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revenue: Fourth quarter revenue was $64.4 million, an 18% increase from the same period last year, and full-year revenue was $222.9 million, an increase of 13%.
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gross profit: Gross profit for the quarter increased 41% to $31.8 million, and for the full year, increased 27% to $102.5 million.
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Net income: Net income for the fourth quarter reached $3.3 million, a significant improvement from the net loss of $8 million in the same period last year.
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Adjusted EBITDA: Adjusted EBITDA increased dramatically by 395% to $13 million in the fourth quarter, reflecting strong operational efficiencies.
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Non-GAAP measures: Fourth quarter non-GAAP net income was $2.2 million and fourth quarter non-GAAP earnings per share was $0.14.
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Future prospects: Revenues for the first quarter of 2024 are expected to be between $49 million and $52 million, with adjusted EBITDA between $2 million and $3 million.
Viant Technology Inc (NASDAQ:DSP), a leading advertising software company, announced financial results for the fourth quarter and full year ended December 31, 2023. The company released his 8-K return on March 4, 2024, highlighting his full year. Great growth and innovation. Viant's software facilitates programmatic purchasing of advertising across a variety of channels, including desktop, mobile, connected TV, and digital billboards.
The company's financial results for the fourth quarter showed revenue of $64.4 million, an 18% increase year-over-year, and full-year revenue of $222.9 million, an increase of 13%. Fourth quarter gross profit increased 41% to $31.8 million, and full year gross profit increased 27% to $102.5 million. Net income for the fourth quarter was reported at $3.3 million, a significant improvement from the net loss of $8 million in the prior year's fourth quarter. Net income as a percentage of gross profit turned positive from (36)% in the prior year period to 10%.
Fourth quarter adjusted EBITDA increased significantly by 395% to $13 million, contributing 31% excluding TAC. Non-GAAP net income attributable to Viant Technology Inc for the fourth quarter was $2.2 million, and non-GAAP earnings per share for the quarter was $0.14.
Financial performance and industry positioning
Viant's financial results are especially noteworthy given the advertising industry's transition away from cookie-based tracking. The company's household ID technology and new AI product suite give it an advantage in increasing market share in a cookie-free environment. These innovations are expected to increase return on ad spend for customers and drive growth in 2024 and beyond.
The company's strong double-digit growth in connected TV (CTV) and customer growth with significant contributions from TAC underscore the effectiveness of Viant's technology and its attractiveness to advertisers. His commitment to Viant's sustainability to achieve carbon neutrality in 2023 further strengthens its corporate responsibility profile.
Challenges and prospects
Despite positive results, Viant faces challenges inherent in the rapidly evolving digital advertising landscape, including the elimination of cookies and the need for continued innovation to stay ahead of competitors. However, the company's forward guidance for the first quarter of 2024 calls for revenue of $49 million to $52 million and adjusted EBITDA of $2 million to $3 million, reflecting the company's strategic direction and business operations. It suggests confidence in efficiency.
Viant Technology Inc (NASDAQ:DSP) has demonstrated resilience and adaptability in a changing industry, reflecting solid financial health and promising future prospects in its latest earnings report. For a more detailed analysis of Viant's financial condition and future prospects, investors and stakeholders should review the company's complete earnings report and other investor materials available on his website recommend to.
For more information, see Viant Technology Inc's full 8-K earnings release here.
This article first appeared on GuruFocus.
