Revenue growth is accelerating with a 33.9% year-over-year surge in Q2 2026, but gross margins are highly volatile, crashing to 43.7% from 83.5% the prior quarter, signaling significant margin pressure from traffic acquisition costs.
Viant Technology Inc. (DSP) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 388.5M | 344.2M | 289.24M | 222.93M | 197.17M | 224.13M | 165.25M | 164.89M | 108.36M |
| Revenue Growth % | 21.99% | 19% | 29.74% | 13.07% | -12.03% | 35.63% | 0.22% | 52.18% | - |
| Cost of Goods Sold | 215.44M | 186.62M | 157.16M | 120.48M | 116.72M | 129.6M | 91.03M | 94.06M | 74.34M |
| COGS % of Revenue | - | 54.22% | 54.34% | 54.04% | 59.2% | 57.83% | 55.08% | 57.04% | 68.61% |
| Gross Profit | 173.06M | 157.59M | 132.07M | 102.45M | 80.44M | 94.52M | 74.22M | 70.83M | 34.01M |
| Gross Margin % | 44.55% | 45.78% | 45.66% | 45.96% | 40.8% | 42.17% | 44.92% | 42.96% | 31.39% |
| Gross Profit Growth % | - | 19.32% | 28.91% | 27.36% | -14.9% | 27.35% | 4.79% | 108.26% | - |
| Operating Expenses | 163.94M | 145.51M | 128.59M | 120.75M | 129.7M | 137.32M | 52.46M | 58.04M | 54.68M |
| OpEx % of Revenue | - | 42.27% | 44.46% | 54.16% | 65.78% | 61.27% | 31.74% | 35.2% | 50.46% |
| Selling, General & Admin | 130.35M | 114.97M | 104.85M | 96M | 108.41M | 111.95M | 46.53M | 48.8M | 45.09M |
| SG&A % of Revenue | - | 33.4% | 36.25% | 43.06% | 54.98% | 49.95% | 28.15% | 29.59% | 41.62% |
| Research & Development | 33.91M | 30.53M | 23.74M | 24.76M | 21.29M | 25.37M | 7.09M | 9.24M | 9.59M |
| R&D % of Revenue | - | 8.87% | 8.21% | 11.1% | 10.8% | 11.32% | 4.29% | 5.6% | 8.85% |
| Other Operating Expenses | -322K | 0 | 0 | 0 | 0 | 0 | -1.16M | 0 | 0 |
| Operating Income | 9.12M | 12.08M | 3.48M | -18.3M | -49.26M | -42.8M | 21.77M | 12.79M | -20.67M |
| Operating Margin % | 2.35% | 3.51% | 1.2% | -8.21% | -24.98% | -19.09% | 13.17% | 7.76% | -19.07% |
| Operating Income Growth % | - | 247.27% | 119.01% | 62.86% | -15.11% | -296.61% | 70.12% | 161.91% | - |
| EBITDA | 29.97M | 30.78M | 19.94M | -3.56M | -36.13M | -31.65M | 31.87M | 22.95M | -10.04M |
| EBITDA Margin % | 7.71% | 8.94% | 6.89% | -1.6% | -18.32% | -14.12% | 19.29% | 13.92% | -9.26% |
| EBITDA Growth % | 35.46% | 54.37% | 659.3% | 90.13% | -14.14% | -199.31% | 38.88% | 328.63% | - |
| D&A (Non-Cash Add-back) | 20.86M | 18.7M | 16.46M | 14.73M | 13.13M | 11.14M | 10.11M | 10.15M | 10.63M |
| EBIT | 5.54M | 12.08M | 13.1M | -9.39M | -49.57M | -36.74M | 21.68M | 12.79M | -21.17M |
| Net Interest Income | 5.51M | 0 | 9.23M | 8.59M | 1.48M | -864K | -1.04M | -3.95M | -4.36M |
| Interest Income | 5.51M | 0 | 9.63M | 8.99M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 400K | 400K | -1.48M | 864K | 1.04M | 3.95M | 4.36M |
| Other Income/Expense | -2.21M | -1.95M | 9.22M | 8.5M | 1.17M | 5.19M | -1.13M | -2.87M | -4.87M |
| Pretax Income | 6.9M | 10.13M | 12.7M | -9.79M | -48.09M | -37.61M | 20.64M | 9.92M | -25.54M |
| Pretax Margin % | 1.78% | 2.94% | 4.39% | -4.39% | -24.39% | -16.78% | 12.49% | 6.02% | -23.57% |
| Income Tax | -14.69M | -13.96M | 249K | 151K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -212.85% | -137.84% | 1.96% | -1.54% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 8.69M | 8.35M | 2.36M | -3.44M | -11.91M | -7.74M | 11.26M | 9.92M | -25.54M |
| Net Margin % | 2.24% | 2.43% | 0.82% | -1.54% | -6.04% | -3.45% | 6.81% | 6.02% | -23.57% |
| Net Income Growth % | 268.99% | 253.6% | 168.6% | 71.1% | -53.87% | -168.79% | 13.41% | 138.86% | - |
| Net Income (Continuing) | 21.59M | 24.1M | 12.45M | -9.94M | -48.09M | -37.61M | 20.64M | 9.92M | -25.54M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 205.38M | 206.66M | 220.24M | 206.13M | 206.52M | 222.41M | 0 | 0 | 0 |
| EPS (Diluted) | 0.13 | 0.36 | 0.14 | -0.23 | -0.84 | -0.63 | 2.06 | 0.17 | -0.43 |
| EPS Growth % | 11.77% | 157.14% | 160.87% | 72.62% | -33.33% | -130.58% | 1111.76% | 139.53% | - |
| EPS (Basic) | - | 0.51 | 0.15 | -0.23 | -0.84 | -0.63 | 2.06 | 0.17 | -0.43 |
| Diluted Shares Outstanding | 65.19M | 66.98M | 20.47M | 15.22M | 14.19M | 12.36M | 10M | 58.94M | 58.94M |
| Basic Shares Outstanding | 17.83M | 16.42M | 16.22M | 15.22M | 14.19M | 12.36M | 10M | 58.94M | 58.94M |
| Dividend Payout Ratio | - | - | - | - | - | - | 44.42% | - | - |
Quick answers to the most common questions about buying DSP stock.
For fiscal year 2025, Viant Technology Inc. (DSP) reported total revenue of $344.2M. This represents a 217.7% increase compared to $108.4M in 2018.
Viant Technology Inc. (DSP) is profitable, generating $8.4M in net income for the fiscal year ending 2025 with a net profit margin of 2.4%.
Viant Technology Inc. (DSP) reported an operating income of $12.1M, resulting in an operating profit margin of 3.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Viant Technology Inc. (DSP) generated $157.6M in gross profit for the year, representing a gross profit margin of 45.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility from TAC and SBC
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates But Lacks Consistency
Viant's revenue growth has accelerated recently, with Q2 2026 reporting a 33.9% year-over-year increase, but this follows a period of decelerating growth in late 2025, indicating potential cyclicality in ad spend.
The 33.9% revenue growth in Q2 2026 marks a significant re-acceleration from the 7.1% growth in Q3 2025, suggesting a recovery in programmatic ad spending. However, the extreme volatility, with growth ranging from 7.1% to 39.8% over the past ten quarters, points to a business model highly sensitive to macroeconomic cycles and advertising budgets, rather than demonstrating stable, durable expansion.
Gross Margin Swings Signal TAC Sensitivity
Gross margin has shown extreme volatility, swinging from 83.5% in Q1 2026 to 43.7% in Q2 2026, indicating a major shift in traffic acquisition costs (TAC) that directly impacts the core profitability of the platform.
The sharp drop to a 43.7% gross margin in Q2 2026, despite strong revenue growth, suggests the quarter's mix of business involved significantly higher TAC, likely from channels like Connected TV (CTV) which may have higher pass-through costs. This volatility contrasts sharply with the stable ~80% margins of pure software peers like The Trade Desk, indicating that Viant's margin profile is more akin to a transactional platform than a scalable SaaS model.
Heavy Reinvestment Overwhelms Operating Leverage
Operating income swung from a $35.9 million profit in Q1 2026 to a $3.9 million loss in Q2 2026, as a surge in SG&A spending overwhelmed the company's high gross profit base.
Despite generating $45.5 million in gross profit during Q2 2026, the company incurred $38.6 million in SG&A, which, combined with a sharp increase in COGS, led to a negative operating margin. This indicates that the cost structure has not yet achieved sustainable operating leverage, as period-over-period expense growth in sales and administration appears to be outpacing the scaling of the gross profit line.
SBC Dilutes Stubborn Net Losses
Despite achieving near-breakeven revenue-to-net income in Q2 2026 with a net loss of just $111,000, the $9.9 million in stock-based compensation for the period represents a substantial non-cash expense that erodes true cash profitability.
The company has reported a net loss in six of the past ten quarters, yet the GAAP results are heavily influenced by stock-based compensation, which amounted to $9.9 million in Q2 2026 alone. This persistent use of equity compensation to fund operations suggests that the underlying business may not yet be generating sufficient cash flow to cover its fully-loaded costs, warranting a focus on adjusted, cash-based earnings metrics.
High-Growth Narrative Masks Operational Fragility
The strong Q2 2026 revenue growth of 33.9% masks a fragile operational profile, where a single quarter's results swung from robust profitability to a loss due to volatile costs and heavy spending.
A short-seller would focus on the Q2 2026 financials as a microcosm of operational risk: revenue grew impressively, yet the company swung to an operating loss and nearly broke even on net income only due to minimal non-operating items. This pattern reveals a business where top-line momentum does not translate reliably into bottom-line results, and where margin compression can emerge abruptly, challenging the investment thesis of a rapidly scaling, high-margin software company.