MNTN has improved its gross margin from 65.7% in 2024Q1 to 81.5% in 2026Q1, though revenue growth remains volatile, fluctuating between 14.2% and 47.3% over the last five quarters.
| Sales/Revenue | 299.25M | 290.09M | 225.57M | 176.3M | 134.19M | 99.31M | 52.12M |
| Revenue Growth % | 21.51% | 28.6% | 27.95% | 31.38% | 35.13% | 90.55% | - |
| Cost of Goods Sold | 59.97M | 68.78M | 64.05M | 52.89M | 61.77M | 33.33M | 19.89M |
| COGS % of Revenue | - | 23.71% | 28.4% | 30% | 46.03% | 33.56% | 38.17% |
| Gross Profit | 239.28M | 221.31M | 161.52M | 123.41M | 72.42M | 65.97M | 32.22M |
| Gross Margin % | 79.96% | 76.29% | 71.6% | 70% | 53.97% | 66.44% | 61.83% |
| Gross Profit Growth % | - | 37.02% | 30.88% | 70.42% | 9.76% | 104.75% | - |
| Operating Expenses | 197.28M | 197.27M | 163.17M | 169.52M | 167.65M | 77.05M | 27.03M |
| OpEx % of Revenue | - | 68% | 72.33% | 96.16% | 124.94% | 77.59% | 51.86% |
| Selling, General & Admin | 141.06M | 148.03M | 127.87M | 128.26M | 137.95M | 71M | 23.55M |
| SG&A % of Revenue | - | 51.03% | 56.69% | 72.75% | 102.8% | 71.5% | 45.2% |
| Research & Development | 54.24M | 49.24M | 32.66M | 27.87M | 15.97M | 5.71M | 3.4M |
| R&D % of Revenue | - | 16.97% | 14.48% | 15.81% | 11.9% | 5.75% | 6.53% |
| Other Operating Expenses | 1.97M | 0 | 2.63M | 13.4M | 13.73M | 332K | 66K |
| Operating Income | 41.35M | 24.04M | -1.65M | -46.11M | -95.23M | -11.07M | 5.2M |
| Operating Margin % | 13.82% | 8.29% | -0.73% | -26.15% | -70.97% | -11.15% | 9.97% |
| Operating Income Growth % | - | 1560.75% | 96.43% | 51.58% | -759.99% | -313.17% | - |
| EBITDA | 52.47M | 33.91M | 6.7M | -28.76M | -78.39M | -8.08M | 5.39M |
| EBITDA Margin % | 17.53% | 11.69% | 2.97% | -16.32% | -58.42% | -8.13% | 10.34% |
| EBITDA Growth % | 596.47% | 406.25% | 123.29% | 63.31% | -870.44% | -249.87% | - |
| D&A (Non-Cash Add-back) | 11.13M | 9.87M | 8.35M | 17.35M | 16.84M | 3M | 195K |
| EBIT | 37.38M | -12.52M | -20.17M | -42.62M | -93.02M | -18.18M | 5.26M |
| Net Interest Income | 3.93M | -3.48M | -6.92M | -10.08M | -1.45M | -560K | -2.06M |
| Interest Income | 3.93M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.88M | 3.48M | 6.92M | 10.08M | 1.45M | 560K | 2.06M |
| Other Income/Expense | -20.31M | -40.04M | -25.45M | -6.59M | 765K | -7.67M | -1.32M |
| Pretax Income | 21.04M | -16M | -27.09M | -52.7M | -94.47M | -18.74M | 3.87M |
| Pretax Margin % | 7.03% | -5.52% | -12.01% | -29.89% | -70.4% | -18.87% | 7.43% |
| Income Tax | -2.41M | -9.57M | 5.79M | 577K | -1K | -6.57M | 185K |
| Effective Tax Rate % | -11.46% | 59.84% | -21.36% | -1.09% | 0% | 35.08% | 4.78% |
| Net Income | 23.45M | -6.43M | -32.88M | -53.28M | -94.47M | -12.16M | 3.69M |
| Net Margin % | 7.84% | -2.22% | -14.57% | -30.22% | -70.4% | -12.25% | 7.08% |
| Net Income Growth % | 161.24% | 80.45% | 38.29% | 43.6% | -676.56% | -429.85% | - |
| Net Income (Continuing) | 23.45M | -6.43M | -32.88M | -53.28M | -94.47M | -12.16M | 3.69M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.30 | -0.09 | -0.43 | -0.69 | -1.23 | -0.29 | 0.01 |
| EPS Growth % | 150.71% | 79.77% | 37.68% | 43.9% | -324.14% | -2810.28% | - |
| EPS (Basic) | - | -0.09 | -0.43 | -0.69 | -1.23 | -0.29 | 0.01 |
| Diluted Shares Outstanding | 78.9M | 509.04M | 76.96M | 76.96M | 76.96M | 76.96M | 76.96M |
| Basic Shares Outstanding | 73.89M | 509.04M | 76.96M | 76.96M | 76.96M | 76.96M | 76.96M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Attribution model regulatory sensitivity
According to the provided quarterly data, MNTN's revenue growth has exhibited significant fluctuations, peaking at 47.3% in 2025Q1 before decelerating to 14.2% by 2026Q1, suggesting that the company's ability to sustain high-double-digit expansion remains sensitive to seasonal demand and potential market saturation within the DTC segment.
The erratic nature of the top-line growth suggests that MNTN may be struggling to maintain a consistent acquisition pace among its core mid-market client base. Investors should monitor whether this deceleration reflects a structural limit to the current CTV performance-marketing model or merely temporary headwinds in the broader advertising spend environment.
As reported in the financial statements, MNTN has successfully expanded its gross margin from 65.7% in 2024Q1 to 81.5% in 2026Q1, indicating a potential improvement in the company's ability to leverage its software-centric platform while managing the underlying costs of media delivery and creative production.
This upward trend in gross profitability suggests that the company is becoming more efficient at scaling its proprietary technology without a commensurate increase in variable costs. Such margin expansion is critical for justifying the company's valuation relative to peers like The Trade Desk, as it demonstrates a shift toward a more scalable, high-margin software business model.
Based on the reported figures, MNTN's operating margin has swung from a negative 21.9% in 2024Q1 to a positive 13.0% in 2026Q1, highlighting that the company is only beginning to demonstrate the operating leverage necessary to translate gross profit growth into consistent bottom-line profitability.
The inconsistency in operating income suggests that MNTN is still in a heavy investment phase, with SG&A expenses often offsetting gains in gross profit. Future performance will likely depend on whether management can maintain this positive operating margin trajectory without sacrificing the R&D spending required to keep their attribution technology competitive.
Analysis of the income statement reveals that MNTN's net income has been significantly impacted by high levels of stock-based compensation, which reached $14.1M in 2025Q1, suggesting that reported EPS figures may not fully reflect the underlying cash-generating capability of the core advertising business.
The reliance on equity-based incentives to manage cash burn warrants further investigation, as it obscures the true cost of talent acquisition in a competitive tech labor market. Investors should be cautious of the volatility in net income, which appears heavily influenced by these non-cash charges and periodic tax adjustments rather than purely operational performance.
Quick answers to the most common questions about buying MNTN stock.
For fiscal year 2025, MNTN Inc. (MNTN) reported total revenue of $290.1M. This represents a 456.6% increase compared to $52.1M in 2020.
MNTN Inc. (MNTN) reported a net loss of $6.4M for the fiscal year ending 2025.
MNTN Inc. (MNTN) reported an operating income of $24.0M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
MNTN Inc. (MNTN) generated $221.3M in gross profit for the year, representing a gross profit margin of 76.3%. This demonstrates the company's core pricing power and production efficiency.