MNTN, Inc. (MNTN)

Price$13.00Cached quoteAs of 2026-09-04 16:23 UTC

AI: Undervalued

Valuation looks modest relative to growth, margins and net cashAt $11.53 and roughly 74.2 million June-end economic shares across Class A and Class B, MNTN has an equity value near $856 million and an enterprise value near $618 million after $237.3 million of cash and no borrowings.

Against 2026 guidance of $347-$357 million revenue and $96-$101 million adjusted EBITDA, the shares imply about 1.8x midpoint EV/revenue and 6.3x EV/adjusted EBITDA. Q2 revenue grew 21% and adjusted EBITDA grew 48%, while gross margin reached 80%. Those multiples are relatively low for a profitable, debt-free advertising software company still growing above 20%, supporting an Undervalued assessment while recognizing dilution and execution risks.

Customer growth is strong, but revenue is usage-based rather than contractually Performance TV is a self-serve connected-TV platform that combines targeting, automated media buying, attribution and optimization, primarily for small and midsized advertisers.

Trailing-twelve-month active Performance TV customers reached 4,225 in Q2, up 40% from 3,020 a year earlier. Q2 PTV revenue growth was driven by customer additions, although average spend per customer declined as MNTN expanded deeper into smaller businesses. Revenue is primarily usage-based on campaign ad spend, and almost all customers lack committed contracts, so it should not be treated like SaaS ARR. No individual customer exceeded 10% of revenue, but the top ten generated about 20% of first-half revenue.

Margins and cash generation are scaling with the platformMNTN is converting growth into stronger operating profitability and cash flow while maintaining substantial financial flexibility.

FY2025 revenue increased 28.6% to $290.1 million, gross margin expanded to 77.2% and operating income improved to $24.0 million from a $1.6 million loss. First-half 2026 revenue rose 17.5% to $156.2 million, operating income reached $16.7 million and operating cash flow nearly doubled to $34.0 million. Q2 adjusted EBITDA margin was 26%. The company ended June with $237.3 million cash, no debt and $48.5 million of unused revolver capacity, and authorized a $100 million stock-repurchase program in August.

AI and CTV tailwinds are attractive, but competition and dilution are substantiaQuickFrame AI and MNTN Matched lower creative and targeting barriers as digital-video advertising expands, but the company competes for advertiser budgets, data and premium streaming inventory in a fast-changing market.

QuickFrame AI 3.0 is now broadly available with AI-assisted ideation, storyboarding, editing and multi-model video creation, while Adobe integrated QuickFrame AI into GenStudio. IAB projects U.S. digital-video ad spend above $80 billion in 2026 and CTV growth around 11%, providing a favorable demand backdrop. Risks include social video growing faster than CTV, privacy and identifier changes, larger competitors with first-party data, advertiser cyclicality and sales execution. First-half stock compensation was $12.6 million, approximately 21.9 million Class A and Class B options were outstanding at June 30, and another 11.7 million Class A shares were available under the incentive plan, creating meaningful potential dilution.

AI: News

Klaviyo integration extends Performance TV into CRM workflowsMNTN and Klaviyo launched a native two-way integration on September 9 that connects connected-TV advertising with email and SMS audience workflows.

Advertisers can activate Klaviyo segments such as repeat buyers, cart abandoners and lapsed customers through MNTN Performance TV and use television-ad exposure to trigger automated email or text journeys. MNTN described Klaviyo as one of its largest technology partners with substantial customer overlap. The integration broadens Performance TV's role inside the performance-marketing stack and may improve customer acquisition and retention, although no direct revenue contribution was disclosed.

Q2 momentum and new leadership support the next phase of sales expansionQ2 revenue reached $82.5 million, adjusted EBITDA reached $21.5 million and management maintained strong 2026 growth guidance while adding experienced advertising and technology leadership.

MNTN guides to $86-$89 million of Q3 revenue and $347-$357 million for the full year, with $96-$101 million of adjusted EBITDA. Active PTV customers grew 40% year over year. In August the company hired former Snap executive Frank Lee to lead agency partnerships, and a September 8 SEC filing disclosed the appointment of former T-Mobile business and product chief Michael Katz to the board, adding experience across marketing, data, AI and enterprise technology.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

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2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$290.1M	$225.6M	$176.3M	$134.2M
Gross profit	$223.9M	$161.5M	$123.4M	$72.4M
Gross margin	77.20%	71.60%	70.00%	53.97%
Research & development	$49.2M	$32.7M	$27.9M	$16.0M
Operating expenses	$199.9M	$163.2M	$169.5M	$167.7M
Operating income	$24.0M	−$1.6M	−$46.1M	−$95.2M
Operating margin	8.29%	−0.73%	−26.15%	−70.97%
EBITDA	$33.9M	$6.7M	−$25.3M	−$76.2M
EBITDA margin	11.69%	2.97%	−14.34%	−56.77%
Net income	−$6.4M	−$32.9M	−$53.3M	−$94.5M
Net profit margin	−2.22%	−14.58%	−30.22%	−70.40%
Basic EPSper basic share	-$0.13	-$2.38	-$0.85	-$1.51
Diluted EPSper diluted share	-$0.13	-$2.38	-$0.85	-$1.51

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈10.95%of listed shares

BOHNETT DAVID C / Baroda Ventures LLC6.71M shares · Nov 6, 2025

View holders

Top 20 reported holders of MNTN
Holder	% owned
BOHNETT DAVID C / Baroda Ventures LLC	≈10.95%6.71M shares
Mercato Partners Growth III GP, LLC / WARNOCK GREG / Mercato Partners Traverse IIIe, L.P. / Mercato Partners Growth III, L.P. / Mercato Traverse MNTN Series D Coinvest, LLC / Mercato Partners Growth AI III, L.P.	≈10.06%6.17M shares
Mercato Management Legacy, LLC	10.06%6.17M shares
WELLINGTON MANAGEMENT GROUP LLP	9.19%5.63M shares
BlackRock, Inc.	6.95%4.26M shares
FMR LLC	5.13%3.14M shares
GREYCROFT LP	3.36%2.06M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.13%1.92M shares
Pohlen Patrick	≈2.15%1.32M shares
D. E. Shaw & Co., Inc.	1.89%1.16M shares
GEODE CAPITAL MANAGEMENT, LLC	1.37%838.56K shares
ACADIAN ASSET MANAGEMENT LLC	1.13%693K shares
AMERICAN FINANCIAL GROUP INC	1.03%629.68K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.99%609.66K shares
BNP PARIBAS FINANCIAL MARKETS	0.95%579.84K shares
CITADEL ADVISORS LLC	0.88%541.76K shares
MORGAN STANLEY	0.78%480.9K shares
STATE STREET CORP	0.77%473.02K shares
GOLDMAN SACHS GROUP INC	0.70%427.87K shares
RAYMOND JAMES FINANCIAL INC	0.66%404.89K shares

Percentages use 61.3M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)11$60.83M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Dec 3, 2025Form 4	Partovi HadiDirector	SellClass A Common Stock · indirect	86.7K	$13.39	$1.16M	0
Dec 2, 2025Form 4	Partovi HadiDirector	SellClass A Common Stock · indirect	168.3K	$13.39	$2.25M	86.7K
Dec 1, 2025Form 4	Partovi HadiDirector	SellClass A Common Stock · indirect	192.6K	$13.46	$2.59M	254.9K
May 23, 2025Form 4	QUALCOMM INC/DETenPercentOwner	SellClass A Common Stock	412.5K	$16.00	$6.60M	0
May 23, 2025Form 4	Mercato Partners Growth III GP, LLC +5TenPercentOwner	SellClass A Common Stock · indirect	300.0K	$16.00	$4.80M	6.17M

Review ownership filings at SEC.gov ↗

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