MNTN (MNTN) Q4 2025 earnings summary

Executive summary

• Achieved 36% year-over-year revenue growth for both Q4 and full year 2025, with Q4 revenue at $87.1M and full year revenue at $290.1M, driven by strong SMB adoption and customer retention.

• 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 $28.1M in Q4 (32% margin) and $68M for the year (23% margin), up 75% year-over-year.

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

• Customer base expanded by 63% year-over-year to 3,632 active PTV customers at year-end, with notable case studies highlighting strong advertiser results.

Financial highlights

• Q4 revenue reached $87.1M, up 36% year-over-year, and full year revenue was $290.1M, both adjusted for the Maximum Effort divestiture.

• Q4 gross margin improved to 82% (up 530 bps); full year gross margin rose to 77.2% (up 560 bps).

• Q4 adjusted EBITDA was $28.1M (32% margin); full year adjusted EBITDA was $68M (23% margin).

• Q4 GAAP net income was $34.5M; full year net loss was $6.4M due to a one-time $23M IPO-related charge.

• Ended Q4 with $210M in cash and no debt.

Outlook and guidance

• Q1 2026 revenue expected between $71.3M–$73.3M (22.3% year-over-year growth at midpoint); adjusted EBITDA $13M–$14M.

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

• 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.