Summary of MNTN Conference Call Company Overview - **Company**: MNTN - **Industry**: Connected TV (CTV) Advertising Key Points Market Opportunity - MNTN identifies a significant market in television advertising, noting that 5.5 billion people watch TV, more than those who drive automobiles [4][4] - The company has created a new Total Addressable Market (TAM) by enabling small and mid-sized businesses (SMBs) to access television advertising, with 97% of MNTN's customers being new to TV advertising [4][4] Customer Acquisition Strategy - MNTN estimates that approximately 1.5 million small businesses in the U.S. can utilize streaming TV for advertising [5][5] - The platform is designed to attract customers by focusing on their desire for new traffic rather than just TV ads [5][5] - MNTN's primary lead generation comes from streaming its own branded TV commercials, leading to organic customer acquisition [9][9] Customer Engagement and Performance Metrics - Customers typically measure success through Return on Ad Spend (ROAS), aiming for a common target of $3,000 in revenue for every $1,000 spent [9][9] - The platform allows customers to create campaigns and measure their impact, which encourages increased spending as they see positive results [9][9] Creative Solutions - MNTN has introduced Quick Frame AI, significantly reducing the time and cost to create TV ads, making it accessible for SMBs [17][18] - The cost of creating a TV ad has decreased from thousands of dollars to hundreds, and the time required has been reduced from 40 days to less than a day [17][18] Competitive Landscape - MNTN emphasizes that the fastest-growing segment of the CTV industry is SMBs, which they have helped to create [20][20] - The company focuses on optimizing ad placements and measuring performance across various metrics, including audience engagement and revenue generation [21][21] Financial Performance - MNTN reported a gross margin increase of 7% year-over-year, with adjusted EBITDA margins expected to expand alongside revenue growth [46][46] Future Growth and Market Position - MNTN aims to continue expanding its market share by focusing on performance marketing for SMBs rather than competing in the enterprise space [51][51] - The company is committed to investing in technology and AI to enhance its platform and maintain its competitive edge [32][32] Misconceptions and Market Dynamics - A common misconception among investors is comparing MNTN to larger companies in the industry; MNTN's unique position is highlighted by the fact that 97% of its customers are new to TV advertising [61][61] - The company believes that while larger brands may dominate initial advertising budgets, the growth potential for SMBs remains significant and sustainable [63][63] Conclusion - MNTN is positioned as a leader in the CTV advertising space for SMBs, leveraging technology to provide accessible and effective advertising solutions, with a strong focus on performance metrics and customer satisfaction [4][4][20][20]

Core Insights - MNTN has been recognized as a 2025 Inc. Power Partner Award winner, highlighting its role in supporting entrepreneurs and aiding company growth in the B2B sector [1][2]. Company Overview - MNTN is a technology platform focused on performance marketing for Connected TV, making television advertising accessible and measurable for businesses [2][7]. - The company aims to simplify TV advertising, allowing brands to generate traffic, leads, and revenue effectively [4][7]. Recognition and Impact - The Inc. Power Partner Awards honor B2B organizations that excel in assisting startups and entrepreneurs across various business aspects, including hiring, compliance, and fundraising [3][4]. - MNTN's recognition reflects its commitment to helping small businesses navigate the complexities of advertising and marketing [4][5]. Innovations and Developments - MNTN has introduced QuickFrame AI, a creative orchestration engine that enables marketers to create complete TV commercials in minutes, enhancing the efficiency of ad production [5][14]. - The company has expanded its Partner Program to include over 40 leading performance marketing agencies, further solidifying its position in the market [5]. Market Position - MNTN's technology has allowed 97% of its brands to engage in television advertising for the first time, indicating a significant shift in the advertising landscape [5]. - The company continues to innovate with advancements in targeting technology and attribution systems, aiming to redefine advertising possibilities on television [5].

Financial Data and Key Metrics Changes - The company reported Q3 revenue of $70 million, representing a 31% year-over-year increase after adjusting for the divestiture of Maximum Effort [13] - Gross margin increased to 79%, up from 72% in Q3 of 2024, reflecting a 720 basis point improvement [14] - Adjusted EBITDA was $16 million, a 52.9% increase from $10.5 million in Q3 of 2024, with an adjusted EBITDA margin of 22.8% [16] Business Line Data and Key Metrics Changes - The Performance TV business averaged 39% year-over-year growth over the past six quarters [9] - The number of active Performance TV customers grew by 67% year-over-year, reaching 3,316 [15] - The average revenue per user (ARPU) for Q3 was $20,904, consistent with expectations [15] Market Data and Key Metrics Changes - The company is focused on small and medium-sized businesses, which now account for 15% of revenue, up from 6% in Q4 of the previous year [30] - The expansion rate for existing customers remains well above 115%, indicating strong customer retention and increased spending [15] Company Strategy and Development Direction - MNTN aims to democratize television advertising for small and medium-sized businesses, which have historically been excluded from TV advertising [3][4] - The company has built a self-serve platform that allows advertisers to launch and manage campaigns across over 200 premium streaming networks [5][11] - The introduction of QuickFrame AI is expected to lower creative costs and accelerate the ad creation process, enhancing customer engagement [8][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum and the underlying health of the business, expecting Q4 revenue between $85.5 million and $86.5 million, representing a 34% year-over-year growth rate at the midpoint [17] - The company anticipates continued growth in the performance TV market, driven by increased customer adoption and improved marketing efficiency [19][20] Other Important Information - The company ended Q3 with $179 million in cash and cash equivalents and no debt outstanding [16] - The divestiture of Maximum Effort has positively impacted gross margins, contributing to the overall financial performance [14][42] Q&A Session Summary Question: What is driving the high growth rate in CTV? - Management highlighted accelerating new customer growth, improved targeting technology, and the launch of QuickFrame AI as key drivers of growth [19][20] Question: What impact do you expect from the QuickFrame AI launch? - QuickFrame AI is expected to shorten the time to go live for customers, lower creative costs, and increase the volume of creative produced [22][23] Question: Can you discuss the Q4 revenue guidance and its drivers? - The guidance reflects strong seasonal performance and ongoing customer acquisition efforts, with expectations for continued growth in the business [25][26] Question: How is the agency business performing? - The agency channel has grown organically, with a dedicated team now in place to support independent agencies focused on performance marketing [32][36] Question: What role do SSP partnerships play in your strategy? - SSP partnerships help fill gaps in supply relationships and enhance access to premium content, which is crucial for customer satisfaction [38][39]

Investor Presentation. November 2025 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 ...

Group 1 - MNTN, Inc. is perceived as a company with strong potential that is currently undervalued in the market, with Jim Cramer expressing surprise at its underperformance [1][2] - The company provides a technology platform for performance marketing on Connected TV, enabling brands to run TV ads efficiently and achieve measurable results [2] - Cramer believes MNTN is a good investment opportunity, stating he likes the stock at $20 and still supports it at $15, despite acknowledging past misjudgments [2] Group 2 - There is a suggestion that while MNTN has potential, other AI stocks may offer better upside potential and lower downside risk [2]

Core Insights - AI is significantly enhancing the targeting capabilities in advertising, allowing companies to better identify the audience for their ads [2][5] - The introduction of AI in advertising is also fostering more creative approaches, enabling businesses to experiment with different messaging [3][4] - Major companies are reporting substantial revenue growth attributed to effective advertising strategies powered by AI [5][6] Company Performance - Amazon reported $17.7 billion in revenue last quarter, reflecting a 24% year-on-year increase [5] - Meta's ad revenue reached $50 billion, up 26% year-on-year [5] - Alphabet generated $74 billion in revenue, marking a 13% year-on-year growth [5] Advertising Metrics - The key metric for advertising success is return on ad spend (ROAS), which measures the revenue generated from a campaign relative to its cost [6][7] - A typical example of ROAS is a 3 to 1 return, where $100,000 spent on advertising yields $300,000 in revenue [7] - As companies demonstrate higher returns, they are likely to allocate more budget towards advertising [8] Future Trends - The trend towards personalized advertising is already underway, with advancements expected to allow individual ads to be delivered to viewers even during large events like the Super Bowl [9]

Core Viewpoint - MNTN has launched QuickFrame AI, a video-production platform aimed at democratizing the creation of high-quality ads for various media, including TV and social platforms [1] Company Summary - MNTN is a technology platform focused on performance marketing for Connected TV [1] - The CEO and technical founder, Mark Douglas, emphasized that the traditional TV industry caters primarily to the top 200 advertisers, indicating a gap that MNTN aims to fill [1] Product Summary - QuickFrame AI is described as an all-in-one platform that allows users to create complete, studio-quality advertisements in a matter of minutes [1] - The platform is designed to be accessible to a broader range of advertisers beyond the traditional top-tier clients [1]

Core Viewpoint - MNTN, Inc. is viewed as a potentially undervalued stock with good long-term prospects despite recent performance issues [1][2]. Company Overview - MNTN, Inc. operates a platform that facilitates performance marketing for Connected TV, enabling brands to run and track TV advertisements [2]. Recent Performance - The last quarter's performance for MNTN was not favorable, but the company is still considered to have a strong product offering [2]. Investment Sentiment - Jim Cramer expressed a positive outlook on MNTN, indicating that he believes it is a good company and a bargain at its current price of $15, having previously liked it at $20 [1][2]. - There is an inclination to invest in MNTN due to its potential to attract small and medium-sized advertisers [2]. Market Context - While MNTN shows promise, there are other AI stocks that may present greater upside potential and lower downside risk [2].

Core Insights - PubMatic (PUBM) has formed a strategic partnership with MNTN (MNTN) to enhance access to premium Connected TV (CTV) advertising for performance-focused marketers [1] - The partnership aims to address the substantial advertiser demand that has not yet engaged with CTV due to inadequate infrastructure [1] - The collaboration is expected to provide advertisers with the same level of data, control, and accountability that they experience in other digital advertising channels like search, social, and display [1] Group 1 - The partnership is designed to enable performance-focused marketers to access high-quality streaming environments through PubMatic's direct connections with premium publishers [1] - MNTN's COO, Chris Innes, emphasized that the revenue growth observed by publishers validates the effectiveness of this approach for all stakeholders involved [1] - Nicole Scaglione, VP of CTV at PubMatic, noted that the model not only supports sustainable revenue growth for publishers but also meets the premium brand-safe environment and accountability needs of advertisers [1]

Core Insights - The partnership between PubMatic and MNTN democratizes access to premium Connected TV (CTV) advertising for performance-focused marketers, resulting in a 10% revenue uplift for publishers due to a 14% increase in unique advertiser demand [1][6][11] Group 1: Partnership Impact - The collaboration provides MNTN's self-serve Performance TV platform with direct access to top-tier streaming publishers, enhancing the advertising landscape for marketers [1][5] - MNTN's customer base is largely new to CTV, with 97% of advertisers being entirely new participants, indicating significant market expansion [1][6] - The partnership addresses critical growth challenges for publishers by expanding revenue sources beyond traditional advertiser segments while maintaining brand safety and inventory quality [6][7] Group 2: Market Opportunity - The U.S. CTV ad spend is projected to reach $36.87 billion by 2025, presenting a substantial growth opportunity, particularly for small and mid-size businesses [8] - A significant portion of advertisers (73%) view measurement and attribution as top challenges in CTV, while 68% require transparency in ad placements, which this partnership aims to resolve [9][10] Group 3: Value Creation - MNTN's platform offers auto-optimized CTV campaigns that provide accountability, while PubMatic ensures transparent supply-path connections, enhancing advertiser confidence [4][5] - The partnership allows publishers to achieve sustainable revenue growth from previously inaccessible advertiser segments, diversifying income streams without cannibalizing existing demand [7][11]