$MNTN

MNTN, Inc.

CIK:0001891027|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 82,537	$ 68,460	$ 156,210	$ 132,972
Cost of revenues	16,241	15,899	29,894	35,734
Gross profit	66,296	52,561	126,316	97,238
Operating expenses:
Technology and development	16,354	10,732	30,965	20,340
Sales and marketing	28,567	24,318	52,264	45,982
General and administrative	13,601	13,137	25,077	33,608
Amortization of acquired intangibles	657	658	1,315	1,316
Total operating expenses	59,179	48,845	109,621	101,246
Operating income (loss)	7,117	3,716	16,695	(4,008)
Other income (expense):
Interest income (expense), net	2,046	708	3,923	(447)
Other (expense) income, net	(4)	(28,666)	158	(45,207)
Total other income (expense)	2,042	(27,958)	4,081	(45,654)
Income (loss) before income tax provision	9,159	(24,242)	20,776	(49,662)
Income tax provision	2,439	1,986	5,294	(2,323)
Net income (loss)	$ 6,720	$ (26,228)	$ 15,482	$ (47,339)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.09	$ (0.65)	$ 0.21	$ (1.71)
Diluted (in dollars per share)	$ 0.09	$ (0.65)	$ 0.20	$ (1.71)
Weighted average shares outstanding:
Basic (in shares)	73,925,823	40,120,402	73,907,690	27,663,863
Diluted (in shares)	78,643,570	40,120,402	78,774,979	27,663,863

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 15,482	$ (47,339)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	12,627	21,684
Change in value of embedded derivative	0	16,574
Change in value of warrant liabilities	0	(7,171)
Change in value of contingent liabilities	(166)	4,966
Change in value of convertible debt, excluding interest	0	4,395
Amortization expense	6,620	4,802
Loss on extinguishment of convertible debt	0	26,436
Accretion of warrant discount on convertible debt	0	949
Interest accrued on convertible debt and short-term note payable	0	1,092
Provision for bad debts	991	671
Release of indemnification related to QuickFrame Holdback	0	(579)
Provision for deferred income taxes	1,503	0
Interest income from notes receivable	(112)	(144)
Change in operating assets and liabilities:
Accounts receivable	861	3,320
Prepaid expenses and other assets	210	(5,955)
Accounts payable and accrued expenses	(5,725)	2,555
Accrued payroll and related liabilities	1,445	(218)
Other liabilities	290	(8,451)
Net cash provided by operating activities	34,026	17,587
Cash flows from investing activities:
Issuance of short term notes receivable	0	(9,611)
Capitalized internal use software costs	(6,991)	(6,185)
Net cash used in investing activities	(6,991)	(15,796)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions	0	125,328
Payments of initial public offering costs	0	(2,137)
Payments on settlement of convertible debt	0	(24,000)
Proceeds from exercises of stock options	91	1,639
Employee taxes paid under stock-based compensation plans	(5)	0
Payments to repurchase common stock	0	(10,025)
Net cash provided by financing activities	86	90,805
Net increase in cash and cash equivalents	27,121	92,596
Cash and cash equivalents, beginning of period	210,160	82,562
Cash and cash equivalents, end of period	237,281	175,158
Supplemental cash flow information:
Cash paid for income taxes	713	3,318
Cash paid for interest	0	3,143
Stock-based compensation included in capitalized internal use software costs	402	0
Reclassification of deferred offering costs to additional paid-in capital in connection with initial public offering	0	4,830
Deferred offering costs not yet paid	0	3,590
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering
Supplemental cash flow information:
Conversion of stock and debt during the period	0	168,888
Conversion of convertible debt to Class A common stock upon initial public offering
Supplemental cash flow information:
Conversion of stock and debt during the period	0	96,902
Conversion of common stock to Class A and Class B common stock upon initial public offering
Supplemental cash flow information:
Conversion of stock and debt during the period	$ 0	$ 2

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 237,281	$ 210,160
Accounts receivable, net of allowance for expected credit losses of $1,452 and $1,593 at June 30, 2026 and December 31, 2025	59,985	61,837
Prepaid expenses and other current assets	14,374	14,476
Total current assets	311,640	286,473
Intangible assets, net	11,407	12,722
Goodwill	51,903	51,903
Deferred tax assets	7,897	9,400
Total assets	402,739	378,302
Current liabilities:
Accounts payable and accrued expenses	53,818	59,543
Accrued payroll and related liabilities	4,797	3,352
Other current liabilities	5,506	5,626
Total current liabilities	64,121	68,521
Other liabilities, non-current	4,289	4,045
Total liabilities	68,410	72,566
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock	7	7
Additional paid-in capital	590,158	577,043
Treasury stock	(10,025)	(10,025)
Notes receivable from employees	(185)	(181)
Accumulated deficit	(245,626)	(261,108)
Total stockholders’ equity	334,329	305,736
Total liabilities and stockholders’ equity	402,739	378,302
Software, In-Development, Internally Developed, and Purchased
Current assets:
Internal use software, net	$ 19,892	$ 17,804