Viant Technology Inc.

Previous wording

Additionally, our artificial intelligence product suite, ViantAI, is the foundational component of our long-term vision for autonomous advertising. We expect it to power every stage of the programmatic advertising lifecycle and create the most efficient and cost-effective experience for our customers. Our ViantAI suite currently includes AI Planning, which enables media planners to design high-impact campaigns in seconds, AI Bidding, which optimizes inventory costs by lowering the effective cost per mille ("eCPM") through automated bid adjustments, AI Measurement and Analysis, which provides accessible measurement and insights via a user-friendly chat interface, and recently released AI Decisioning, which automates planning, execution, measurement and dynamic optimization of campaigns in real-time. The launch of AI Decisioning was accompanied by the introduction of Outcomes, our autonomous advertising performance solution that utilizes each of the four phases of ViantAI, and various signals within our intelligence layer, to build and execute campaigns designed to deliver an optimal outcome.

Current wording

Additionally, our artificial intelligence product suite, ViantAI, is the foundational component of our long-term vision for autonomous advertising. We expect it to power every stage of the programmatic advertising lifecycle and create the most efficient and cost-effective experience for our customers. Our ViantAI suite currently includes AI Planning, which enables media planners to design high-impact campaigns in seconds, AI Bidding, which optimizes inventory costs by lowering the effective cost per mille ("eCPM") through automated bid adjustments, AI Measurement and Analysis, which provides accessible measurement and insights via a user-friendly chat interface, and AI Decisioning, which automates planning, execution, measurement and dynamic optimization of campaigns in real-time. The launch of AI Decisioning was accompanied by the introduction of Outcomes, our autonomous advertising performance solution that utilizes each of the four phases of ViantAI, and various signals within our intelligence layer, to build and execute campaigns designed to deliver an optimal outcome.

Previous wording

•Net income (loss) of $(1.8) million and $1.8 million, representing a decrease of 203%;

Current wording

•Net income of $2.6 million and $5.2 million, representing a decrease of 49%;

Previous wording

Our financial results for thesix months ended June 30, 2026 and 2025, respectively, include:

Current wording

Our financial results for thenine months ended September 30, 2026 and 2025, respectively, include:

Previous wording

We have also experienced strengthening advertiser demand, reflected in broad-based activity across advertiser industry verticals, continued demand for CTV, increased utilization of our proprietary data and expanded use of the ViantAI product suite. We also continue to see engagement across our sales pipeline, including with enterprise brands, which we believe reflects advertiser interest in differentiated, independent and transparent buy-side alternatives. While the impact of these trends has varied and may continue to fluctuate from period-to-period, we believe they reflect ongoing interest in our platform and solutions, including our proprietary data and our CTV and AI-driven offerings.

Current wording

We have also experienced strengthening advertiser demand, reflected in broad-based activity across advertiser industry verticals, continued demand for CTV, increased utilization of our proprietary data and expanded use of the ViantAI product suite, including increased adoption of Outcomes. We also continue to see engagement across our sales pipeline, including with enterprise brands, which we believe reflects advertiser interest in differentiated, independent and transparent buy-side alternatives. While the impact of these trends has varied and may continue to fluctuate from period-to-period, we believe they reflect ongoing interest in our platform and solutions, including our proprietary data and our CTV and AI-driven offerings.

Previous wording

We evaluate our financial performance based on changes in revenue and contribution ex-TAC. Separately, we use changes in advertiser spend as a qualitative indicator of our platform's market penetration. We define advertiser spend as the total amount billed to our customers for activity on our platform inclusive of the costs of advertising media, third-party data, other add-on features such as our proprietary data, measurement, and technology-enabled solutions, and our platform fee that we charge customers. For the six months ended June 30, 2026 compared to the six months ended June 30, 2025, our revenue grew 30%. We believe growing customer adoption of our newer products and platform features continued to drive incremental revenue, gross profit and contribution ex-TAC during the six months ended June 30, 2026. For a detailed discussion of our key operating measures, see “—Key Operating and Financial Performance Measures—Use of Non-GAAP Financial Measures.”

Current wording

We evaluate our financial performance based on changes in revenue and contribution ex-TAC. Separately, we use changes in advertiser spend as a qualitative indicator of our platform's market penetration. We define advertiser spend as the total amount billed to our customers for activity on our platform inclusive of the costs of advertising media, third-party data, other add-on features such as our proprietary data, measurement and technology-enabled solutions and our platform fee that we charge customers. For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, our revenue grew 30%. We believe growing customer adoption of our newer products and platform features continued to drive incremental revenue, gross profit and contribution ex-TAC during the nine months ended September 30, 2026. For a detailed discussion of our key operating measures, see “—Key Operating and Financial Performance Measures—Use of Non-GAAP Financial Measures.”

Previous wording

We expect to continue to benefit from overall adoption of programmatic advertising by marketers and their agencies. We have benefitted from, and expect to continue to benefit from the broader industry shift of advertising budgets from linear television to CTV, which is significantly expanding the total addressable market for programmatic advertising and has represented a growing portion of activity on our platform. We believe we are well-positioned to capitalize on this shift and momentum as advertisers increasingly allocate budgets to CTV. Any material change in the growth rate of digital advertising or the rate of adoption of programmatic advertising could affect our performance. Recent years have shown that advertising spend is closely tied to advertisers’ financial performance, and a downturn, either generally or in one or more of the industries in which our customers operate, could adversely impact the digital advertising market and our operating results.

Current wording

We expect to continue to benefit from overall adoption of programmatic advertising by marketers and their agencies. We have benefitted from, and expect to continue to benefit from, the broader industry shift of advertising budgets from linear television to CTV, which is significantly expanding the total addressable market for programmatic advertising and has represented a growing portion of activity on our platform. We believe we are well-positioned to capitalize on this shift and momentum as advertisers increasingly allocate budgets to CTV. Any material change in the growth rate of digital advertising or the rate of adoption of programmatic advertising could affect our performance. Recent years have shown that advertising spend is closely tied to advertisers’

Previous wording

The following tables present our unaudited condensed consolidated statements of operations, our condensed consolidated statements of operations as a percentage of revenue, and the impact of stock-based compensation, depreciation and amortization on each operating expense line item for the three and six months ended June 30, 2026 and 2025:

Current wording

The following tables present our unaudited condensed consolidated statements of operations, our condensed consolidated statements of operations as a percentage of revenue, and the impact of stock-based compensation, depreciation and amortization on each operating expense line item for the three and nine months ended September 30, 2026 and 2025:

Previous wording

Revenue increased by $26.4 million, or 34%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily due to a 67% increase in revenue from marketers in the healthcare, public services, and travel industry verticals, while revenue attributable to marketers across our remaining industry verticals increased 19%.

Current wording

Revenue increased by $24.8 million, or 29%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase was primarily due to a 81% increase in revenue from marketers in the healthcare and public services industry verticals, while revenue attributable to marketers across our remaining industry verticals increased 7%.

Previous wording

Platform operations expense increased by $16.7 million, or 40%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This increase was primarily due to a $14.6 million increase in TAC, a variable function of revenue related to our fixed CPM pricing option and certain arrangements related to our percentage of spend pricing option. The increase was also due to higher other platform operations expense which was driven by a $1.1 million increase in depreciation and amortization expense driven by our continued investment in developed technology, a $0.5 million increase in personnel costs, a $0.4 million increase in technology costs and a $0.1 million increase in cloud and data center services, both in support of our DSP.

Current wording

Platform operations expense increased by $13.1 million, or 29%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This increase was primarily due to a $10.6 million increase in TAC, a variable function of revenue related to our fixed CPM pricing option and certain arrangements related to our percentage of spend pricing option. The increase was also due to higher other platform operations expense which was driven by a $1.2 million increase in depreciation and amortization expense driven by our continued investment in developed technology, a $0.7 million increase in personnel costs, a $0.4 million increase in technology costs in support of our DSP, and a $0.2 million increase in cloud and data center services.

Previous wording

Sales and marketing expense increased by $5.0 million, or 32%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This increase was primarily due to a $2.1 million increase in personnel costs, a $1.5 million increase in stock-based compensation, a $0.7 million increase in travel and entertainment, a $0.6 million increase in advertising expense and a $0.1 million increase in depreciation expense.

Current wording

Sales and marketing expense increased by $4.9 million, or 29%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This increase was primarily due to a $3.6 million increase in personnel costs, a $1.5 million increase in stock-based compensation and a $0.1 million increase in travel and entertainment expense partially offset by a $0.3 million decrease in advertising expense.

Previous wording

Technology and development expense increased by $3.1 million, or 41%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This increase was primarily due to a $1.4 million increase in stock-based compensation, a $1.2 million increase inpersonnel costs, a $0.6 million increase in technology costs in support of our DSP and a $0.1 million increase infacilities expense, partially offset by a $0.2 million decrease in depreciation expense.

Current wording

Technology and development expense increased by $3.0 million, or 39%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This increase was primarily due to a $1.7 million increase in stock-based compensation, a $1.0 million increase inpersonnel costs, a $0.6 million increase in technology costs in support of our DSP and a $0.1 million increase infacilities expense, partially offset by a $0.4 million decrease in depreciation expense.

Previous wording

General and administrative expense increased by $5.4 million, or 42%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This increase was primarily due to a $2.2 million increase in accounting, legal, and consulting expenses associated with general corporate, compliance, and transaction-related matters, a $1.7 million increase in personnel costs, a $0.7 million increase in stock-based compensation, a $0.7 million increase in bad debt expense and a $0.1 million increase in depreciation and amortization expense.

Current wording

General and administrative expense increased by $6.2 million, or 55%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This increase was primarily due to a $2.6 million increase in accounting and legal expenses associated with general corporate, compliance, and transaction-related matters, a $1.8 million increase in personnel costs, a $0.7 million increase in stock-based compensation, a $0.4 million increase in bad debt expense, a $0.3 million increase in travel and entertainment expense, a $0.2 million increase in amortization expense and a $0.2 million increase in facilities expense.

Previous wording

Total other income, netdecreased 15% during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This decrease was due to a decrease in interest income on cash and cash equivalents driven by lower interest rates and lower average money market fund balances for the three months ended June 30, 2026.

Current wording

Total other income, netdecreased 4% during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This decrease was due to a decrease in interest income on cash and cash equivalents driven by lower interest rates and lower average money market fund balances for the three months ended September 30, 2026.

Previous wording

For the three months ended June 30, 2026 and 2025, total interest cost incurred was $0.1 million. Interest costs capitalized during the three months ended June 30, 2026 and 2025 were zero.

Current wording

For the three months ended September 30, 2026 and 2025, total interest cost incurred was $0.1 million and $0.1 million, respectively. Interest costs capitalized during the three months ended September 30, 2026 and 2025 were zero.

Previous wording

Revenue increased by$44.3 million, or 30%, during thesix months ended June 30, 2026 compared to thesix months ended June 30, 2025. The increase was primarilydue to a 75% increase in revenue from marketers in the healthcare, financial services, and business services industry verticals, while revenue attributable to marketers across our remaining industry verticals increased 14%.

Current wording

Revenue increased by$69.1 million, or 30%, during thenine months ended September 30, 2026 compared to thenine months ended September 30, 2025. The increase was primarilydue to a 61% increase in revenue from marketers in the healthcare and public services industry verticals, while revenue attributable to marketers across our remaining industry verticals increased 17%.

Previous wording

Platform operations expense increased by$28.8 million, or 35%, during thesix months ended June 30, 2026 compared to thesix months ended June 30, 2025. This increase was primarily due to a $24.9 million increase in TAC, a variable function of revenue related to our fixed CPM pricing option and certain arrangements related to our percentage of spend pricing option. The increase was also due to higher other platform operations expense which was driven by a $2.3 million increase in depreciation and amortization expense, a $0.9 million increase in personnel costs, a $0.5 million increase in technology costs and a $0.4 million increase in cloud and data center services both in support of our DSP, partially offset by a $0.2 million decrease in stock-based compensation.

Current wording

Platform operations expense increased by$41.9 million, or 33%, during thenine months ended September 30, 2026 compared to thenine months ended September 30, 2025. This increase was primarily due to a $35.5 million increase in TAC, a variable function of revenue related to our fixed CPM pricing option and certain arrangements related to our percentage of spend pricing option. The increase was also due to higher other platform operations expense which was driven by a $3.6 million increase in depreciation and amortization expense, a $1.6 million increase in personnel costs, a $0.9 million increase in technology costs in support of our DSP, a

Previous wording

Technology and development expense increased by$3.4 million, or 23%, during thesix months ended June 30, 2026 compared to thesix months ended June 30, 2025. This increase was primarily due to a $1.6 million increase in stock-based compensation, a $1.1 million increase in personnel costs, a $0.7 million increase in technology costs in support of our DSP, a $0.2 million increase in travel and entertainment expense and a $0.1 million increase in facilities expense, partially offset by a $0.3 million decrease in depreciation expense.

Current wording

Technology and development expense increased by$6.4 million, or 29%, during thenine months ended September 30, 2026 compared to thenine months ended September 30, 2025. This increase was primarily due to a $3.3 million increase in stock-based compensation, a $2.1 million increase in personnel costs, a $1.3 million increase in technology costs in support of our DSP, a $0.2 million increase in travel and entertainment expense and a $0.2 million increase in facilities expense, partially offset by a $0.7 million decrease in depreciation expense.

Previous wording

General and administrative expense increased by$8.0 million, or 30%, during thesix months ended June 30, 2026 compared to thesix months ended June 30, 2025. This increase was primarily due to a $3.7 million increase in personnel costs, a $3.3 million increase in accounting, legal, and consulting expenses associated with general corporate, compliance, and transaction-related matters, a $0.8 million increase in stock-based compensation and a $0.6 million increase in bad debt expense and a $0.1 million increase in depreciation and amortization, partially offset by a $0.3 million decrease in travel and entertainment expense and a $0.2 million decrease in business insurance.

Current wording

General and administrative expense increased by$14.2 million, or 37%, during thenine months ended September 30, 2026 compared to thenine months ended September 30, 2025. This increase was primarily due to a $5.9 million increase in accounting, legal, and consulting expenses associated with general corporate, compliance, and transaction-related matters, a $5.5 million increase in personnel costs, a $1.5 million increase in stock-based compensation, a $1.0 million increase in bad debt expense, a $0.3 million increase in depreciation and amortization and a $0.2 million increase in facilities expense, partially offset by a $0.2 million decrease in business insurance.

Previous wording

Total other income, netdecreased by$0.3 million, or 9%, during thesix months ended June 30, 2026 compared to thesix months ended June 30, 2025. This decrease was primarily attributable to a decrease in interest income on cash and cash equivalents driven by lower interest rates and lower money market fund balances.

Current wording

Total other income, netdecreased by$0.3 million, or 8%, during thenine months ended September 30, 2026 compared to thenine months ended September 30, 2025. This decrease was primarily attributable to a decrease in interest income on cash and cash equivalents driven by lower interest rates and lower average money market fund balances.

Previous wording

For the six months ended June 30, 2026 and 2025, total interest cost incurred was $0.2 million and $0.1 million, respectively. Interest costs capitalized during the six months ended June 30, 2026 and 2025 were zero.

Current wording

For the nine months ended September 30, 2026 and 2025, total interest cost incurred was $0.3 million and $0.3 million, respectively. Interest costs capitalized during the nine months ended September 30, 2026 and 2025 were zero.

Previous wording

The U.S. federal statutory tax rate was 21% for the three months ended June 30, 2026 and 2025. The benefit from income taxes was$0.8 million for the three months ended June 30, 2026, attributable to year-to-date loss and excess tax benefits on vested stock-based compensation that will be realized during the year. The benefit from income taxes was$0.3 million for the three months ended June 30, 2025 attributable to year-to-date loss and excess tax benefit on vested stock-based compensation.

Current wording

The U.S. federal statutory tax rate was 21% for thenine months ended September 30, 2026 and 2025. The benefit from income taxes was$0.5 million for the nine months ended September 30, 2026, attributable to year-to-date loss and excess tax benefit on vested stock-based compensation that will be realized during the year. The provision for income taxes was$0.1 million forthe nine months ended September 30, 2025, attributable to year-to-date income.

Previous wording

Non-GAAP operating expenses is a non-GAAP financial measure. Total operating expenses is the most comparable GAAP financial measure. Non-GAAP operating expenses is defined by us as total operating expenses plus other expense, net, less TAC, stock-based compensation, depreciation, amortization and certain other items that are not related to our core operations, such as acquisition and restructuring costs. Non-GAAP operating expenses is a key component in calculating adjusted EBITDA, which is one of the measures we use to provide our business outlook to the investment community. Additionally, non-GAAP operating expenses is used by our management and board of directors to understand and evaluate our operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. We believe that the elimination of TAC, stock-based compensation, depreciation, amortization and certain other items not related to our core operations provides another measure for period-to-period comparisons of our business, provides additional insight into our core controllable costs and is a useful metric for investors because it allows them to evaluate our operational performance in the same manner as our management and board of directors.

Current wording

Non-GAAP operating expenses is a non-GAAP financial measure. Total operating expenses is the most comparable GAAP financial measure. Non-GAAP operating expenses is defined by us as total operating expenses plus other expense, net, less TAC, stock-based compensation, depreciation, amortization and certain other items that are not related to our core operations, such as acquisition and restructuring costs and non-operational media purchases. Non-GAAP operating expenses is a key component in calculating adjusted EBITDA, which is one of the measures we use to provide our business outlook to the investment community. Additionally, non-GAAP operating expenses is used by our management and board of directors to understand and evaluate our operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. We believe that the elimination of TAC, stock-based compensation, depreciation, amortization and certain other items not related to our core operations provides another measure for period-to-period comparisons of our business, provides additional insight into our core controllable costs and is a useful metric for investors because it allows them to evaluate our operational performance in the same manner as our management and board of directors.

Previous wording

Adjusted EBITDA is a non-GAAP financial measure defined by us as net income (loss) before interest expense (income), net, income tax benefit (expense), depreciation, amortization, stock-based compensation and certain other items that are not related to our core operations, such as acquisition and restructuring costs, as well as TRA remeasurement expense. Net income (loss) is the most comparable GAAP financial measure. Adjusted EBITDA as a percentage of contribution ex-TAC is a non-GAAP financial measure we calculate by dividing adjusted EBITDA by contribution ex-TAC for the period or periods presented. Net income (loss) as a percentage of gross profit is the most comparable GAAP financial measure.

Current wording

Adjusted EBITDA is a non-GAAP financial measure defined by us as net income (loss) before interest expense (income), net, income tax benefit (expense), depreciation, amortization, stock-based compensation and certain other items that are not related to our core operations, such as acquisition and restructuring costs, non-operational media purchasesas well as Tax Receivable Agreement ("TRA") remeasurement expense. Net income (loss) is the most comparable GAAP financial measure. Adjusted EBITDA as a percentage of contribution ex-TAC is a non-GAAP financial measure we calculate by dividing adjusted EBITDA by contribution ex-TAC for the period or periods presented. Net income (loss) as a percentage of gross profit is the most comparable GAAP financial measure.

Previous wording

Adjusted EBITDA and adjusted EBITDA as a percentage of contribution ex-TAC are used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating adjusted EBITDA can provide a measure for period-to-period comparisons of our business. Adjusted EBITDA as a percentage of contribution ex-TAC is used by our management and board of directors to evaluate adjusted EBITDA relative to our profitability after costs that are directly variable to revenues, which comprise TAC. Accordingly, we believe that adjusted EBITDA and adjusted

Current wording

Adjusted EBITDA and adjusted EBITDA as a percentage of contribution ex-TAC are used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating adjusted EBITDA can provide a measure for period-to-period comparisons of our business. Adjusted EBITDA as a percentage of contribution ex-TAC is used by our management and board of directors to evaluate adjusted EBITDA relative to our profitability after costs that are directly variable to revenues, which comprise TAC. Accordingly, we believe that adjusted EBITDA and adjusted EBITDA as a percentage of contribution ex-TAC provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors.

Previous wording

Non-GAAP net income (loss) is a non-GAAP financial measure defined by us as net income (loss) adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as acquisition and restructuring costs as well as TRA remeasurement expense and the income tax effect of these adjustments. Net income (loss) is the most comparable GAAP financial measure. Non-GAAP net income (loss) is a key measure used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of stock-based compensation and certain other items that are not related to our core operations provides measures for period-to-period comparisons of our business and additional insight into our core controllable costs. Accordingly, we believe that non-GAAP net income (loss) provides information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Current wording

Non-GAAP net income (loss) is a non-GAAP financial measure defined by us as net income (loss) adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as acquisition and restructuring costs, non-operational media purchases as well as TRA remeasurement expense and the income tax effect of these adjustments. Net income (loss) is the most comparable GAAP financial measure. Non-GAAP net income (loss) is a key measure used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of stock-based compensation and certain other items that are not related to our core operations provides measures for period-to-period comparisons of our business and additional insight into our core controllable costs. Accordingly, we believe that non-GAAP net income (loss) provides information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Previous wording

Non-GAAP earnings (loss) per share of Class A common stock—basic and diluted is a non-GAAP financial measure defined by us as earnings (loss) per share of Class A common stock—basic and diluted, adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as acquisition and restructuring costs, as well as TRA remeasurement expense and the income tax effect of these adjustments. Earnings (loss) per share of Class A common stock—basic and diluted is the most comparable GAAP financial measure. Non-GAAP earnings (loss) per share of Class A common stock—basic and diluted is used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of stock-based compensation and certain other items that are not related to our core operations provides measures for period-to-period comparisons of our business and provides additional insight into our core controllable costs. Accordingly, we believe that non-GAAP earnings (loss) per share of Class A common stock—basic and diluted provides information to investors and the market generally that aids in the understanding and evaluation of our results of operations in the same manner as our management and board of directors.

Current wording

Non-GAAP earnings (loss) per share of Class A common stock—basic and diluted is a non-GAAP financial measure defined by us as earnings (loss) per share of Class A common stock—basic and diluted, adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as acquisition and restructuring costs, non-operational media purchases as well as TRA remeasurement expense and the income tax effect of these adjustments. Earnings (loss) per share of Class A common stock—basic and diluted is the most comparable GAAP financial measure. Non-GAAP earnings (loss) per share of Class A common stock—basic and diluted is used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of stock-based compensation and certain other items that are not related to our core operations provides measures for period-to-period comparisons of our business and provides additional insight into our core controllable costs. Accordingly, we believe that non-GAAP earnings (loss) per share of Class A common stock—basic and diluted provides information to investors and the market generally that aids in the understanding and evaluation of our results of operations in the same manner as our management and board of directors.

Previous wording

Basic non-GAAP earnings (loss) per share of Class A common stock is calculated by dividing the non-GAAP net income (loss) attributable to Class A common stockholders by the number of weighted-average shares of Class A common stock outstanding. Shares of our Class B common stock do not share in our earnings or losses and are therefore not participating securities. As such, separate presentation of basic and diluted non-GAAP earnings (loss) of Class B common stock under the two-class method has not been presented.

Current wording

Basic non-GAAP earnings (loss) per share of Class A common stock is calculated by dividing the non-GAAP net income (loss) attributable to Class A common stockholders by the number of weighted-average shares of Class A common stock outstanding, excluding contingently returnable shares. Shares of our Class B common stock do not share in our earnings or losses and are therefore not participating securities. As such, separate presentation of basic and diluted non-GAAP earnings (loss) of Class B common stock under the two-class method has not been presented.

Previous wording

Diluted non-GAAP earnings (loss) per share of Class A common stock adjusts the basic non-GAAP earnings (loss) per share for the potential dilutive impact of shares of Class A common stock such as equity awards using the treasury-stock method and Class B common stock using the if-converted method. Diluted non-GAAP earnings (loss) per share of Class A common stock considers the impact of potentially dilutive securities except to the extent their inclusion would be anti-dilutive. Shares of our Class B common stock, restricted stock units ("RSUs"), performance stock units ("PSUs"), and nonqualified stock options ("NQSOs") are considered potentially dilutive shares of Class A common stock.

Current wording

Diluted non-GAAP earnings (loss) per share of Class A common stock adjusts the basic non-GAAP earnings (loss) per share for the potential dilutive impact of shares of Class A common stock such as equity awards using the treasury-stock method and contingently returnable shares issued in connection with the TVision acquisition. Class B common stock is included using the if-converted method. Diluted non-GAAP earnings (loss) per share of Class A common stock considers the impact of potentially dilutive securities except to the extent their inclusion would be anti-dilutive. Shares of our Class B common stock, restricted stock units ("RSUs"), performance stock units ("PSUs"), nonqualified stock options ("NQSOs"), and contingently returnable shares are considered potentially dilutive shares of Class A common stock.

Previous wording

(3)The estimated income tax effect of our share of income (loss) after non-GAAP reconciling items for the three months ended June 30, 2026 and 2025 is calculated using assumed blended tax rates of 26% and 27%, respectively, which represent our expected corporate tax rates, excluding discrete and non-recurring tax items.

Current wording

(3)The estimated income tax effect of our share of income (loss) after non-GAAP reconciling items for the three months ended September 30, 2026 and 2025 is calculated using assumed blended tax rates of 25% and 27%, respectively, which represent our expected corporate tax rates, excluding discrete and non-recurring tax items.

Previous wording

(4)The adjustment to net income attributable to noncontrolling interests represents stock-based compensation as well as acquisition and restructuring costs attributed to the noncontrolling interests outstanding during the period.

Current wording

(4)The adjustment to net income (loss) attributable to noncontrolling interests represents the applicable non-GAAP reconciling items shown above attributed to the noncontrolling interests outstanding during the period.

Previous wording

(4)Number of securities outstanding at the end of the period that were excluded from the computation of diluted non-GAAP earnings (loss) per share of Class A common stock because the performance conditions associated with these awards were not met assuming the end of the reporting period was the end of the performance period.

Current wording

(6)Number of securities outstanding at the end of the period that were excluded from the computation of diluted non-GAAP earnings (loss) per share of Class A common stock because the performance conditions associated with these awards were not met assuming the end of the reporting period was the end of the performance period.

Previous wording

(3)The adjustment to net income attributable to noncontrolling interests represents stock-based compensation as well asacquisition and restructuring costs attributed to the noncontrolling interests outstanding during the period.

Current wording

(5)The adjustment to net income (loss) attributable to noncontrolling interests represents the applicable non-GAAP reconciling items shown above attributed to the noncontrolling interests outstanding during the period.

Previous wording

(5)Number of securities outstanding at the end of the period that were excluded from the computation of diluted non-GAAP earnings (loss) per share of Class A common stock because the performance conditions associated with these awards were not met assuming the end of the reporting period was the end of the performance period.

Current wording

(7)Number of securities outstanding at the end of the period that were excluded from the computation of diluted non-GAAP earnings (loss) per share of Class A common stock because the performance conditions associated with these awards were not met assuming the end of the reporting period was the end of the performance period.

Previous wording

As of June 30, 2026, we had cash and cash equivalents of $193.1 million and working capital, consisting of current assets less current liabilities, of $200.6 million, compared to cash and cash equivalents of $191.2 million and working capital of $219.2 million as of December 31, 2025.

Current wording

As of September 30, 2026, we had cash and cash equivalents of $183.2 million and working capital, consisting of current assets less current liabilities, of $198.3 million, compared to cash and cash equivalents of $191.2 million and working capital of $219.2 million as of December 31, 2025.

Previous wording

Our primary uses of cash are capital expenditures to develop our technology in support of enhancing our platform; purchases of property and equipment in support of our expanding headcount as a result of our growth; other expenditures to finance our operations, platform development and rapid growth; future minimum payments under our non-cancelable operating leases; repurchases under the stock repurchase program; and acquisitions and investments. We intend to continue investing in critical areas of our business for the remainder of 2026 to further accelerate demand for our products and growth across the platform.

Current wording

Our primary uses of cash are capital expenditures to develop, maintain, and expand our technology, data, and measurement capabilities in support of enhancing our platform; purchases of property and equipment in support of our expanding headcount as a result of our growth; other expenditures to finance our operations, platform development and rapid growth; future minimum payments under our non-cancelable operating leases; repurchases under the stock repurchase program; and acquisitions and investments. We intend to continue investing in critical areas of our business for the remainder of 2026 and into 2027 to further accelerate demand for our products and growth across the platform.

Previous wording

As of June 30, 2026, our material cash requirements from non-cancelable contractual obligations with an original duration of over one year included future minimum payments under our non-cancelable operating leases, which we estimate will be approximately $3.1 million for the remainder of 2026, $5.9 million in 2027, $4.5 million in 2028, $3.9 million in 2029, and $3.8 million in 2030, and non-cancelable contractual agreements primarily related to the hosting of our data storage, processing and other computing services, which we estimate will be approximately $7.8 million for the remainder of 2026, $12.2 million in 2027, and $3.0 million in 2028.

Current wording

As of September 30, 2026, our material cash requirements from non-cancelable contractual obligations with an original duration of over one year included future minimum payments under our non-cancelable operating leases, which we estimate will be approximately $1.5 million for the remainder of 2026, $6.3 million in 2027, $4.5 million in 2028, $3.9 million in 2029, and $3.8 million in 2030, and non-cancelable contractual agreements primarily related to the hosting of our data storage, processing and other computing services, which we estimate will be approximately $4.2 million for the remainder of 2026, $13.4 million in 2027, $4.1 million in 2028 and $0.5 million in 2029.

Previous wording

In connection with the initial public offering ("IPO"), we entered into a TRA with Viant Technology LLC, continuing members of Viant Technology LLC and the TRA Representative (as defined in the TRA) on February 9, 2021, as described under Note 11—Income Taxes and Tax Receivable Agreement to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report. As of June 30, 2026, we concluded that it was more likely than not that our deferred tax assets subject to the TRA will be realized. Therefore, we recorded a liability related to the tax savings we may realize from utilization of such deferred tax assets. As of June 30, 2026, the total liability for the TRA was approximately $12.9 million. If utilization of the deferred tax asset subject to the TRA becomes not more likely than not in the future, we may reverse the liability related to the TRA which will be recognized as a reduction in other expenses within the consolidated statements of operations.

Current wording

In connection with our initial public offering ("IPO"), we entered into a TRA with Viant Technology LLC, continuing members of Viant Technology LLC and the TRA Representative (as defined in the TRA) on February 9, 2021, as described under Note 11—Income Taxes and Tax Receivable Agreement to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report. As of September 30, 2026, we concluded that it was more likely than not that our deferred tax assets subject to the TRA will be realized. Therefore, we recorded a liability related to the tax savings we may realize from utilization of such deferred tax assets. As of September 30, 2026, the total liability for the TRA was approximately $13.2 million. If utilization of the deferred tax asset subject to the TRA becomes not more likely than not in the future, we may reverse the liability related to the TRA which will be recognized as a reduction in other expenses within the consolidated statements of operations.

Previous wording

On April 23, 2024, our board of directors approved a stock repurchase program with authorization to purchase up to $50 million in shares of our Class A common stock or Class B units of Viant Technology LLC. On May 5, 2025, our board of directors authorized an increase to the stock repurchase program, enabling the Company to repurchase up to an additional $50 million of the Company's Class A common stock or Class B units of Viant Technology LLC. During the three months ended June 30, 2026, we did not repurchase shares of our Class A common stock. During the six months ended June 30, 2026, we repurchased 0.1 million shares of our Class A common stock for an aggregate amount of $1.0 million, including costs associated with the repurchases. As of June 30, 2026, $39.4 million remained available under the stock repurchase program for Class A common stock and Class B unit repurchases. For additional information related to share repurchases, refer to Note 10—Stockholders' Equity to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.

Current wording

On April 23, 2024, our board of directors approved a stock repurchase program with authorization to purchase up to $50 million in shares of our Class A common stock or Class B units of Viant Technology LLC. On May 5, 2025, our board of directors authorized an increase to the stock repurchase program, enabling the Company to repurchase up to an additional $50 million of the Company's Class A common stock or Class B units of Viant Technology LLC. Our board of directors authorized an increase to the stock repurchase program, effective November 9, 2026, enabling the Company to repurchase up to an additional $50.0 million of the Company's Class A common stock or Class B units of Viant Technology LLC. During the three months ended September 30, 2026, we repurchased 0.5 million shares of our Class A common stock for an aggregate amount of $5.5 million, including costs associated with the repurchases. During the nine months ended September 30, 2026, we repurchased 0.5 million shares of our Class A common stock for an aggregate amount of $6.5 million, including costs associated with the repurchases. As of September 30, 2026, $33.9 million remained available under the stock repurchase program for Class A common stock and Class B unit repurchases. For additional information related to share repurchases, refer to Note 10—Stockholders' Equity to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.

Previous wording

Cash flows provided by operating activities was $31.3 million for the six months ended June 30, 2026, resulting primarily from net loss of$4.0 million; noncash add back adjustments to net loss of $29.8 million, including $16.5 million for stock-based compensation, $11.0 million for depreciation and amortization,$2.5 million for noncash lease expense,$(1.4) million for deferred tax assets; and an increase of $5.5 million from changes in working capital, primarily including a net increase of $25.5 million in accounts receivable, prepaid assets and other assets related to higher sales and timing of customer collections due to seasonal fluctuations, as well as a net decrease of $18.1 million in accounts payable, accrued liabilities and accrued compensation related to timing of payments.

Current wording

Cash flows provided by operating activities was $35.7 million for the nine months ended September 30, 2026, resulting primarily from net loss of$1.4 million; noncash add back adjustments to net loss of $47.9 million, including $26.9 million for stock-based compensation, $16.9 million for depreciation and amortization,$3.7 million for noncash lease expense,$(0.8) million for deferred tax assets; and adecrease of $10.8 million from changes in working capital, primarily including a netdecrease of $4.0 million in accounts receivable, prepaid assets and other assets related to higher sales and timing of customer collections due to seasonal fluctuations, as well as a netdecrease of $5.4 million in accounts payable, accrued liabilities and accrued compensation related to timing of payments.

Previous wording

Cash flows provided by operating activities was $16.5 million for the six months ended June 30, 2025, resulting primarily from net loss of $1.5 million, noncash add back adjustments to net loss of $23.4 million, including $12.0 million for stock-based compensation, $8.9 million for depreciation and amortization and $2.1 million for noncash lease expense; and a decrease of $5.4 million from changes in working capital, primarily including a net decrease of $14.2 million in accounts receivable, prepaid assets and other assets related to the timing of customer collections due to seasonal fluctuations, as well as a net increase of $15.5 million in accounts payable, accrued liabilities and accrued compensation related to timing of payments.

Current wording

Cash flows provided by operating activities was $19.5 million for the nine months ended September 30, 2025, resulting primarily from net income of $3.6 million, noncash add back adjustments to net income of $35.2 million, including $18.4 million for stock-based compensation, $13.7 million for depreciation and amortization and $3.1 million for noncash lease expense; and a decrease of $19.3 million from changes in working capital, primarily including a net increase of $5.3 million in accounts receivable, prepaid assets and other assets related to the timing of customer collections due to seasonal fluctuations, as well as a net decrease of $19.7 million in accounts payable, accrued liabilities and accrued compensation related to timing of payments.