Core Insights - MNTN, Inc. is recognized as one of the 15 Best Small Cap Stocks to Buy according to Wall Street [1] - The company reported strong fourth-quarter results, with revenue of $87.1 million, slightly exceeding the consensus estimate of $86.18 million, and achieved a 36% year-over-year revenue growth for both the quarter and the full year [2][3] Financial Performance - Evercore ISI lowered its price target on MNTN to $27 from $33 while maintaining an Outperform rating, following a "solid beat-and-raise" fourth-quarter report [2][6] - Susquehanna reduced its price target to $20 from $38 but kept a Positive rating, citing strong fourth-quarter results and guidance for 2026 that exceeded expectations [3] Business Model and Growth Drivers - MNTN operates a technology platform focused on performance marketing for Connected TV through a self-serve ad buying system [4] - The company attributes its revenue growth to the Performance TV platform and highlights AI as a core component, with tools like MNTN Matched, QuickFrame AI, and AI-driven media planning aimed at enhancing TV advertising performance [3] Strategic Focus - Management emphasized customer growth, margin expansion, and ongoing product innovation as key factors supporting profitable growth [3]

Core Insights - The company is leveraging AI tools across various business functions, including coding, sales, and marketing, to enhance efficiency and reduce costs [1][2] - AI-generated content is significantly lowering production costs, with an example showing a video that would have cost $75,000 and taken six weeks to produce now being created in under a day for just $500 [3][5] - The company aims to democratize television advertising, making it accessible for small and mid-sized businesses by improving the quality and affordability of creative content [6][8] AI Utilization - The introduction of QuickFrame AI allows customers to create commercials faster and at a lower cost, demonstrating the transformative impact of AI on the advertising industry [2][5] - The production cost for AI-generated content has decreased dramatically, while the volume of content being produced has increased, leading to more opportunities for creators [5][6] Market Dynamics - The media industry is witnessing growth driven by small and mid-sized businesses, which are increasingly embracing high-quality creative content produced by AI tools [8] - There is a growing demand for transparency regarding AI-generated content, with suggestions for identifying such content in marketing materials [9] Competitive Landscape - Netflix is seen as a potential acquirer of Warner Brothers, with its ad business presenting a significant backlog of revenue opportunities as more subscribers opt for ad-supported tiers [11] - The cost of airing ads on platforms like Netflix is becoming more attractive for small businesses, comparable to costs on social media platforms like Instagram and TikTok [12][13]

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue growth of 36% year-over-year, with full year revenue also increasing by 36% [3][15] - Fourth quarter gross margins improved to 82%, up 530 basis points, while full year gross margins increased to 77%, up 560 basis points year-over-year [16][19] - Adjusted EBITDA for the fourth quarter was $28.1 million, up from $20.7 million in Q4 of 2024, representing a 36% increase [19] - The company achieved positive net income of $34.5 million for the fourth quarter, with a GAAP EPS of $0.47, while reporting a net loss of $6.4 million for the full year [18][19] Business Line Data and Key Metrics Changes - The core Performance TV (PTV) business saw gross margin improvements of over 300 basis points, contributing to overall margin growth [16] - The number of active PTV customers grew to 3,632, representing a 63% increase year-over-year [16][18] Market Data and Key Metrics Changes - The company generated over $18 billion in revenue for its customers in 2025, indicating strong market demand for connected TV advertising [6] - The expansion rate, measuring customer spend compared to the previous year, remained well above 115%, showing healthy customer retention and growth [18] Company Strategy and Development Direction - The company aims to democratize television advertising, focusing on small and mid-sized businesses (SMBs) and leveraging performance marketing [3][12] - Continued investment in AI technology, including QuickFrame AI, is a key part of the strategy to enhance customer experience and drive performance [8][26] - The company is focused on moving down-market to capture more SMB opportunities, which is seen as a significant growth area [17][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the performance TV market and the company's ability to capture market share [23][88] - The company plans to continue investing strategically in sales, marketing, and technology to support future revenue growth while maintaining profitability [20][48] Other Important Information - The company ended the quarter with $210 million in cash and cash equivalents, with no outstanding borrowings [20] - For Q1 2026, the company expects revenue in the range of $71.3 million to $73.3 million, representing 22.3% year-over-year growth [21][22] Q&A Session Summary Question: How does the company plan to continue driving growth? - Management highlighted the focus on the Performance TV market, moving down-market, and AI initiatives as key drivers for future growth [25][26] Question: What are the characteristics of new customers? - The company is focusing on SMBs, particularly in e-commerce and travel, with a growing presence of performance agencies [29][30] Question: Can you provide insights on QuickFrame AI? - QuickFrame AI has seen strong adoption, enabling faster and more cost-effective video ad creation for customers [37][38] Question: What are the benefits of the new sales force? - The new sales force is expected to drive future revenue growth by focusing on both mid-sized and small businesses [41][66] Question: How does the company measure attribution in CTV? - The company utilizes Verified Visits and an Identity Graph to provide comprehensive attribution measurement for its customers [61][62] Question: What is the long-term target for margins? - The long-term target for gross margin is 75%-80%, and for Adjusted EBITDA margin, it is 35%-40% [76][77]

Financial Data and Key Metrics Changes - The company reported a fourth quarter revenue growth of 36% year-over-year, with full year revenue also increasing by 36% [3][15] - Fourth quarter gross margins improved to 82%, up 530 basis points, while full year gross margins increased to 77%, up 560 basis points year-over-year [16][19] - Adjusted EBITDA for the fourth quarter was $28.1 million, up from $20.7 million in Q4 of 2024, representing a 36% increase [19] - The company achieved positive net income of $34.5 million for the fourth quarter, with a GAAP EPS of $0.47, while reporting a net loss of $6.4 million for the full year [18][19] Business Line Data and Key Metrics Changes - The core Performance TV (PTV) business improved gross margins by over 300 basis points, contributing to the overall margin improvements [16] - The number of active PTV customers grew to 3,632, representing a 63% increase year-over-year [16][18] Market Data and Key Metrics Changes - The company generated over $18 billion in revenue for its customers in 2025, indicating strong market demand for connected TV advertising [6] - The expansion rate, measuring the spend of current customers compared to the previous year, remained well above 115%, showing continued customer investment [18] Company Strategy and Development Direction - The company aims to democratize television advertising, focusing on small and mid-sized businesses (SMBs) and leveraging performance marketing [3][12] - Continued investment in AI technology, including tools like QuickFrame AI, is a key part of the strategy to enhance customer experience and drive performance [8][26] - The company is focused on moving down-market to capture more SMB opportunities, which is seen as a significant growth area [17][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum and the underlying health of the business, anticipating continued growth in the performance television market [20][23] - The company expects Q1 2026 revenue in the range of $71.3 million to $73.3 million, representing a 22.3% year-over-year growth at the midpoint [21][22] Other Important Information - The company ended the quarter with $210 million in cash and cash equivalents, with no borrowings outstanding, indicating a strong balance sheet [20] - The company plans to continue investing strategically in sales and marketing, as well as technology and development, to support future revenue growth [20][48] Q&A Session Summary Question: How does the company plan to continue driving growth? - Management highlighted the focus on the Performance TV market, moving down-market towards smaller businesses, and AI initiatives as key growth drivers [25] Question: What are the characteristics of new customers? - New customers are primarily small- and mid-sized businesses in e-commerce and travel, with a growing number of performance agencies also joining [29] Question: Can you provide insights on QuickFrame AI? - QuickFrame AI has seen strong adoption, enabling customers to create TV commercials faster and at lower costs, with ongoing improvements based on user feedback [37] Question: What are the benefits of adding more sales force? - The new sales hires are focused on both mid-sized and small businesses, aiming to drive future revenue growth [41] Question: How does the company measure attribution in CTV? - The company utilizes Verified Visits and an Identity Graph to provide comprehensive attribution measurement, connecting viewing data across devices [61] Question: What is the long-term target for margins? - The long-term target for gross margin is 75%-80%, and for Adjusted EBITDA margin, it is 35%-40% [76]

Financial Data and Key Metrics Changes - The company reported a fourth quarter revenue growth of 36% year-over-year, with full year revenue also increasing by 36% [3][13] - Fourth quarter gross margins improved to 82%, up 530 basis points, while full year gross margins increased to 77%, up 560 basis points year-over-year [15][18] - Adjusted EBITDA for the fourth quarter was $28.1 million, up from $20.7 million in Q4 of 2024, reflecting a 36% increase [18] - The company achieved positive net income of $34.5 million for the fourth quarter, with a GAAP EPS of $0.47, while reporting a net loss of $6.4 million for the full year [17][18] Business Line Data and Key Metrics Changes - The number of active PTV customers reached 3,632, representing a year-over-year growth of 63% [15] - The company has made significant inroads into the SMB market, indicating a strong applicability of its platform across various company sizes [16] Market Data and Key Metrics Changes - MNTN campaigns generated over $18 billion in revenue for customers in 2025, showcasing the effectiveness of its advertising platform [5] - The company is focused on performance marketing, targeting small and mid-sized businesses, particularly in e-commerce and travel [27] Company Strategy and Development Direction - MNTN aims to democratize television advertising by focusing on performance marketing rather than traditional brand advertising [3][4] - The company is leveraging AI technology to enhance customer targeting and campaign management, with initiatives like QuickFrame AI to streamline the ad creation process [6][24] - MNTN is committed to expanding its market share in the performance television sector while continuing to innovate and improve its platform [11][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum and the underlying health of the business, anticipating continued growth and profitability [19][21] - The company expects Q1 2026 revenue in the range of $71.3 million to $73.3 million, representing a 22.3% year-over-year growth [20] Other Important Information - The company ended the quarter with $210 million in cash and cash equivalents, with no borrowings outstanding [19] - MNTN is focused on maintaining a strong balance sheet while investing strategically in sales, marketing, and technology [19][46] Q&A Session Summary Question: How does the company plan to continue driving growth? - Management highlighted the focus on the Performance TV market, sales, marketing, and product initiatives as key drivers for future growth [23] Question: Can you provide insights on new customers? - The company is focusing on small and mid-sized businesses, predominantly in e-commerce and travel, with a growing segment of performance agencies [27] Question: What improvements have been seen with QuickFrame AI? - QuickFrame AI has enabled faster ad creation and increased adoption among new and existing customers, enhancing the overall customer experience [35] Question: What is the focus of the new sales and marketing hires? - The new hires are primarily focused on the SMB market, aiming to drive demos and revenue growth [38] Question: How does the company measure attribution in CTV? - MNTN utilizes Verified Visits and an Identity Graph to provide comprehensive attribution measurement, connecting various devices to track ad effectiveness [59] Question: What are the expectations for gross margins moving forward? - The long-term target for gross margins is set at 75%-80%, with expectations for continued revenue growth to support margin expansion [74]

Investor Presentation. February 2026 Disclaimer. Forward-Looking Statements This presentation 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 state ...

Core Insights - MNTN has partnered with Magnite to allow advertisers to reach audiences during live sports and high-engagement programming for the first time [1][2][3] Group 1: Partnership Details - The partnership enables MNTN advertisers, 97% of whom have never advertised on TV before, to engage with audiences watching live content from major publishers [2] - The collaboration allows for high-impact ad formats native to streaming, including home screen placements and pause ads [2][3] - This integration aims to create new revenue opportunities for publishers and enhance the effectiveness of streaming TV advertising [3] Group 2: Market Context - Streaming has surpassed linear TV viewership, increasing demand for premium live content from both advertisers and consumers [2] - Live sports and events are highlighted as powerful moments for advertising, with real-time targeting and measurement capabilities provided by streaming [3] Group 3: Company Background - MNTN is recognized for its innovative approach to Connected TV advertising, making it easier for brands to run TV ads and drive measurable results [5] - Magnite is the largest independent sell-side advertising company, facilitating monetization across various formats including CTV and online video [6]

Core Insights - MNTN has partnered with Magnite to provide advertisers access to premium live sports, breaking news, and on-demand streaming inventory, marking a significant expansion in advertising capabilities for MNTN users [1][2]. Group 1: Partnership Details - The collaboration allows MNTN advertisers, 97% of whom have never advertised on TV before, to engage audiences during live content from major publishers [2]. - The partnership includes high-impact ad formats native to streaming, such as home screen placements and pause ads, enhancing the advertising experience [2][3]. - This integration aims to create new revenue opportunities for publishers and allows performance-driven marketers to enter the streaming space at scale [3]. Group 2: Market Context - Streaming has surpassed linear TV viewership, leading to increased demand for premium live content from both advertisers and consumers [2]. - Live sports and events are highlighted as powerful moments for advertising, with real-time targeting and measurement capabilities provided by streaming [3]. Group 3: Technological Advancements - MNTN and Magnite are focused on making streaming TV more transparent, measurable, and effective, including the development of an AI-driven contextual taxonomy for improved targeting accuracy [3].

Core Viewpoint - MNTN will release its financial results for Q4 and the full year ended December 31, 2025 on February 10, 2026, after US market close [1] Group 1: Financial Results Announcement - MNTN's financial results will be announced after the close of US markets on February 10, 2026 [1] - A live webcast will be hosted by MNTN management to discuss the results and provide a business update on the same day at 4:30 p.m. Eastern Time [1][2] Group 2: Webcast Details - The live webcast can be accessed through the MNTN investor relations website, with pre-registration available [2] - A replay of the webcast will be available on the investor relations website shortly after the call and will remain accessible for at least seven days [2] Group 3: Company Overview - MNTN is a technology platform focused on performance marketing for Connected TV, offering self-serve technology that simplifies TV advertising [3] - The company has been recognized as one of Fast Company's Most Innovative Companies and featured in INC's Best in Business Issue [3]

Core Insights - MNTN has been recognized as one of the 2026 Ad Age Best Places to Work, highlighting its excellence in various factors such as pay, benefits, corporate culture, and leadership [1] Company Recognition - The annual ranking by Ad Age was revealed on January 20, featuring a profile on each of the 50 winners, with MNTN being distinguished for its performance marketing capabilities in Connected TV [1]