MNTN, the New York Stock Exchange-listed company that sells streaming television advertising to small and mid-sized businesses, on November 4, 2026 cut its full-year revenue outlook to between $311 million and $314 million, down from the $347 million to $357 million range it had held since May. The reduction came alongside third-quarter revenue of $80.3 million, below the $86 million to $89 million the company had forecast in August, and the appointment of board member Tony Weisman as president and chief executive, succeeding founder Mark Douglas. Chief operating officer Christopher Innes left his post on the same day Weisman started.
In Short
MNTN sells a do-it-yourself tool that lets smaller businesses buy TV ads on streaming services, and it just told investors it will bring in about $40 million less this year than it had forecast. The company blamed problems inside its own sales team, not weak demand for TV ads, and its founder is leaving the chief executive job. For its advertisers and rivals, the practical change is a company forecasting its first year-over-year drop in quarterly sales since at least 2024, while a new boss reorganizes how it sells.
A quarter below its own range
Third-quarter revenue rose 15% year over year to $80.3 million, according to the earnings release, against $70.0 million in the third quarter of 2025. The investor deck puts growth at 14.6%. The release frames the quarter by its growth figures: its four headline bullets cite revenue up 15%, net income up 19% and adjusted EBITDA up 24%, followed by the Weisman appointment. None of the four mentions the guidance change.
Measured against the company's own expectations, the picture is different. On August 4, MNTN told investors to expect third-quarter revenue of $86 million to $89 million, "representing expected year-over-year growth of 25% at the midpoint." The quarter landed $5.7 million below the bottom of that range and $7.2 million, or 8.3%, below its midpoint, by PPC Land's calculation. Adjusted EBITDA of $19.9 million fell short of the $22 million to $25 million range set at the same time.
Revenue also declined from the second quarter, when MNTN reported $82.5 million. The 2.8% sequential drop has no precedent in the quarterly series the deck charts: revenue excluding the divested Maximum Effort business rose from the second to the third quarter in both 2024 ($51.2 million to $53.4 million) and 2025 ($68.5 million to $70.0 million).
Growth has slowed in each quarter of 2026. Excluding Maximum Effort, the creative agency MNTN divested on April 1, 2025, revenue grew 25% in the first quarter, 21% in the second and 15% in the third, according to the release. A year earlier the comparable third-quarter figure was 31%, and in the third quarter of 2024 it was 40%.
Patrick Pohlen, MNTN's chief financial officer, attributed the shortfall to internal failures. "Our third quarter revenue increased 15% year-over-year and was impacted by unforeseen execution problems in our go-to-market organization," he said in the release. "We have updated our full year 2026 guidance to reflect how the business is expected to perform as we realign the sales organization and focus on our strategic priorities."
The release uses the word "updated." It does not use "lowered" or "reduced."
Profit held up, margins slipped
The bottom line looks healthier than the top. Net income rose 19% to $7.7 million, or $0.10 per diluted share, from $6.4 million, or $0.08, in the third quarter of 2025. Operating income increased to $8.7 million from $7.5 million. Interest income of $2.6 million on the company's cash pile added to pre-tax income of $11.4 million, on which MNTN booked a $3.7 million tax provision, an effective rate of about 33% by PPC Land's calculation.
Adjusted EBITDA rose 24.5% to $19.9 million, or 24.8% of revenue, from $16.0 million and 23% a year earlier. The reconciliation adds back $6.3 million of stock-based compensation, $3.0 million of amortization, $1.1 million of acquisition costs and $743,000 of legal and regulatory settlements and reserves.
Two of those add-backs stand out in the deck's 11-quarter reconciliation table. The $1.1 million in acquisition costs, which MNTN defines as legal costs tied to prior acquisitions and transaction costs including professional fees, is the largest quarterly figure since the start of 2024; the previous high was $827,000 in the first quarter of 2025. The $743,000 for legal and regulatory settlements and reserves is also the largest in the table, where no other quarter exceeds $195,000. Neither document explains what the charges relate to.
Gross margin was 78.8%, against 78.9% a year earlier, which the deck labels "Steady YoY Gross Margin." Across 2026, though, the figure has moved in one direction. Gross margin was 81.5% in the first quarter and 80.3% in the second before reaching 78.8% in the third, according to the deck. Cost of revenues rose 14.9% to $17.0 million, slightly faster than revenue.
Four guidance ranges in nine months
The scale of the revision is clearest when the company's 2026 forecasts are set side by side.
On February 10, 2026, with its fourth-quarter 2025 results, MNTN guided to full-year 2026 revenue of $345 million to $355 million and adjusted EBITDA of $94.6 million to $99.6 million. On May 5, after a first quarter that exceeded its own targets, it moved the revenue range to $347 million to $357 million and adjusted EBITDA to $96 million to $101 million. On August 4, with second-quarter revenue of $82.5 million inside the $81 million to $83 million range it had set, the company kept both full-year ranges unchanged.
On November 4 the ranges became $311 million to $314 million for revenue and $66 million to $68 million for adjusted EBITDA. At the midpoints, that is a revenue reduction of $39.5 million, or 11.2%, and an adjusted EBITDA reduction of $31.5 million, or 32%, by PPC Land's calculation.
According to the release, the new revenue range represents growth of 10% at the midpoint excluding Maximum Effort, and 8% on a GAAP basis. The February range had implied growth of 22.9% and 20.7% respectively.
| Date | Full-year 2026 revenue | Full-year 2026 adjusted EBITDA |
|---|---|---|
| February 10, 2026 | $345m - $355m | $94.6m - $99.6m |
| May 5, 2026 | $347m - $357m | $96m - $101m |
| August 4, 2026 | $347m - $357m | $96m - $101m |
| November 4, 2026 | $311m - $314m | $66m - $68m |
The fourth quarter carries the cut
Nine months of revenue already total $236.5 million, so nearly all of the reduction falls on the final three months of the year. MNTN now expects fourth-quarter revenue of $75 million to $78 million and adjusted EBITDA of $8 million to $10 million.
Both figures are lower than a year earlier. Fourth-quarter 2025 revenue was $87.1 million, so the new range implies a year-over-year decline of between 10.4% and 13.9%, or 12.2% at the midpoint. No quarter in the deck's revenue chart, which starts in 2024, shows a decline. Fourth-quarter 2025 adjusted EBITDA was $28.1 million, a 32% margin. The new range of $8 million to $10 million implies a margin of roughly 10% to 13%.
The guidance also breaks a seasonal pattern. Fourth-quarter revenue was 24% higher than third-quarter revenue in 2025 and 20% higher in 2024, according to the deck's figures. The new range puts fourth-quarter 2026 revenue between 2.8% and 6.5% below the third quarter just reported.
In its coverage of the second-quarter results, PPC Land calculated that the August guidance implied fourth-quarter revenue of about $108.3 million, a reacceleration to roughly 24% growth. The new midpoint of $76.5 million is about $31.8 million below that figure.
The release does not itemize what drives the drop in fourth-quarter adjusted EBITDA, from $19.9 million in the third quarter to a midpoint of $9 million.
There is a small difference between the two documents on the new outlook. The release's ranges have midpoints of $312.5 million for revenue and $67 million for adjusted EBITDA. The deck's company snapshot shows "$313M" and "$66.7M," each footnoted as the "Midpoint of Guidance." Both deck figures match nine months of actual results plus the midpoint of fourth-quarter guidance ($236.5 million plus $76.5 million, and $57.7 million plus $9 million), rather than the midpoints of the rounded full-year ranges.
The founder leaves
The leadership change was decided before the results were published. According to the Form 8-K that MNTN filed on November 4, the board appointed Weisman, a sitting director, as president and chief executive on November 1, effective November 2. Douglas, the 8-K says, will be on 30 days of paid leave and his employment will end on December 3, 2026. Innes ceased serving as chief operating officer on November 2 and his employment ends on December 1, after the same 30-day paid leave. Innes also has six months to exercise his vested stock options.
Douglas founded the company and had served as its president, chief executive and a director since 2009, according to MNTN's proxy statement filed on April 30, 2026, which also lists him as chairman. Innes had been chief operating officer since January 2017, according to the same document. The 8-K replaces Douglas as president and chief executive but does not say whether he remains a director or chairman.
Neither the release nor the 8-K gives a reason for the departures, and the release contains no statement from Douglas. Both executives are eligible for the payments set out in their employment agreements, as described in the proxy statement, and each must provide a release of claims against the company to receive severance, according to the 8-K.
The investor deck published with the results has not caught up with every part of the change. Its "Key Investment Highlights" slide still lists, as point seven, an "Experienced and Visionary Founder-Led Management Team." The management slide a few pages later shows Weisman as chief executive, with neither Douglas nor Innes. It lists Pohlen as chief financial officer, Richard Girges as chief technology officer, Anna Sayre as chief marketing officer, George Dewey as chief brand officer, Ryan Reynolds as chief creative officer, Marwan Soghaier as chief product officer, Anna McMurphy as chief people officer and Peter Blacker as global head of premium content.
Who Weisman is
According to the release, Weisman spent his career on the buying side of marketing. As chief marketing officer of Dunkin' U.S., he oversaw a $500 million marketing budget, and before that he was chief executive of Digitas, which MNTN describes as "the world's largest digital marketing agency." The proxy statement dates his Dunkin' Brands role to September 2017 through December 2019 and his Digitas roles to 2007 through 2017. It also says he founded the marketing agency SnapPoint LLC and has been its chief executive since January 2021.
Weisman sits on the board of Klaviyo, where he is lead independent director, and on the board of Ibotta, both listed on the New York Stock Exchange. An exhibit to his employment agreement lists four approved outside board seats: those two, plus Mavrck LLC, which does business as Later, and Vacation Property Group, LLC. The agreement requires him to leave any other boards within 12 months.
"I've spent my career understanding how and why marketers spend their money, and MNTN has excellent product market fit," Weisman said in the release. He then turned to the company's internal problems: "What MNTN needs is operational rigor and I am here to instill a culture of accountability and flawless execution."
What the contract pays
The employment agreement, filed as Exhibit 10.1 to the 8-K, sets Weisman's base salary at $600,000 and his target annual bonus at $700,000. He receives a one-time signing bonus of $500,000, which he must repay if the company fires him for cause, or if he resigns without good reason, before November 2, 2027.
The equity package consists of an option to buy 1,000,000 Class A shares and 400,000 restricted stock units, both to be granted no later than November 30, 2026. The option's exercise price will equal the closing share price on the grant date. A quarter of the option vests after one year, and the rest vests in monthly instalments of 1/48 of the grant. The restricted stock units vest in 16 equal quarterly instalments. He is also eligible for an annual refresh grant starting in 2027.
If MNTN dismisses him without cause, or he resigns for good reason, he receives 150% of base salary, a pro-rated bonus based on actual performance, up to 18 months of company-paid health coverage and six months to exercise vested options. If that happens between three months before and 12 months after a change in control, the cash component becomes 18 months of salary plus 100% of target bonus, and all time-based equity vests in full.
On taking the job, Weisman forfeited the unvested restricted stock units he held as a non-employee director, left the audit committee and the nominating and corporate governance committee, and stopped receiving director pay.
More new faces in sales and marketing
The release lists several other appointments under "Recent Highlights." Mike Katz, formerly president and chief business and product officer at T-Mobile, joined the board. Anna Sayre became chief marketing officer; the release cites ten years at Ogilvy and seven at The Trade Desk. Frank Lee, a former Snap executive, was named senior vice president of agency partnerships, and Lynn Knaak, most recently vice president of SMB sales at Salesforce, was named senior vice president of inside sales.
Three of the four appointments sit in the sales and marketing functions that Pohlen identified as the source of the third-quarter problems. The agency hire is notable against the deck's own positioning. One slide contrasts MNTN's "Direct to Marketer" model, with its own targeting, attribution and bidding, against an "Old Agency Driven World" of brand and reach campaigns, an "Agency Black Box" for attribution, optimization and targeting, and third-party demand-side platforms for bidding.
Customer growth is slowing faster than revenue
MNTN's main customer measure counts businesses that spent on its Performance TV platform during the previous 12 months. At September 30, 2026 that number was 4,373, up about 32% from 3,316 a year earlier, according to the release.
The growth rate has fallen each quarter for a year. Using the release's table, PPC Land calculates year-over-year growth in the count of 67% in the third quarter of 2025, 63% in the fourth, 46% in the first quarter of 2026, 40% in the second and 32% in the third.
The sequential additions show the same trend more sharply. The count rose by 148 between June 30 and September 30, the smallest quarterly increase in the nine quarters the release covers. The other increases ranged from 235 to 422.
Because the measure looks back 12 months, it changes slowly. A business that tested the platform once in the fourth quarter of 2025 still counts at the end of September 2026. A sharp drop in new customers in a single quarter therefore shows up gradually in the trailing count.
Revenue per customer has also declined. Dividing quarterly revenue by the trailing customer count, a PPC Land calculation, gives about $18,400 per customer in the third quarter of 2026, compared with about $19,500 in the second quarter and $21,100 a year earlier, a 13% year-over-year decline.
A business built on trials
The deck explains why sales execution matters so much to MNTN. Its sales slide describes a funnel that runs from marketing to a brand-direct pitch, a product demonstration and a trial. "MNTN sells trials (1-3 months). No contracts, no commitment," the slide says, after which "Customers scale budgets based on performance." The deck gives an average inbound sales cycle of 11 days and an outbound cycle of 31 days for 2025.
Another slide says about 95% of the customers who launched during 2025 had never advertised on television before. PPC Land reported a similar figure of 97% when MNTN announced its partnership with PubMatic in October 2025. For those first-time advertisers, the deck lists QuickFrame and the generative AI video tools MNTN released in beta in October 2025, which it says offer 235 AI voices, as the way to produce a commercial.
With trials of one to three months and no contracts, revenue depends on the sales team signing new trials and on existing customers raising their budgets. When the sales organization falters, very little contracted revenue cushions the fall. The deck itself frames the pitch around return on ad spend: "Advertisers will continue to spend against their ROAS target," one slide says, using an illustrative $25,000 campaign that returns $125,000 in revenue.
Costs, cash and an unused buyback
Total operating expenses rose 14.3% to $54.5 million, roughly in line with revenue. The components moved at different speeds.
Technology and development spending rose 27.3% to $17.5 million, or 21.8% of revenue, up from 19.6% a year earlier. Sales and marketing rose 11.5% to $23.8 million and fell slightly as a share of revenue, to 29.7% from 30.5%. General and administrative costs rose 5.0% to $12.6 million.
Sales and marketing spending fell during the year. Nine-month sales and marketing expense was $76.1 million, which leaves $52.3 million for the first half, an average of $26.1 million a quarter by PPC Land's calculation. The third-quarter figure of $23.8 million is $2.3 million below that average. Second-quarter costs had included $1.5 million of severance from a restructuring the board approved on April 28, 2026, according to the deck.
The balance sheet is strong. MNTN ended September with $252.3 million in cash and cash equivalents and no borrowings, up from $237.3 million at June 30 and $210.2 million at the end of 2025. Operating cash flow for the nine months was $43.5 million, compared with $26.9 million a year earlier. After $9.4 million of capitalized software costs, nine-month free cash flow was about $34.2 million, by PPC Land's calculation.
The cash flow statement also shows something MNTN did not do. On August 3, the board authorized a share repurchase program of up to $100 million, running to August 5, 2027, which PPC Land reported with the second-quarter results. The nine-month statement shows no payments to repurchase common stock in 2026, and treasury stock on the balance sheet is unchanged at $10.0 million since December 31, 2025. Through September 30, the company had not bought back any shares under the new program, according to its own statements. Neither document comments on the program.
Diluted weighted shares outstanding in the quarter were 80.1 million, compared with 80.7 million a year earlier.
The market MNTN says it addresses
The deck still presents a large opportunity. MNTN puts its "Near-Term Market Opportunity" at up to $120 billion, a bottom-up estimate for performance TV spending among about 1.8 million US companies with 10 to 500 employees.
The arithmetic on that slide does not fully reconcile. It assumes average revenue of about $7 million per firm, marketing budgets of 9% of revenue, or $650,000, and a performance TV allocation of "5-10% of Marketing Budgets," which the slide prints as "$55-110K." Five to 10% of $650,000 is $32,500 to $65,000. Multiplied by 1.8 million firms, those lower amounts give $58.5 billion to $117 billion, close to the slide's "$60-120B" total. The printed $55,000 to $110,000 per firm would give $99 billion to $198 billion. The footnote attributes the allocation range to management estimates.
Other slides compare television with search and social. Citing a mix of its own estimates and third-party sources, MNTN shows daily engagement of about 150 minutes for TV, about 63 minutes for Facebook and Instagram combined, and about nine minutes for Google search. The company snapshot claims $38.9 billion in "Client Generated Revenue" between 2020 and 2025 and a 12.1-fold increase in Performance TV revenue over the same period, both according to management estimates. The same slide reports a "Rule of" 39% for the third quarter, the sum of 14.6% revenue growth and a 24.8% adjusted EBITDA margin.
Why this matters for advertisers and the CTV market
MNTN's pitch is that it brought television to advertisers who previously bought search and social. Its customers are mostly small and mid-sized businesses running CTV campaigns through a self-serve platform. When such a company says its sales organization, rather than demand, caused a revenue miss, the claim can be partly checked against the rest of the market.
Other companies have not reported a slump in demand for streaming television advertising. In August, Magnite reported that its CTV contribution ex-TAC rose 36% in the second quarter and raised its full-year growth guidance. Amazon's advertising revenue grew 11% in the third quarter, down from 26% in the second, a slowdown tied to Prime Day moving into June. In January, the IAB forecast that connected TV spending in the US would grow 13.8% in 2026. MNTN's revised outlook implies 2026 revenue growth of 8% on a GAAP basis, below that industry forecast.
Smaller advertisers on streaming TV are also served by local and regional sellers. In October, Madhive integrated AdImpact data covering more than 54,000 local CTV advertisers, a measure of how many businesses the local market reaches. Trust remains a constraint across the channel: in July, an IAB survey found that 43% of CTV buyers lacked high confidence in where their ads actually ran, even for the most trusted deal types.
For publishers, MNTN is a source of new demand. PubMatic reported a 10% revenue lift across 10 publishers that took MNTN demand through its platform over three months, attributed to 14% more unique advertisers. If MNTN adds fewer customers, fewer new advertisers reach that inventory through this route.
For investors watching ad tech listings, MNTN has also served as a benchmark. When Liftoff went public in June, PPC Land noted it was the first ad tech company to list since MNTN in May 2025. Seventeen months after its initial public offering, MNTN is guiding to its first quarterly revenue decline since at least 2024, under a chief executive who took over on November 2.
What remains unclear is the size of the problem. The release names no specific failures in the go-to-market organization, gives no figure for new customer wins in the quarter and does not say whether existing customers cut their budgets. MNTN's 10-Q for the third quarter, which the release references, may add detail on those points.
MNTN said management would discuss the results on a webcast at 4:30 p.m. Eastern Time on November 4, hosted by Weisman and Pohlen, with a replay on its investor relations site for at least seven days.
Timeline
- 2009 - Mark Douglas becomes president, chief executive and a director of the company he founded, according to MNTN's proxy statement
- January 2017 - Christopher Innes becomes chief operating officer
- April 1, 2025 - MNTN divests Maximum Effort
- May 23, 2025 - MNTN completes its initial public offering on the New York Stock Exchange
- July 1, 2025 - MNTN partners with ZoomInfo to bring B2B advertising to connected TV
- October 13, 2025 - PubMatic and MNTN announce a partnership delivering a 10% publisher revenue lift
- October 30, 2025 - MNTN releases QuickFrame AI in beta
- January 28, 2026 - IAB forecasts 13.8% growth in US connected TV ad spending for 2026
- February 10, 2026 - MNTN guides to full-year 2026 revenue of $345 million to $355 million and adjusted EBITDA of $94.6 million to $99.6 million
- April 28, 2026 - MNTN's board approves a strategic restructuring, with $1.5 million of severance and related costs booked in the second quarter
- April 30, 2026 - MNTN files its proxy statement describing Douglas as founder
- May 5, 2026 - MNTN sets full-year revenue guidance at $347 million to $357 million and adjusted EBITDA at $96 million to $101 million
- June 4, 2026 - Liftoff debuts on Nasdaq, the first ad tech listing since MNTN
- July 14, 2026 - IAB finds 43% of CTV buyers doubt where their ads ran
- August 3, 2026 - MNTN's board authorizes a share repurchase of up to $100 million through August 5, 2027
- August 4, 2026 - MNTN reports second-quarter revenue of $82.5 million, keeps full-year guidance and forecasts third-quarter revenue of $86 million to $89 million
- August 5, 2026 - Magnite reports second-quarter CTV contribution ex-TAC up 36%
- September 30, 2026 - Third quarter ends with 4,373 trailing twelve-month active Performance TV customers and $252.3 million in cash
- October 22, 2026 - Madhive adds AdImpact data on more than 54,000 local CTV advertisers
- November 1, 2026 - MNTN's board appoints Tony Weisman president and chief executive
- November 2, 2026 - Weisman's appointment and employment agreement take effect; Innes ceases serving as chief operating officer
- November 4, 2026 - MNTN reports third-quarter revenue of $80.3 million, cuts full-year revenue guidance to $311 million to $314 million and files the 8-K on the leadership change
- November 30, 2026 - Latest date for granting Weisman's 1,000,000 options and 400,000 restricted stock units
- December 1, 2026 - Innes's employment ends
- December 3, 2026 - Douglas's employment ends
Related PPC Land coverage
- MNTN gains 1,205 CTV advertisers as revenue growth slows to 21% - The second-quarter results, the $100 million buyback and the guidance MNTN has now cut.
- Magnite lifts 2026 growth guidance to 13-14% as CTV gains 36% - The sell-side company's second-quarter results, with CTV now its largest business.
- Amazon ad revenue growth drops to 11% after Prime Day moves to June - Amazon's third-quarter advertising revenue of $19.64 billion and its guidance for the fourth quarter.
- Madhive gains AdImpact data on 54,000 local CTV advertisers before midterms - Competitive spend data for local streaming advertisers across 210 markets.
- IAB: 43% of CTV buyers doubt where their ads actually ran - Survey findings on inventory transparency across CTV deal types.
- IAB forecasts 9.5% ad growth as marketers shift toward agentic AI - The 2026 US advertising outlook, including the 13.8% connected TV forecast.
- Liftoff prices IPO at $23 and surges past $30 on Nasdaq debut - The first ad tech listing after MNTN's 2025 IPO.
- MNTN launches QuickFrame AI to create studio-quality ads in 12 minutes - The generative AI creative tool MNTN offers to advertisers with no television commercials.
- PubMatic and MNTN expand premium CTV access, delivering 10% publisher revenue lift - How MNTN's small-business demand reaches publisher inventory.
- MNTN partners with ZoomInfo to bring B2B advertising to connected TV - MNTN's move into business-to-business targeting.
Summary
Who: MNTN, Inc., the NYSE-listed Performance TV platform; Tony Weisman, its new president and chief executive; founder Mark Douglas, whom Weisman succeeds; former chief operating officer Christopher Innes; and chief financial officer Patrick Pohlen.
What: Third-quarter revenue of $80.3 million, up 15% but below the company's $86 million to $89 million forecast, with full-year 2026 revenue guidance cut to $311 million to $314 million from $347 million to $357 million and fourth-quarter revenue guided to $75 million to $78 million, below the $87.1 million of a year earlier. Weisman's contract pays a $600,000 salary, a $700,000 target bonus and a $500,000 signing bonus, plus 1,000,000 options and 400,000 restricted stock units.
When: The board appointed Weisman on November 1, 2026, effective November 2. Results and the 8-K followed on November 4, 2026. Douglas's employment ends on December 3 and Innes's on December 1.
Where: MNTN is listed on the New York Stock Exchange, has its principal executive offices in Austin, Texas, and sells streaming television advertising to US businesses.
Why: According to Pohlen, third-quarter revenue was hit by "unforeseen execution problems in our go-to-market organization," and the new guidance reflects a realignment of the sales organization. Neither the release nor the 8-K gives a reason for the leadership change.
Discussion