NASDAQ: DSP

Marketers use our platform to deliver advertising campaigns to their desired target audience across channels and formats. Through platform integrations, we offer our customers access to omnichannel advertising inventory, which refers to media available across devices, channels and formats. Our platform supports a full range of transaction types including real-time bidding, private marketplace and programmatic guaranteed, allowing customers to easily source and integrate ad inventory directly from publishers and private marketplaces.

We enable deep data access through our data integrations to authenticate user identities across a range of devices. Our HHID enables us to be the nexus point with more than 70 data partners, providing customers with deep access to data across market verticals such as automotive, entertainment, professional services, retail, consumer packaged goods, travel and tourism, and healthcare. Our HHID solution empowers marketers to reach people across their devices, whether individuals are at home or away from home, without the use of cookies. Leveraging patented technology, our HHID technology cuts through more than 1.8 billion IP addresses and other identifiers and translates them into 125 million households. Our identity graph links these households to an estimated 1 billion connected devices.

Our customers are advertising buyers including large advertising holding companies, independent advertising agencies, mid-market advertising service organizations as well as marketers that rely on our self-service platform for their programmatic ad buying needs. We are a trusted partner to our customers as exemplified by our customer satisfaction rating of over 90% in 2025 based on Viant’s Annual Customer Satisfaction Survey. Many of our customers use us as their primary DSP.

Using our identity resolution capabilities led by our patented HHID and identity graph, marketers and their advertising agencies can identify targeted consumers using real-world identifiers rather than relying primarily on cookies to track users. We believe the industry is shifting to replace cookies in delivering personalized advertising, particularly for identification. Our HHID allows marketers to deliver personalized advertising while being able to accurately link ad impressions across multiple devices and to customer sales and measure the impact of their ad spend. Many of our competitors rely on cookies for the targeting and measurement of digital advertising but this technology has not been effective at accurately measuring the real impact of a marketer’s ad spend on their business results. Apple’s web browser, Safari, has added controls that algorithmically block or limit some cookies, and other browsers and platforms have added similar controls. This market change has created an increase in demand from marketers actively looking for platforms like ours that offer an alternative to cookie-based tracking, which we believe is strengthening our strategic position.

Programmatic advertising has proven its value to marketers and an increasing number of organizations are devoting more of their digital ad spend to it. The digital ecosystem continues to evolve and with it, programmatic advertising, creating new opportunities and needs for marketers and their agencies. The U.S. programmatic advertising market is expected to grow from $158.8 billion in 2024 to $225.3 billion in 2027, a 12% compound annual growth rate (“CAGR”), according to eMarketer, a market research company that provides insights and trends related to digital marketing, media and commerce. We focus on ad buyers and believe that our solutions will accelerate the shift of advertising budgets to programmatic advertising. Additionally, as marketers desire more control over programmatic advertising and move some functions of programmatic ad buying in-house, we have automated our platform by leveraging machine learning, automated decision-making and artificial intelligence ("AI") designed to address these needs and expand our market opportunity.

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Our total revenue was $344.2 million, $289.2 million and $222.9 million for the fiscal years ended December 31, 2025, 2024 and 2023 ("fiscal year 2025", "fiscal year 2024", and "fiscal year 2023"), respectively, representing an increase of 19.0% from fiscal year 2024 to fiscal year 2025 and an increase of 29.7% from fiscal year 2023 to fiscal year 2024. We recorded net income (losses) of $24.1 million, $12.5 million and $(9.9) million, and adjusted EBITDA of $57.4 million, $44.4 million, and $29.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Adjusted EBITDA is a financial measure not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of adjusted EBITDA, an explanation of our management’s use of this measure and a reconciliation of adjusted EBITDA to our net income or net loss, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Operating and Financial Performance Measures—Use of Non-GAAP Financial Measures.”

Our Industry

We believe the key industry trends shaping the advertising market include:

Advertising dollars shifting toward programmatic advertising: We believe the advertising industry is still in the early stages of a shift toward programmatic advertising. The ability to transact through real-time-bidding platforms has evolved beyond banner advertising to be used across a wide range of advertising channels and formats, including CTV, streaming audio, digital out-of-home, mobile, and desktop. U.S. programmatic advertising is experiencing a rapid increase in adoption and, according to eMarketer, is expected to grow at a 12% CAGR from 2024 to 2027, reaching $203.0 billion in 2026 and $225.3 billion by 2027. U.S. programmatic advertising is forecasted to represent 46% of total U.S. media spend by 2027, increasing from 40% in 2024. The TV industry is undergoing significant disruptions as internet-enabled CTV has become a preferred vehicle for streaming video content. CTV ad spending is expected to reach $38.0 billion in 2026, with 92% of those dollars going to video ads. CTV ad spending is expected to continue double-digit annual growth rates and surpass traditional TV ad spending in 2029 and reach $52.5 billion. The amount of CTV users in the U.S. is forecasted to increase from approximately 235 million, or 70% of the U.S. population, in 2024 to approximately 248 million, or 73%% of the U.S. population, in 2027, according to eMarketer. CTV also provides a number of benefits to advertisers, including more accurate control of scale, addressability and measurement. Marketers are increasingly investing in CTV as more inventory becomes available. According to eMarketer, 89% of CTV ad spend was transacted programmatically in 2025. The share of programmatic advertising is expected to increase to 93% in 2027.

Strong marketer demand for ROAS measurement across most channels: Marketers are looking for a centralized view of their customers, while connecting online and offline purchases to accurately measure ROAS. ROAS is a critical metric for marketing campaigns. Insights from ROAS across all campaigns inform marketers about the value of their investment across all media spend in near real-time. Hence, marketers seek tools to track their ROAS across channels. We believe customers using our platform and HHID are able to get a more accurate measurement of ROAS as compared to cookie-based platforms, especially in naturally cookieless environments such as CTV.

Demand for scaled people-based platforms: Advertising has become more data driven, and marketers need to be able to target audiences at the individual and household level while respecting consumer privacy. Internet advertisers in the past have capitalized on device-based identifiers such as cookies to gain insights into users and ad performance. However, technical changes and increased privacy concerns are causing marketers to reduce their reliance on vendors and platforms that primarily utilize cookies for device identification. In today’s connected world, marketers need to be able to identify their customers and connect with them across most channels, devices and formats. This, we believe, will drive an industry shift away from cookie-based DSPs to scaled people-based DSPs.

Brands directly selecting advertising platform solutions: Marketers are increasingly becoming directly involved in the selection of their advertising platform solutions as they seek to reduce costs, better leverage their customer data and gain more control over their advertising and data. The automation of ad-buying technology has enabled fast, accurate and cost-effective decision-making, resulting in ad buying becoming a function that an increasing number of chief marketing officers want to fully own.

Our Market Opportunity

We believe that over the long term, our total addressable market is the total global advertising market, which eMarketer has forecasted to grow from $1.1 trillion in 2026 to $1.4 trillion in 2029, an 8% CAGR. Currently, our focus is primarily on the U.S. market, which eMarketer has forecasted to grow from $443 billion in 2026 to $513 billion in 2028 in the United States, an 8% CAGR, primarily including the following segments:

•CTV: U.S. CTV advertising is forecasted to be a $38.0 billion market in 2026 and forecasted to grow to $42 billion in 2028, a 12% CAGR. CTV includes over-the-top (“OTT”) content delivered through a connected device over the internet.

•Desktop and Mobile: U.S. desktop and mobile advertising are forecasted to grow from a $307 billion market in 2026 to a $371 billion market in 2028, a 9% CAGR.

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•Streaming Audio: U.S. digital audio advertising is forecasted to be a $7.5 billion market in 2026 and forecasted to grow to an $8.4 billion market in 2028, a 5% CAGR.

•Digital Billboards: U.S. billboard advertising is forecasted to be a $3.5 billion market in 2026 and forecasted to grow to a $4.2 billion market in 2028, a 7% CAGR.

The forecasts for each segment above include both programmatic and non-programmatic digital advertising. In recent years, programmatic advertising has represented an increasing portion of total U.S. media spend. eMarketer estimates that the U.S. programmatic advertising market, as represented by the segments above, will grow from $159 billion in 2024 to $225 billion in 2027, a 12% CAGR.

Our Solutions

Our DSP makes it easy to buy ads across a wide range of advertising channels and formats, and helps brands measure the impact of their ad spend by providing electronic buying and measurement of all advertising. Our platform enables marketers and their advertising agencies to plan, buy and measure campaigns across channels. Customers can choose to maintain hands-on control over every campaign detail or have our platform autonomously execute, optimize, and measure their advertising investments. Integrated with our HHID, we provide our customers with a full suite of forecasting, reporting and automation to make informed decisions around their advertising investments. With the launch of our artificial intelligence product suite, ViantAI, we are building the future of autonomous advertising solutions, empowering advertisers to achieve their boldest goals while maintaining the strategic oversight they require. We provide exceptional customer service to ensure our customers have the level of support required for their unique business needs. Viant is driven to be a leader in innovation, automation, transparency, customer focus and responsible media.

ViantAI: Our artificial intelligence product suite, which launched in 2024, is a foundational component of our long-term vision for autonomous advertising to create the most efficient and cost-effective experience for our customers. ViantAI handles every stage of programmatic advertising, from building campaigns to optimizing execution, allowing advertisers and their agencies to rely on ViantAI to manage their day-to-day campaigns while focusing on higher-level strategic objectives.

Our ViantAI suite currently includes AI Planning, which enables media planners to design high-impact campaigns in seconds, AI Bidding, which optimizes inventory costs by lowering the effective cost per mille ("eCPM") through automated bid adjustments, AI Measurement and Analysis, which provides accessible measurement and insights via a user-friendly chat interface, and recently launched, AI Decisioning, an AI-driven engine which autonomously manages execution towards an outcome an advertiser defines by continuously evaluating a number of proprietary data signals in parallel, including HHID, IRIS_ID, supply quality scoring, historical campaign performance, bid pricing dynamics and real-time delivery data, to determine and execute optimization decisions without manual intervention. The launch of AI Decisioning was accompanied by the introduction of Outcomes, our autonomous advertising performance solution that utilizes each of the four phases of ViantAI, and various signals within our intelligence layer, to build and execute campaigns designed to deliver an optimal outcome.

Holistic, Omnichannel DSP: Marketers and their agencies can use our integrated platform to efficiently manage omnichannel campaigns and access metrics from each channel to inform decisions in other channels. Our integrations enable the purchase of advertising media across CTV, streaming audio, digital out-of-home, mobile and desktop. Our technology leverages AI and machine learning to identify the best supply partners, formats and impressions based on our customers’ goals.

Household ID™: Our proprietary innovation that combines digital and personal identifiers into a normalized household profile that provides known customer data insights and optimized bid decisions for target audiences, accurate reach and frequency management across omnichannel supply including cookieless channels like CTV, Safari and mobile app and holistic measurement of conversions across all devices and context. Whether online or in-store, we can attribute conversions to media investments. The HHID not only captures the ad exposure as the impression is delivered but can also connect that ad exposure to an outcome which significantly differentiates our DSP technology.

IRIS_ID: A content identifier that allows supply partners to securely share their video-level data to power planning, targeting, and measurement solutions in ad supported streaming media. The IRIS_ID serves as the signal for data solutions to access and supply partners’ content and analyze each video frame by frame to create standardized contextual and brand suitability segments.

Viant Data Platform: We provide the Viant Data Platform that is directly integrated into our centralized DSP and offers marketers control over their own data with actionable insights into their marketing initiatives within a single platform. The Viant Data Platform offers the ability to integrate first-party data with data from top third-party data providers in order to obtain key insights, reporting and attribution opportunities.

Direct Access: Our supply path optimization program creates a more cost efficient, direct path to premium inventory through partnerships with leading CTV publishers and the removal of resellers from the digital supply chain. By bringing buyers and sellers closer through direct inventory and first-party data integration, this program lowers media cost for the advertiser and increases revenue for the publisher. We believe this program has had a significant impact on how we continue to outpace the high-growth CTV market.

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Advanced Reporting and Measurement: We invest heavily in our measurement capabilities, as we believe advertising should be driving a positive return. Our self-service campaign analysis and data intelligence tool empowers customers with differentiated insights, including conversion lift, multi-touch attribution, foot-traffic data reports, digital-out-of-home lift, sales reporting and ROAS analytics. Leveraging our HHID and machine learning algorithms, our platform provides marketers real-time actionable insights throughout an advertising campaign. Our built-in automation enables marketers to optimize digital campaigns designed to achieve their key performance indicator (“KPI”) goals.

Flexible Customer Engagement Models: Our DSP and related services are available through several levels of best-in-class customer service, from a self-service interface, which offers customers transparency and control over their advertising campaigns and underlying data infrastructure, to a fully managed end-to-end solution, which offers an experienced support team to assist with audience creation and management, campaign execution and advanced reporting. Additionally, customers can choose to have our platform autonomously execute, optimize, and measure their advertising investments by enabling AI-driven management of the campaign lifecycle with minimal manual intervention.

Our Strengths

We believe the following attributes and capabilities provide us with long-term competitive advantages:

•Scalable Self-Service Platform: Our self-service platform enables customers to choose the level of Viant involvement from maintaining hands-on control over every campaign detail to having our platform autonomously execute, optimize, and measure their advertising objectives with minimal manual intervention. This scalable architecture creates operating leverage: as we add new customers and as existing customers increase their use of our platform, our revenue grows significantly faster than our personnel costs. Our platform’s automation capabilities allow us to scale customer campaigns and onboard new clients without requiring proportional increases in headcount, enabling us to capture market share while expanding margins.

•Machine Learning and AI Capabilities: We enable the use of machine learning, workflow automation, automated reporting and other functionalities that allow our customers to update and make thousands of changes automatically to help achieve their desired business outcomes. With the continued development of our end-to-end ViantAI platform, we have AI-powered tools that drive better efficiency across the four key areas of programmatic ad buying: planning, bidding, measurement and decisioning. In addition to the speed and ease of use, ViantAI brings an additional level of sophistication to the campaign planning process. Leveraging years of data from campaigns executed through our platform, we believe ViantAI is faster, smarter and more precise in its planning capabilities compared to traditional planning technology tools.

•Proprietary Technology: We leverage a robust suite of proprietary tools and products to enable our customers to utilize our platform and services. We are constantly iterating and developing new tools and products while utilizing our patented technologies and processes. As of December 31, 2025, we held 65 issued patents and 24 additional pending patent applications, which cover many of our proprietary products. As new offerings are developed, we continue to file and obtain patents on the most valuable and innovative products developed at our Company.

•Demand Side Only: As we are a demand side only platform, we are not conflicted with getting the best pricing for marketers and their agencies. That results in reduced inventory costs via lower eCPMs.

•Onboarding: We enable marketers to safely and securely onboard their first-party data to gain a view into their customers’ top attributes, create targeting segments and easily activate and measure these customer segments through our Viant Data Platform. Our simple interface allows marketers to upload audience data with ease and create a unique segment or build lookalike audiences without the need for a separate data management platform. Our data integrations provide marketers with high match rates, which offers scalable and meaningful audience insights for segmentation, targeting and measuring key outcomes both online and offline.

•IRIS_ID: The IRIS_ID is an anonymous universal identifier that allows advertisers to go beyond targeting at the CTV app level, enabling precise targeting down to the individual video file where their ads will run. The IRIS_ID also contains powerful data driven insights, including contextual segments, emotional sentiment analysis and brand suitability data which provides advertisers with a richer understanding of the videos and scenes accompanying their ads, empowering safer, smarter and more impactful CTV ad campaigns.

•Advanced Reporting and Measurement: We invest heavily in our measurement capabilities, as we believe this will increase our customers’ usage of our DSP and related services. Our platform measures ROAS across most channels and empowers our customers with real-time insights, including foot-traffic reports and multi-touch attribution analytics. Our advanced reporting functionality uses our aforementioned identity graph to provide marketers with a holistic view of measurement across most channels.

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•Differentiated Identity-Based Capabilities: Our platform leverages our HHID to integrate with over 70 data partners. We believe this allows for a much more effective and privacy-friendly approach to advertising than using cookies for identification.

•Experienced Management Team: Our management team has deep and extensive experience in the advertising technology sector, which we believe provides us with a competitive advantage. The experience of our management team has allowed us to continue to be innovative in developing solutions for our customers.

•Business Model: Because we have a self-service platform, as we add new customers and as customers increase the use of our platform, we are able to demonstrate strong operating leverage.

Our Growth Strategy

We believe that the advertising market is in the early stages of a shift toward programmatic advertising as well as in an ongoing shift from linear TV spend to CTV spend. We intend to capitalize on this opportunity by pursuing the following strategies:

•Invest in and continue to build a platform utilizing artificial intelligence and machine learning: We are committed to leveraging AI to streamline advertising operations and enhance data-driven decision-making for our customers. With continued investment in our ViantAI suite of products to support additional features and functions, we believe we will attract new customers and encourage our existing customers to increase usage of our platform. We believe many advertisers are in the early stages of moving a greater percentage of their advertising budgets to programmatic channels. By providing and continuing to develop automated solutions for the planning, buying and measuring of their media spend across channels, we believe we are well positioned to capture the increase in programmatic budgets from new and existing customers.

•Continue to invest in our customers’ success: Our platform provides extensive functionality designed to provide our customers with a high level of control and enable them to run efficient ad campaigns. We continue to enhance new customer onboarding and support while investing in training and education for customers to maximize their success with our platform.

•Continue to strengthen our omnichannel partnerships: We believe we have one of, if not the largest breadth of advertising inventory across channels in our industry landscape. We will continue to invest in the integration of new supply partners across channels and as part of our Direct Access program, bring buyers and sellers closer through direct inventory and first-party data integration. The addition of new supply partners, together with our supply path optimization program, will continue to broaden our supply of premium advertising inventory and create a more cost efficient path to that inventory.

•Expand our sales and marketing investments: We intend to continue to expand sales and marketing efforts to increase awareness and consideration of our platform and promote the advantages of our ViantAI suite as well as our HHID framework and IRIS_ID as cookie-based options continue to decline.

•Invest in growth through acquisitions: We intend to invest in acquisitions that will allow us to offer new products and capitalize on our large and growing market opportunity. To the extent we find attractive acquisition candidates and business opportunities in the future, we may continue to acquire complementary businesses, products and technologies.

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Our Platform

Viant's DSP enables a marketer or their agency to programmatically buy a streaming ad on CTVs, an ad in a digital billboard on the side of the highway, an ad in a mobile application, an ad during a podcast or other streaming audio, or a dynamically personalized ad on any website, all within a single user interface. As illustrated by the graphic above, we believe that our platform sits at the center of the digital advertising ecosystem.

The key components of our platform include:

•Interoperable DSP. Our holistic, omnichannel DSP enables brands and agencies to seamlessly target and measure key audiences across leading supply from premium publishers within CTV, streaming audio, digital out-of-home, mobile, desktop and more without having to constantly switch between platforms.

•Comprehensive Forecasting. Our platform allows customers to plan future marketing campaigns based on desired targeting tactics by utilizing historical bid request data and machine learning to project performance onto available inventory. Customers can easily apply multiple data segmentation filters and see what ad inventory is available and at what price.

•Ease of Use. Our intuitive user interface enables marketers to seamlessly move from forecasting to launching live advertising campaigns. This reduces the time from planning a campaign to execution, helping marketers to fluidly execute deterministic cross-channel campaigns using a variety of quality data and supply partners to reach their target audience.

•Campaign Decisioning. We offer the ability to continuously measure and optimize campaigns by leveraging powerful KPIs directly within platform reports. Marketers have the ability to optimize campaigns in-flight, even if they have already started. This granular decision-making ability provides customers more accurate and real-time understanding of the performance of their live campaigns.

Household ID: Our DSP has exclusive access to the HHID, making it a DSP that already operates in cookieless environments including CTV and mobile applications. The HHID powers data, channel and publisher interoperability providing simple and effective advertising. Marketers can easily sync customer data, build custom audiences, extend target audiences and understand audience insights seamlessly within our platform.

•Cookieless Solution. The HHID provides marketers the scalability, addressability, and measurability for success today. This patented technology unlocks many benefits such as:

•built-in cross-device conversion tracking, allowing marketers to target all eligible devices in a household to drive conversions;

•universal frequency management at scale, eliminating the need to control frequency in silos based on channel and/or device limitations; and

•tracking uniformity and identity persistence across all browsers and tracking environments with otherwise fragmented identifiers.

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•Onboarding. Through our simple interface, marketers can upload and leverage their first-party data using the HHID. This enables marketers to onboard their first-party data and instantly gain a view into their customers’ top attributes, create targeting segments and easily activate and measure these customer segments across cookieless environments.

•Lookalike Modeling. We help expand the reach of an existing audience segment or prospect list for new customers for extended scale of critical audiences.

•Household ID Targeting and Data Integrations. Viant’s HHID allows brands to connect with real households and individuals with accurate reach and frequency. Our integrations with more than 70 data providers allow for extensive audience data mapping, giving users the ability to target consumers based on purchase behaviors, location, TV viewership insights and much more. Superior integrations with TV viewership data providers present users with one of the most established, scaled and accurate CTV footprints in the market.

Advanced Reporting: We close the loop on digital and traditional media by linking ad spend to online and offline sales.

•Reach and Frequency. Our platform accurately measures how many households and unique users an advertising campaign reached and the frequency of exposures.

•Cross-Channel Reporting. Our cross-channel reporting capabilities equip customers to analyze cross-device and cross-channel campaign impact on sales and other KPIs.

•Multi-Touch Attribution. Our multi-touch attribution provides customers the ability to receive insights into where target audiences are interacting with brands, the impact of touchpoints across channels and devices and the order of steps along the conversion journey. The resulting holistic view of ad performance enables customers to close the loop on measurement and better link ad spend to sales.

•Conversion Lift. Our conversion lift reporting helps advertisers understand the impact of media in driving conversions. Ghost bids are a control group made up of consumers who were within the campaign targeting criteria and active on the programmatic network, on whom a bid request was placed to show them the campaign ad, but the bid was lost. Those impressions are then passively tracked and included in the control group. By leveraging ghost bids to create a control group, customers can see how much impact their media has in driving incremental conversions and use these insights to refine their optimization strategy for better results and investment impact.

•Foot Traffic Attribution. Our foot traffic data reporting capabilities allow customers to analyze the impact of their ad campaigns on driving visits to a physical location.

•Digital Billboard Reporting. Our digital billboard reporting provides a holistic view of ad spend, giving customers real-time insights into their digital billboard ad performance and helping customers optimize budgets by allocating ad spend on effective digital billboards and venue types.

Our platform is built with ad buyers in mind and offers many in-depth features that give buyers the highest levels of control, which helps ensure they are running the most efficient campaigns possible. This includes:

•Machine Learning and ViantAI Algorithms: Our built-in advanced machine learning technology and ViantAI solutions analyze millions of impressions and data points every second. Our algorithms find optimal bid prices for maximizing performance and scale across all major performance measures, allowing our customers to strengthen their campaign efforts and build confidence in programmatic campaign performance. Our ViantAI suite currently includes AI Planning, which enables media planners to design high-impact campaigns in seconds, AI Bidding, which optimizes inventory costs by lowering the eCPM through automated bid adjustments, AI Measurement and Analysis, which provides accessible measurement and insights via a user-friendly chat interface, and recently released, AI Decisioning, which automates planning, execution, measurement and dynamic optimization of campaigns in real-time. The launch of AI Decisioning was accompanied by the introduction of Outcomes, our autonomous advertising performance solution that utilizes each of the four phases of ViantAI, and various signals within our intelligence layer, to build and execute campaigns designed to deliver an optimal outcome.

•Bulk Functionality: Our platform is built to ease the lives of programmatic traders. With our DSP, traders can mass edit ad orders and campaigns, instead of making individual changes, saving significant time. For example, if a trader wants to change the bid price for all 1,000 of their ad orders, they could simply download, complete and upload a form, rather than wasting time by editing each ad order one by one.

•Application Integration Interfaces (“API”) Capabilities: Our DSP provides ease of integration using APIs and tools. The API capabilities provide bilateral data syndication into or out of the platform for trafficking and reporting in formats easily accepted by business intelligence teams for programmatic traders. With these, traders can maintain customer

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identities with a fully integrated platform that links devices and offline activities to real people and seamlessly execute and measure campaigns.

Our Technology and Development

Rapid and continuing innovation is a core driver of our business success and our corporate culture. Our product and engineering teams are responsible for the design, development and testing of our platform. We are committed to continuous innovation and rapid introduction of new technologies, features and functionality that bring value to our customers. We expect technology and development expense and capitalized software development costs to increase as we continue to invest in the development of our platform to support additional features and functions, such as enhancements to ViantAI and automation features and user interface, and to increase the number of advertising and data inventory integrations in various channels.

The technical infrastructure for our platform is currently managed through third-party web hosting providers. We generally enter into two- to three-year agreements with our web hosting providers.

Our Customers

Our customers consist of purchasers of programmatic advertising inventory, including large advertising holding companies, independent advertising agencies, mid-market advertising service organizations as well as marketers relying on our self-service platform for their programmatic ad buying needs.

Many of the advertising agencies that we work with are owned by holding companies, where decision-making is generally highly decentralized such that purchasing decisions are made, and relationships with advertisers are located, at the agency, local branch or division level. We contract with our customers either through service agreements or insertion orders. Our agreements do not contain any material commitments on behalf of customers to use our platform to purchase ad inventory or use other features. Our agreements with customers generally do not have a specified term and are generally terminable at any time by either party upon specified notice periods, typically ranging from 30 to 90 days. In addition, campaigns can typically be reduced or terminated at any time. Insertion orders are generally limited in scope and can be reduced or canceled by a buyer without penalty. See “Risk Factors—Risks Related to Our Business and Operations—We receive a significant amount of revenue from a select number of advertising agency holding companies, which own various advertising agencies, and the loss of advertising agencies as customers could harm our business, operating results and financial condition” for additional discussion of our customer relationships with advertising agencies.

Our Advertising and Data Supply

We obtain digital advertising inventory primarily through our integrations with supply side platforms and directly with publishers. We believe that our integrations across numerous channels give us one of the most robust omnichannel integrations of any single platform. These suppliers provide us with access to a breadth of programmatic advertising inventory across CTV, streaming audio, digital out-of-home, mobile and desktop.

We enable deep data access through our integrations with over 70 leading data partners, giving our customers access to data across key industry verticals, including retail, consumer packaged goods, travel and healthcare. Customers can also onboard their own first-party data onto our platform, without the need for a separate data management platform.

Sales and Marketing

We sell our platform through a direct sales team focused on business development across all markets, including sales to new customers and revenue growth within existing customers. We have an experienced sales team focused on selling access to our platform in our target markets and industry verticals, as well as building and nurturing relationships with global brands and agencies. We use a consultative sales approach focused on educating existing and potential customers on our platform capabilities, and training customers to use our platform. We offer a formal Viant DSP Certification program, which is a three-part training series that covers programmatic industry trends, technology capabilities and time-saving workflows. In addition, we also offer an online knowledge base with robust documentation on Viant DSP workflows to our customers. We provide dedicated customer support and work with customers as they set up and optimize their campaigns, assist with delivery against KPIs and goals, and provide post-campaign support and recommendations.

We tailor our contracts and terms to the needs of our customers, including by offering our two different pricing options: a percentage of spend option and a fixed cost per mille (“CPM”) option. Customers can use our platform on a self-service basis or can enlist our services to execute their campaigns.

Our marketing efforts are focused on increasing awareness and consideration for our brands, executing thought-leadership initiatives, participating in industry events, creating comprehensive sales support materials and generating new customer leads. We seek to accomplish these objectives by presenting at industry conferences, hosting customer conferences, publishing white papers and research, conducting public relations activities and advertising campaigns, and maintaining an active social media presence.

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Privacy and Data Protection

In the ordinary course of our business, we may collect, receive, compile, use, store, process, share, dispose of, disclose, retain, transfer, and destroy (“Process” or “Processing”) personal information or personal data ("Personal Information"), as those and similar terms are defined under various applicable laws. Accordingly, we are subject to numerous and global data privacy and security obligations, including laws, regulations, guidance, and industry standards related to data privacy and security. Such obligations may include, without limitation, those to avoid deceptive or unfair acts under Section 5 of the Federal Trade Commission Act, the Children’s Online Privacy Protection Act of 1998, and a host of consumer privacy laws and regulations enacted at the state level. Starting with the California Consumer Privacy Act (“CCPA”), twenty states have now adopted omnibus consumer privacy laws that provide residents of those states a variety of rights and impose a host of obligations on companies operating in the advertising technology ecosystem (collectively, “State Privacy Laws”). Several states have also adopted laws that specifically govern companies that operate as “data brokers”. Other states have adopted laws specific to consumer health data (such as Washington's My Health My Data Act ("MHMD")) and others have adopted laws focused on child and teen safety and privacy. Additionally, the European Union’s General Data Protection Regulation 2016/679 (“EU GDPR”) and the UK counterpart regulation (“UK GDPR”) (collectively the “GDPR”) impose strict requirements applicable to certain Processing of European Personal Information, respectively, in the European Economic Area (“EEA”) and the United Kingdom (“UK”). Authorities at many levels across jurisdictions continue to introduce new privacy legislation and rules, and we expect this will continue.

These laws continue to increase our compliance obligations and exposure for any noncompliance. The State Privacy Laws generally require each covered business to provide specific disclosures related to its Processing of Personal Information and to honor requests from individuals, including to opt out of certain advertising uses and related disclosures of their Personal Information, as well as requests to access, delete, and correct certain information and add extra protections for certain Personal Information deemed “sensitive” under such laws. Data broker-specific laws require companies that qualify as data brokers to register with the relevant state, and California’s Delete Act will soon require registered data brokers to honor deletion requests made by California residents through a centralized deletion mechanism. Teen- and child- and health- focused laws result in additional compliance costs. In addition to these recently-adopted statutes, plaintiffs’ attorneys also continue to explore creative theories to allege privacy violations under longstanding laws as well as tort and negligence theories that can be costly to defend. A perceived failure to comply with applicable privacy laws may lead to the defense of costly regulatory investigations and enforcement actions or the obligation to pay substantial fines.

See "Risk Factors—Risks Related to Data Privacy and Artificial Intelligence" for additional information about the laws, obligations and limitation to which we are subject and about the risks to our business associated with such laws, obligations and limitations.

Competition

Our industry is highly competitive and fragmented. We compete with large, privately-held companies, such as Yahoo DSP, with public companies exclusively serving our industry, such as The Trade Desk, and with divisions of large, well-established public companies such as Google and Amazon. The competitive landscape in recent years has been affected by consolidation and limited investment in new startups in our industry and there are currently few scaled competitors with self-service capabilities and AI-driven autonomous capabilities like those offered by ViantAI. Our long history and time in the market with customers has given us competitive advantages in terms of platform development and expertise, as well as a long development lead ahead of new entrants and legacy competitors still reliant on outdated cookie-based technology. We believe that we compete and win primarily based on the transformative automation delivered by ViantAI and our patented identity resolution capabilities, the enhanced performance of campaigns running on our platform, the advanced features of our platform, our omnichannel capabilities and our advance reporting capabilities. We believe that we are differentiated from our competitors in the following areas:

•our AI-driven DSP combines ease of use with sophisticated automation and performance capabilities;

•we are an independent technology company focused on serving advertising agencies and marketers on the buy-side of our industry;

•we enable the use of machine learning, workflow automation, automated reporting and other functionalities that allow our customers to update and make thousands of changes automatically to help achieve their desired business outcomes;

•we offer our DSP in an integrated manner with our patented HHID, eliminating the need for separate providers for data onboarding and data purchasing services;

•our platform provides comprehensive access to a wide range of inventory types across a broad range of channels;

•our platform provides comprehensive access to a wide range of data partners across a broad range of industry verticals and channels to enable precise audience targeting and measurement;

•we provide extensive customer service and satisfaction; and

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•we provide flexible pricing options to support our customers' needs.

Our Human Capital

We are a founder-led business and believe our employees and culture are key to our success. Our business and our culture are anchored on creating a “Founder Mode” culture with an underlying focus on our core value of "Figure It Out". We believe we attract talented employees to our company and sophisticated customers to our platform in large part because of our vision and unwavering commitment to using cutting-edge technologies to create products that help advance the advertising industry.

As of December 31, 2025, we had approximately 380 employees in 10 offices across North America. Our team draws from a broad spectrum of backgrounds and experiences across technology and advertising industries.

Workplace Practices

We are committed to fostering a culture of inclusion where all employees feel valued and included. We believe our greatest asset is the people who work for us and our goal is to create a culture where we value, respect, and provide opportunities for all employees. We conduct an annual survey to give employees the opportunity to provide feedback on our management team and culture. This survey helps drive new programs that continue the development of our inclusive culture. Our leaders review the survey feedback and work with their teams to initiate new initiatives based on the results. We are committed to developing an inclusive environment through recruiting, development programs, community involvement and fostering conversations about differences. However, we are also committed to achieving these ends through legally compliant methods, and inclusion efforts are part of the Company's legal compliance considerations. It is our policy, in keeping with the law, to not make employment decisions, including decisions regarding hiring, promotion and compensation, on the basis of any legally protected characteristic, including race or gender.

Talent Development

Even though we have been around for over 20 years, our culture still reflects an entrepreneurial spirit. We empower employees to develop their skills and abilities by following our core values and acting on great ideas regardless of their role or function. We encourage employees at all levels to be creative and come up with ideas that can help the business grow. We work to provide an environment where talented individuals and teams can take control of their career growth. We provide a wide range of learning and development opportunities in both individual and group settings.

Compensation and Benefits

We provide compensation and benefits programs to help meet the needs of our employees and reward their efforts and contributions. We use internal and external resources to help develop plans that are fair and reward our employees’ commitment and performance with the goal of attracting and retaining high performing individuals.

In addition to salaries, we provide competitive compensation programs that are in line with our peers and industry. These programs may include bonuses, equity awards, 401(k) plan, healthcare and insurance benefits, flexible spending accounts, health savings accounts, paid time off, family leave and employee assistance programs among many others.

Climate Change and Sustainability

We have launched initiatives that aim to drive sustainability as we recognize that sustainability initiatives are important to our customers. To support our clients in meeting their sustainability goals, we offer a customer carbon reduction program called Adtricity. Adtricity aims to deliver renewable energy credits to our customers based on their spend with us. We have also joined Ad Net Zero and the IAB Tech Lab - Sustainability Working Group to drive cross-industry action around sustainability initiatives in the advertising industry.

Intellectual Property

The protection of our technology and intellectual property is an important component of our success. We rely on intellectual property laws, including trade secret, copyright, patent and trademark laws in the United States and abroad, and use contracts, confidentiality procedures, non-disclosure agreements, employee disclosure and invention assignment agreements and other contractual rights to protect our intellectual property.

As of December 31, 2025, we held 65 issued patents, 24 pending patent applications and 303 issued trademarks. Our issued patents are scheduled to expire between 2026 and 2041. We continually review our development efforts to assess the existence and patentability of new intellectual property. In addition to the intellectual property relating to the operation of Viant, our DSP, and our HHID, we own intellectual property related to our owned site, Myspace.com. Of our issued patents, 35 relate to our platform and our HHID, 15 relate to Myspace.com, and 15 are related to IRIS.TV.

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Corporate Information

We were founded in 1999 by Tim, Chris and Russ Vanderhook who continue to lead our company today. We have been at the forefront of digital advertising technology since our inception and have demonstrated our ability to grow, thrive, and innovate as competitors have come and gone. In 2011, we acquired the social network website Myspace.com. In 2011, Tim and Chris Vanderhook started Xumo, a CTV streaming service, which was acquired by Comcast Corp. in 2020. In 2015, we completed our first people-based integration. We remained independent until 2016, when Time Inc. acquired a 60% interest in our company through our subsidiary, Viant Technology Holding Inc. (the “Former Holdco”). That interest was later acquired by Meredith Corporation when it acquired Time Inc. in 2018. In 2017, we purchased Adelphic, a DSP. Since the Adelphic acquisition, we have materially transformed from a full-service provider of digital advertising solutions into a leading DSP that enables marketers and their advertising agencies to centralize and automate the planning, buying and measurement of their media investments using a people-based framework. We have grown from a business operating from a home office to a company with approximately 380 employees in 10 offices throughout the United States at the end of 2025. In 2019, we entered into an agreement that resulted in the retirement of the Former Holdco’s interest in our company and Tim Vanderhook, Chris Vanderhook and Capital V LLC (formerly Four Brothers 2 LLC) (the “Vanderhook Parties”) acquired that 60% interest in our company (the “2019 Former Holdco transaction”), allowing it to once again become an independent company. Viant Technology Inc. was incorporated in Delaware on October 9, 2020. In connection with the consummation of our initial public offering (the “IPO”), we became the sole managing member of Viant Technology LLC. We completed the IPO of our Class A common stock on February 12, 2021. Our principal executive offices are located at 2722 Michelson Drive, Suite 100, Irvine, CA 92612, and our telephone number is (949) 861-8888. Our website address is www.viantinc.com. Our design logo, “Viant,” and our other registered and common law tradenames, trademarks and service marks are the property of Viant Technology LLC.

The SEC maintains a website at www.sec.gov that contains reports, information statements and other information regarding issuers that file electronically with the SEC. Our Annual Report can be downloaded from the SEC’s website. We will file with or furnish to the SEC periodic reports and other information. We furnish or make available to our stockholders annual reports containing our audited consolidated financial statements prepared in accordance with GAAP. We also furnish or make available to our stockholders quarterly reports containing our unaudited interim financial information, for the first three fiscal quarters of each fiscal year. We make our periodic reports and other information filed with or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act, available, free of charge, through our website, www.viantinc.com, as soon as reasonably practicable after those reports and other information are electronically filed with or furnished to the SEC. Information contained on our website or linked therein or otherwise connected thereto does not constitute part of nor is it incorporated by reference into this Annual Report.

Emerging Growth Company

We are an emerging growth company (an "EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and, for as long as we continue to be an EGC, we may choose to continue to take advantage of exemptions from various reporting requirements applicable to other public companies. Consequently, we are not required to have our independent registered public accounting firm audit our internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), and we are subject to reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. In addition, the JOBS Act provides that an EGC can take advantage of an extended transition period for complying with new or revised accounting standards. We have elected to take advantage of the extended transition period. As a result, our consolidated financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of the dates such pronouncements are effective for public companies that are not an EGC. We will cease to be an EGC upon the earliest of: (i) December 31, 2026, (ii) the first fiscal year after our annual gross revenue is $1.235 billion or more, (iii) the date on which we have, during the previous three-year period, issued more than $1 billion in nonconvertible debt securities, or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC. Refer to Note 2—Basis of Presentation and Summary of Significant Accounting Policies to our consolidated financial statements included elsewhere in this Annual Report for additional information.

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