On August 12, 2024, Viant Technology Inc (DSP, Financial) released its 8-K filing for the second quarter ended June 30, 2024. Viant Technology Inc is an advertising software company that enables the programmatic purchase of advertising across various platforms, including desktop, mobile, connected TV, linear TV, streaming audio, and digital billboards.
Performance Overview
Viant Technology Inc (DSP, Financial) reported a revenue of $65.87 million for Q2 2024, surpassing the analyst estimate of $65.09 million. The company also reported a net income of $1.49 million, a significant improvement from the net loss of $3.20 million in Q2 2023. The earnings per share (EPS) stood at $0.00, missing the analyst estimate of $0.01.
Key Financial Achievements
Viant Technology Inc (DSP, Financial) achieved a gross profit of $30.74 million, a 30% increase from $23.70 million in the same period last year. The company's adjusted EBITDA rose by 41% to $9.60 million, up from $6.82 million in Q2 2023. Additionally, the non-GAAP net income increased by 41% to $7.21 million, compared to $5.10 million in the previous year.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 | Change (%) |
|---|---|---|---|
| Revenue | $65.87 million | $57.22 million | 15% |
| Gross Profit | $30.74 million | $23.70 million | 30% |
| Net Income (Loss) | $1.49 million | $(3.20) million | 146% |
| Adjusted EBITDA | $9.60 million | $6.82 million | 41% |
Business Highlights
Viant Technology Inc (DSP, Financial) reported a record quarter for total advertiser spend, with significant growth in connected television (CTV) and streaming audio. CTV spend grew by more than 40% year-over-year, while streaming audio nearly doubled, accounting for almost 10% of total advertiser spend on the platform. The company also generated approximately $14 million in cash flow from operations during the quarter.
We are very pleased with our second quarter results, marked by record advertiser spend on our platform," said Tim Vanderhook, Co-Founder and CEO of Viant. "We believe our position as a self-service, buy-side platform along with our vision for autonomous advertising are key reasons why advertisers are increasing spend with Viant."
Balance Sheet and Cash Flow
As of June 30, 2024, Viant Technology Inc (DSP, Financial) had cash and cash equivalents of $209.74 million. The company's total assets stood at $408.55 million, with total liabilities amounting to $136.61 million. The net cash provided by operating activities was $18.21 million for the first half of 2024, compared to $10.86 million in the same period last year.
Analysis and Future Outlook
Viant Technology Inc (DSP, Financial) has demonstrated robust financial performance in Q2 2024, driven by record advertiser spend and the successful launch of ViantAI. The company's strong revenue growth and improved profitability metrics indicate a positive trajectory. However, the competitive landscape in the advertising technology sector remains a challenge. Viant's ability to innovate and capture market share will be crucial for sustaining its growth momentum.
For the third quarter of 2024, Viant Technology Inc (DSP, Financial) expects revenue to be in the range of $67.5 million to $70.5 million, with adjusted EBITDA projected between $11.0 million and $12.0 million. The company's strategic initiatives and focus on autonomous advertising are expected to drive future growth and enhance shareholder value.
Explore the complete 8-K earnings release (here) from Viant Technology Inc for further details.
