{"product_id":"dsp-vrio-analysis","title":"Viant Technology Inc. (DSP): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eUnlock the secrets to Viant Technology Inc. (DSP)'s market staying power with this concise VRIO Analysis. We cut straight to the chase, evaluating whether its core assets truly deliver sustainable competitive advantage by scrutinizing their Value, Rarity, Inimitability, and Organization. Read on to see the distilled summary of its strategic position and what it means for its future success.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eViant Technology Inc. (DSP) - VRIO Analysis: Proprietary Identity Solutions (Household ID and IRIS_ID)\n\u003c\/h2\u003e\n\n\u003cp\u003eYou’re looking at Viant Technology Inc.’s core moat, which rests heavily on its proprietary identity solutions, Household ID and IRIS_ID. Honestly, in a world rapidly ditching third-party cookies, owning the addressability layer is everything. Here’s the quick math on why these assets matter right now.\u003c\/p\u003e\n\n\u003ch3\u003eProprietary Identity Solutions (Household ID and IRIS_ID) Assessment\u003c\/h3\u003e\n\u003cp\u003eThe value here is immediate and tied directly to Viant Technology’s revenue mix. The fact that Connected TV (CTV) advertising now makes up 46% of their total platform ad spend in Q3 2025 shows exactly where the market is placing its bets, and Viant is positioned to win those budgets because of these IDs.\u003c\/p\u003e\n\n\u003cp\u003eThe Household ID, bolstered by the TransUnion partnership, claims to match 95% of U.S. adults (18+), which is a massive scale for deterministic, privacy-forward targeting. Meanwhile, the IRIS_ID, which came from the IRIS.TV acquisition, has seen its presence in the CTV bidstream more than triple in just one year. This dual-pronged approach - one for household reach, one for content context - is what drives that high CTV spend.\u003c\/p\u003e\n\n\u003cp\u003eWhat this estimate hides is the complexity of maintaining compliance while scaling. If onboarding takes 14+ days to integrate a new publisher like Tubi (which has over 100 million monthly active users), churn risk rises for the ID ecosystem. Still, the initial results are strong.\u003c\/p\u003e\n\n\u003cp\u003eHere is a breakdown of the VRIO scoring for these critical assets:\u003c\/p\u003e\n\n\u003ctable\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eVRIO Dimension\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003eAssessment\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003eKey Supporting Metric (2025 Data)\u003c\/strong\u003e\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eValue (V)\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eYes\u003c\/td\u003e\n    \u003ctd\u003eCTV spend reached \u003cstrong\u003e46%\u003c\/strong\u003e of total Q3 2025 ad spend.\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eRarity (R)\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eYes\u003c\/td\u003e\n    \u003ctd\u003eHousehold ID matches \u003cstrong\u003e95%\u003c\/strong\u003e of U.S. adults (18+).\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eInimitability (I)\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eCostly\/Difficult\u003c\/td\u003e\n    \u003ctd\u003eIRIS_ID presence in CTV bidstream has more than \u003cstrong\u003etripled\u003c\/strong\u003e in one year.\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eOrganization (O)\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eYes\u003c\/td\u003e\n    \u003ctd\u003eActive exploitation via expanded partnership with Tubi, covering over \u003cstrong\u003e300,000\u003c\/strong\u003e content titles.\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eSustained\u003c\/td\u003e\n    \u003ctd\u003eProprietary, scaled identity layer acts as a significant barrier to entry.\u003c\/td\u003e\n  \u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003ch3\u003eActionable Strategic Insights\u003c\/h3\u003e\n\u003cp\u003eThe sustained advantage here means Viant Technology can command better pricing and secure long-term deals, like the multi-year partnership signed with Molson Coors Beverage Company. You need to ensure every resource is fully exploited.\u003c\/p\u003e\n\n\u003cp\u003eFocus your immediate efforts on:\u003c\/p\u003e\n\u003cul\u003e\n  \u003cli\u003eMaximize IRIS_ID adoption across all remaining premium CTV inventory.\u003c\/li\u003e\n  \u003cli\u003eTranslate Household ID scale into higher Contribution ex-TAC margins.\u003c\/li\u003e\n  \u003cli\u003eIntegrate the new AI Decisioning layer to fully automate budget optimization.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe Q3 2025 Contribution ex-TAC was $52,990 thousand, and the goal is to push that margin higher by making these IDs the default for advertisers.\u003c\/p\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eViant Technology Inc. (DSP) - VRIO Analysis: ViantAI Product Suite (Autonomous Advertising)\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Drives operational leverage; AI Bidding automates 85% of ad spend, leading to margin expansion, with Q4 2025 projected Adjusted EBITDA margin reaching 37% of Contribution ex-TAC.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. Many DSPs use AI, but Viant’s fully integrated suite, including the late-2025 planned AI Decisioning phase, is less common.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Temporary. Competitors are rapidly developing similar AI tools, but the depth of Viant’s current automation is harder to copy quickly. \u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. Management highlights this as the core of their long-term story, showing clear investment prioritization. \u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. It’s a key advantage now, but the pace of AI development means it needs constant reinvestment. \u003c\/p\u003e\n\u003cp\u003eKey financial and product adoption statistics related to the ViantAI Product Suite:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eContext\/Period\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAI Bidding Automation Percentage\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e85%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eOf platform ad spend\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 2025 CTV Spend Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e46%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eOf total advertiser spend\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 2025 Contribution ex-TAC\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$53 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-over-year growth \u003cstrong\u003e12%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 2025 Adjusted EBITDA\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$16 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-over-year growth \u003cstrong\u003e9%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIRIS_ID Conversion Rate Increase\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e48%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAverage increase versus control groups\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ4 2025 Projected Adj. EBITDA Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e37%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs a percentage of Contribution ex-TAC (midpoint)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eFurther details on the ViantAI rollout and related financial metrics:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe final phase of ViantAI, \u003cstrong\u003eAI Decisioning\u003c\/strong\u003e, is on track to launch by \u003cstrong\u003eyear-end 2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eContribution ex-TAC generated from \u003cstrong\u003eAI Bidding\u003c\/strong\u003e \u003cstrong\u003edoubled year-over-year\u003c\/strong\u003e in Q3 2025.\u003c\/li\u003e\n\u003cli\u003eNew business pitches have created a pipeline exceeding \u003cstrong\u003e$250 million\u003c\/strong\u003e of incremental ad spend.\u003c\/li\u003e\n\u003cli\u003eCash and cash equivalents as of \u003cstrong\u003eSeptember 30, 2025\u003c\/strong\u003e: \u003cstrong\u003e$161 million\u003c\/strong\u003e with \u003cstrong\u003eno debt\u003c\/strong\u003e outstanding.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eViant Technology Inc. (DSP) - VRIO Analysis: Independent Demand-Side Platform (DSP) Status\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eIndependent Demand-Side Platform (DSP) Status\u003c\/strong\u003e\u003c\/p\u003e\n\u003ch\u003eValue\u003c\/h\u003e\n\u003cp\u003eOffers advertisers a transparent, objective platform free from the inherent conflicts of interest found in 'walled gardens' like Google or Amazon.\u003c\/p\u003e\n\u003ch\u003eRarity\u003c\/h\u003e\n\u003cp\u003eModerate. While independent DSPs exist, Viant’s specific positioning against the largest players is a distinct market niche.\u003c\/p\u003e\n\u003ch\u003eImitability\u003c\/h\u003e\n\u003cp\u003eHigh. Competitors who own media inventory cannot easily shed that conflict to gain this specific trust.\u003c\/p\u003e\n\u003ch\u003eOrganization\u003c\/h\u003e\n\u003cp\u003eHigh. This is a core tenet of their mission, guiding their client acquisition strategy, including the new pipeline exceeding \u003cstrong\u003e$250 million\u003c\/strong\u003e in potential spend.\u003c\/p\u003e\n\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\n\u003cp\u003eSustained. The market structure favors independent, transparent players for certain high-value campaigns.\u003c\/p\u003e\n\u003cp\u003eFinancial and Statistical Context:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue (Q3 2025)\u003c\/td\u003e\n\u003ctd\u003eValue (TTM as of Sep 30, 2025)\u003c\/td\u003e\n\u003ctd\u003eValue (FY 2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$85.58 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$324.13 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$289.235 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue YoY Change\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e7%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e22.97%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e30%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$16.029 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$22.754 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCTV Spend (% of Total Spend)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e46%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003ePlatform Spend Composition:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCTV spend eclipsed \u003cstrong\u003e45%\u003c\/strong\u003e of total advertiser spend in Q1 2025.\u003c\/li\u003e\n\u003cli\u003eCTV spend reached a record \u003cstrong\u003e46%\u003c\/strong\u003e of total ad spend in Q3 2025.\u003c\/li\u003e\n\u003cli\u003eEmerging digital channels (CTV, streaming audio, digital out-of-home) represented approximately \u003cstrong\u003e56%\u003c\/strong\u003e of total platform spend in Q3 2025, up from \u003cstrong\u003e50%\u003c\/strong\u003e in 2024 and \u003cstrong\u003e43%\u003c\/strong\u003e in 2023.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eClient Momentum:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eOn a trailing 12-month basis through Q3 2025, the number of customers generating over \u003cstrong\u003e$1 million\u003c\/strong\u003e in Contribution ex-TAC increased by \u003cstrong\u003e39%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eSigned multi-year partnership with Molson Coors Beverage Company.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eBalance Sheet Strength (as of June 30, 2025):\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCash and cash equivalents: \u003cstrong\u003e$161.286 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTotal Debt: \u003cstrong\u003eNo debt\u003c\/strong\u003e (as of September 30, 2025).\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eViant Technology Inc. (DSP) - VRIO Analysis: Connected TV (CTV) Advertising Focus\n\u003c\/h2\u003e\n\n\u003ch3\u003eValue\u003c\/h3\u003e\n\u003cp\u003ePositions Viant Technology Inc. directly in the highest-growth segment of digital advertising, which is secularly taking share from linear TV.\u003c\/p\u003e\n\u003cp\u003eCTV accounted for 46% of total ad spend on Viant’s platform in Q3 2025. U.S. CTV ad spend is projected to exceed $30 billion in 2025.\u003c\/p\u003e\n\n\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003eLow. Every major player is focused on CTV, but Viant’s high concentration (46% of Q3 2025 spend) is notable.\u003c\/p\u003e\n\n\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003eLow. The market access is available to all, but Viant has successfully captured a large share of their own spend here. Revenue attached to the IRIS_ID identifier more than doubled sequentially in Q3 2025.\u003c\/p\u003e\n\n\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003cp\u003eHigh. Their CTV Direct Access program and publisher partnerships show organizational alignment with this trend.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eDirect Access program covers over 75% of the addressable US CTV market.\u003c\/li\u003e\n\u003cli\u003eNearly half of CTV spending flowed through the Direct Access program in Q3 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003ePublisher partnerships include inventory access from:\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eDisney+\u003c\/li\u003e\n\u003cli\u003eParamount+\u003c\/li\u003e\n\u003cli\u003eNBCUniversal\u003c\/li\u003e\n\u003cli\u003eTubi\u003c\/li\u003e\n\u003cli\u003eSamsung\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\n\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003eTemporary. It’s a strong tailwind, but not a unique resource itself; the advantage lies in how they execute within CTV.\u003c\/p\u003e\n\u003cp\u003eStatistical performance metrics related to Viant's CTV focus and technology:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eData Point\u003c\/td\u003e\n\u003ctd\u003ePeriod\/Context\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCTV Share of Total Ad Spend\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e46%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIRIS_ID Conversion Rate Improvement (Average)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e48%\u003c\/strong\u003e increase vs. control\u003c\/td\u003e\n\u003ctd\u003eWhen utilized on platform\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIRIS_ID Penetration\u003c\/td\u003e\n\u003ctd\u003eTripled\u003c\/td\u003e\n\u003ctd\u003eIn the CTV bidstream\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDirect Access Market Coverage\u003c\/td\u003e\n\u003ctd\u003eOver \u003cstrong\u003e75%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eAddressable US CTV market\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 2025 Revenue\u003c\/td\u003e\n\u003ctd\u003e$\u003cstrong\u003e85.6 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eYear-over-year growth of \u003cstrong\u003e7%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 2025 Contribution ex-TAC\u003c\/td\u003e\n\u003ctd\u003e$\u003cstrong\u003e53 million\u003c\/strong\u003e (or $52,990 thousand)\u003c\/td\u003e\n\u003ctd\u003eYear-over-year growth of \u003cstrong\u003e12%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 2025 Adjusted EBITDA\u003c\/td\u003e\n\u003ctd\u003e$\u003cstrong\u003e16 million\u003c\/strong\u003e (or $16,029 thousand)\u003c\/td\u003e\n\u003ctd\u003eYear-over-year growth of \u003cstrong\u003e9%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cbr\u003e\u003ch2\u003eViant Technology Inc. (DSP) - VRIO Analysis: Operational Efficiency and Margin Expansion\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eOperational Efficiency and Margin Expansion\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eValue: Translates revenue growth into superior profitability; Contribution ex-TAC growth was implied by strong revenue growth of \u003cstrong\u003e34%\u003c\/strong\u003e year-over-year in Q3 2024, while Adjusted EBITDA grew \u003cstrong\u003e52%\u003c\/strong\u003e year-over-year in Q3 2024, showing strong leverage. The Q3 2024 Adjusted EBITDA margin was \u003cstrong\u003e31%\u003c\/strong\u003e of Contribution ex-TAC.\u003c\/p\u003e\n\u003cp\u003eRarity: Moderate. Achieving margin expansion while growing is tough; their Q3 2024 Adjusted EBITDA margin was \u003cstrong\u003e31%\u003c\/strong\u003e of Contribution ex-TAC, a \u003cstrong\u003e6-percentage point\u003c\/strong\u003e improvement compared to the same period last year.\u003c\/p\u003e\n\u003cp\u003eImitability: Moderate. It stems from the AI automation and cost discipline, which is hard to replicate without the same tech stack.\u003c\/p\u003e\n\u003cp\u003eOrganization: High. Management is clearly focused on this, evidenced by the Q4 2024 results surpassing guidance and the Q1 2025 Adjusted EBITDA guidance range of \u003cstrong\u003e$3.25 million to $4.25 million\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003eCompetitive Advantage: Temporary. Efficiency gains are often eroded by competitive pricing pressures over time.\u003c\/p\u003e\n\u003cp\u003eKey financial metrics demonstrating operational performance:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eQ3 2024\u003c\/td\u003e\n\u003ctd\u003eQ4 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue (in thousands)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$79,922\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$90,054\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eContribution ex-TAC (in thousands)\u003c\/td\u003e\n\u003ctd\u003eNot Explicitly Stated\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$54,400\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA (in thousands)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$14,700\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$17,100\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA Margin (% of Contribution ex-TAC)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e31%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eImplied Lower than Q3 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eFurther details supporting operational execution and efficiency:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eQ4 2024 Revenue grew \u003cstrong\u003e40%\u003c\/strong\u003e year-over-year.\u003c\/li\u003e\n\u003cli\u003eQ4 2024 Contribution ex-TAC grew \u003cstrong\u003e28%\u003c\/strong\u003e year-over-year, marking the sixth consecutive quarter of over \u003cstrong\u003e20%\u003c\/strong\u003e growth.\u003c\/li\u003e\n\u003cli\u003eRecord quarter in Q4 2024 for total advertiser spend on the platform, with an all-time high in connected TV ('CTV') spend.\u003c\/li\u003e\n\u003cli\u003eCash flow from operations increased \u003cstrong\u003e37%\u003c\/strong\u003e to \u003cstrong\u003e$51.8 million\u003c\/strong\u003e for FY 2024.\u003c\/li\u003e\n\u003cli\u003eHousehold ID match rates lifted to \u003cstrong\u003e95%\u003c\/strong\u003e of U.S. adults through an expanded partnership with TransUnion.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eViant Technology Inc. (DSP) - VRIO Analysis: Strategic Enterprise Client Acquisition\n\u003c\/h2\u003e\n\n\u003ch3\u003eValue\u003c\/h3\u003e\n\u003cp\u003eSecures large, sticky revenue streams and validates the platform's capabilities with major brands. The multi-year partnership with Molson Coors Beverage Company begins in 2026, positioning Viant as their Advertising Platform for programmatic ad campaigns across the US. \u003cstrong\u003eQ3 2025\u003c\/strong\u003e Revenue was reported at \\$85,582 thousand. \u003cstrong\u003eQ4 2025\u003c\/strong\u003e Revenue guidance is \\$101.5 million to \\$104.5 million.\u003c\/p\u003e\n\n\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003eModerate. Landing major CPG\/enterprise clients is difficult and requires proven performance metrics. Connected TV (CTV) ad spend reached a record 46% of total advertiser spend on the platform in \u003cstrong\u003eQ3 2025\u003c\/strong\u003e. \u003cstrong\u003eQ3 2025\u003c\/strong\u003e Contribution ex-TAC was \\$52,990 thousand.\u003c\/p\u003e\n\n\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003eHigh. Trust and performance history with a brand like Molson Coors is not easily copied. The company repurchased 4.8 million shares of Class A common stock from May 1, 2024 through November 7, 2025 for a total of \\$59.6 million.\u003c\/p\u003e\n\n\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003cp\u003eHigh. The pipeline of incremental ad spend targeted for \u003cstrong\u003e2026\u003c\/strong\u003e shows a clear, organized effort to move upmarket. \u003cstrong\u003eQ4 2025\u003c\/strong\u003e Adjusted EBITDA guidance is \\$22.5 million to \\$23.5 million. \u003cstrong\u003eQ3 2025\u003c\/strong\u003e Adjusted EBITDA was \\$16,029 thousand.\u003c\/p\u003e\n\n\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003eSustained. A strong client roster builds a reputation that attracts more high-value clients. The company's GAAP Net income attributable to Viant Technology Inc. for \u003cstrong\u003eQ3 2025\u003c\/strong\u003e was \\$996 thousand.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric (Q3 2025 vs. Q3 2024)\u003c\/th\u003e\n\u003cth\u003e2025 Amount (in thousands)\u003c\/th\u003e\n\u003cth\u003eYear-over-Year Change (%)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGAAP Revenue\u003c\/td\u003e\n\u003ctd\u003e\\$85,582\u003c\/td\u003e\n\u003ctd\u003e7%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eContribution ex-TAC\u003c\/td\u003e\n\u003ctd\u003e\\$52,990\u003c\/td\u003e\n\u003ctd\u003e12%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA\u003c\/td\u003e\n\u003ctd\u003e\\$16,029\u003c\/td\u003e\n\u003ctd\u003e9%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGAAP Net Income Attributable to Viant\u003c\/td\u003e\n\u003ctd\u003e\\$996\u003c\/td\u003e\n\u003ctd\u003e(34)%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cul\u003e\n\u003cli\u003eMulti-year partnership with Molson Coors Beverage Company designated Viant as the Advertising Platform starting in \u003cstrong\u003e2026\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eCTV accounted for a record 46% of total ad spend in \u003cstrong\u003eQ3 2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eQ3 2025\u003c\/strong\u003e GAAP Earnings per share of Class A common stock - basic was \\$0.06.\u003c\/li\u003e\n\u003cli\u003eShare repurchases totaled \\$37.9 million year-to-date through November 7, 2025.\u003c\/li\u003e\n\u003cli\u003eIRIS_ID integration with Tubi enables advanced targeting and measurement capabilities.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eViant Technology Inc. (DSP) - VRIO Analysis: Financial Strength and Capital Allocation\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides a buffer against near-term headwinds (like political spending dips) and funds strategic investment\/shareholder returns; Cash and equivalents were \u003cstrong\u003e$161.286 million\u003c\/strong\u003e as of June 30, 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. Having a strong cash position with no debt (or low debt-to-equity of \u003cstrong\u003e0%\u003c\/strong\u003e) is better than many peers.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Low. This is a result of past financial discipline, not a replicable technology.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. The active share repurchase program (spending \u003cstrong\u003e$28.5 million\u003c\/strong\u003e year-to-date through August 8, 2025) shows management is confident in the valuation.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. Financial stability allows for counter-cyclical investment and shareholder returns.\u003c\/p\u003e\n\n\u003cp\u003eFinancial Strength Metrics:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAmount\/Value\u003c\/th\u003e\n\u003cth\u003eDate\/Period\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash and Cash Equivalents\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$161.286 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of June 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Debt\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.0\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eLatest Reported\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDebt to Equity Ratio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eLatest Reported\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eShare Repurchase Spending (YTD)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$28.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eThrough August 8, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOperating Cash Flow (TTM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$36.02 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eLast 12 Months\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFree Cash Flow (TTM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$34.98 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eLast 12 Months\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eCapital Allocation Activity Highlights:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eShare repurchase program authorized for up to an additional \u003cstrong\u003e$50 million\u003c\/strong\u003e of common equity as of May 5, 2025.\u003c\/li\u003e\n\u003cli\u003eTotal shares repurchased from May 1, 2024, through August 8, 2025, amounted to \u003cstrong\u003e3.8 million\u003c\/strong\u003e shares for a total of \u003cstrong\u003e$50.2 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eQ1 2025 saw \u003cstrong\u003e1.8 million\u003c\/strong\u003e shares repurchased year-to-date through May 2, 2025, for \u003cstrong\u003e$24.9 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eViant Technology Inc. (DSP) - VRIO Analysis: Platform Reach and Publisher Integrations\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003ePlatform Reach and Publisher Integrations\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003ch3\u003eValue\u003c\/h3\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: Increases the available inventory and targeting precision for advertisers by connecting to more premium content sources. Viant's patented Household ID is available across approximately \u003cstrong\u003e80%\u003c\/strong\u003e of biddable ad inventory. Connected TV ('CTV') accounted for approximately \u003cstrong\u003e45%\u003c\/strong\u003e of total ad spend on the platform in the second quarter of 2025.\u003c\/p\u003e\n\n\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: Low. Integrations are standard in ad tech, but specific, high-value ones are key. Viant's Household ID is available across approximately \u003cstrong\u003e80%\u003c\/strong\u003e of biddable ad inventory, significantly outperforming competitive alternative ID solutions which are available less than \u003cstrong\u003e15%\u003c\/strong\u003e of the time.\u003c\/p\u003e\n\n\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Low. Competitors can pursue similar integrations, though securing the best ones takes time. The number of IRIS-enabled publishers has more than \u003cstrong\u003edoubled\u003c\/strong\u003e since the acquisition in November 2024.\u003c\/p\u003e\n\n\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: High. The integration with Tubi to expand IRIS_ID reach demonstrates active management of this resource. Viant completed the acquisition of Lockr in February 2025, a data collaboration platform expected to accelerate adoption of Viant's patented Household ID and IRIS_ID.\u003c\/p\u003e\n\n\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Temporary. It’s an ongoing race to secure the best inventory paths. The company established a growth pipeline of over \u003cstrong\u003e$250 million\u003c\/strong\u003e in potential annualized ad spend opportunities associated with major U.S. advertisers as of Q2 2025.\u003c\/p\u003e\n\n\u003cp\u003eThe following table summarizes key quantifiable metrics related to Viant's platform reach and publisher integrations:\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eContext\/Date\u003c\/th\u003e\n\u003cth\u003eSource\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eHousehold ID Availability\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e80%\u003c\/strong\u003e of biddable ad inventory\u003c\/td\u003e\n\u003ctd\u003eRecent Data\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompetitive Alternative ID Availability\u003c\/td\u003e\n\u003ctd\u003eLess than \u003cstrong\u003e15%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eRecent Data\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCTV Share of Total Ad Spend\u003c\/td\u003e\n\u003ctd\u003eApproximately \u003cstrong\u003e45%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIRIS-Enabled Publishers Growth\u003c\/td\u003e\n\u003ctd\u003eMore than \u003cstrong\u003edoubled\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eSince November 2024 acquisition\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConnected Devices in LG Integration\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e45 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJuly 2025 integration\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHousehold ID Ad Spend YoY Growth\u003c\/td\u003e\n\u003ctd\u003eSurged \u003cstrong\u003e33%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eYear-over-Year (Context Q3 2024)\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eViant's platform capabilities are further detailed by the following:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe Household ID technology achieved \u003cstrong\u003e100%\u003c\/strong\u003e scale and \u003cstrong\u003e93%\u003c\/strong\u003e unique reach across premium publishers in a cookie-less market test conducted with Havas Media Network.\u003c\/li\u003e\n\u003cli\u003eNew IRIS ID partners include Paramount, Lionsgate Films, CNN, and TCL.\u003c\/li\u003e\n\u003cli\u003eThe company's Q2 2025 revenue was \u003cstrong\u003e$77,853\u003c\/strong\u003e thousand, with Contribution ex-TAC at \u003cstrong\u003e$48,372\u003c\/strong\u003e thousand.\u003c\/li\u003e\n\u003cli\u003eTrailing 12-month revenue as of September 30, 2025, was \u003cstrong\u003e$324M\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eViant Technology Inc. (DSP) - VRIO Analysis: Data Assets and Scale (Household ID Coverage)\n\u003c\/h2\u003e\n\n\u003ch\u003eValue\u003c\/h\u003e\n\u003cp\u003eThe Household ID is the foundational data asset enabling addressability solutions across devices, critical for CTV measurement. Viant's Identity Resolution capabilities have linked 115 million U.S. households to more than 1 billion connected devices.\u003c\/p\u003e\n\n\u003ch\u003eRarity\u003c\/h\u003e\n\u003cp\u003eHigh. The enhanced Household ID, bolstered by TransUnion's TruAudience data, matches 95% of U.S. adults (18+). Achieving this level of household-level data linkage represents a significant data moat.\u003c\/p\u003e\n\n\u003ch\u003eImitability\u003c\/h\u003e\n\u003cp\u003eVery High. Replicating this scale of household-level data linkage requires immense time, capital, and established data partnerships, such as the one with TransUnion. The patented Household ID technology was first granted a patent for 'Internet Connected Household Identification for Online Measurement and Dynamic Content Delivery.'\u003c\/p\u003e\n\n\u003ch\u003eOrganization\u003c\/h\u003e\n\u003cp\u003eHigh. This asset underpins the entire proprietary targeting strategy. The asset's utilization drives platform performance, evidenced by Connected TV (“CTV”) spend reaching 45% of total ad spend in Q1 2025 and 46% in Q3 2025.\u003c\/p\u003e\n\n\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\n\u003cp\u003eSustained. Data scale, once achieved and patented, is one of the hardest resources to imitate in technology. This scale supports other platform metrics.\u003c\/p\u003e\n\n\u003cp\u003eFinance: draft 13-week cash view by Friday.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAmount (USD)\u003c\/th\u003e\n\u003cth\u003ePeriod\/Date\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash and Cash Equivalents\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$172,816 thousand\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of June 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash and Cash Equivalents\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$161,286 thousand\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of September 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash Flow from Operations\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$51.8 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eShares of Class A Common Stock Outstanding\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e16,251,978\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of June 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eShares of Class B Common Stock Outstanding\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e46,696,493\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of June 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eKey statistical indicators related to the asset's utilization and platform performance include:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eHousehold ID match rate to U.S. adults (18+): \u003cstrong\u003e95%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eU.S. Households linked by Identity Resolution capabilities: \u003cstrong\u003e115 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eConnected Devices linked: Over \u003cstrong\u003e1 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eCTV spend as a percentage of total ad spend (Q1 2025): Approximately \u003cstrong\u003e45%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eCTV spend as a percentage of total ad spend (Q3 2025): \u003cstrong\u003e46%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eRevenue (Q4 2024): \u003cstrong\u003e$90,054 thousand\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eRevenue (Q3 2025): \u003cstrong\u003e$85,582 thousand\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516153553045,"sku":"dsp-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/dsp-vrio-analysis.png?v=1740229054","url":"https:\/\/dcf-model.com\/products\/dsp-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}