MNTN (MNTN) Q4 2025 earnings summary

Executive summary

• Achieved 36% year-over-year revenue growth for Q4 and full year 2025, with Q4 revenue at $87.1 million and full year revenue at $290.1 million, driven by strong customer acquisition and retention, especially among SMBs.

• Gross margin expanded to 82% in Q4 and 77.2% for FY 2025, reflecting improved efficiencies and the impact of the Maximum Effort divestiture.

• Adjusted EBITDA reached $28.1 million in Q4 (32% margin) and $68.0 million for FY 2025 (23% margin), both showing significant improvement year-over-year.

• Customer base grew 63% year-over-year to 3,632 active PTV customers, with expansion driven by SMB adoption and AI-powered campaign management.

• Continued innovation with AI tools like QuickFrame AI and MNTN Match, and expanded premium content and ad units such as Pause Ads.

Financial highlights

• Q4 revenue was $87.1 million, up 36% year-over-year, and full year revenue was $290.1 million, up 36% year-over-year on an adjusted basis.

• Q4 gross margin improved to 82% (up 530 bps), and full year gross margin rose to 77.2% (up 560 bps), driven by core business and divestiture impact.

• Q4 net income was $34.5 million (GAAP EPS $0.47); full year net loss of $6.4 million due to a $23 million one-time IPO/convertible note charge.

• Q4 adjusted EBITDA was $28.1 million (32% margin); full year adjusted EBITDA was $68.0 million (23% margin), both showing significant improvement.

• Ended Q4 with $210 million in cash and no debt; 73.9 million shares outstanding.

Outlook and guidance

• Q1 2026 revenue expected at $71.3–$73.3 million (22.3% year-over-year growth at midpoint), with adjusted EBITDA of $13–$14 million.

• Full year 2026 revenue guidance is $345–$355 million (22.9% year-over-year growth at midpoint), with adjusted EBITDA of $94.6–$99.6 million.

• Long-term targets: gross margin 75–80%, adjusted EBITDA margin 35–40%.

• Focus on accelerating new customer acquisition, expanding wallet share, and continuous product innovation.

• Plans to increase efficiencies, operating leverage, and extend into adjacent markets.