MNTN — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter revenue grew 15% year-over-year to $80.3 million.
• Third quarter net income increased 19% to $7.7 million, up from $6.4 million in Q3 2025.
• Adjusted EBITDA grew 24% year-over-year to $19.9 million, representing 25% of revenue compared to 23% in Q3 2025.
• Gross margin for the quarter was 79%.
• The company ended the quarter with $252.3 million in cash and cash equivalents and no outstanding borrowings.
• Trailing twelve months active PTV customer count reached 4,373 as of September 30, 2026, up from 3,316 in the prior year period.
• Nine months ended September 30, 2026, revenue was $236.5 million compared to $203.0 million in the prior year period.
• Nine months ended September 30, 2026, net income was $23.2 million compared to a net loss of $40.9 million in the prior year period.
• Nine months ended September 30, 2026, Adjusted EBITDA was $57.7 million compared to $39.9 million in the prior year period.

Guidance and Future Outlook:

• Full year 2026 revenue is expected to be between $311 million and $314 million, representing 10% year-over-year growth at the midpoint excluding the Maximum Effort divestiture and 8% growth on a GAAP basis.
• Full year 2026 Adjusted EBITDA is expected to be between $66 million and $68 million.
• Fourth quarter 2026 revenue is expected to be between $75 million and $78 million.
• Fourth quarter 2026 Adjusted EBITDA is expected to be between $8 million and $10 million.
• Management updated guidance to reflect realignment of the sales organization and focus on strategic priorities following unforeseen execution problems in the go-to-market organization.

Business Segments and Product Lines:

• MNTN operates a technology platform for Connected TV performance marketing.
• Revenue growth excludes the impact of the Maximum Effort divestiture which occurred on April 1, 2025.
• MNTN, excluding Maximum Effort, generated $80.3 million in Q3 2026 revenue.
• Active Performance TV customers grew approximately 32% year-over-year in the trailing twelve months ended September 30, 2026.

Market and Competitive Landscape:

• MNTN is positioned as a provider of a single frictionless platform for Connected TV advertising, emphasizing simplicity and measureability.
• The company was named one of Fast Company's Most Innovative Companies and featured on the cover of INC's Best in Business Issue.
• The market includes intense competition, with risks related to the adoption rate of CTV and performance marketing.

Risks and Challenges:

• Unforeseen execution problems in the go-to-market organization impacted third quarter revenue.
• Risks include dependence on CTV growth, limited number of large customers, and economic factors affecting advertising demand.
• Potential risks involve data privacy regulations, ad-blocking technologies, cyberattacks, and platform performance issues.
• Seasonal fluctuations in digital advertising demand and short operating history in PTV are noted risks.

Management Commentary and Tone:

• Tony Weisman, newly appointed President and CEO, stated his focus on instilling a culture of accountability and flawless execution to address the need for operational rigor.
• Weisman highlighted MNTN's product-market fit and the platform's ability to provide clarity and simplicity in a complex category.
• CFO Patrick Pohlen acknowledged revenue growth was impacted by execution problems and confirmed the updated guidance reflects the business realignment.
• New leadership appointments include Anna Sayre as Chief Marketing Officer, Frank Lee as Senior Vice President of Agency Partnerships, and Lynn Knaak as Senior Vice President of Inside Sales.
• Mike Katz, former President and Chief Business and Product Officer at T-Mobile, was appointed to the Board of Directors.

Other Key Points:

• Tony Weisman was appointed President and Chief Executive Officer, succeeding Mark Douglas.
• The company reported $252.3 million in cash and cash equivalents with no debt outstanding as of September 30, 2026.
• A live webcast was hosted on November 4, 2026, featuring Tony Weisman and Patrick Pohlen.
• The Maximum Effort divestiture occurred on April 1, 2025, and its revenue impact is excluded from current growth comparisons.