MNTN today reported second quarter revenue of $82.5 million, a 21% year-over-year increase that marks the slowest growth rate the connected television advertising platform has disclosed since it began reporting as a public company, even as its active advertiser base expanded by roughly 40% over the same period.

The results, released on August 4, 2026 alongside a Form 8-K filed with the Securities and Exchange Commission, show a company converting scale into profit for the first time in a second quarter. Net income reached $6.7 million, against a net loss of $26.2 million in the year-earlier period. Adjusted EBITDA climbed 48% to $21.5 million, or 26% of revenue, up from 21% a year earlier. Gross margin widened to 80% from 77%, a 350 basis point improvement.

Separately, the board of directors authorized a share repurchase program on August 3, 2026, covering up to $100 million of Class A common stock and running through August 5, 2027. The company ended the quarter with $237.3 million in cash and cash equivalents and no borrowings outstanding, meaning the authorization commits, at its maximum, roughly 42% of the cash on hand.

One drafting inconsistency in the release is worth noting for anyone reading the filing closely: the summary bullet describes a repurchase program of up to $100 million, while the body paragraph describes a program of "up to $100 million shares" of Class A common stock. The 8-K exhibit carries the same wording. The dollar figure is the one that appears in the headline summary and in the chief financial officer's commentary.

Growth decelerates while the customer count accelerates

The clearest signal in the quarter sits in two numbers that move in opposite directions.

Trailing twelve month active Performance TV customers reached 4,225 at June 30, 2026, up from 3,020 a year earlier. That is 1,205 net additions and a 40% increase. Revenue over the same span grew 21%.

The quarterly series MNTN disclosed runs from 1,746 active customers in the second quarter of 2024 through 1,990, 2,225, 2,647, 3,020, 3,316, 3,632, 3,874 and now 4,225. Additions have been steady, between roughly 240 and 420 per quarter, with no visible slowdown.

Revenue growth tells a different story. Excluding the Maximum Effort business divested on April 1, 2025, quarterly year-over-year revenue growth ran at 46%, 34%, 31% and 36% across the four quarters of 2025. In 2026 it has been 25% and then 21%. On a total reported basis the deceleration is less dramatic, because the divestiture flattered the 2025 comparison base, but the direction is the same.

The arithmetic of those two series produces a third number the company does not publish. Trailing twelve month revenue through June 30, 2026 totals approximately $313.3 million across 4,225 active customers, or about $74,200 per customer. The equivalent figure a year earlier was roughly $259.9 million across 3,020 customers, or about $86,100. Average revenue per active Performance TV customer has therefore fallen by close to 14%.

That is not necessarily a deterioration. MNTN sells to a customer base it describes as small and mid-sized businesses, and its own investor materials place its serviceable addressable market at 1.8 million United States firms with between 10 and 500 employees, average annual sales near $7 million, marketing budgets around 9% of revenue and a Performance TV allocation of 5% to 10% of those budgets. That maps to $55,000 to $110,000 per advertiser. Adding customers at the smaller end of that band while retaining larger ones would produce exactly this pattern. It does mean, however, that the growth engine is now weighted toward volume rather than account expansion.

The cost base tilts toward technology

Operating expenses reached $59.2 million, up 21% year-over-year, matching revenue growth almost exactly. Underneath that flat ratio the composition shifted considerably.

Technology and development spending rose 52% to $16.4 million, moving from 15.7% of revenue to 19.8%. Sales and marketing grew 17% to $28.6 million, slipping from 35.5% of revenue to 34.6%. General and administrative expense was close to flat at $13.6 million, up 3.5%.

The pattern is consistent with the strategic priorities described by Mark Douglas, chief executive of MNTN. "Over the last several quarters, we've been building MNTN for the next stage of that opportunity by expanding our platform, investing in AI across our products, strengthening our go-to-market organization, and increasing access to premium television," Douglas said in the release. He characterized Performance TV as moving "from an early-adopter market to a mainstream part of advertisers' marketing mix."

Operating income reached $7.1 million, against $3.7 million a year earlier. Interest income of $2.0 million, generated on the post-IPO cash balance, lifted pre-tax income to $9.2 million. A $2.4 million income tax provision produced the $6.7 million net figure. Diluted earnings per share came in at $0.09, on 78.6 million weighted average diluted shares. A year earlier the share count was 40.1 million, reflecting a period that spanned the initial public offering.

The prior-year comparison is unusually flattering for a specific reason. The $26.2 million net loss recorded in the second quarter of 2025 included a $26.4 million loss on extinguishment of convertible debt tied to the listing. Stripping that item out, the underlying swing is far smaller than the headline suggests. Adjusted EBITDA, which excludes it, grew 48% rather than the several-hundred-percent figure a raw net income comparison would imply.

One new line appeared in the reconciliation. Restructuring costs of $1.491 million were recorded in the quarter, described in the accompanying investor presentation as severance and related costs for a strategic restructuring approved by the board on April 28, 2026. No comparable charge appears in any of the ten quarters disclosed in the company's Adjusted EBITDA history, which runs back to the first quarter of 2024.

Stock-based compensation rose to $8.8 million from $7.6 million. For the first six months the figure fell sharply, to $12.6 million from $21.7 million, a reflection of IPO-related vesting in the prior-year period rather than a change in ongoing practice.

Cash generation improves ahead of the buyback

Operating cash flow for the first six months of 2026 reached $34.0 million, nearly double the $17.6 million generated in the same period of 2025. Capitalized internal use software costs consumed $7.0 million, up from $6.2 million. Financing activities were essentially inert at $86,000, compared with $90.8 million a year earlier when IPO proceeds of $125.3 million flowed in and $24.0 million went out to settle convertible debt.

The balance sheet carries total assets of $402.7 million, of which $237.3 million is cash. Goodwill stands at $51.9 million and intangible assets at $11.4 million. Accumulated deficit narrowed to $245.6 million from $261.1 million at the end of 2025.

Patrick Pohlen, chief financial officer, tied the repurchase authorization to that position. "Our stock repurchase program announced today reiterates our confidence in MNTN's ability to generate long-term sustainable growth and free cash flow, while maintaining a robust balance sheet, with $237.3 million in cash and cash equivalents and no outstanding borrowings," Pohlen said. He also described the quarter as "further highlighting the operating leverage in our model as we scale."

Repurchases will be executed on the open market under trading plans adopted in accordance with Rule 10b5-1 and in compliance with Rule 10b-18. The program carries no minimum commitment and can be modified, suspended or discontinued at any time.

Guidance implies the deceleration reverses

The outlook is the part of the release that will attract the most scrutiny, because it does not extend the current trend.

Third quarter revenue is guided to $86 million to $89 million, a midpoint of $87.5 million and 25% year-over-year growth against the $70.0 million recorded in the third quarter of 2025. Adjusted EBITDA is guided to $22 million to $25 million.

Full year revenue is guided to $347 million to $357 million. The midpoint of $352 million represents 24% growth excluding the Maximum Effort divestiture and 21% on a reported basis. Adjusted EBITDA is guided to $96 million to $101 million.

Subtracting the $156.2 million recorded in the first half and the $87.5 million third quarter midpoint leaves roughly $108.3 million implied for the fourth quarter, against $87.1 million a year earlier. That is approximately 24% growth in a quarter that faces the toughest comparison of the year, since the fourth quarter of 2025 itself grew 36%.

In other words, guidance calls for growth to move from 21% in the quarter just reported to 25% and then 24%, without the benefit of an easing comparison base. Management has not published the specific drivers behind that shape.

Partnerships, inventory, and the AI creative layer

MNTN listed several developments alongside the financials. The company said it strengthened its measurement and activation ecosystem through partnerships with HubSpot, Northbeam and Upwave, providing advertisers with premium inventory, independent verification and deeper campaign insights.

On the creative side, MNTN said Adobe has integrated QuickFrame AI into GenStudio for Performance Marketing, and that Google recognized QuickFrame AI as an early adopter of its Gemini Omni Flash models. Adobe's GenStudio has been steadily widening its activation surface, having previously added custom AI model training and integrations with Amazon Ads, Google Marketing Platform, LinkedIn, TikTok and Innovid. QuickFrame AI itself launched in public beta on October 30, 2025, positioned around producing television-quality spots in roughly twelve minutes.

Inventory access expanded around second quarter events. MNTN cited the FIFA World Cup on Telemundo, HBO's House of Dragon, Love Island and the Tour de France as first-time opportunities for its advertisers. The tournament produced more than 25 billion television advertising impressions across FOX, FS1, Telemundo and Universo, and Telemundo's parent recorded its largest streaming viewership month on record in June.

The company's investor presentation describes a supply footprint of roughly 200 publisher relationships and access to more than 200 television networks, attribution across more than 400 million devices, and an addressable base of approximately 130 million households reached with a television advertisement through December 2025. Average inbound sales cycles ran 11 days during 2025, against 31 days for outbound. Roughly 95% of customers that launched during 2025 had never advertised on television before.

What the numbers mean for media buyers

For advertisers and agencies, the significance is less about MNTN's profit and loss than about what a self-serve connected TV channel looks like once it reaches meaningful scale.

The customer count is the operative metric. Adding 1,205 net advertisers over twelve months, at an average of roughly $74,000 each, describes a segment of the streaming market that traditional television sales structures never served. That is the same dynamic PubMatic identified in October 2025, when publishers on its platform recorded a 10% revenue uplift from 14% more unique advertiser demand after connecting to MNTN, with 97% of that demand described as new to CTV.

It also arrives against a market backdrop where CTV growth forecasts have moderated. The Interactive Advertising Bureau projected 13.8% growth for connected television in 2026, within a total United States advertising forecast of 9.5%. MNTN growing at 21% is therefore still running ahead of the category, though the gap has narrowed considerably from the 34% recorded a year earlier.

Measurement remains the channel's structural weak point. IAB research published in July 2026 found that 43% of CTV buyers doubt where their advertisements actually ran, with small and midsize buyers reporting cost-per-acquisition concerns at nearly twice the rate of large spenders. That specific anxiety is the one MNTN's Northbeam and Upwave partnerships are positioned to address, and the one that determines whether the SMB cohort renews.

The competitive frame has also shifted. Magnite reported CTV contribution ex-TAC of $82.3 million in the first quarter of 2026, up 30% and crossing half of its total. The Trade Desk guided to roughly 8% second quarter growth after reporting $689 million in the first quarter. On that comparison MNTN is growing faster than the larger independent demand-side platform, from a base roughly one eighth the size.

Finally, the buyback signals something about capital allocation priorities at a company fifteen months past its listing. MNTN went public in May 2025 and remained, until Liftoff Mobile listed in June 2026, the most recent notable advertising technology initial public offering. Committing up to $100 million to repurchases, while guiding to reaccelerating growth and carrying a restructuring charge from April, is a set of decisions that will be read differently depending on whether the third quarter delivers the 25% the company has forecast.

Management will host a webcast on August 4, 2026 at 4:30 p.m. Eastern Time.

Timeline

Summary

Who: MNTN, Inc. (NYSE: MNTN), a connected television advertising platform headquartered at 823 Congress Avenue in Austin, Texas, led by chief executive Mark Douglas and chief financial officer Patrick Pohlen. The results affect advertisers on its Performance TV product, streaming publishers selling into it, and investors holding Class A common stock.

What: Second quarter 2026 revenue of $82.5 million, up 21% year-over-year; gross margin of 80%, up 350 basis points; net income of $6.7 million against a prior-year net loss of $26.2 million; Adjusted EBITDA of $21.5 million, up 48% and equal to 26% of revenue; 4,225 trailing twelve month active Performance TV customers, up 40%; and a board authorization for up to $100 million in share repurchases.

When: Results were announced on August 4, 2026, covering the three months ended June 30, 2026. The repurchase program was authorized on August 3, 2026 and runs through August 5, 2027. A webcast was scheduled for August 4, 2026 at 4:30 p.m. Eastern Time.

Where: The company operates primarily in the United States market, selling to firms with between 10 and 500 employees, with inventory access across more than 200 television networks and roughly 200 publisher relationships.

Why: Revenue growth has decelerated from 34% in the second quarter of 2025 to 21%, while the active customer count grew 40% over the same period, implying that average revenue per advertiser fell roughly 14%. Guidance of $86 million to $89 million for the third quarter and $347 million to $357 million for the full year requires growth to reaccelerate to 25% and then approximately 24% against progressively harder comparisons, making the next two quarters the test of whether volume-led expansion can offset a shrinking average account size.