MNTN, Inc. Class A

Hello and welcome to the Mountain Third Quarter 2025 Results Conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed into today's call, please press star 9 to raise your hand and star 6 to unmute. I would now like to turn the call over to Brynlee Johnson. Please go ahead.

Good afternoon. Thank you for joining us for Mountain's third quarter 2025 earnings call. With me today is Mark Douglas, CEO, and Patrick Poland, CFO. Just to remind everyone, today's call includes forward-looking statements that are subject to risks and uncertainties, and actual results could materially differ from those anticipated in these forward-looking statements. For the risks and uncertainties that may affect future results, please see our most recently filed periodic report which is also available on our website. We will discuss non-GAAP financial measures on today's call. Reconciliations of these measures are available in our earnings material on our website. With that, I'll turn the call over to Mark. Please go ahead.

Thank you for joining us today. We had another strong quarter with revenue and adjusted EBITDA growth as well as positive net income. But before we get into the numbers, I want to take a step back and talk about what makes Mountain different, why this moment in time is so exciting, and where our next stage of growth is coming from. because understanding mountain is key to understanding our results and this quarter's success is a direct reflection of our strategy and technology i founded mountain with the mission to democratize television advertising For decades, the industry has been dominated by the 200 biggest advertisers, big brands with big budgets and big agencies to support them. We built Mountain for everyone else. Mountain is focused on the millions of other small and medium-sized businesses that never thought they could afford to advertise on television. One thing I've said before, but you'll hear me say over and over, 97% of Mountain customers have never run a TV ad before coming on to Mountain. This means we're bringing new people to TV advertising and creating our own category. For years, these small to medium sized businesses have served as the real growth engine of digital advertising because they are focused on one thing, performance marketing. They expect their advertising investments and platforms to be measurable, targetable, and as ROI driven as search and social. TV could never be bought or measured the way digital could, and that kept a lot of businesses shut out of one of the biggest opportunities in marketing. That changed when we built Mountain Performance TV, a self-serve platform that makes connected TV measurable, accessible, and performance-driven. Today, mountain advertisers can launch campaigns across more than 200 premium streaming networks like CNN, Paramount+, Bravo, ESPN, and more. They can target audiences using real intent data powered by AI and measure actual business outcomes like site visits, conversions, and return on ad spend. That's a monumental shift for television advertising. transforming TV from a branding medium to a true performance channel. Let's not forget television is still the most powerful medium in the world. Every day, more than 5.5 billion people watch TV for an average of three and a half hours. more than the nearly 4 billion who use social media, and more than any other form of entertainment. It's what people talk about at dinner, not the video they scroll past on social media, but the season premiere of Landman, the finale of White Lotus, or that last game of the World Series. And the way we watch TV has fundamentally changed. Connected TV is now the fastest growing segment in all of advertising, and it's not slowing down. Yet, despite that growth, CTV remains under-monetized because most of the spend still comes from a small number of large brands. TV had never traditionally been considered performance channel, only brand. We're changing that. Mountain is bringing the small business revolution to television, just as Meta did for social and Google did for search. More than 80% of digital ad spend on these platforms still comes from small and mid-sized businesses. But TV has historically been out of reach for them. We're opening that door and unlocking the next wave of growth for connected TV. Streaming TV captures the attention of consumers with professionally produced content that costs millions to make. And now with Mountain, every business can reach their next customer alongside that same premium content. It resonates in a way that other media just can't. That's the magic of television. And now with Mountain, every brand can be part of it. Our performance TV platform is the most advanced software and connected TV, and it makes getting an ad on TV simple. Advertisers can launch, manage, and optimize campaigns entirely on their own in a self-serve environment that delivers real-time results. Everything is automated from targeting to optimization, bringing the precision and accountability of digital performance marketing to television. Performance TV gives advertisers of every size the ability to run measurable performance driven campaigns across the best and biggest streaming networks in the world. And we didn't stop there. We've also removed one of the biggest barriers to TV advertising, creative. While creative might seem like a commodity, for our customers, it's an on ramp. a critical enabler that helps them get started quickly and stay engaged within our ecosystem. So we built a complete suite of creative tools to meet every brand where they are. It started with our acquisition of Quick Frame, which connects brands with a marketplace of over 5,000 vetted video professionals quickly and affordably. It expanded through our continued partnership with Ryan Reynolds, George Dewey, and the Maximum Effort team. Then last week, we took that even further by launching the public beta of Quick Frame AI, a new platform powered by the best generative AI models out there that lets advertisers create complete TV spots in minutes. We've lowered the barrier to creating an ad, a huge enabler that accelerates how quickly businesses can launch a mountain and bring their stories to TV. It's simply helping more customers say yes to television. As we scale, our buying power and optimization technology drives lower cost per view and therefore stronger returns for our clients. The more advertisers that join Mountain, the more efficient the platform becomes. Our buying power drives down costs, our optimization technology improves performance, And as our customers see stronger return on ad spend, they invest more. That creates a virtuous cycle. Scale drives efficiency, and efficiency drives growth. And because our model scales with efficiency, not headcount, every new advertiser strengthens our unit economics and improves performance across the entire network. The true definition of a flywheel effect. And as a result, our performance TV business has averaged 39% year over year growth for the past six quarters. And our customers are seeing great results. Take Zazzle, a fast growing e-commerce brand that sells personalized apparel, and HomeGoods. They started testing Mound last summer. What began as a small trial quickly became a core performance channel, with spend more than doubling year over year, verified visits up over 120%, and a return on ad spend consistently above 20x. Zazzle is a great example of how performance driven marketers can start small, see measurable results and quickly scale in the television and meaningful levels of investments. Then there's Guesty, a hospitality software brand that never thought TV could reach their niche target audience of property managers and vacation owners. With Mound, they found they could. They started small, tripled their investment, and now drive tens of thousands of site visits each quarter with strong efficiency. Both brands also rely on Quick Frame for their creative, showing how our ecosystem gives small teams the speed and scale to compete and win like big advertisers. There are three key pillars that define our business and form our competitive mode. First, Mountain is purpose-built for small and medium-sized businesses. Ad tech can be incredibly complex. Just look at those Loom Escape charts full of logos. Our customers never see that complexity. Everything they need, targeting, measurement, and campaign setup is built right into one simple platform. And when a company sees themselves on TV for the first time and sees the incremental revenue it can generate, it's a magical moment made by Mountain Performance TV. Second, we built direct connections to more than 200 premium streaming networks. Because 97% of our advertisers are new to TV, we're bringing incremental revenue to the largest media companies and delivering the best premium content to our customers. And then have I mentioned 97% of Mound customers are new to TV? Nearly every customer who joins Mound needs their first TV commercial. We built the resources to make professional creative accessible to everyone. Together, these three pillars make Mountain unique, built to drive real performance for SMBs, connected to the most premium content, empowered by best-in-class creative solutions. Because of these, we're leading the category, transforming television to the next great performance marketing channel. Every new mountain advertiser, every new TV campaign, every new creative made through Quick Frame AI reinforces the same belief we started with, that great ideas and measurable performance shouldn't be reserved for the biggest brands. We're executing against a massive opportunity, transforming the largest and most influential medium into a measurable performance-driven channel. With strong customer growth, expanding margins, and continued innovation across our platform, Mountain is well positioned for sustained profitable growth. We're successfully building the next generation of performance marketing on TV, and I'm very proud to do it. Now turn it over to Patrick to discuss our third quarter results in more detail.