10-Q · August 10, 2026
MNTN delivered strong revenue growth, with Q2 revenue of $82.537 million up 11.5% sequentially and 21.4% year over year, while gross margin remained high at 80.0%. However, diluted EPS of $0.09 fell short of the $0.20…
MNTN earnings analysis
10-Q · Filed November 10, 2026 · Our reading of the company's report
The latest report
MNTN delivered Q3 revenue of $80.251 million and diluted EPS of $0.10, with revenue up year over year and net income of $7.669 million up 19%, but both revenue and EPS missed consensus estimates. Gross margin was stable…
Read full summary
MNTN delivered Q3 revenue of $80.251 million and diluted EPS of $0.10, with revenue up year over year and net income of $7.669 million up 19%, but both revenue and EPS missed consensus estimates. Gross margin was stable at 79.0%, while management cited go-to-market execution issues and reduced FY2026 revenue guidance to $311 million-$314 million from $347 million-$357 million. The leadership transition, customer concentration, credit-facility requirements, and expanding AI-related risks reinforce a cautious outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.1
- Gross margin
- 79.0%
What stood out
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Revenue grew year over year but missed estimates
Q3 revenue was $80.251 million, up from $70 million in Q3 2025 but down from $83 million in Q2 2026. Revenue missed the $87.674 million consensus estimate by $7.423 million, or 8.5%.
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Gross margin held near 79%
Gross margin was 79.0%, compared with 78.9% in Q3 2025 and 80.3% in Q2 2026, indicating a modest year-over-year improvement but sequential compression.
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EPS improved modestly but missed consensus
Diluted EPS was $0.10 versus $0.08 in Q3 2025 and $0.09 in Q2 2026, but was $0.15 below the $0.25 consensus estimate.
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Profitability improved year over year
Net income increased 19% to $7.669 million, while Adjusted EBITDA increased 24% to $19.898 million, according to the quarterly earnings disclosure.
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Execution reset accompanied guidance cut
Management reported go-to-market execution problems and reduced FY2026 revenue expectations to $311 million-$314 million from the prior $347 million-$357 million outlook.
What to watch
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Leadership transition during operating reset
The company disclosed that founder Mark Douglas is transitioning out of the President and CEO roles, creating execution and continuity risk during a period when Q3 revenue was $80.251 million and FY2026 revenue guidance had been reduced to $311 million-$314 million.
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Credit facility and liquidity constraints
The Revolving Credit Facility requires the company to maintain no less than $75 million in depository and operating accounts with Western Alliance Bank. Substantially all assets are pledged as collateral, and covenant noncompliance could trigger acceleration of borrowings.
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Growing AI regulatory and execution risk
The filing adds detailed AI-related exposure: the EU AI Act may impose fines of up to 7% of worldwide annual turnover, while AI model defects, data-rights issues, cybersecurity events, or regulatory changes could increase costs and impair products.
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Customer concentration and limited commitments
Customer concentration remains material: the top ten customers accounted for approximately 17% of revenue for both the year ended December 31, 2025 and the nine months ended September 30, 2026, while almost all customers lack committed contracts.
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Repurchase authorization is discretionary
The company authorized a Class A share repurchase program of up to $100.0 million through August 5, 2027, but had repurchased 0 shares as of September 30, 2026; the authorization can be modified, suspended, or discontinued at any time.
Management's outlook
The supplied 10-Q text does not include quantitative revenue or EPS guidance. Prior company guidance disclosed in the November 4 earnings materials was FY2026 revenue of $311 million-$314 million, Q4 revenue of $75 million-$78 million, and Adjusted EBITDA of $8 million-$10 million.
Earlier filings 4
10-Q · May 11, 2026
MNTN reported strong Q1 2026 earnings with revenue of $73.7 million, a 14.2% increase year-over-year, slightly beating analyst expectations. However, EPS at $0.11 fell short of estimates, causing a negative market…
10-K · February 19, 2026
MNTN positions itself as the first-mover in PTV (performance on CTV) with product differentiation in targeting (MNTN Matched) and attribution (Verified Visits). The company reported a revenue inflection in 2025Q4 with…
10-Q · August 11, 2025
MNTN reported Q2 2025 revenue of $68.46M (three months ended June 30, 2025) — up from $54.821M a year ago — with gross margin expanding to 76.8% and operating income of $3.716M (5.4% op margin). Net loss remained…
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