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    MNTN
    Earnings call· Jun 2026(Q2 FY26)

    MNTN Q2 FY26 earnings call MNTN

    Aug 4, 2026 Source

    Executive summary

    MNTN, Inc. Q2 FY26 — Strong Revenue and Adjusted EBITDA Growth Driven by Performance TV Adoption

    MNTN delivered strong Q2 FY26 results, exceeding guidance midpoints for revenue and adjusted EBITDA, driven by increasing adoption of its Performance TV platform. The company is expanding its product suite with AI-powered tools and tiered offerings for SMBs, while strengthening its go-to-market strategy to capitalize on the mainstream shift of Performance TV. Management reiterated its full-year outlook, focusing on continued investment for growth.

    Highlights

    5

    • Revenue reached $82.5 million, representing 21% year-over-year growth.

    • Adjusted EBITDA increased to $21.5 million, up 48% year-over-year.

    • Gross margins improved to 80%, an increase of 350 basis points over the prior year.

    • Adjusted EBITDA margin grew to 26.1%, up 490 basis points compared to Q2 FY25.

    • Active PTV customers grew approximately 40% year-over-year to 4,225.

    Concerns

    1

    • CPM volatility from political spending

    Guidance & targets

    5
    CategoryTargetConfidence
    Q3 FY26 Revenue
    $86 million to $89 million
    high materiality
    High
    Q3 FY26 Adjusted EBITDA
    $22 million to $25 million
    high materiality
    High
    Full-year 2026 Revenue
    $347 million to $357 million
    high materiality
    High
    Full-year 2026 Adjusted EBITDA
    $96 million to $101 million
    high materiality
    High
    Stock Repurchase Program
    up to $100 million
    medium materiality
    High

    Operational metrics

    8
    Gross margin
    80%up 350 basis points over prior year
    Q2 2026

    Improved from prior year period.

    Adjusted EBITDA margin
    26.1%up 490 basis points compared to Q2 2025
    Q2 2026

    Improvement reflects higher revenue and expanding gross margins.

    Shares outstanding
    74.2 million
    Q2 2026 end

    As of quarter end.

    Stock repurchase program authorization
    $100 million
    through August 5, 2027

    Authorized by Board of Directors for Class A common stock.

    Expansion rate
    well north of 115%
    Q2 2026

    Measures the spend of current customers compared to those same customers' spend a year ago, demonstrating continued budget increases.

    Express signups
    7,000
    first 120 days since launch

    Hundreds of these signups have become paying customers.

    Quick Frame AI signups
    37,000bringing year-to-date to over 73,000
    Q2 2026

    Used by diverse businesses across various industries to create television-ready advertising.

    Private marketplace deals
    over 99%
    current

    Represents direct deals with networks, providing pre-negotiated pricing and shielding from open market volatility.

    Industry KPIs

    7
    MetricValueDetails
    Total revenue$82.5 millionUSD
    Net income EPS$6.7 million (net income), $0.09 (GAAP EPS)USD
    Adjusted EBITDA$21.5 millionUSD
    Total operating expenses$59.2 millionUSD
    Content title performanceFIFA World Cup games, March Madness, MLB, NBA, NHL, NFL
    Cash marketable securities$237 millionUSD
    Ai product feature adoption7,000 (Express signups), 37,000 (Quick Frame AI signups in Q2)signups

    Product announcements

    2
    ProductTypeDetails
    Mountain Expresslaunch
    Performance TV Platform (Pro and Premium tiers)update

    Risks & headwinds

    1
    CPM volatility from political spendingsecond half of the year

    not much of a direct impact on Mountain

    Mitigation: MNTN's direct deals with media companies (over 99% private marketplace deals) have pre-negotiated pricing, shielding them from volatility seen in the open market.

    What to watch in Q3 FY26

    4

    Revenue contribution from Express

    2027
    Currentsmall today
    Targetmeaningful contributor to growth

    Why it matters

    Indicates the success of MNTN's expansion into the small business market, a key growth driver for future periods.

    The revenue contribution from Express is small today in comparison to Mountain's overall business, but it's growing quickly and I believe will be a meaningful contributor to growth as we enter 2027.

    Q&A highlights

    5

    How will go-to-market investments, Express, and Premium impact revenue growth this year and next? What is the impact of industry consolidation on the PTV opportunity?

    Express and Premium are contributing now, but a larger impact is expected in 2027 due to rapid growth from a small base. Industry consolidation validates the market and creates more opportunities for MNTN by increasing market awareness.

    “I think for next year, we see a really big opportunity because they're small now, but growing virtually. very quickly. And so I think you should look to 2027 to really start to see the larger impact coming from these two segments of the overall SMB opportunity.”

    asked by Cheyenne Patil · answered by Mark Douglas

    2 min read5 chapters

    Detailed Narrative

    01

    Performance TV Market Evolution

    MNTN's core business, Performance TV, is transitioning from an early adopter market to a mainstream component of the marketing mix. This shift presents a significant opportunity for the company, which created the category by enabling businesses to reach specific consumers across premium streaming inventory and measure advertising's revenue impact. MNTN aims to capture this market expansion by scaling its products and go-to-market efforts.

    02

    Product Expansion and AI Investment

    The company has expanded its Performance TV platform into three distinct tiers—Express, Pro, and Premium—to cater to small, mid-market, and upper mid-market businesses, respectively. Mountain Express, launched April 1st, is designed for small businesses and has garnered over 7,000 signups. MNTN is also heavily investing in AI, embedding agentic AI technology into its platform for mid-sized customers and leveraging Quick Frame AI to lower creative barriers and increase launch rates for TV-ready advertising, with over 73,000 signups year-to-date.

    03

    Broadening Access to Premium Inventory

    MNTN is focused on providing its customers, including SMBs, with guaranteed access to premium television inventory, a capability historically reserved for larger brands. This includes ad placement alongside major sports leagues and events like the FIFA World Cup, March Madness, MLB, NBA, NHL, and soon the NFL. This strategy differentiates MNTN, improves ad performance due to higher co-viewing, and validates its market leadership.

    04

    Strengthening Go-to-Market Organization

    To fuel new customer growth, MNTN has strengthened its go-to-market organization, adding leadership in sales, marketing, and business development. The company has also built vertical teams to better understand the specific economics and needs of various industries. These strategic investments are expected to contribute to stronger growth in the second half of 2026 and significantly in 2027.

    05

    Industry Consolidation and Opportunity

    Management views recent consolidation within the industry as a positive development. They believe it validates the overall opportunity in the Performance TV market and creates increased market awareness. For MNTN, which is purpose-built for the SMB segment, this consolidation is seen as creating 'green space' and further opportunities for the company to execute its differentiated strategy.

    AI-generated summary of the company’s earnings call. Not investment advice.