MNTN, Inc. Class A

Hello and welcome to the Mountain second quarter 2025 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session, and if you would like to ask a question during this time, please press star one on your telephone keypad. I would now like to turn the conference over to Brinley Johnson. You may begin.

Good afternoon. Thank you for joining us for Mountain's second quarter 2025 earnings call. With me today is Mark Douglas, CEO, Patrick Pollin, CFO, and Chris Innes, COO. Just to remind everyone, today's call includes forward-looking statements that are subject to risks and uncertainties, and actual results can materially differ from those anticipated in these forward-looking statements. For the risks and uncertainties that may affect our future results, please see the risk factor section of our IPO perspectives filed with the SEC on May 22, 2025, which is also available on our website. We will also discuss non-GAAP financial measures on today's call. Reconciliations of these measures are available in our earnings material on our IR website. With that, I'll turn the call over to Mark. Please, go ahead.

Good evening. So, thanks. Thank you for joining us on Mountain's very first earnings call as a public company. Sam marks a major milestone, not just for Mountain, but for the thousands of brands we serve and for the future of TV advertising. We build Mountain around a bold mission to democratize TV. Our goal is simple, to make connected TV the most effective performance marketing channel and to give every brand from startups to household names the tools to succeed on television. On behalf of the entire team, I want to thank our investors, partners and shareholders for your belief in our mission. We are not only helping brands advertise better, we are helping them grow smarter. Let's get to the headline. We've delivered a strong Q2. Second quarter performance TV revenue grew over 35% to 67.8 million with total revenue of 68.5 million. Driven by our unique value proposition as well as our ability to efficiently attract New customers to the platform and increased usage for existing customers. Gross margin improved to 77% and adjusted EBITDA grew 92% year-over-year and hit a record $14.5 million. We ended the quarter with $175 million in cash and cash equivalents, but our quarterly results are only part of the story. Our strength lies in how well our strategy is aligned with the state of the market and the needs of modern marketers. Marketers today are navigating a rapidly shifting landscape fueled by automation, rising customer acquisition costs, AI generated content, and the increasing pressure to do more with less. That's why performance TV is resonating. It's not just an evolution of connected TV, it's a new category altogether. One that combines the reach and storytelling power of television, with the precision, speed, and accountability of digital. And Mountain is leading the way. Our platform is purpose-built to close the gap between where audiences are spending their time and where ad dollars are still catching up. Nearly half of all TV time in the US is now streamed, yet only a third of TV ad budgets have followed. In the past 12 months, thousands of brands have run campaigns on Mountain, many of them seeing TV drive revenue for the first time. In fact, the number of live customers on our platform has increased 85% year over year, a majority of which are small and mid-sized businesses. These aren't legacy advertising titans. They're growing challenger brands looking for the next engine of acceleration and finding it with Mountain. Since 2019, ads run through Mountain have generated over $27 billion in revenue for our customers, and notably 97% of our customers that launched in 2025 had never advertised on TV before using Mountain. Malin is turning television to a growth engine for the small to mid-sized businesses that were once priced out or left out. While others chase the top 1% of advertisers, we've gone the other way, making performance TV accessible, measurable, and effective for brands that never thought they could afford it, let alone scale with it. This is where mountain shines. Our performance TV platform is the most advanced software and connected TV. We build performance TV on a simple belief that TV advertising should be effective, measurable, and as easy to buy as search and social. This is TV advertising engineered for outcomes. Our platform combines the creative power television with the intelligence of performance marketing. Brands handle the rest, but our platform handles the rest. Targeting, optimization, attribution are all built in. This is what sets Mound apart. Every campaign is optimized for performance. Three key proprietary technologies make this possible. Mound Match is our proprietary AR targeting engine. It matches brands with the viewers most likely to convert based on real behavior, intense signals, and household data. Verify Visits is our cross-device attribution system. It connects a TV commercial to downstream action like a purchase or a site visit across more than 400 million devices in the U.S. with household-level accuracy. Mount's programmatic bidders are AR-powered proprietary bidding engines. It automates media buying, optimizes spend in real time, and processes hundreds of thousands of streaming TV ad requests per second, maximizing performance across trusted, professionally-created premium streaming inventory. This is what transforms TV from a top of funnel awareness play into a direct response growth engine for challenger brands. Our competitive mode isn't just technology, it's also a years long lead in understanding how to make TV work like digital for everyone. As for the road ahead, we remain confident in our momentum, in our mission, and in our market opportunity. We're raising the bar in performance and making a TV a viable growth channel for brands of all sizes. Thank you again to our investors, our shareholders, and our partners. Your belief in Mountain is helping us lead a major shift in one of advertising's most powerful mediums, and we're just getting started. Now handed over to Patrick to walk you through our financial results in more detail and share our guidance for Q3.