MNTN, Inc Class A

MNTN reported Q2 revenue of $82.5 million, up 21% year over year, and adjusted EBITDA of $21.5 million, up 48% from $14.5 million in Q2 2025. Gross margin was 80%, up 350 basis points year over year, and GAAP EPS was $0.09 on positive net income of $6.7 million. Active PTV customers reached 4,225, up approximately 40% year over year, and expansion rate remained “well north of 115%.” For Q3 2026, management guided to revenue of $86 million to $89 million and adjusted EBITDA of $22 million to $25 million. For full-year 2026, the company reiterated revenue of $347 million to $357 million, excluding the impact of the Maximum Effort divestiture, and adjusted EBITDA of $96 million to $101 million.

Mark Douglas framed the quarter as evidence that Performance TV is moving from an early-adopter market toward mainstream adoption. He emphasized three priorities: expanding products and AI, broadening access to premium television, and strengthening go-to-market execution, saying the company is now built to scale those efforts. He also pointed to Express, Premium inventory, and QuickFrame AI as important but still early growth drivers, with the bigger contribution expected in 2027.

Patrick Pohlen said the quarter exceeded the midpoint of guidance, with revenue of $82.5 million and adjusted EBITDA of $21.5 million. He highlighted gross margin expansion to 80%, adjusted EBITDA margin of 26.1%, and total operating expenses of $59.2 million. He also noted a strong balance sheet with $237.3 million in cash and cash equivalents and no borrowings outstanding, and disclosed a board-authorized stock repurchase program of up to $100 million through August 5, 2027. Despite the profit improvement, he said the top priority remains disciplined investment in growth, especially sales and marketing.

Analysts pressed management on how SMB go-to-market, Express, and Premium would affect growth and cost structure, and Mark Douglas said those segments are small today but should matter more in 2027 as adoption scales. Questions also focused on industry consolidation, where Douglas argued it validates the category and creates more awareness and “green space” for MNTN. On QuickFrame AI, he said the product is intended to stand on its own, is currently free, is gross-margin neutral overall, and can funnel users into Performance TV through cross-sell. Management also said political spending should have little direct impact because MNTN relies on direct private-marketplace deals rather than open-market inventory.