Revenue growth remains volatile, fluctuating between 7.1% and 39.8% over the last nine quarters, while gross margins experienced an unexplained expansion to 83.5% in 2026Q1.
| Sales/Revenue | 362.1M | 344.2M | 289.24M | 222.93M | 197.17M | 224.13M | 165.25M | 164.89M | 108.36M |
| Revenue Growth % | 18.15% | 19% | 29.74% | 13.07% | -12.03% | 35.63% | 0.22% | 52.18% | - |
| Cost of Goods Sold | 161.12M | 54.92M | 157.16M | 120.48M | 116.72M | 129.6M | 91.03M | 94.06M | 74.34M |
| COGS % of Revenue | - | 15.96% | 54.34% | 54.04% | 59.2% | 57.83% | 55.08% | 57.04% | 68.61% |
| Gross Profit | 200.98M | 289.28M | 132.07M | 102.45M | 80.44M | 94.52M | 74.22M | 70.83M | 34.01M |
| Gross Margin % | 55.5% | 84.04% | 45.66% | 45.96% | 40.8% | 42.17% | 44.92% | 42.96% | 31.39% |
| Gross Profit Growth % | - | 119.03% | 28.91% | 27.36% | -14.9% | 27.35% | 4.79% | 108.26% | - |
| Operating Expenses | 148.1M | 140.41M | 128.59M | 120.75M | 129.7M | 137.32M | 52.46M | 58.04M | 54.68M |
| OpEx % of Revenue | - | 40.79% | 44.46% | 54.16% | 65.78% | 61.27% | 31.74% | 35.2% | 50.46% |
| Selling, General & Admin | 120.16M | 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 | 30.29M | 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 | -1.5M | -5.1M | 0 | 0 | 0 | 0 | -1.16M | 0 | 0 |
| Operating Income | 52.88M | 148.87M | 3.48M | -18.3M | -49.26M | -42.8M | 21.77M | 12.79M | -20.67M |
| Operating Margin % | 14.6% | 43.25% | 1.2% | -8.21% | -24.98% | -19.09% | 13.17% | 7.76% | -19.07% |
| Operating Income Growth % | - | 4180.3% | 119.01% | 62.86% | -15.11% | -296.61% | 70.12% | 161.91% | - |
| EBITDA | 72.73M | 167.57M | 19.94M | -3.56M | -36.13M | -31.65M | 31.87M | 22.95M | -10.04M |
| EBITDA Margin % | 20.09% | 48.68% | 6.89% | -1.6% | -18.32% | -14.12% | 19.29% | 13.92% | -9.26% |
| EBITDA Growth % | 247.17% | 740.42% | 659.3% | 90.13% | -14.14% | -199.31% | 38.88% | 328.63% | - |
| D&A (Non-Cash Add-back) | 19.85M | 18.7M | 16.46M | 14.73M | 13.13M | 11.14M | 10.11M | 10.15M | 10.63M |
| EBIT | 54.34M | 148.87M | 3.48M | -18.3M | -49.26M | -42.8M | 21.68M | 12.79M | -21.17M |
| Net Interest Income | 4.31M | 6.1M | 9.23M | 8.59M | 1.48M | -864K | -1.04M | -3.95M | -4.36M |
| Interest Income | 4.31M | 6.1M | 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 | -41.89M | -138.74M | 9.22M | 8.5M | 1.17M | 5.19M | -1.13M | -2.87M | -4.87M |
| Pretax Income | 10.99M | 10.13M | 12.7M | -9.79M | -48.09M | -37.61M | 20.64M | 9.92M | -25.54M |
| Pretax Margin % | 3.04% | 2.94% | 4.39% | -4.39% | -24.39% | -16.78% | 12.49% | 6.02% | -23.57% |
| Income Tax | -14.22M | -13.96M | 249K | 151K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -129.31% | -137.84% | 1.96% | -1.54% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 9.09M | 24.1M | 2.36M | -3.44M | -11.91M | -7.74M | 11.26M | 9.92M | -25.54M |
| Net Margin % | 2.51% | 7% | 0.82% | -1.54% | -6.04% | -3.45% | 6.81% | 6.02% | -23.57% |
| Net Income Growth % | 328.83% | 920.15% | 168.6% | 71.1% | -53.87% | -168.79% | 13.41% | 138.86% | - |
| Net Income (Continuing) | 25.21M | 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 | 205.09M | 206.66M | 220.24M | 206.13M | 206.52M | 222.41M | 0 | 0 | 0 |
| EPS (Diluted) | 0.14 | 0.13 | 0.04 | -0.05 | -0.19 | -0.13 | 0.11 | 0.15 | -0.43 |
| EPS Growth % | 370.3% | 270.37% | 164.05% | 71.16% | -46.15% | -218.18% | -26.67% | 134.88% | - |
| EPS (Basic) | - | 0.13 | 0.04 | -0.05 | -0.19 | -0.13 | 0.11 | 0.15 | -0.43 |
| Diluted Shares Outstanding | 63.45M | 62.14M | 67.22M | 62.82M | 61.73M | 60.81M | 58.94M | 58.94M | 58.94M |
| Basic Shares Outstanding | 62.64M | 62.14M | 62.97M | 62.82M | 61.73M | 60.81M | 58.94M | 58.94M | 58.94M |
| Dividend Payout Ratio | - | - | - | - | - | - | 44.42% | - | - |
Regulatory privacy legislation impact
As reported in recent financial filings, Viant's revenue growth has fluctuated significantly, reaching a peak of 39.8% in 2024Q4 before moderating to 25.3% in 2026Q1, suggesting that the company's top-line performance remains highly sensitive to cyclical advertising spend and the timing of platform-wide client adoption.
The inconsistency in year-over-year growth rates implies that Viant may struggle to maintain steady momentum in a competitive programmatic landscape. Investors should monitor whether the recent 25.3% growth in 2026Q1 represents a sustainable recovery or merely a seasonal anomaly in the broader digital advertising cycle.
Based on the provided income statement data, Viant's gross margin experienced a sharp, unexplained expansion to 83.5% in 2026Q1, a significant departure from the historical 43% to 49% range observed over the preceding nine quarters, warranting further investigation into potential changes in revenue recognition or cost accounting.
This sudden margin shift appears to be an outlier that may not reflect structural improvements in the Adelphic platform's unit economics. Analysts should determine if this expansion is sustainable or if it stems from a one-time accounting adjustment that obscures the underlying cost of traffic acquisition.
According to the company's income statements, operating income has swung from a $5.7M loss in 2024Q1 to a $35.9M profit in 2026Q1, indicating that the firm has yet to achieve a stable, predictable relationship between its revenue scaling and its fixed operating expense base.
The erratic nature of operating margins suggests that management's efforts to control SG&A and R&D are frequently offset by revenue volatility. This lack of consistent operating leverage implies that the business model may be more sensitive to volume fluctuations than previously anticipated by the market.
As evidenced by the quarterly data, Viant consistently records significant stock-based compensation expenses, often exceeding $5M per quarter, which effectively masks the true economic cost of operations and complicates the assessment of GAAP net income versus actual cash-generating capability for the firm.
The reliance on equity-based incentives appears to be a structural feature of the company's compensation strategy, which may dilute shareholders while artificially inflating reported earnings. Investors should focus on adjusted metrics that exclude these non-cash charges to better understand the underlying profitability of the platform.
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 $24.1M in net income for the fiscal year ending 2025 with a net profit margin of 7.0%.
Viant Technology Inc. (DSP) reported an operating income of $148.9M, resulting in an operating profit margin of 43.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Viant Technology Inc. (DSP) generated $289.3M in gross profit for the year, representing a gross profit margin of 84.0%. This demonstrates the company's core pricing power and production efficiency.