MNTN (NYSE: MNTN) delivers record Q1 2026 revenue, 81% margin and strong outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
MNTN, Inc. reported record first quarter 2026 results with strong top-line growth and a sharp swing to profitability. Revenue reached $73.7 million, up 25% year-over-year when adjusted for the prior divestiture of Maximum Effort, and 14% growth on a GAAP basis. Gross margin rose to 81% from 69% in Q1 2025, reflecting more efficient operations.
The company generated net income of $8.8 million, compared with a net loss of $21.1 million a year earlier. Adjusted EBITDA grew 74% year-over-year to $16.3 million, or 22% of revenue, up from 15%. MNTN ended the quarter with $214 million in cash and cash equivalents and no borrowings, and trailing twelve month active Performance TV customers increased to 3,874, highlighting continued adoption of its Connected TV advertising platform.
Positive
- Return to profitability with strong growth: Q1 2026 revenue grew 25% year-over-year on an adjusted basis and net income reached $8.8 million versus a $21.1 million loss a year earlier, materially improving the company’s earnings profile.
- Margin and cash strength: Gross margin expanded to 81% from 69%, Adjusted EBITDA grew 74% to $16.3 million (22% of revenue), and cash and cash equivalents increased to $214 million with no borrowings, strengthening financial flexibility.
- Solid outlook: Full year 2026 guidance calls for revenue of $347–$357 million with 21–24% growth and Adjusted EBITDA of $96–$101 million, signaling expectations for continued profitable expansion.
Negative
- None.
Insights
MNTN delivered strong growth, margin expansion, and a clear path to profitable scale.
MNTN posted Q1 2026 revenue of $73.7 million, up 25% year-over-year when adjusted for the Maximum Effort divestiture. GAAP revenue still grew 14%, showing the core business is expanding even after shedding that unit.
Gross margin improved to 81% from 69%, and net income flipped to a $8.8 million profit from a $21.1 million loss. Adjusted EBITDA rose 74% to $16.3 million, or 22% of revenue, indicating meaningful operating leverage. Cash stood at $214 million with no borrowings, supporting ongoing investment.
Management guided Q2 2026 revenue to $81–$83 million and full-year 2026 revenue to $347–$357 million, implying low-20s percentage growth on both adjusted and GAAP bases. They also expect full-year Adjusted EBITDA of $96–$101 million. Subsequent quarterly filings for periods in 2026 will show whether MNTN sustains this growth and margin trajectory.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 revenue: $73.7 million
Q1 2026 GAAP revenue growth: 14%
Q1 2026 gross margin: 81%
+5 more
8 metrics
Q1 2026 revenue
$73.7 million
Revenue grew 25% year-over-year adjusted for Maximum Effort divestiture
Q1 2026 GAAP revenue growth
14%
Total GAAP revenue year-over-year including prior Maximum Effort contribution
Q1 2026 gross margin
81%
Up from 69% in Q1 2025, 1,220 basis point improvement
Q1 2026 net income
$8.8 million
Improved from $21.1 million net loss in Q1 2025
Q1 2026 Adjusted EBITDA
$16.3 million
74% year-over-year growth, 22% of revenue vs 15% in Q1 2025
Cash and cash equivalents
$213.9 million
Balance as of March 31, 2026, with no borrowings outstanding
Active PTV customers (TTM)
3,874
Trailing twelve months active Performance TV customers as of Q1 2026
Full-year 2026 revenue guidance
$347–$357 million
Represents 24% growth excluding Maximum Effort, 21% GAAP growth
Key Terms
Adjusted EBITDA, gross margin, Connected TV, Performance TV, +2 more
6 terms
Adjusted EBITDA financial
"First quarter positive net income of $8.8 million and Adjusted EBITDA grew 74% year-over-year to $16.3 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
gross margin financial
"First quarter gross margin improved to 81% from 69% in Q1 2025, up 1,220 basis points year-over-year"
Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.
Connected TV technical
"a technology platform that brings performance marketing to Connected TV"
A connected TV is a television that can access the internet and run online apps, streaming services, and digital content directly on the screen, much like a giant tablet or computer. For investors, it matters because it represents a shift in how people consume media, opening new opportunities for advertising, content creation, and revenue growth in the entertainment industry.
Performance TV technical
"Results were driven by continued adoption of Performance TV, particularly among small and mid-sized businesses"
non-GAAP financial measures regulatory
"We use certain non-GAAP financial measures, including EBITDA and Adjusted EBITDA in this press release"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
forward-looking statements regulatory
"This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
Revenue: $73.7 million · Guidance included
Q1 2026
Revenue
$73.7 million
+25% year-over-year adjusted; +14% GAAP
Gross margin
81%
+12.2 percentage points year-over-year
Net income
$8.8 million
from $21.1 million net loss in Q1 2025
Adjusted EBITDA
$16.3 million
+74% year-over-year; margin 22% vs 15%
Guidance
Q2 2026 revenue expected at $81–$83 million and Adjusted EBITDA at $19–$22 million; full-year 2026 revenue at $347–$357 million and Adjusted EBITDA at $96–$101 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (310 ) 895-2110
Not applicable
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). | |||||
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | |||||
Item 2.02. Results of Operations and Financial Condition. | |||||
On May 5, 2026, MNTN, Inc. (the "Company") issued a press release announcing financial results for its fiscal quarter ended March 31, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference. | |||||
The information in this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing. | |||||
Item 9.01. Financial Statements and Exhibits. | |||||||||||
| (d) Exhibits | |||||||||||
| Exhibit Number | Description | ||||||||||
| 99.1 | Press release dated May 5, 2026 | ||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | |||||||||||
MNTN, INC. | |||||||||||
| Date: | May 5, 2026 | By: | /s/ Patrick A. Pohlen | ||||||||
| Patrick A. Pohlen | |||||||||||
| Chief Financial Officer | |||||||||||
Exhibit 99.1
MNTN Reports Record First Quarter 2026 Results
•First quarter revenue grew 25% year-over-year to $73.7 million, adjusting for the divestiture of Maximum Effort
•First quarter gross margin improved to 81% from 69% in Q1 2025, a 1220 basis point improvement
•First quarter positive net income of $8.8 million and Adjusted EBITDA grew 74% year-over-year to $16.3 million
NEW YORK, New York – May 5, 2026 – MNTN (NYSE: MNTN), a technology platform that brings performance marketing to Connected TV, today announced its operational and financial results for the first quarter ended March 31, 2026.
MNTN is redefining how brands use television - making TV advertising as measurable, precise, and performance-driven as search and social. MNTN’s software is unlocking television for millions of small to midsized businesses, allowing them to turn Connected TV into a core part of their growth strategy.
First Quarter 2026 Financial Highlights:
(Unless otherwise noted, all comparisons are relative to the first quarter of 2025).
•First quarter revenue grew 25% year-over-year to $73.7 million, adjusting for the divestiture of Maximum Effort on April 1st, 2025.
•Total first quarter GAAP revenue grew 14% year-over-year, including the contribution of Maximum Effort revenue in Q1 2025.
•First quarter gross margin improved to 81% from 69% in Q1 2025, up 1,220 basis points year-over-year.
•First quarter net income was $8.8 million, compared to a net loss of $21.1 million in the prior year period.
•Adjusted EBITDA increased to $16.3 million, representing 22% of revenue, compared to Adjusted EBITDA of $9.4 million, which was 15% of revenue, in Q1 2025.
•The Company ended the quarter with $214 million in cash and cash equivalents, and no borrowings outstanding.
Below are tables reconciling revenue growth and gross margin including and excluding the impact of the Maximum Effort divestiture on April 1, 2025. An additional table below outlines the growth in trailing twelve month active PTV customer count.
Revenue and Gross Profit by Quarter
(Dollars in millions)
| Revenue | 2025 | 2026 | ||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | 2025 | Q1 | |||||||||||||||||||||||||||
MNTN, excluding Maximum Effort | $59.1 | $68.5 | $70.0 | $87.1 | $284.7 | $73.7 | ||||||||||||||||||||||||||
YoY Growth % | 46 | % | 34 | % | 31 | % | 36 | % | 36 | % | 25 | % | ||||||||||||||||||||
| Maximum Effort | $5.4 | $— | $— | $— | $5.4 | $— | ||||||||||||||||||||||||||
YoY Growth % | 65 | % | n/m | n/m | n/m | (67) | % | n/m | ||||||||||||||||||||||||
MNTN Total1 | $64.5 | $68.5 | $70.0 | $87.1 | $290.1 | $73.7 | ||||||||||||||||||||||||||
YoY Growth | 47 | % | 25 | % | 23 | % | 25 | % | 29 | % | 14 | % | ||||||||||||||||||||
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| Gross Profit | 2025 | 2026 | ||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | 2025 | Q1 | |||||||||||||||||||||||||||
MNTN, excluding Maximum Effort1 | $42.4 | $52.7 | $55.2 | $71.5 | $221.7 | $60.0 | ||||||||||||||||||||||||||
Gross Margin % | 72 | % | 77 | % | 79 | % | 82 | % | 78 | % | 81 | % | ||||||||||||||||||||
| Maximum Effort | $2.3 | -$0.1 | $— | $— | $2.2 | $— | ||||||||||||||||||||||||||
Gross Margin % | 43 | % | n/m | n/m | n/m | n/m | n/m | |||||||||||||||||||||||||
MNTN Total1 | $44.7 | $52.6 | $55.2 | $71.5 | $223.9 | $60.0 | ||||||||||||||||||||||||||
Gross Margin % | 69 | % | 77 | % | 79 | % | 82 | % | 77 | % | 81 | % | ||||||||||||||||||||
1The sum of the four quarters does not equal the full year amount due to rounding.
Trailing Twelve Months Active PTV Customer Count
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |||||||||||||||||||||
| Number of Active PTV Customers (TTM) | 1,578 | 1,746 | 1,990 | 2,225 | 2,647 | 3,020 | 3,316 | 3,632 | 3,874 | ||||||||||||||||||||
"We had a strong start to 2026, delivering first quarter revenue growth of 25% year-over-year, an Adjusted EBITDA increase of 74% year-over-year and record positive net income," said Mark Douglas, CEO of MNTN. "Results were driven by continued adoption of Performance TV, particularly among small and mid-sized businesses entering television for the first time as a measurable channel. AI remains central to the platform, powering targeting, creative, and optimization - including QuickFrame AI, now out of beta with expanded model support and several new professional video editing features. Combined with strong customer growth and margin expansion, this positions us well for sustained, profitable growth."
Recent Highlights:
•Active Performance TV customers grew 46% year-over-year in the trailing twelve months ended March 31, 2026 as compared to the trailing twelve months ended March 31, 2025, reflecting continued expansion across MNTN’s small and mid-sized business customer base.
•QuickFrame AI 3.0 has been released out of beta and continues to advance capabilities. It now unifies ideation, storyboarding, editing, and iteration into a single workflow, while expanding support across leading generative AI models, including Seedance 2.0. New professional video editing features continue to reduce time to launch, increase creative output, and drives stronger performance for advertisers.
•Expanded access to premium streaming inventory across major Q1 cultural moments including March Madness, the NHL Playoffs, MLB and top reality shows - giving Performance TV advertisers new first-time opportunities to drive measurable outcomes alongside TV’s best programming.
•Strengthened leadership with the addition of Garland Hill as Chief Revenue Officer and Peter Blacker as Head of Content, adding deep expertise from TikTok, Meta, and NBCUniversal to accelerate revenue growth and expand premium publisher partnerships.
“We delivered a strong first quarter, exceeding both revenue and Adjusted EBITDA guidance,” said MNTN’s Chief Financial Officer, Patrick Pohlen. “Adjusted EBITDA grew 74% year over year, and we generated solid net income, highlighting the operating leverage in our model as we scale. We are continuing to invest strategically in sales, marketing, and product development to drive sustained growth, all while maintaining a disciplined focus on profitability. Our balance sheet remains robust, with $214 million in cash and cash equivalents and no outstanding borrowings.”
Second Quarter 2026 Outlook:
•Revenue is expected to be between $81 million and $83 million, representing expected year-over-year growth of 20% at the midpoint.
•Adjusted EBITDA is expected to be between $19 million and $22 million.
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Full Year 2026 Outlook:
•Revenue is expected to be between $347 million and $357 million, representing expected year-over-year growth of 24% at the midpoint excluding the impact of the Maximum Effort divestiture, and 21% year-over-year growth on a GAAP basis.
•Adjusted EBITDA is expected to be between $96 million and $101 million.
Live Webcast Details:
MNTN management will host a live webcast to discuss these results and provide a business update on Tuesday, May 5, 2026 at 4:30 p.m. Eastern Time.
Date: Tuesday, May 5, 2026
Time: 4:30 PM (ET) / 1:30 PM (PT)
Hosts: Mark Douglas, CEO and Patrick Pohlen, CFO
Webcast: The live webcast, pre-registration for the event, and any related materials can be accessed from both the Quarterly Results and the Events & Presentations page of the MNTN investor relations website at https://ir.mountain.com/.
A replay of the webcast will also be accessible through the MNTN investor relations website shortly following the call and will be available for at least seven days.
About MNTN, Inc.
MNTN (NYSE: MNTN) is the Hardest Working Software in Television™, bringing unrivaled performance and simplicity to Connected TV advertising. Our self-serve technology makes running TV ads as easy as search and social and helps brands drive measurable conversions, revenue, site visits, and more. MNTN was named one of Fast Company’s Most Innovative Companies and Next Big Things in Tech and was recently featured on the cover of INC’s Best in Business Issue. For more information, please visit https://mountain.com/.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact contained in this press release should be considered forward-looking statements, including, but not limited to, statements regarding our future results of operations and financial position, including our second quarter and full year 2026 revenues and Adjusted EBITDA outlook and expectations regarding gross margin improvement, assumptions, prospects, business strategy, and plans and objectives of management for future operations, the performance of our products and benefits to customers, potential partnerships, opportunity and demand, and industry and market trends. Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.
Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: our dependence on the growth and expansion of CTV and performance marketing using CTV, including if the adoption of CTV by customers develops more slowly than we expect, as well as the reduced growth and expansion of our PTV platform; our dependence on a limited number of large customers and our ability to attract new customers, expand existing customer usage of our platform or achieve our customers’ return on ad spend and other specific campaign goals; our dependence on demand for advertising, including factors that affect the level of demand and resulting amount of spend on general and digital advertising, such as economic downturns, geopolitical conflicts, supply chain shortages, interest rate volatility, labor shortages, actual or perceived instability in the banking industry and inflation and any health epidemics or other contagious outbreaks; our results of operations may fluctuate significantly and may not meet our expectations or those of securities analysts and investors; seasonal fluctuations in the demand for digital advertising and our solutions; our short operating history in PTV; inability to manage our growth effectively, and maintain the quality of our platform as we expand; failure of our sales and marketing
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efforts to yield the results we seek; our product development and innovation may be inefficient or ineffective; our customers' material reduction of the use of our platform; errors, defects, or unintended performance problems with our platform; changes or developments in the laws, regulations and industry requirements related to data privacy, data protection, information security and consumer protection, and failure to comply with such laws, regulations and industry requirements; inability to collect, use, and disclose data, including the use of pixels or other similar technologies; the use of digital advertising is rejected by consumers, through opt-in, opt-out, or ad-blocking technologies or other means that limit the effectiveness of our platform; inability to increase the scale and efficiency of our technology infrastructure to support our growth and transaction volumes; incurrence of cyberattacks or privacy or data breaches resulting in platform outages or disruptions; failure to detect or prevent fraud on our platform, or malware intrusion into the systems or devices of our customers and their audiences; the intensely competitive market that we operate in; inability to maintain our corporate culture as we grow or as we adapt to an entirely remote work environment, including if we fail to attract, retain, and motivate key personnel; inability to identify and integrate future acquisitions and new technologies; our reliance on technological intermediaries to purchase ad inventory on behalf of customers; our use of and development of artificial intelligence technologies; the impact of any health epidemics contagious outbreaks, the ongoing conflicts in Ukraine, the Middle East and tensions between China and Taiwan, and changes in the macroeconomic conditions on global markets, including inflation and interest rate volatility, the advertising industry and our results of operations, and the response by governments and other third parties; unfavorable or otherwise costly outcomes of lawsuits and claims that arise from the extensive laws and regulations to which we are subject; risks related to taxation matters; risks related to the ownership of our Class A common stock; and other important factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as any such factors may be updated from time to time in our other filings with the SEC, including, without limitation, our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, accessible on the SEC’s website at www.sec.gov and our Investor Relations page on our website at https://ir.mountain.com.
Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. The forward-looking statements in this release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Non-GAAP Financial Measures
We use certain non-GAAP financial measures, including EBITDA and Adjusted EBITDA in this press release. EBITDA is defined as net income (loss) adjusted to exclude depreciation and amortization expense, interest income (expense), net, and income tax provision. Adjusted EBITDA is defined as net income (loss) adjusted to exclude depreciation and amortization expense, interest income (expense), net, and income tax provision, as further adjusted to exclude stock-based compensation expense, fair value adjustments on outstanding warrants, contingent liabilities and embedded derivatives, acquisition costs including legal costs associated with prior acquisitions, and legal settlements, which are items that we believe are not indicative of our core operating performance.
Adjusted EBITDA is a supplemental measure of our performance, is not defined by or presented in accordance with GAAP and should not be considered in isolation or as an alternative to net loss, net loss margin or any other performance measure prepared in accordance with GAAP. Adjusted EBITDA is presented because we believe it provides useful supplemental information to investors, analysts, and rating agencies regarding our operating performance and our capacity to incur and service debt and is frequently used by these parties in evaluating companies in our industry. By presenting Adjusted EBITDA we provide a basis for comparison of our business operations between periods by excluding items that we do not believe are indicative of our core operating performance. We believe that investors’ understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing our ongoing results of operations. Additionally, management uses Adjusted EBITDA as a supplemental measure of our performance because it assists us in comparing the operating performance of our business on a consistent basis between periods, as described above.
Although we use Adjusted EBITDA as described above, Adjusted EBITDA has significant limitations as analytical tools. Some of these limitations include:
•such measure does not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
•such measure does not reflect changes in, or cash requirements for, our working capital needs;
•such measure does not reflect the interest expense, or the cash requirements necessary to service interest or principal payments on our debt;
•such measure does not reflect our tax expense or the cash requirements to pay our taxes;
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•although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and such measure does not reflect any cash requirements for such replacements; and
•other companies in our industry may calculate such measure differently than we do, thereby further limiting its usefulness as comparative measures.
Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using this non-GAAP measure only supplementally. As noted in the table below, Adjusted EBITDA includes adjustments for items that we believe are not indicative of our core operating performance. It is reasonable to expect that these items will occur in future periods. However, we believe these adjustments are appropriate because the amounts recognized can vary significantly from period-to-period, do not directly relate to the ongoing operations of our business and complicate comparisons of our internal operating results between periods and with the operating results of other companies over time. Each of the normal recurring adjustments and other adjustments described in this paragraph and in the reconciliation table below help management with a measure of our core operating performance over time by removing items that are not related to day-to-day operations. Nevertheless, because of the limitations described above, management does not view Adjusted EBITDA in isolation and also uses other measures, such as revenue, operating loss and net loss, to measure operating performance.
Set forth below are reconciliations of the Company’s most directly comparable financial measures calculated in accordance with GAAP to these non-GAAP financial measures.
A reconciliation of the Company’s non-GAAP financial measure guidance to the most directly comparable GAAP financial measure cannot be provided without unreasonable efforts and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation and certain other items reflected in our reconciliation of historical non-GAAP financial measures, the amounts of which could be material.
Website Disclosure
Investors and others should note that MNTN announces material financial and operational information to its investors using press releases, SEC filings and public conference calls and webcasts, as well as its investor relations site at ir.mountain.com. MNTN may also use its website as a distribution channel of material information about the company. In addition, you may automatically receive email alerts and other information about MNTN when you enroll your email address by visiting the “Investor Email Alerts” option under the Resources tab on ir.mountain.com.
Investor Relations Contact
ir@mountain.com
Media Contact
press@mountain.com
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MNTN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
| As of | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 213,899 | $ | 210,160 | |||||||
| Accounts receivable, net | 56,316 | 61,837 | |||||||||
| Prepaid expenses and other current assets | 13,233 | 14,476 | |||||||||
| Total current assets | 283,448 | 286,473 | |||||||||
| Internal use software, net | 19,391 | 17,804 | |||||||||
| Intangible assets, net | 12,064 | 12,722 | |||||||||
| Goodwill | 51,903 | 51,903 | |||||||||
| Deferred tax assets, net | 8,311 | 9,400 | |||||||||
| Total assets | $ | 375,117 | $ | 378,302 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued expenses | $ | 44,321 | $ | 59,543 | |||||||
| Accrued payroll and related liabilities | 3,517 | 3,352 | |||||||||
| Other current liabilities | 4,298 | 5,626 | |||||||||
| Total current liabilities | 52,136 | 68,521 | |||||||||
| Other liabilities, non-current | 4,354 | 4,045 | |||||||||
| Total liabilities | 56,490 | 72,566 | |||||||||
| Stockholders' equity: | |||||||||||
| Common stock | 7 | 7 | |||||||||
| Additional paid-in capital | 581,174 | 577,043 | |||||||||
| Treasury stock | (10,025) | (10,025) | |||||||||
| Notes receivable from employees | (183) | (181) | |||||||||
| Accumulated deficit | (252,346) | (261,108) | |||||||||
| Total stockholders' equity | 318,627 | 305,736 | |||||||||
| Total liabilities and stockholders' equity | $ | 375,117 | $ | 378,302 | |||||||
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MNTN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue | $ | 73,673 | $ | 64,512 | |||||||
| Cost of revenues | 13,653 | 19,835 | |||||||||
| Gross profit | 60,020 | 44,677 | |||||||||
| Operating expenses: | |||||||||||
| Technology and development | 14,611 | 9,608 | |||||||||
| Sales and marketing | 23,697 | 21,664 | |||||||||
| General and administrative | 11,476 | 20,471 | |||||||||
| Amortization of acquired intangibles | 658 | 658 | |||||||||
| Total operating expenses | 50,442 | 52,401 | |||||||||
| Operating income (loss) | 9,578 | (7,724) | |||||||||
| Other income (expense): | |||||||||||
| Interest income (expense), net | 1,877 | (1,155) | |||||||||
| Other income (expense), net | 162 | (16,541) | |||||||||
| Total other income (expense) | 2,039 | (17,696) | |||||||||
| Income (loss) before income tax provision | 11,617 | (25,420) | |||||||||
| Income tax provision | 2,855 | (4,309) | |||||||||
| Net income (loss) | $ | 8,762 | $ | (21,111) | |||||||
| Net income (loss) attributable to common stockholders | $ | 8,762 | $ | (21,111) | |||||||
| Earnings per share: | |||||||||||
| Basic | $ | 0.12 | $ | (1.41) | |||||||
| Diluted | $ | 0.11 | $ | (1.41) | |||||||
| Weighted average shares outstanding: | |||||||||||
| Basic | 73,889,327 | 15,024,100 | |||||||||
| Diluted | 78,899,481 | 15,024,100 | |||||||||
7
MNTN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 8,762 | $ | (21,111) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Stock-based compensation | 3,860 | 14,060 | |||||||||
| Change in value of embedded derivative | — | 16,574 | |||||||||
| Change in value of warrant liabilities | — | (39) | |||||||||
| Change in value of contingent liabilities | (166) | — | |||||||||
| Depreciation and amortization | 2,713 | 2,144 | |||||||||
| Accretion of warrant discount on convertible debt | — | 949 | |||||||||
| Interest accrued on convertible debt and short-term note payable | — | 697 | |||||||||
| Provision for bad debts | 539 | 661 | |||||||||
| Release of indemnification related to QuickFrame Holdback | — | (579) | |||||||||
| Interest income from notes receivable | (54) | (2) | |||||||||
| Provision for deferred income taxes | 1,089 | — | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Accounts receivable | 4,982 | (779) | |||||||||
| Prepaid expenses and other assets | 1,296 | (8,381) | |||||||||
| Accounts payable and accrued expenses | (15,222) | 2,440 | |||||||||
| Accrued payroll and related liabilities | 165 | 186 | |||||||||
| Other liabilities | (853) | (4,851) | |||||||||
| Net cash provided by operating activities | 7,111 | 1,969 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capitalized internal use software costs | (3,438) | (3,013) | |||||||||
| Net cash used in investing activities | (3,438) | (3,013) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from exercises of stock options | 71 | 744 | |||||||||
| Employee taxes paid under stock-based compensation plans | (5) | — | |||||||||
| Net cash provided by financing activities | 66 | 744 | |||||||||
| Net increase (decrease) in cash and cash equivalents | 3,739 | (300) | |||||||||
| Cash and cash equivalents, beginning of period | 210,160 | 82,562 | |||||||||
| Cash and cash equivalents, end of period | $ | 213,899 | $ | 82,262 | |||||||
8
MNTN, INC.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income (loss) | $ | 8,762 | $ | (21,111) | |||||||
| Interest (income) expense, net | (1,877) | 1,155 | |||||||||
| Income tax provision | 2,855 | (4,309) | |||||||||
| Depreciation and amortization expense | 2,713 | 2,144 | |||||||||
| EBITDA | 12,453 | (22,121) | |||||||||
| Stock-based compensation expense | 3,860 | 14,060 | |||||||||
| Fair value adjustments | (166) | 16,535 | |||||||||
| Acquisition costs | 184 | 827 | |||||||||
| Legal settlements | — | 60 | |||||||||
| Adjusted EBITDA | $ | 16,331 | $ | 9,361 | |||||||
9
FAQ
How did MNTN (MNTN) perform financially in Q1 2026?
MNTN delivered strong Q1 2026 results, with revenue of $73.7 million, up 25% year-over-year on an adjusted basis. Gross margin improved to 81%, net income reached $8.8 million, and Adjusted EBITDA increased 74% year-over-year to $16.3 million, or 22% of revenue.
What guidance did MNTN (MNTN) provide for Q2 2026?
For Q2 2026, MNTN expects revenue between $81 million and $83 million, implying roughly 20% year-over-year growth at the midpoint. The company also projects Adjusted EBITDA between $19 million and $22 million, reflecting continued focus on profitable scaling of its Connected TV platform.
What is MNTN’s full year 2026 outlook for revenue and Adjusted EBITDA?
For full year 2026, MNTN forecasts revenue of $347–$357 million, representing about 24% year-over-year growth excluding the Maximum Effort divestiture and 21% on a GAAP basis. Adjusted EBITDA is expected between $96 million and $101 million, indicating plans for sustained profitability.
How profitable was MNTN’s business model in Q1 2026?
MNTN showed notable profitability in Q1 2026, generating $8.8 million of net income and $16.3 million of Adjusted EBITDA. Adjusted EBITDA margin was 22%, up from 15% a year earlier, while gross margin expanded to 81%, reflecting improved efficiency and operating leverage.
What is MNTN’s cash and debt position after Q1 2026?
At March 31, 2026, MNTN held $213.9 million in cash and cash equivalents and reported no borrowings outstanding. This strong net cash position gives the company flexibility to invest in technology, sales, and marketing while maintaining a disciplined focus on profitability.
How is MNTN’s customer base evolving, particularly for Performance TV?
MNTN’s Performance TV customer base continues to expand. Trailing twelve month active PTV customers increased to 3,874 by Q1 2026, up from 2,647 a year earlier. Management highlighted strong adoption among small and mid-sized businesses using Connected TV as a measurable performance channel.