Revenue grew 20.6% YoY to $82.5M in 2026Q2, with gross margin expanding to 80.3% and operating margin reaching 8.6%, though TTM net margin remains negative at -2.2%.
MNTN, Inc Class A (MNTN) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 313.33M | 290.09M | 225.57M | 176.3M | 134.19M | 99.31M | 52.12M |
| Revenue Growth % | 20.55% | 28.6% | 27.95% | 31.38% | 35.13% | 90.55% | - |
| Cost of Goods Sold | 60.97M | 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 | 252.36M | 221.31M | 161.52M | 123.41M | 72.42M | 65.97M | 32.22M |
| Gross Margin % | 80.54% | 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 | 207.61M | 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 | 145.78M | 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 | 59.86M | 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 | 44.75M | 24.04M | -1.65M | -46.11M | -95.23M | -11.07M | 5.2M |
| Operating Margin % | 14.28% | 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 | 62.55M | 33.91M | 6.7M | -28.76M | -78.39M | -8.08M | 5.39M |
| EBITDA Margin % | 19.96% | 11.69% | 2.97% | -16.32% | -58.42% | -8.13% | 10.34% |
| EBITDA Growth % | 338.35% | 406.25% | 123.29% | 63.31% | -870.44% | -249.87% | - |
| D&A (Non-Cash Add-back) | 17.8M | 9.87M | 8.35M | 17.35M | 16.84M | 3M | 195K |
| EBIT | 54.44M | -12.52M | -20.17M | -42.62M | -93.02M | -18.18M | 5.26M |
| Net Interest Income | 7.86M | -3.48M | -6.92M | -10.08M | -1.45M | -560K | -2.06M |
| Interest Income | 7.86M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 3.48M | 6.92M | 10.08M | 1.45M | 560K | 2.06M |
| Other Income/Expense | 9.69M | -40.04M | -25.45M | -6.59M | 765K | -7.67M | -1.32M |
| Pretax Income | 54.44M | -16M | -27.09M | -52.7M | -94.47M | -18.74M | 3.87M |
| Pretax Margin % | 17.37% | -5.52% | -12.01% | -29.89% | -70.4% | -18.87% | 7.43% |
| Income Tax | -1.96M | -9.57M | 5.79M | 577K | -1K | -6.57M | 185K |
| Effective Tax Rate % | -3.59% | 59.84% | -21.36% | -1.09% | 0% | 35.08% | 4.78% |
| Net Income | 56.4M | -6.43M | -32.88M | -53.28M | -94.47M | -12.16M | 3.69M |
| Net Margin % | 18% | -2.22% | -14.57% | -30.22% | -70.4% | -12.25% | 7.08% |
| Net Income Growth % | 202.09% | 80.45% | 38.29% | 43.6% | -676.56% | -429.85% | - |
| Net Income (Continuing) | 56.4M | -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) | 0.72 | -0.08 | -0.43 | -0.69 | -1.23 | -0.29 | 0.01 |
| EPS Growth % | 194.33% | 81.16% | 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 | 78.64M | 79.31M | 76.96M | 76.96M | 76.96M | 76.96M | 76.96M |
| Basic Shares Outstanding | 73.93M | 73.87M | 76.96M | 76.96M | 76.96M | 76.96M | 76.96M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MNTN stock.
For fiscal year 2025, MNTN, Inc Class A (MNTN) reported total revenue of $290.1M. This represents a 456.6% increase compared to $52.1M in 2020.
MNTN, Inc Class A (MNTN) reported a net loss of $6.4M for the fiscal year ending 2025.
MNTN, Inc Class A (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 Class A (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.
Key Metrics
Top Statement Risk
Persistent negative net margins
Metrics are mathematically derived from official filings.
Growth Deceleration Amid Mainstream Shift
MNTN's revenue growth slowed to 20.6% YoY in 2026Q2 from 28.6% TTM, yet management's guidance implies sustained mid-teens growth as Performance TV matures.
The sequential deceleration from 47.3% in 2025Q1 to 20.6% in 2026Q2 suggests the company is transitioning from hyper-growth to a more sustainable phase. The maintained guidance of $86M-$89M for the next quarter indicates confidence in this trajectory, but investors should monitor whether the mainstream adoption CEO cited can offset the natural slowdown from a larger base.
Gross Margin Expansion Signals Pricing Power
Gross margin improved from 65.7% in 2024Q1 to 80.3% in 2026Q2, reflecting a 14.6-point expansion that suggests increasing take-rate efficiency or favorable revenue mix.
The consistent upward trend in gross margin, despite revenue growth, indicates that MNTN is capturing more value per dollar of media processed. This may reflect the success of its bundled creative and attribution offerings, which command a premium. However, the sustainability of this expansion depends on competitive dynamics in CTV bidding and the company's ability to maintain its net revenue recognition model.
Operating Leverage Emerging but Inconsistent
Operating margin swung from -21.9% in 2024Q1 to 8.6% in 2026Q2, yet the 2025Q2 loss of -38.3% net margin highlights volatility in expense scaling.
The path to operating leverage is not linear; while 2026Q2 shows a positive operating margin, the prior year's losses were driven by elevated SG&A and R&D. The 2026Q2 SG&A of $42.2M is 51% of revenue, down from 65% in 2025Q1, suggesting improved cost discipline. However, the negative net margin in 2025Q2 was partly due to a one-time charge, and the company must demonstrate consistent operating income growth to prove scalability.
Net Income Volatility Masks Underlying Progress
Net income swung from -$26.2M in 2025Q2 to +$34.5M in 2025Q4, with SBC averaging $7.8M quarterly, indicating that reported EPS is heavily influenced by non-operating items.
The 2025Q4 net income of $34.5M on operating income of $20.5M suggests a significant tax benefit or other one-time gains, inflating EPS to $0.43. Excluding such items, the underlying profitability is more modest, as seen in 2026Q2's $6.7M net income. SBC of $8.8M in 2026Q2 represents 10.7% of revenue, which dilutes shareholders and should be considered when evaluating earnings quality.
R&D and SG&A Discipline Key to Profitability
R&D and SG&A combined fell from 86% of revenue in 2024Q1 to 71% in 2026Q2, yet absolute spending rose, reflecting a focus on scaling while controlling overhead.
The reduction in operating expense ratio is encouraging, but the absolute increase in R&D (from $7.8M to $16.4M) and SG&A (from $29.9M to $42.2M) indicates continued investment. The company appears to be balancing growth investments with a path to profitability, but the negative net margin in several quarters suggests that cost discipline is not yet fully established. Investors should watch for further operating leverage as revenue grows.
Profitability Doubts Amid Growth Slowdown
Despite 76% gross margins, MNTN's net margin remains negative at -2.2% TTM, and revenue growth decelerating to 20.6% raises questions about the path to sustained profitability.
Short-sellers would argue that the company's high gross margin is offset by heavy spending on sales and marketing, which may not scale down as growth slows. The 2025Q2 net loss of -$26.2M, despite $68.5M revenue, highlights the risk of operating losses if growth falters. Additionally, the reliance on view-through attribution and potential signal loss could undermine the value proposition, leading to higher churn and pressure on margins.