Six months after going public, advertising tech company Viant Technology Inc. is projecting an eventful end of the year for the Irvine company, saying it will finish with a revenue jump around 25% or more.
Viant (Nasdaq: DSP) said on Aug. 12 that second-quarter revenue was $50.4 million for the three months ended June 30, up 66% over the same period of the previous year.
“We are encouraged by the momentum we are seeing across our business and are raising guidance for the full year across all key metrics,” said Tim Vanderhook, Viant chief executive and co-founder.
While the net loss for the second quarter was $18.1 million, Viant said non-GAAP net income was $5.2 million.
Vanderhook told analysts in a conference call that Viant added 22 active customers to bring the total to 288 at the end of the second quarter.
For the full year, Viant said it expects revenue in the range of $205 million to $210 million, which would represent year-over-year growth of approximately 24% to 27%.
Still, the company emphasized the uncertainty caused by COVID.
“We’re certainly keeping a close eye on what is happening today in the U.S. as the Delta variant continues to surge,” Chief Financial Officer Larry Madden said. “While we’ve increased guidance, we have taken a somewhat conservative view due to the uncertainty caused by the rising COVID cases.”
Madden emphasized that they are “taking a pragmatic approach for the second half of 2021” due to the pandemic.
New Offerings
The company said earlier this month it has introduced its “World Without Cookies” software update that allows “marketers to pull the plug on cookies while reaching even more customers and driving better performance.”
Viant burst into trading on Feb. 10 priced at $25 per share, rapidly climbed to $64 in the following days and closed the first week with a market cap around $3.8 billion. It raised $250 million in gross proceeds from the IPO.
The company’s market valuation had settled back to about $900 million as of last week.
Porsche, Amazon
Viant’s software allows marketers and their agencies to centralize the planning, buying and measurement of their advertising dollars.
Its Adelphic DSP enterprise software platform lets marketers and their agencies execute programmatic advertising campaigns, allowing them to buy ads anywhere electronically. The process has been described as “using machines to buy ads, basically.”
Viant has worked with clients including Porsche, Amazon, Novartis, the Discovery Channel, Johnson & Johnson
McDonald’s among many others.
Viant is positioning itself to grab a larger share of the digital advertising market, helping advertising agencies and marketers get placement for their customers across a variety of channels, including desktops, mobile phones, connected TVs, streaming audio and digital billboards.
The company counted 334 employees and 11 offices as of this month, including Los Angeles, Chicago, New York and Atlanta, as well as Irvine.
Viant was advertising for more about 60 positions on its website as of Aug. 11, ranging from corporate counsel to senior data engineer and vice president of sales in the Los Angeles area.
The company’s headquarters are at the busy intersection of Michelson Drive and Jamboree Road in Irvine, about a mile from John Wayne Airport. The company leases 47,000 square feet in a building it shares with Palmer Luckey’s Anduril Industries.
