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 customer acquisition and 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 for Q4 was $28.1M (32% margin); full year adjusted EBITDA was $68M (23% margin), up 75% year-over-year.

• Customer base grew 63% year-over-year to 3,632 active PTV customers, with strong expansion rates above 115%.

• Continued innovation in AI tools, including QuickFrame AI and expanded premium TV inventory partnerships.

Financial highlights

• Q4 revenue reached $87.1M, up 36% year-over-year, and full year revenue was $290.1M, up 36% year-over-year.

• Q4 gross margin improved to 82%, up 530 basis points; full year gross margin rose to 77.2%, up 560 basis points.

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

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

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

Outlook and guidance

• Q1 2026 revenue expected between $71.3M–$73.3M, representing 22.3% year-over-year growth at midpoint.

• Q1 2026 adjusted EBITDA guidance is $13M–$14M.

• Full year 2026 revenue guidance is $345M–$355M (22.9% growth at midpoint); adjusted EBITDA expected between $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.