Viant Technology Inc. reported significant financial improvements in its third quarter and year-to-date results for 2024, as detailed in its recent 10-Q filing. For the three months ended September 30, 2024, the company achieved revenue of $79.9 million, a 34.1% increase from $59.6 million in the same period of 2023. Year-to-date revenue also rose to $199.2 million, up 25.6% from $158.5 million in the prior year. This growth was primarily driven by a 154% increase in revenue from marketers in the political, automotive, travel, and consumer goods sectors.

Despite the revenue growth, total operating expenses for the third quarter increased to $75.9 million from $62.4 million in 2023, reflecting a rise in platform operations expenses, which surged by 44% to $44.6 million. This increase was largely attributed to a $12.1 million rise in traffic acquisition costs. The company reported income from operations of $4.0 million for the third quarter, a notable recovery from a loss of $2.8 million in the same quarter of the previous year. Net income for the quarter was $6.5 million, compared to a net loss of $0.7 million in Q3 2023.

For the nine months ended September 30, 2024, Viant reported a net income of $4.7 million, a significant turnaround from a net loss of $13.3 million in the same period of 2023. The company’s non-GAAP net income also improved, reaching $20.9 million compared to $10.8 million in the prior year. Earnings per share for the third quarter were $0.09, compared to a loss of $0.03 in Q3 2023.

Viant's cash flow from operating activities increased dramatically to $35.3 million for the nine months ended September 30, 2024, up 143% from $14.5 million in the same period of 2023. The company also reported cash and cash equivalents of $214.6 million as of September 30, 2024, slightly down from $216.5 million at the end of 2023.

Strategically, Viant announced the acquisition of IRIS.TV, Inc. on November 6, 2024, aimed at enhancing its suite of AI-enabled tools and Connected TV solutions. The company has also implemented a stock repurchase program, authorizing the buyback of up to $50 million in shares, with $38.5 million remaining under this program as of September 30, 2024.

Overall, Viant Technology Inc. has demonstrated a strong recovery in financial performance, driven by increased revenues and improved profitability, while also positioning itself for future growth through strategic acquisitions and operational investments.