Slide 1: Q1 2026 Earnings Presentation
Q1 2026 EARNINGS PRESENTATION May 11, 2026 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 Q1 2026
HIGHLIGHTS Q1 2026 ▪ Revenue, contribution ex-TAC, and adjusted EBITDA all achieved new records ▪ Revenue and adjusted EBITDA exceeded the high end of our guidance, while contribution ex-TAC exceeded the mid point of guidance REVENUE ▪ Revenue increased 25% YoY and contribution ex-TAC increased 18%
Slide 4: Viant Acquired TVision
VIANT ACQUIRED TVISION ▪ Viant acquired TVision on May 1, 2026, a leading television measurement provider, uniquely capable of quantifying the true value of linear TV, CTV and Walled Garden inventory through viewer attention based insights. The transaction was valued at $40M, consisting of $22.5M ca
Slide 5: Strong Performance Q1 2026 vs. Guidance
STRONG PERFORMANCE Q1 2026 VS. GUIDANCE Q1 Guidance Q1 Actual Q1 Better / (Worse) Midpoint(1) Revenue $84.5 $88.5 $4.0 Contribution ex-TAC $50.0 $50.3 $0.3 Non-GAAP Operating Expenses $41.0 $40.5 $0.5 Adjusted EBITDA $9.0 $9.8 $0.8 (2) Adjusted EBITDA Margin 18% 19% 1% ▪ Revenue, contribution ex-TAC
Slide 6: Revenue & Contribution ex-TAC
REVENUE & CONTRIBUTION EX-TAC REVENUE CONTRIBUTION EX-TAC +25% YoY +18% YoY $88.5 $70.6 $50.3 $42.7 Q1-25 Q1-26 Q1-25 Q1-26 ▪ Revenue increased 25% YoY to $89 million and contribution ex-TAC increased 18% YoY to $50 million. Revenue exceeded the high end of our guidance range for the quarter ▪ Growt
Slide 7: Non-GAAP Operating Expenses & Adjusted EBITDA
NON-GAAP OPERATING EXPENSES & ADJUSTED EBITDA NON-GAAP OPERATING EXPENSES ADJUSTED EBITDA +9% YoY +81% YoY $37.3 $40.5 $9.8 $5.4 Q1-25 Q1-26 Q1-25 Q1-26 ▪ Non-GAAP operating expenses increased 9% YoY and decreased nearly 700 basis points YoY as a percentage of contribution ex- TAC, highlighting our
Slide 8: Financial Performance Snapshot
FINANCIAL PERFORMANCE SNAPSHOT Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Revenue $70.6 $77.9 $85.6 $110.1 $88.5 Contribution ex-TAC $42.7 $48.4 $53.0 $64.6 $50.3 Non-GAAP operating expenses $37.3 $37.1 $37.0 $39.8 $40.5 Adjusted EBITDA $5.4 $11.3 $16.0 $24.7 $9.8 Adjusted EBITDA margin (1) 13% 23% 30% 38% 19% ▪
Slide 9: Guidance Ranges Q2 2026
GUIDANCE RANGES Q2 2026 (1) % YoY Change at Q2 2026 Guidance Midpoint Revenue $98.5 - $101.5 28% Contribution ex-TAC $58.5 - $60.5 23% Non-GAAP Operating Expenses $45.5 - $46.5 24% Adjusted EBITDA $13.0 - $14.0 20% Adjusted EBITDA Margin (2) 22% - 23% n/a ▪ Based on the midpoint of our Q2 guide, we
Slide 10: Valuation and Shares Outstanding
VALUATION AND SHARES OUTSTANDING Basic Share Count Enterprise Value Class A shares 18.3 Share price (5/8/2026) $ 12.04 Class B shares 45.6 Total Class A and Class B shares outstanding(1) 63.8 Total Class A and Class B shares outstanding(1) 63.8 Market capitalization $ 768.4 Plus: Debt - Less: Cash(2
Slide 11: Appendix
APPENDIX 11
Slide 12: 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 13: Non-GAAP Financial Measures (Continued)
NON-GAAP FINANCIAL MEASURES (CONTINUED) Free cash flow is a non-GAAP financial measure defined by us as net cash provided by (used in) operating activities, less purchases of property and equipment and capitalized software development costs. Net cash provided by (used in) operating activities is the
Slide 14: Reconciliation of Revenue to Gross Profit to Contribution ex-TAC
RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 (Unaudited, in thousands) Revenue $ 70,642 $ 77,853 $ 85,582 $ 110,124 $ 88,538 Less: Platform operations (40,080) (41,970) (45,743) (58,823) (52,165) Gross profit 30,562 35,883 39,839 51,301 36,373 Add: O
Slide 15: Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 (Unaudited, in thousands) Operating expenses: Platform operations $ 40,080 $ 41,970 $ 45,743 $ 58,823 $ 52,165 Sales and marketing 14,229 15,484 16,740 18,348 16,277 Technology and development 6,911 7,6
Slide 16: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 (Unaudited, in thousands) Net income (loss) $ (3,307) $ 1,787 $ 5,153 $ 20,463 $ (2,190) Add back (less): Interest income, net (1,724) (1,484) (1,463) (1,428) (1,362) Provision for (benefit from) income taxes (1) (1
Slide 17: Net Income as a Percentage of Gross Profit and Adjusted EBITDA Margin
NET INCOME (LOSS) AS A PERCENTAGE OF GROSS PROFIT AND ADJUSTED EBITDA AS A PERCENTAGE OF CONTRIBUTION EX-TAC Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 (Unaudited, in thousands ex cept percentages) Gross profit $ 30,562 $ 35,883 $ 39,839 $ 51,301 $ 36,373 Net income (loss) $ (3,307) $ 1,787 $ 5,153 $ 20,463 $ (2
Slide 18: Reconciliation of Net Loss to Non-GAAP Net Income
RECONCILIATION OF NET LOSS TO NON-GAAP NET INCOME Three Months Ended March 31, 2026 2025 (Unaudited, in thousands) Net loss $ (2,190) $ (3,307) Add back (less): Stock-based compensation 6,577 5,639 (1) Acquisition and restructuring costs 1,661 298 (2) TRA remeasurement expense — 325 Income tax benef
Slide 19: Stock-Based Compensation
STOCK-BASED COMPENSATION Three Months Ended March 31, 2026 2025 (Unaudited, in thousands) Stock-based compensation: Platform operations $ 688 $ 892 Sales and marketing 2,403 1,500 Technology and development 976 758 General and administrative 2,510 2,489 Total stock-based compensation $ 6,577 $ 5,639
Slide 20: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION Three Months Ended March 31, 2026 2025 (Unaudited, in thousands) Depreciation and amortization: Platform operations $ 4,817 $ 3,572 Sales and marketing 96 74 Technology and development 474 590 General and administrative 86 88 Total depreciation and amortization $ 5,473
Slide 21: Contribution ex-TAC per Employee
CONTRIBUTION EX-TAC PER EMPLOYEE Trailing Twelve Months Ended March 31, 2026 2025 Change (%) (Unaudited, in thousands, ex cept percentages and headcount) Contribution ex-TAC $ 216,219 $ 185,998 16% (1) Headcount 389 364 7% Contribution ex-TAC per employee $ 556 $ 511 9% ▪ Our ongoing investments in
Slide 22: Reconciliation of Operating Cash Flow to Free Cash Flow
RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW Three Months Ended March 31, 2026 2025 Change ($) Change (%) (Unaudited, in thousands, ex cept percentages) Net cash provided by (used in) operating activities $ 2,925 $ (4,452) $ 7,377 166% Less: Purchases of pr