Slide 1: Q2 2025 Earnings Presentation
Q2 2025 EARNINGS PRESENTATION August 11, 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 Q2 2025
HIGHLIGHTS Q2 2025 ▪ Revenue, contribution ex-TAC and adjusted EBITDA all achieved new Q2 records, with adjusted EBITDA exceeding the REVENUE midpoint of our guidance by 3% +18% YoY ▪ Revenue increased 18% YoY and contribution ex-TAC increased 16% YoY, led by growth in CTV ▪ CTV remains a strong gro
Slide 4: Strong Performance Q2 2025 vs. Guidance
STRONG PERFORMANCE Q2 2025 VS. GUIDANCE (1) Q2 2025 Guidance Q2 Actual Revenue $77.0 - $80.0 $77.9 Contribution ex-TAC $47.5 - $49.5 $48.4 Non-GAAP Operating Expenses $37.0 - $38.0 $37.1 Adjusted EBITDA $10.5 - $11.5 $11.3 (2) Adjusted EBITDA Margin 22% - 23% 23% ▪ Q2 delivered strong results, setti
Slide 5: Revenue & Contribution ex-TAC
REVENUE & CONTRIBUTION EX-TAC REVENUE CONTRIBUTION EX-TAC +18% YoY +16% YoY $77.9 $65.9 $48.4 $41.6 Q2-24 Q2-25 Q2-24 Q2-25 ▪ Revenue increased 18% YoY to $78 million and contribution ex-TAC increased 16% YoY to $48 million. Both revenue and contribution ex-TAC reflect record results for Q2 ▪ CTV co
Slide 6: Non-GAAP Operating Expenses and Adjusted EBITDA
NON-GAAP OPERATING EXPENSES AND ADJUSTED EBITDA NON-GAAP OPERATING EXPENSES ADJUSTED EBITDA +16% YoY +18% YoY $37.1 $32.0 $11.3 $9.6 Q2-24 Q2-25 Q2-24 Q2-25 ▪ Non-GAAP operating expenses increased 16% YoY, but were down 1% QoQ ▪ Excluding the acquisitions of IRIS.TV and Lockr, non-GAAP operating exp
Slide 7: Quarterly Financial Performance Snapshot
QUARTERLY FINANCIAL PERFORMANCE SNAPSHOT Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Revenue $53.4 $65.9 $79.9 $90.1 $70.6 $77.9 % YoY Growth 28% 15% 34% 40% 32% 18% Contribution ex-TAC $34.1 $41.6 $47.4 $54.4 $42.7 $48.4 % YoY Growth 22% 23% 21% 28% 25% 16% Non-GAAP operating expenses $31.0 $32.0 $32.7 $37
Slide 8: Guidance Ranges Q3 2025
GUIDANCE RANGES Q3 2025 (1) % YoY Change at Q3 2025 Guidance Midpoint Revenue $83.5 - $86.5 6% Contribution ex-TAC $51.0 - $53.0 10% Non-GAAP Operating Expenses $37.0 - $38.0 15% Adjusted EBITDA $14.0 - $15.0 (1% ) (2) Adjusted EBITDA Margin 27% - 28% n/a Note: Contribution ex-TAC, non-GAAP operatin
Slide 9: Valuation and Shares Outstanding
VALUATION AND SHARES OUTSTANDING Share Count Enterprise Value Class A shares 16.3 Share price (8/8/2025) $ 12.47 Class B shares 46.7 Total Class A and Class B shares outstanding(1) 62.9 Total Class A and Class B shares outstanding(1) 62.9 Market capitalization $ 785.0 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 (Unaudited, in thousands) Revenue $ 53,393 $ 65,866 $ 79,922 $ 90,054 $ 70,642 $ 77,853 Less: Platform operations (29,880) (35,122) (44,598) (47,564) (40,080) (41,970) Gross profit 23,513 30,744 35,3
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 (Unaudited, in thousands) Operating expenses: Platform operations $ 29,880 $ 35,122 $ 44,598 $ 47,564 $ 40,080 $ 41,970 Sales and marketing 12,899 13,088 13,007 14,756 14,229 15,484 Technology and
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 (Unaudited, in thousands) Net income (loss) $ (3,214) $ 1,488 $ 6,458 $ 7,720 $ (3,307) $ 1,787 Add back (less): Interest income, net (2,381) (2,359) (2,407) (2,088) (1,724) (1,484) Provision for (benefit from
Slide 16: Net Income as % of Gross Profit and Adjusted EBITDA as % of Contribution ex-TAC
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 (Unaudited, in thousands ex cept percentages) Gross profit $ 23,513 $ 30,744 $ 35,324 $ 42,490 $ 30,562 $ 35,883 Net income (loss) $ (3,214) $ 1,488 $ 6,45
Slide 17: Reconciliation of Net Income (Loss) to Non-GAAP Net Income
RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP NET INCOME Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Unaudited, in thousands) Net income (loss) $ 1,787 $ 1,488 $ (1,520) $ (1,726) Add back (less): Stock-based compensation 6,343 5,537 11,982 9,977 (1) Restructuring an
Slide 18: Reconciliation of EPS to Non-GAAP EPS - QTD
RECONCILIATION OF EARNINGS (LOSS) PER SHARE OF CLASS A COMMON STOCK TO NON-GAAP EARNINGS (LOSS) PER SHARE OF CLASS A COMMON STOCK - QTD Three M on t hs E n ded Ju n e 30, 2025 Three M on t hs E n ded Ju n e 30, 2024 Non -GAAP Non -GAAP E arn i n gs ( Los s ) E arn i n gs ( Los s ) E arn i n gs ( Los
Slide 19: Reconciliation of EPS to Non-GAAP EPS - YTD
RECONCILIATION OF EARNINGS (LOSS) PER SHARE OF CLASS A COMMON STOCK TO NON-GAAP EARNINGS (LOSS) PER SHARE OF CLASS A COMMON STOCK - YTD Si x M on t hs E n ded Ju n e 30, 2025 Si x M on t hs E n ded Ju n e 30, 2024 Non -G AAP Non -G AAP E arn i n gs ( Los s ) E arn i n gs ( Los s ) E arn i n gs ( Los
Slide 20: Stock-Based Compensation
STOCK-BASED COMPENSATION Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Unaudited, in thousands) Stock-based compensation: Platform operations $ 998 $ 554 $ 1,890 $ 960 Sales and marketing 1,819 1,139 3,319 1,894 Technology and development 1,037 651 1,795 1,151 General an
Slide 21: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Unaudited, in thousands) Depreciation and amortization: Platform operations $ 3,674 $ 3,531 $ 7,246 $ 7,057 Sales and marketing 79 — 153 — Technology and development 717 440 1,307 871 General and
Slide 22: Contribution ex-TAC per Employee
CONTRIBUTION EX-TAC PER EMPLOYEE TTM TTM Q2-25 Q2-24 Change (%) (Unaudited, in thousands, ex cept percentages and headcount) Contribution ex-TAC $ 192,812 $ 157,382 23% (1) Headcount 373 336 11% Contribution ex-TAC per employee $ 517 $ 468 10% Note: Contribution ex-TAC and Contribution ex-TAC per em
Slide 23: Reconciliation of Operating Cash Flow Less Changes in Operating Assets and Liabilities
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO NET CASH PROVIDED BY OPERATING ACTIVITIES LESS CHANGES IN OPERATING ASSETS AND LIABILITIES Three Months Ended June 30, 2025 2024 (Unaudited, in thousands) Net cash provided by operating activities $ 20,934 $ 14,369 Less: Changes in operating