DSPMEDIUM SIGNALOPERATIONAL10-K

DSP demonstrated solid operational momentum with meaningful revenue growth and improved capital efficiency while expanding its addressable household reach.

The company appears to be executing well on its growth strategy, with revenue expanding 19% year-over-year while simultaneously reducing interest expenses and capital expenditure requirements. The expansion of their household identifier (HHID) technology from 115 million to 125 million households, coupled with processing capability growth from 1.5 billion to 1.8 billion IP addresses, indicates meaningful platform scaling that should support continued growth.

Comparing 2026-03-11 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

DSP delivered a balanced financial performance with revenue growing 19% to $344.2M while maintaining disciplined capital allocation through reduced capex spending. The company strengthened its balance sheet with stockholders' equity increasing 53% to $82.1M, though this was partially offset by higher accounts receivable and total liabilities reflecting business expansion. Interest expense declined meaningfully, suggesting improved debt management alongside the overall growth trajectory.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-62.9%
$2.5M$926K

Capex reduced 62.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Stockholders Equity
Balance Sheet
+52.6%
$53.8M$82.1M

Equity base grew 52.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Interest Expense
P&L
-48.7%
$885K$454K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Accounts Receivable
Balance Sheet
+20.5%
$147.0M$177.1M

Receivables grew 20.5% — monitor days sales outstanding for collection efficiency.

Revenue
P&L
+19%
$289.2M$344.2M

Revenue growing 19% — solid top-line momentum, watch margins for quality of growth.

Total Liabilities
Balance Sheet
+11.5%
$166.7M$185.9M

Liabilities increased 11.5% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-03-11
PRIOR — 2025-03-03
ADDED
As of March 10, 2026, there were 17,755,759 shares and 45,597,216 shares of the registrant s Class A and Class B common stock, respectively, each $0.001 par value per share, outstanding.
Particularly in the environmental, social and governance ("ESG") context, for example, there are various approaches to materiality that differ from, and in many cases are more expansive than, the definition under U.S.
Once a marketer describes their campaign objectives, they can choose to maintain hands-on control over every campaign detail or have our platform autonomously execute, optimize, and measure their advertising investments.
Leveraging patented technology, our HHID technology cuts through more than 1.8 billion IP addresses and other identifiers and translates them into 125 million households.
We are a trusted partner to our customers as exemplified by our customer satisfaction rating of over 90% in 2025 based on Viant s Annual Customer Satisfaction Survey.
Apple s web browser, Safari, has added controls that algorithmically block or limit some cookies, and other browsers and platforms have added similar controls.
programmatic advertising market is expected to grow from $158.8 billion in 2024 to $225.3 billion in 2027, a 12% compound annual growth rate ( CAGR ), according to eMarketer, a market research company that provides insights and trends related to digital marketing, media and commerce.
Additionally, as marketers desire more control over programmatic advertising and move some functions of programmatic ad buying in-house, we have automated our platform by leveraging machine learning, automated decision-making and artificial intelligence ("AI") designed to address these needs and expand our market opportunity.
5 Our total revenue was $344.2 million, $289.2 million and $222.9 million for the fiscal years ended December 31, 2025, 2024 and 2023 ("fiscal year 2025", "fiscal year 2024", and "fiscal year 2023"), respectively, representing an increase of 19.0% from fiscal year 2024 to fiscal year 2025 and an increase of 29.7% from fiscal year 2023 to fiscal year 2024.
We recorded net income (losses) of $24.1 million, $12.5 million and $(9.9) million, and adjusted EBITDA of $57.4 million, $44.4 million, and $29.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
REMOVED
As of February 28, 2025, there were 16,353,549 shares and 46,720,212 shares of the registrant s Class A and Class B common stock, respectively, each $0.001 par value per share, outstanding.
Particularly in the ESG context, for example, there are various approaches to materiality that differ from, and in many cases are more expansive than, the definition under U.S.
Leveraging patented technology, our HHID technology cuts through more than 1.5 billion IP addresses and other identifiers and translates them into 115 million households.
We are a trusted partner to our customers as exemplified by our customer satisfaction rating of 95% in 2024 based on Viant s Annual Customer Satisfaction Survey.
99% of respondents described their overall experience with Viant as positive, demonstrating trust and satisfaction.
In addition, our HHID can offer greater transparency to consumers with respect to who is collecting their data and what it is being used for and can offer more robust choices to delete or stop use of their data for personalized advertising.
Apple s web browser, Safari, does not allow third-party cookies and has added controls that algorithmically block or limit some cookies.
Google has also introduced ad blocking software in its Chrome web browser that is expected to block certain ads based on quality standards established under a multi-stakeholder coalition.
Moreover, certain data privacy laws, including in California, Colorado, and numerous other states that have adopted or are considering adopting data privacy laws, require websites and apps to enable consumers to request the deletion of or opt-out of the transfer of their personal information used for certain advertising, which could further undermine cookie-based tracking and targeted marketing.
programmatic advertising market is expected to grow from $136.1 billion in 5 2023 to $202.1 billion in 2026, a 14% compound annual growth rate ( CAGR ), according to eMarketer, a market research company that provides insights and trends related to digital marketing, media and commerce.
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