DSP // Viant Technology Inc. (Class A)

Technology • Computer Software: Programming Data Processing

$13.34 ▼ -0.96 (-6.71%)

MKT CAP: $887.1M • VOL: 462.5K

52W L $8 52W H $15

ALTMAN Z

3.96 SAFE

PIOTROSKI

9 / 9

DSP // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

DSP // Viant Technology Inc. (Class A)

GROSS MARGIN

45.8%

OP MARGIN

3.5%

ROIC %

21.5%

MKT CAP

$887.1M

UPSTREAM INPUTS ──► DSP OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
DSP ★	Viant Technology Inc. (Class A)	$13.34	$887.1M	45.8%	3.5%	21.5%	54.1x	+19.0%	SUBJECT ISSUER
NVDA	NVIDIA Corporation	$213.66	$5.15T	74.7%	65.2%	65.1%	23.2x	+83.4%	DSP VS NVDA <GO>
AAPL	Apple Inc.	$348.91	$5.09T	48.6%	33.2%	81.4%	30.1x	+14.2%	DSP VS AAPL <GO>
MSFT	Microsoft Corporation	$530.14	$3.94T	67.7%	47.1%	26.5%	19.9x	+17.9%	DSP VS MSFT <GO>
TSM	Taiwan Semiconductor Manufacturing Company Ltd.	$431.81	$2.24T	—	21.1%	14.9%	14.9x	-3.3%	DSP VS TSM <GO>
SPCX	Space Exploration Technologies Corp.	$143.89	$1.95T	—	21.1%	58.3%	14.3x	+20.9%	DSP VS SPCX <GO>