Why Citizens JMP Backed Viant in November After EBITDA Beat and ex-TAC Strength

Viant Technology Inc. (NASDAQ:DSP) is one of the best-performing small-cap tech stocks in the past three years.

On November 11, one day after Viant’s Q3 print (Nov 10), Citizens JMP’s Matthew Condon maintained “Market Outperform” and trimmed the price target to $16 from $18, citing a strong quarter. Condon noted that the contribution ex-TAC ran ~2% above consensus, and adjusted EBITDA topped the high end of guidance.

Viant reported revenue of $85.6 million (+7% YoY), contribution ex-TAC of ~$53 million (+12% YoY), and adjusted EBITDA of ~$16.0 million (+9% YoY), a 30% margin: all above midpoint guidance. Management attributed the outperformance to strengthening CTV demand, broader adoption of its Household ID / IRIS_ID addressability stack, and new brand wins; excluding political spend and a seasonal advertiser that transitioned off-platform due to a merger, revenue grew ~19% and contribution ex-TAC ~22%. Guidance called for Q4 contribution ex-TAC of $62–$64 million and adjusted EBITDA of $22.5–$23.5 million.

Viant Technology Inc. (NASDAQ:DSP) is an ad-tech company whose demand-side platform focuses on privacy-centric, programmatic advertising, especially Connected TV, leveraging proprietary identifiers and ViantAI to optimize targeting and measurement across the open internet.

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Disclosure: None.