manner. In addition, it provides Data lake, a software and self-service enables customers with differentiated insights, including conversion lift, multi-touch attribution, foot-traffic data reports, digital-out-of-home lift, sales reporting, and ROAS analytics; onboarding data integrations provides marketers with high match rates to audience insights for segmentation, targeting, and measuring outcomes; and self-service interface that provides customers with transparency and control over their advertising campaigns and underlying data infrastructure. The company sells its platform through a direct sales team focused on business development in various markets. It serves purchasers of programmatic advertising inventory; and large, independent, and mid-market advertising agencies. The company was founded in 1999 and is headquartered in Irvine, California.
How the Company Makes MoneyViant Technology generates revenue primarily through its Adelphic platform by offering a software-as-a-service (SaaS) model. Clients pay for access to the platform's robust tools and features that facilitate digital ad campaign management and execution. The company earns money through a combination of subscription fees, usage-based fees, and additional service charges for premium features or enhanced data analytics. Viant also benefits from strong partnerships with data providers, media owners, and technology companies, which expand its reach and enhance the capabilities of its platform, thereby attracting more clients and increasing revenue potential.

Viant Technology Earnings Call Summary

Earnings Call Date:Aug 11, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 11, 2025
Earnings Call Sentiment Neutral
The earnings call showcased strong financial performance with significant revenue growth and advances in AI and CTV offerings. However, these positives were offset by temporary disruptions due to economic policies and client losses, impacting short-term growth projections.
Q2-2025 Updates
Positive Updates
Record Revenue and Growth
Viant Technologies achieved a revenue increase of 18% year-over-year and contribution ex-TAC increased 16% year-over-year, both in line with quarterly guidance. Adjusted EBITDA increased 18% year-over-year to $11.3 million for the quarter.
Expansion of CTV Offering
CTV was the strongest driver of top line growth, accounting for approximately 45% of total ad spend on the platform. The Direct Access premium publisher program grew with new partners, including Disney, Paramount, and LG.
Advancements in AI Product Suite
Successful launch of AI Measurement and Analysis, with 85% of ad spend on the platform running through AI Bidding. AI Planning showed increasing monthly utilization with around 25,000 interactions year-to-date.
Strong Financial Position
Viant ended the quarter with $173 million in cash and cash equivalents, $192 million in positive working capital, no debt, and full access to a $75 million undrawn credit facility.
Negative Updates
Temporary Disruption Due to Economic Policies
Three advertisers paused their campaigns due to economic policy actions, creating a headwind of nearly 300 basis points to revenue growth and over 400 basis points to contribution ex-TAC growth.
Impact of Client Loss
One agency client lost a sizable advertiser, impacting Q3 contribution ex-TAC growth by approximately 600 basis points.
Projected Headwinds for Q3
Guidance for Q3 includes an impact from high political ad spend comp from the previous year and the loss of an advertiser, affecting expected revenue and contribution ex-TAC growth.
Company Guidance
During the Viant Technologies Second Quarter 2025 Earnings Conference Call, the company provided guidance for the third quarter of 2025, projecting revenue between $83.5 million and $86.5 million, reflecting a 6% year-over-year increase at the midpoint. Contribution ex-TAC is expected to be $51 million to $53 million, indicating 10% year-over-year growth at the midpoint. Adjusted EBITDA is forecasted to be between $14 million and $15 million, which represents a 1% year-over-year decline but a 29% sequential increase at the midpoint. The guidance also takes into account temporary factors like a high political ad spend comp from the previous year and the loss of an advertiser by an agency client, which together are anticipated to impact revenue growth by approximately 1,200 basis points and contribution ex-TAC growth by about 1,000 basis points. Despite these challenges, the company remains optimistic due to a robust pipeline of new opportunities with major U.S. advertisers, suggesting potential acceleration in growth rates throughout 2026.

Viant Technology Financial Statement Overview

Summary
Viant Technology demonstrates a solid financial performance with notable improvements in revenue growth and cash flow generation. While profitability margins are improving, they remain an area for further enhancement. The balance sheet is stable, though leverage should be monitored. Overall, the company is on a positive trajectory with strong cash flow capabilities supporting its growth strategy.
Income Statement
72
Positive
Viant Technology's income statement shows a positive trajectory with a revenue growth rate of 3.91% in the TTM period, indicating a recovery from previous years. The gross profit margin remains stable at around 45%, which is healthy for the industry. However, the net profit margin is relatively low at 1.21%, suggesting room for improvement in cost management. The EBIT and EBITDA margins have improved, reflecting better operational efficiency.
Balance Sheet
65
Positive
The balance sheet reveals a moderate debt-to-equity ratio of 0.86 in the TTM period, indicating manageable leverage. The return on equity has improved to 8.69%, showing better profitability. However, the equity ratio is not explicitly calculated, which could provide more insight into the company's financial stability. Overall, the balance sheet reflects a stable financial position with some leverage concerns.
Cash Flow
78
Positive
Cash flow analysis shows strong free cash flow growth of 38.66% in the TTM period, indicating robust cash generation. The operating cash flow to net income ratio is healthy at 0.41, and the free cash flow to net income ratio is over 1, suggesting efficient cash conversion. These metrics highlight the company's strong cash flow management and ability to support operations and growth.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue318.47M289.24M222.93M197.17M224.13M165.25M
Gross Profit144.26M132.07M102.45M80.44M94.52M76.99M
EBITDA18.09M19.94M-3.56M-36.13M-31.65M31.87M
Net Income2.35M2.36M-3.44M-9.26M-8.55M20.64M
Balance Sheet
Total Assets397.97M440.80M404.91M377.88M389.13M133.52M
Cash, Cash Equivalents and Short-Term Investments172.82M205.05M216.46M206.57M238.48M9.63M
Total Debt23.71M26.01M25.43M28.71M17.50M23.54M
Total Liabilities142.37M166.73M130.52M112.11M106.56M113.40M
Stockholders Equity27.48M53.84M68.26M59.25M60.16M20.12M
Cash Flow
Free Cash Flow51.60M49.27M24.28M-12.36M21.29M11.03M
Operating Cash Flow50.04M51.77M37.75M-3.53M28.66M18.88M
Investing Cash Flow-31.55M-27.74M-13.48M-8.83M-7.37M-7.84M
Financing Cash Flow-55.42M-35.43M-14.39M-19.55M207.56M-6.22M

Viant Technology Technical Analysis

Technical Analysis Sentiment
Negative
Last Price10.04
Price Trends
50DMA
12.30
Negative
100DMA
13.07
Negative
200DMA
15.65
Negative
Market Momentum
MACD
-0.69
Negative
RSI
39.48
Neutral
STOCH
67.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DSP, the sentiment is Negative. The current price of 10.04 is below the 20-day moving average (MA) of 10.24, below the 50-day MA of 12.30, and below the 200-day MA of 15.65, indicating a bearish trend. The MACD of -0.69 indicates Negative momentum. The RSI at 39.48 is Neutral, neither overbought nor oversold. The STOCH value of 67.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DSP.

Viant Technology Risk Analysis

Viant Technology disclosed 54 risk factors in its most recent earnings report. Viant Technology reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

Viant Technology Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
82
Outperform
$1.61B30.4029.66%2.41%14.21%23.74%
61
Neutral
$35.09B8.26-10.58%1.90%8.56%-9.51%
61
Neutral
$389.59M124.65-0.65%3.53%-109.03%
59
Neutral
$640.21M298.815.20%30.92%
58
Neutral
$243.74M-28.14%14.78%21.87%
58
Neutral
$272.70M-25.48%-28.45%-224.48%
52
Neutral
$634.46M-75.71%-5.06%-2318.18%
* Technology Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
DSP
Viant Technology
10.04
-0.41
-3.92%
PUBM
PubMatic
8.31
-6.98
-45.65%
FRGE
Forge Global Holdings
17.97
-1.23
-6.41%
SMRT
SmartRent
1.42
-0.26
-15.48%
BMBL
Bumble
6.46
-0.51
-7.32%
KARO
Karooooo
52.38
16.74
46.97%

Viant Technology Corporate Events

Executive/Board ChangesShareholder Meetings
Viant Technology Elects Director, Ratifies Accounting Firm
Neutral
Jun 9, 2025

On June 5, 2025, Viant Technology Inc. held its annual meeting of stockholders, where approximately 95.02% of the voting power was present. During the meeting, Max Valdes was elected as a Class I director to serve until 2028, and Deloitte & Touche LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2025.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 19, 2025