Viant Technology Inc (DSP, Financial), a leading advertising software company, announced its financial results for the fourth quarter and full year ended December 31, 2023. The company released its 8-K filing on March 4, 2024, highlighting a year of significant growth and innovation. Viant's software facilitates the programmatic purchase of advertising across various channels, including desktop, mobile, connected TV, and digital billboards.
The company's financial performance in Q4 reflects an 18% increase in revenue year-over-year, reaching $64.4 million, while the full-year revenue saw a 13% rise to $222.9 million. Gross profit for Q4 surged by 41% to $31.8 million, and the full-year gross profit grew by 27% to $102.5 million. Net income for Q4 was reported at $3.3 million, marking a significant improvement from the net loss of $8 million in Q4 of the previous year. The net income as a percentage of gross profit turned positive to 10%, compared to (36)% in the same period last year.
Adjusted EBITDA for Q4 showed a remarkable increase of 395% to $13 million, and as a percentage of contribution ex-TAC, it stood at 31%. The non-GAAP net income attributable to Viant Technology Inc for Q4 was $2.2 million, and non-GAAP earnings per share for Q4 were $0.14.
Financial Achievements and Industry Positioning
Viant's financial achievements are particularly noteworthy given the advertising industry's shift away from cookie-based tracking. The company's Household ID technology and new AI product suite have positioned it favorably to capture increased market share in a cookie-free environment. These innovations have driven a return on ad spend for customers and are expected to fuel growth in 2024 and beyond.
The company's strong double-digit growth in Connected TV (CTV) and the increase in customers with significant contribution ex-TAC underscore the effectiveness of Viant's technology and its appeal to advertisers. Viant's commitment to sustainability, achieving carbon neutrality in 2023, further enhances its corporate responsibility profile.
Challenges and Outlook
Despite the positive results, Viant faces challenges inherent in the rapidly evolving digital advertising landscape, including the deprecation of cookies and the need for continuous innovation to stay ahead of competitors. However, the company's forward guidance for Q1 2024, with revenue expected to be between $49 million and $52 million and adjusted EBITDA projected between $2 million and $3 million, suggests confidence in its strategic direction and operational efficiency.
Viant Technology Inc (DSP, Financial) has demonstrated resilience and adaptability in a changing industry, with its latest earnings report reflecting strong financial health and a promising outlook for the future. For a more detailed analysis of Viant's financials and future prospects, investors and interested parties are encouraged to review the full earnings report and other investor materials available on the company's website.
Explore the complete 8-K earnings release (here) from Viant Technology Inc for further details.
