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SEC filingViant Technology Inc. reported strong financial results for fiscal year 2025, with revenue increasing 19.0% to $344.2 million from $289.2 million in 2024. The company achieved net income of $24.1 million, a significant improvement from $12.5 million in the prior year, representing a 93.5% increase. Key drivers included a 36% revenue increase from marketers in healthcare, business services, retail, and consumer goods verticals, offset by a 97% decrease in political advertising due to the prior presidential election cycle. The company generated $52.6 million in net cash from operating activities and ended the year with $191.2 million in cash and cash equivalents. Management highlighted growth in customer adoption of newer products and platform features, continued investment in AI technologies through ViantAI, and expansion in the CTV advertising market as significant contributors to performance.
Viant Technology Inc. delivered solid financial performance in fiscal year 2025 with revenue reaching $344.2 million, representing 19.0% growth from $289.2 million in 2024. The company achieved profitability with net income of $24.1 million, a substantial 93.5% increase from $12.5 million in the prior year. Operating income improved to $12.1 million from $3.5 million in 2024. The revenue growth was primarily driven by a 36% increase from marketers in healthcare, business services, retail, and consumer goods industry verticals, while political advertising revenue decreased 97% due to the prior presidential election cycle. The company's adjusted EBITDA increased 29.2% to $57.4 million from $44.4 million in 2024.
Revenue growth of 19.0% was supported by increased customer adoption of newer products and platform features. The company's revenue mix showed strength across multiple industry verticals, with healthcare, business services, retail, and consumer goods showing particularly strong performance. The political advertising segment experienced a significant decline as expected following the 2024 presidential election cycle. Viant's platform continues to benefit from the broader industry shift toward programmatic advertising and the transition from linear television to connected TV (CTV) advertising. The company's ViantAI product suite, launched in 2024, represents a foundational component of its long-term vision for autonomous advertising solutions.
Gross profit increased 19.3% to $157.6 million, with gross margin remaining stable at approximately 45.8%. Operating expenses totaled $332.1 million, representing 96% of revenue, down from 99% in the prior year. Platform operations expense increased 19% to $186.6 million, primarily due to higher traffic acquisition costs which grew 21% to $135.5 million. Sales and marketing expense increased 21% to $64.8 million as the company invested in growth initiatives. Technology and development expense increased 29% to $30.5 million, reflecting continued investment in platform development. General and administrative expense decreased 2% to $50.2 million. The company's operating margin improved to 3.5% from 1.2% in the prior year.
The company generated strong operating cash flow of $52.6 million, compared to $51.8 million in 2024. Investing activities used $22.3 million, primarily for capitalized software development costs of $17.4 million and acquisitions. Financing activities used $44.2 million, including $38.1 million for stock repurchases and $6.6 million for member tax distributions. The company ended the year with $191.2 million in cash and cash equivalents, down from $205.0 million at the end of 2024. Total assets were $474.7 million, with current assets of $376.2 million. The company had no long-term debt and maintained a strong liquidity position with $74.1 million of undrawn availability under its revolving credit facility.
The company expects to continue benefiting from overall adoption of programmatic advertising by marketers and their agencies, particularly from the broader industry shift of advertising budgets from linear television to CTV. Management plans to invest in critical areas of the business to further accelerate demand for products and growth across the platform. The company faces risks including dependence on enhancing and improving its platform, potential impacts from macroeconomic conditions, competition from larger technology companies, and evolving data privacy regulations. Viant intends to continue investing in AI technologies through its ViantAI suite and expanding its sales and marketing efforts to increase awareness of its DSP platform.