MNTN, Inc. Class A

Hello and welcome to the Mountain fourth quarter and full year 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 in to today's call, please press star 9 to raise your hand and star 6 to unmute. I will now hand the conference over to Brynlee Johnson. Please go ahead.

Good afternoon. Thank you for joining us for Mountain's fourth quarter and full year 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 can 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 also 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 reported strong financial results delivering fourth quarter revenue growth of 36% year over year and 36% for the full year. We also reported very solid adjusted EBITDA growth as well as record positive net income. Before we get into the numbers, I want to take a step back and talk about Mountain's unique value proposition and why we're well positioned for a long runway of durable growth. I founded Mountain with the mission to democratize television advertising. For decades, the TV industry was dominated by large global brands with big budgets, big ad agencies, and campaigns built to drive brand awareness. That's not our market. We don't operate in the open web or retail media. Mountain is a true pure play connected TV company. Our customers are emerging e-commerce companies and category leaders. They have efficient marketing teams who deploy their budgets wisely while expanding into connected TV on their journey to winning new customers. And the reason for them to expand into connected TV is it expands their revenue by marketing with the most exciting content in the world. Everything from the best reality shows on Bravo, dramas on HBO Max to live sports. They're interested exclusively in using their ads to drive incremental revenue by reaching specific consumers this is the true definition of performance marketing applied to the largest storytelling platform streaming television while performance is a new concept for television it's not new to advertising performance advertising helped build the e-commerce industry giving companies the ability to target users and run ads that convert into traffic making it possible for emerging brands to compete with established giants That's exactly what Mount is bringing to streaming TV. Our technology enables advertisers to target users with the same types of signals that the big search and social companies use to target their users, only we enable our clients to launch ad campaigns on hundreds of premium streaming TV networks like Paramount+, Disney, and ESPN. This is a monumental shift for television advertising, transforming TV from a branding medium to a true performance channel. Mound created a completely new market that would uniquely position to dominate. The intersection of streaming television and performance marketing is huge and growing every day as more consumers move to streaming TV and as a result, more brands follow them there. Mound campaigns generated over $18 billion in revenue for our customers in 2025. and every aspect of our platform is built to expand the reach and revenue of our customers efficiently and with measurable results. Ease of use is core to our strategy. From cost-efficient customer acquisition to our easy signup and measurable results, our platform is built exclusively for small and mid-sized businesses. Mountain Advertisers can launch, manage, and optimize campaigns entirely on their own in our self-service platform. While they can also use an agency, they don't have to. And the agencies they do use are nimble performance marketing agencies that are experts at search and social marketing and are now also experts at performance TV advertising. Everything is automated from targeting to optimization, bringing digital marketing precision and accountability to streaming TV. As part of that automation, AI plays an ever-expanding role. Mound was the first company to provide AI consumer targeting for CTV when we launched Mound Match. We were the first because half of Mound's team is engineers, and small and mid-sized customers need precision targeting with the best technology to identify their next customer. We were the first company in CTV to take on the challenge of creating TV commercials because more than 95% of our customers don't have one when launching their first campaign. And now we have creative AI tools with Quick Frame AI. Stay tuned as we continue to launch exciting new AI tools through 2026. We're leveraging AI tech to make every aspect of our product and business the best it can be for our customers and drive even more compelling results in helping them grow their revenue. Being everything the SMB market needs is our mission. We aren't taking an enterprise-grade product and simplifying it for SMB users. That never works. You can see it in any market. The company that builds for the SMB market segment always wins, Shopify being one of the prime examples. Even our marketing is specifically designed for SMBs, which is why we're able to get LTB CAC ratios that are handily in the double digits on the majority of our mid-market customers. There are other companies that enable connected TV advertising, and some of them are huge companies. But those companies are focused on a different area of the connected TV world than we are. Their tech stacks were designed to maximize what their brand-focused customers need, and that's reach and frequency. Remember, the biggest TV advertisers in the world, the one that our competitors have focused on are brand advertisers. They're looking to maximize eyeballs, views, and impressions, and they want to get those views at the lowest cost. This is very different from what Mountain does because our customers want performance. They want incremental sales and a high return on their advertising spend. They're actually willing and interested to pay a higher price for an ad slot if it means that ad will convert to incremental sales. Instead of seeking to maximize the number of impressions at the lowest cost, Mountain surgically targets the right audience to drive conversions. I like to say that Mountain customers aren't buying ads, they're buying incremental revenue. Think about it, huge companies like Verizon, and Coca-Cola want to drive impressions so you know who they are and remember them when you go to purchase. They want to reach every American over and over again, so they're buying ad slots in bulk and want the lowest price per impression. On the other hand, a snowboard brand that wants to drive more revenue isn't interested in reaching every consumer at the lowest cost. They're interested in reaching the right consumers, the ones who are most likely to buy their product today. That brand is willing to spend to acquire these customers as long as the incremental revenue outweighs the cost of the ads. They're looking for a return on their ad spend and Mountain is uniquely built to deliver on CBTV. That's also why the over 200 networks we work with love us. We're bringing them companies that have never advertised on TV before. More than 95% of Mountain customers launched their first TV commercial on our platform. We aren't just moving brand dollars from one network to another, we're actually increasing the pie. The bottom line is that the market for connected TV advertising is huge. And there will be a place for both brand advertisers and performance advertisers and for large advertisers and for small. Mountain is the leader in the SMB market and will remain the leader because we wrap our entire solution into an easy to use package. Everything from our marketing to our tech stack is purpose built for these smaller companies and we're leading the way with continued innovation. Wrapping up, we're executing against a massive opportunity, transforming TV into a measurable performance driven advertising channel. We've got many exciting vectors for growth from moving further down market to integrating AI to even more premium content and many more. All while continuing to sharpen our platform and our measurement tools to be exceptionally easy for anyone to use. Remember, Mountain enables marketers of any size to press the easy button to get their ads on TV quickly to drive incremental revenue. 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 streaming TV. Now turn it over to Patrick to discuss fourth quarter and full year 2025 results in more detail.