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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stockholders' Equity Stock-based Compensation The Company is authorized to grant restricted stock units ("RSUs"), incentive stock options, nonqualified stock options ("NQSOs"), stock appreciation rights, restricted stock awards, and performance stock awards under its 2021 Long Term Incentive Plan (the “LTIP”). RSUs granted to employees generally vest over a period of two-to-four years, contingent upon continued employment through the vesting date. RSUs awarded to members of our board of directors (the "board") upon their initial appointment vest over a three-year period on each of the first, second, and third anniversaries of the date of appointment. Board members are also awarded annual grants of RSUs on the date of each annual meeting of Viant's stockholders (the "annual meeting") that vest in full on the earlier of (i) the date of the following year’s annual meeting or (ii) the first anniversary of the date of grant. If board members are appointed on a date other than the date of an annual meeting, such board members will receive a prorated annual grant of RSUs vesting in full on the date of the next annual meeting. As of September 30, 2025, NQSOs generally vest over a period of two-to-four years and have a contractual term of ten years. As of September 30, 2025, the Company had only granted RSUs and NQSOs under the LTIP. Under the LTIP, 6.6 million shares of Class A common stock remained available for grant as of September 30, 2025. Stock-based compensation recorded in the condensed consolidated statements of operations was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Platform operations | $ | 1,025 |  |  | $ | 553 |  |  | $ | 2,915 |  |  | $ | 1,513 |
Sales and marketing | 1,770 |  |  | 1,180 |  |  | 5,089 |  |  | 3,074 |
Technology and development | 1,091 |  |  | 693 |  |  | 2,886 |  |  | 1,844 |
General and administrative | 2,542 |  |  | 2,903 |  |  | 7,520 |  |  | 8,875 |
Total | $ | 6,428 |  |  | $ | 5,329 |  |  | $ | 18,410 |  |  | $ | 15,306 |
RSUs The following summarizes RSU activity:
| Number of Shares (in thousands) |  | Weighted-Average Grant Date Fair Value
RSUs outstanding as of December 31, 2024 | 4,459 |  |  | $ | 9.08 |
Granted | 2,600 |  |  | 12.35 |
Vested | (2,166) |  |  | 7.75 |
Canceled/forfeited | (285) |  |  | 9.46 |
RSUs outstanding as of September 30, 2025 | 4,608 |  |  | $ | 11.53 |
As of September 30, 2025, the Company had unrecognized stock-based compensation relating to RSUs of approximately $46.5 million, which is expected to be recognized over a weighted-average period of 1.9 years. NQSOs The following summarizes NQSO activity:
| Number of Options (in thousands) |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (in thousands)(1)
NQSOs outstanding as of December 31, 2024 | 5,128 |  |  | $ | 5.94 |  |  | 7.6 |  | $ | 66,959 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (387) |  |  | 5.38 |  |  |  |  |
Canceled | (39) |  |  | 4.90 |  |  |  |  |
Expired | (3) |  |  | 4.11 |  |  |  |  |
NQSOs outstanding as of September 30, 2025 | 4,699 |  | $ | 5.99 |  |  | 6.9 |  | $ | 13,202 |
Vested and exercisable | 3,965 |  |  | $ | 5.77 |  |  | 6.8 |  | $ | 11,807 |
(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our Class A common stock as of September 30, 2025 and December 31, 2024. As of September 30, 2025, the Company had unrecognized stock-based compensation relating to unvested NQSOs of approximately $3.1 million, which is expected to be recognized over a weighted-average period of 0.9 years. The assumptions used in the Black-Scholes model to determine the fair value of NQSOs were as follows:
| Three and Nine Months Ended September 30,
| 2025 |  | 2024
Risk-free interest rate | — |  | 4.1%
Expected volatility | — |  | 74.4%
Expected term (in years) | — |  | 5.8
Expected dividend yield | — |  | 0.0%
Risk-Free Interest Rate. The Company bases the risk-free interest rate assumption for equity awards on the rates for U.S. Treasury securities with maturities similar to those of the expected term of the award being valued. Expected Volatility. Due to the limited trading history of the Company’s Class A common stock, the expected volatility assumption is based on both the volatility of a peer group of similar companies whose share prices are publicly available as well as the historical volatility of the Company's daily stock prices. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of the Company’s own stock price becomes available. Expected Term. Given the insufficient historical data relating to NQSO exercises, the expected term assumption is based on the simplified method, which uses the midpoint of the weighted-average vesting period and the contractual term. The Company will continue to apply this process until a sufficient amount of historical information regarding the Company’s NQSO exercises becomes available. Expected Dividend Yield. The Company’s expected dividend yield assumption is zero as it has never paid dividends and has no present intention to do so in the future. Stock Repurchase Program On April 23, 2024, the Company's board approved a stock repurchase program with authorization to purchase up to $50 million in shares of the Company's Class A common stock or Class B units of Viant Technology LLC. On May 5, 2025, the Company's board authorized an increase to the stock repurchase program, enabling the Company to repurchase up to an additional $50 million of the Company's Class A common stock or Class B units of Viant Technology LLC. As of September 30, 2025, $40.4 million remained available under the stock repurchase program. The Company may make repurchases under the program, from time to time, through open market purchases, block trades, in privately negotiated transactions, accelerated stock repurchase transactions, or by other means. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases under this authorization. The volume, timing, and manner of any repurchases will be determined at the Company's discretion, subject to general market conditions, as well as the Company's management of capital, general business conditions, other investment opportunities, regulatory requirements and other factors. The stock repurchase program does not obligate the Company to repurchase any specific number of shares of Class A common stock or Class B units, has no time limit, and may be modified, suspended, or discontinued at any time without notice, at the discretion of the board of directors. The Company expects to fund repurchases from existing cash and cash equivalents, short-term investments and/or future cash flows. Shares of Class A common stock and Class B units repurchased by the Company under the stock repurchase program were as follows (in thousands):
| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
| Shares |  | Amount(1) |  | Shares |  | Amount(1)
Class A common stock repurchases | 1,025 |  |  | $ | 9,974 |  |  | 3,031 |  |  | $ | 37,945 |
Class B unit repurchases | — |  |  | — |  |  | — |  |  | — |
Total repurchases | 1,025 |  |  | $ | 9,974 |  |  | 3,031 |  |  | $ | 37,945 |
(1)Amount includes costs associated with the repurchase such as commissions. Issuance of Shares Upon vesting of shares under the LTIP, the Company will issue treasury stock. If treasury stock is not available, newly issued stock will be issued.

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