Viant Technology (NASDAQ:DSP) reported third-quarter 2026 revenue growth of 29% as advertisers increased spending on connected TV, and said it expects further growth in 2027 from enterprise customers and adoption of its advertising tools.
The advertising technology company also announced the acquisition of Waymark, a generative artificial intelligence video production platform, for $20 million in base cash consideration. Executives said the deal could help advertisers produce and customize connected TV ads more quickly, although Waymark’s near-term financial contribution is expected to be modest.
Third-quarter revenue rose to $110.4 million, while contribution ex-TAC, a measure that excludes traffic acquisition costs, increased 27% to $67.2 million. Both exceeded the midpoint of the company’s guidance, with contribution ex-TAC also exceeding the high end of its range. Adjusted EBITDA rose 24% to $19.8 million, above the high end of guidance.
Chief Financial Officer Larry Madden said the quarter’s performance was driven primarily by organic growth, with minimal contributions from political advertising and TVision, which Viant acquired in May. Healthcare and public services led growth across customer verticals, he said.
Connected TV and AI Adoption
Connected TV spending on Viant’s platform increased nearly 40% year over year and represented more than half of total platform spend, Madden said. Video, including connected TV, accounted for nearly 70% of spend.
Chief Executive Officer Tim Vanderhook said spending enabled by IRIS Content ID, Viant’s content-targeting tool, rose 41%. He also said the company’s autonomous advertising product, Outcomes, was used by more than 10% of its advertiser base. All of Viant’s top 10 advertisers used Outcomes, allocating an average of 26% of their on-platform spending to the product.
Asked whether that spending was new to Viant or shifted from other campaigns on its platform, Tim Vanderhook said it was nearly all incremental budget, as the company seeks performance advertising dollars that have largely gone to search and social platforms.
Viant has also integrated its platform with AI interfaces including Claude, ChatGPT and Cursor. Chief Operating Officer Chris Vanderhook said the integrations allow advertisers to manage campaigns without logging into Viant’s traditional interface. Tim Vanderhook said testing so far has involved existing customers and the same budgets, although the company hopes the approach will attract new advertisers.
Waymark Deal and TVision Expansion
Executives said Waymark’s technology can generate video ads in minutes and could be combined with Viant’s targeting and measurement tools to produce variations tailored to different audiences and content.
Tim Vanderhook said smaller customers would receive Waymark’s capabilities bundled with Viant’s platform, while larger enterprise customers could purchase them as an add-on. He said large advertisers could benefit from having more creative variations, but that he did not expect them to be the first users of the platform.
Madden said Waymark’s contribution to fourth-quarter results is expected to be immaterial and its standalone revenue contribution in 2027 modest.
Viant also launched the TVision Mobile Meter, which it plans to use to connect television viewing with activity on mobile devices in participating households. Chris Vanderhook said the functionality has rolled out across much of TVision’s existing panel. Over the next year, the company aims to triple the panel’s reach to approximately 15,000 households and 50,000 individuals.
Outlook and Capital Returns
For the fourth quarter, Viant forecast revenue of $130.5 million to $133.5 million, contribution ex-TAC of $80.5 million to $82.5 million and adjusted EBITDA of $31 million to $32 million. At the midpoint, the forecasts imply year-over-year growth of 20%, 26% and 27%, respectively.
At the midpoint of its fourth-quarter guidance, the company expects full-year revenue of approximately $435 million and adjusted EBITDA of approximately $75 million. For 2027, Madden said Viant expects contribution ex-TAC growth of at least 20% and meaningful adjusted EBITDA margin expansion, supported by existing advertisers, enterprise customers won in 2026 and potential pipeline conversions.
Viant ended the third quarter with $183.2 million in cash and cash equivalents and no debt. It also announced a $50 million increase to its share repurchase authorization, bringing total authorizations since inception to $150 million. Madden said $70.8 million remained available after cumulative program purchases through November 6.
About Viant Technology (NASDAQ:DSP)
Viant Technology Inc is an advertising technology company that provides software and services for planning, buying, and measuring digital advertising campaigns. Its platform enables advertisers and agencies to purchase advertising across channels such as connected television, streaming video, display, mobile, audio, and digital out-of-home media.
The company’s solutions are designed to support automated, data-driven media buying, audience targeting, campaign optimization, and performance measurement.
