Slide 1: Q3 2025 Earnings Presentation
Q3 2025 EARNINGS PRESENTATION November 10, 2025 1
Slide 2: Safe Harbor
SAFE HARBOR This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply futur
Slide 3: Highlights Q3 2025
HIGHLIGHTS Q3 2025 ▪ Revenue, contribution ex-TAC, and adjusted EBITDA all achieved new Q3 records REVENUE ▪ Revenue, contribution ex-TAC, and adjusted EBITDA all exceeded the midpoint of our guidance ▪ Revenue increased 7% YoY and contribution ex-TAC increased 12% YoY, led by growth in CTV AS REPOR
Slide 4: Strong Performance Q3 2025 vs. Guidance
STRONG PERFORMANCE Q3 2025 VS. GUIDANCE Q3 Guidance Q3 Actual Q3 Better / (Worse) Midpoint(1) Revenue $85.0 $85.6 $0.6 Contribution ex-TAC $52.0 $53.0 $1.0 Non-GAAP Operating Expenses $37.5 $37.0 $0.5 Adjusted EBITDA $14.5 $16.0 $1.5 (2) Adjusted EBITDA Margin 28% 30% 2% ▪ Revenue, contribution ex-T
Slide 5: Revenue & Contribution ex-TAC
REVENUE & CONTRIBUTION EX-TAC REVENUE CONTRIBUTION EX-TAC +19% YoY EX TEMPORARY ITEMS(1) +22% YoY EX TEMPORARY ITEMS(1) +7% YoY AS REPORTED +12% YoY AS REPORTED $79.9 $85.6 $47.4 $53.0 Q3-24 Q3-25 Q3-24 Q3-25 ▪ Revenue increased 7% YoY to $86 million and contribution ex-TAC increased 12% YoY to $53
Slide 6: Non-GAAP Operating Expenses and Adjusted EBITDA
NON-GAAP OPERATING EXPENSES AND ADJUSTED EBITDA NON-GAAP OPERATING EXPENSES ADJUSTED EBITDA +9% YoY +13% YoY $37.0 $14.7 $16.0 $32.7 Q3-24 Q3-25 Q3-24 Q3-25 ▪ Non-GAAP operating expenses increased 13% YoY ▪ Excluding the acquisitions of IRIS.TV and Lockr, non-GAAP operating expenses increased 7% YoY
Slide 7: Financial Performance Snapshot
FINANCIAL PERFORMANCE SNAPSHOT YTD 2025 YTD 2024 % YoY Growth Revenue $234.1 $199.2 18% Contribution ex-TAC $144.1 $123.0 17% Non-GAAP operating expenses $111.4 $95.7 16% Adjusted EBITDA $32.7 $27.4 20% (1) Adjusted EBITDA margin 23% 22% n/a ▪ Contribution ex-TAC generated from AI Bidding more than
Slide 8: Guidance Ranges Q4 2025
GUIDANCE RANGES Q4 2025 (1) % YoY Change at Q4 2025 Guidance Midpoint Revenue $101.5 - $104.5 14% Contribution ex-TAC $62.0 - $64.0 16% Non-GAAP Operating Expenses $39.5 - $40.5 7% Adjusted EBITDA $22.5 - $23.5 35% Adjusted EBITDA Margin (2) 36% - 37% n/a ▪ Based on the midpoint of our Q4 guide we e
Slide 9: Valuation and Shares Outstanding
VALUATION AND SHARES OUTSTANDING Share Count Enterprise Value Class A shares 16.6 Share price (11/7/2025) $ 8.60 Class B shares 45.8 Total Class A and Class B shares outstanding(1) 62.4 Total Class A and Class B shares outstanding(1) 62.4 Market capitalization $ 536.7 Plus: Debt - Less: Cash(2) $ (1
Slide 10: Appendix
APPENDIX 10
Slide 11: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES To provide investors and others with additional information regarding Viant’s results, we have included in this presentation the following financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”): contribution ex
Slide 12: Non-GAAP Financial Measures (Continued)
NON-GAAP FINANCIAL MEASURES (CONTINUED) Net cash provided by operating activities less changes in operating assets and liabilities is a financial measure defined by us as net cash provided by operating activities less changes in operating assets and liabilities. Net cash provided by operating activi
Slide 13: Reconciliation of Revenue to Gross Profit to Contribution ex-TAC
RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 (Unaudited, in thousands) Revenue $ 53,393 $ 65,866 $ 79,922 $ 90,054 $ 70,642 $ 77,853 $ 85,582 Less: Platform operations (29,880) (35,122) (44,598) (47,564) (40,080) (41,970) (45,743) Gross p
Slide 14: Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 (Unaudited, in thousands) Operating expenses: Platform operations $ 29,880 $ 35,122 $ 44,598 $ 47,564 $ 40,080 $ 41,970 $ 45,743 Sales and marketing 12,899 13,088 13,007 14,756 14,229 15,484
Slide 15: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 (Unaudited, in thousands) Net income (loss) $ (3,214) $ 1,488 $ 6,458 $ 7,720 $ (3,307) $ 1,787 $ 5,153 Add back (less): Interest income, net (2,381) (2,359) (2,407) (2,088) (1,724) (1,484) (1,463) Provi
Slide 16: Net Income (Loss) as a Percentage of Gross Profit and Adjusted EBITDA Percentage
NET INCOME (LOSS) AS A PERCENTAGE OF GROSS PROFIT AND ADJUSTED EBITDA AS A PERCENTAGE OF CONTRIBUTION EX-TAC Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 (Unaudited, in thousands ex cept percentages) Gross profit $ 23,513 $ 30,744 $ 35,324 $ 42,490 $ 30,562 $ 35,883 $ 39,839 Net income (loss) $ (3,214)
Slide 17: Reconciliation of Net Income to Non-GAAP Net Income
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (Unaudited, in thousands) Net income $ 5,153 $ 6,458 $ 3,633 $ 4,732 Add back (less): Stock-based compensation 6,428 5,329 18,410 15,306 Restructuring and other(1)
Slide 18: Stock-Based Compensation
STOCK-BASED COMPENSATION Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (Unaudited, in thousands) Stock-based compensation: Platform operations $ 1,025 $ 553 $ 2,915 $ 1,513 Sales and marketing 1,770 1,180 5,089 3,074 Technology and development 1,091 693 2,886 1
Slide 19: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (Unaudited, in thousands) Depreciation and amortization: Platform operations $ 3,760 $ 3,383 $ 11,006 $ 10,440 Sales and marketing 81 — 234 — Technology and development 873 432 2,180 1,
Slide 20: Contribution ex-TAC per Employee
CONTRIBUTION EX-TAC PER EMPLOYEE TTM TTM Q3-25 Q3-24 Change (%) (Unaudited, in thousands, ex cept percentages and headcount) Contribution ex-TAC $ 198,450 $ 165,632 20% (1) Headcount 382 341 12% Contribution ex-TAC per employee $ 520 $ 486 7% ▪ Our ongoing investments in technology are translating i