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

On November 11, 1 time aft Viant’s Q3 people (Nov 10), Citizens JMP’s Matthew Condon maintained “Market Outperform” and trimmed the terms people to $16 from $18, citing a beardown quarter. Condon noted that the publication ex-TAC ran ~2% supra consensus, and adjusted EBITDA topped the precocious extremity of guidance.

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Viant reported gross of $85.6 cardinal (+7% YoY), publication ex-TAC of ~$53 cardinal (+12% YoY), and adjusted EBITDA of ~$16.0 cardinal (+9% YoY), a 30% margin: each supra midpoint guidance. Management attributed the outperformance to strengthening CTV demand, broader adoption of its Household ID / IRIS_ID addressability stack, and caller marque wins; excluding governmental walk and a seasonal advertiser that transitioned off-platform owed to a merger, gross grew ~19% and publication ex-TAC ~22%. Guidance called for Q4 publication ex-TAC of $62–$64 cardinal and adjusted EBITDA of $22.5–$23.5 million.

Viant Technology Inc. (NASDAQ:DSP) is an ad-tech institution whose demand-side level focuses connected privacy-centric, programmatic advertising, particularly Connected TV, leveraging proprietary identifiers and ViantAI to optimize targeting and measurement crossed the unfastened internet.

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