Viant Technology (NASDAQ: DSP) reported second-quarter fiscal 2026 revenue of $104.3 million, a 34% year-over-year increase, surpassing guidance with strong demand in connected television (CTV) and expanded use of its proprietary AI layer.

The advertising technology firm delivered adjusted EBITDA of $14.2 million, up 26% from the prior year period, while maintaining a debt-free balance sheet with $193.1 million in cash. Management highlighted that over 80% of CTV ad spend was transacted through its Direct Access solution, reflecting a significant shift toward efficient supply paths.

Financial Performance

Revenue growth accelerated by nine percentage points from the first quarter, exceeding the high end of the company's guidance range by three percent. Contribution ex-trading and acquisition costs (TAC) reached $60.2 million, rising 24% year over year and 20% sequentially. This metric represents the core profitability driver before operating expenses.

Non-GAAP operating expenses totaled $46 million, up 24% year over year, partly due to the May 1, 2026 closure of the TVision acquisition. Despite higher expenses, operational efficiency improved, with trailing twelve-month contribution ex-TAC per employee increasing by over 7% year over year for the twelfth consecutive quarter.

Free cash flow rose 39% to $22.4 million, supported by operating cash flows of $28.5 million. The company ended the quarter with $200.6 million in positive working capital and no debt, alongside access to a $75 million undrawn credit facility.

What the Numbers Show

The divergence between revenue growth (34%) and non-GAAP operating expense growth (24%) demonstrates clear operating leverage. While the TVision acquisition added cost pressure, estimated at a 150 basis point drag on EBITDA margins in Q2, the core business generated sufficient volume to expand adjusted EBITDA as a percentage of contribution ex-TAC by approximately 30 basis points to 24%. This indicates that incremental revenue is being converted to profit at an accelerating rate, even as the company integrates new assets.

Strategic Drivers and Guidance

CTV remained the primary growth engine, accounting for over 50% of total platform spend and reaching an all-time high. Customer-directed purchasing across emerging digital channels represented over 60% of advertiser spend, up from 54% in full-year 2025. Video, inclusive of CTV, set a new record at over 65% of total platform spend.

For the third quarter of fiscal 2026, Viant expects revenue between $107.5 million and $110.5 million, representing a 27% year-over-year increase. Adjusted EBITDA is guided at $18.5 million to $19.5 million, implying a margin expansion to 29% of contribution ex-TAC. Management noted that the TVision integration would exert approximately 200 basis points of drag on EBITDA margins in Q3, but expects overall contribution ex-TAC growth to continue outpacing the broader U.S. programmatic market.

Viant Technology Inc. (NASDAQ: DSP) and a selling stockholder have determined not to proceed with the previously announced underwritten public offering of 8,500,000 shares of Class A common stock. The decision was made on September 17, 2026, in light of current market conditions.

No shares were sold in the offering, and the company does not intend to file a final prospectus supplement with the Securities and Exchange Commission (SEC). This supersedes the earlier announcement regarding the launch of the secondary offering.

Offering Details Withdrawn

The withdrawn plan involved the sale of 8,500,000 shares by a stockholder, with Viant Technology receiving no proceeds from this primary sale. Underwriters had been granted a 30-day option to purchase up to an additional 1,275,000 shares from the company. Viant would have received net proceeds only from these option shares.

Regulatory And Market Context

The securities were to be offered pursuant to a shelf registration statement on Form S-3 (File No. 333-278177), which became effective on April 23, 2024. A preliminary prospectus supplement had been filed with the SEC.

Viant Technology’s Class A common stock is listed on the Nasdaq Global Select Market under the symbol "DSP". The last reported sale price on Nasdaq on September 15, 2026 was $12.60 per share.

The company maintains two classes of common stock: Class A and Class B. Each share carries one vote. All Class B common stock is held by Continuing LLC Owners on a one-for-one basis with their Class B units.