MNTN, Inc.

Listed Company

MNTNCIK 0001891027NYSENon-AcceleratedEmerging GrowthServices-AdvertisingDelawareFY ends Dec 31

Period

FY 2025

Revenue

$290.09M

Net Income

$-6.43M

Total Assets

$378.30M

Equity

$305.74M

Shares Out

16.44M

Op. Cash Flow

$56.47M

Business

MNTN, Inc. transforms connected TV (CTV) into a performance marketing channel through its proprietary PTV software platform. It offers a self‑serve platform with AI-powered targeting (MNTN Matched), verified cross‑device attribution (Verified Visits), automated programmatic buying and optimization, measurement and reporting, and creative production support (including QuickFrame). The company serves a diversified advertiser base—ranging from small and mid‑sized businesses to enterprise brands—via direct‑to‑brand sales and agency partnerships. Its solutions deliver targeted campaigns on premium CTV inventory across OTT devices and smart TVs to nearly all U.S. addressable TV households.

Summary from filing dated 2026-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Revenue	290	226
Cost of revenues	66	64
Gross profit	224	162
Technology and development	49	33
Sales and marketing	90	76
General and administrative	58	52
Amortization of acquired intangibles	3	3
Total operating expenses	200	163
Operating income (loss)	24	−2
Interest income (expense), net	3	−7
Other expense, net	−44	−19
Total other income (expense)	−40	−25
Loss before income tax provision	−16	−27
Income tax provision	−10	6
Net loss	−6	−33
Net loss attributable to common stockholders	−6	−33
Basic (in dollars per share)	−0.13	−2.38
Diluted (in dollars per share)	−0.13	−2.38
Basic (in shares)	51	14
Diluted (in shares)	51	14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-03-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Cash and cash equivalents	210	—	83	—
Accounts receivable, net	62	—	67	—
Prepaid expenses and other current assets	14	—	9	—
Total current assets	286	—	158	—
Internal use software, net	18	—	12	—
Property and equipment, net	0	—	100,000	—
Intangible assets, net	13	—	15	—
Goodwill	52	—	52	—
Deferred tax assets, net	9	—	0	—
Other assets, non-current	0	—	550,000	—
Total assets	378	—	239	—
Accounts payable and accrued expenses	60	—	64	—
Accrued payroll and related liabilities	3	—	3	—
Short-term note payable	0	—	600,000	—
Convertible debt	0	51	50	—
Embedded derivative liability	0	42	25	—
Other current liabilities	6	—	13	—
Total current liabilities	69	—	155	—
Warrant liabilities	0	—	19	—
Other liabilities, non-current	4	—	3	—
Total liabilities	73	—	177	—
Commitments and contingencies (Note 11)	—	—	—	—
Redeemable convertible preferred stock, $0.0001 par value: no shares authorized, issued, or outstanding at December 31, 2025; 55,504,004 shares authorized, 41,994,022 shares issued and outstanding, liquidation preference of $165,776 at December 31, 2024	0	—	169	169
Additional paid-in capital	577	—	147	—
Treasury stock	−10	—	0	—
Notes receivable from employees	−181,000	—	−173,000	—
Accumulated deficit	−261	—	−255	—
Total stockholders' equity (deficit)	306	—	−108	−106
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	378	—	239	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Stock-based compensation	32	31
Change in value of embedded derivative	17	16
Change in value of warrant liabilities	−4	3
Change in value of contingent liabilities	166,000	−329,000
Change in value of convertible debt, excluding interest	4	0
Depreciation and amortization	10	8
Loss on extinguishment of convertible debt	26	0
Accretion of warrant discount on convertible debt	949,000	6
Interest accrued on convertible debt and short-term note payable	1	3
Provision for bad debts	2	2
Release of indemnification related to QuickFrame Holdback	−579,000	0
Interest income from notes receivable	−447,000	−3,000
Provision for deferred income taxes	−10	36,000
Accounts receivable	2	−19
Prepaid expenses and other assets	−6	1
Accounts payable and accrued expenses	−4	14
Accrued payroll and related liabilities	114,000	−1
Other liabilities	−8	11
Net cash provided by operating activities	56	43
Issuance of short term notes receivable	−10	0
Proceeds from short term notes receivable	5	0
Capitalized internal use software costs	−13	−10
Net cash used in investing activities	−17	−10
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions	125	0
Payments of initial public offering costs	−6	0
Payments on revolving credit facility	0	−8
Proceeds from revolving credit facility	0	3
Payments on settlement of convertible debt	−24	0
Proceeds from exercises of stock options	3	328,000
Payments to repurchase common stock	−10	−333,000
Net cash provided by (used in) financing activities	88	−5
Net increase in cash and cash equivalents	128	28
Cash paid for interest	3	178,000
Cash paid (received) for income taxes	3	−1
Reclassification of deferred offering costs to additional paid-in capital in connection with initial public offering	5	0
Issuance of warrants in connection with convertible debt modification	0	2
Net settlement of employee note receivable and payable	0	484,000
Issuance of employee loans for exercise of stock options	0	170,000

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