Slide 1: Investor Presentation
Investor Presentation. August 2025
Slide 2: Disclaimer
Disclaimer. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in S
Slide 3: Key Investment Highlights
Key Investment Highlights. 1 TV Has Highly Attractive Engagement and Scale Dynamics Relative to Search, Social and Mobile 2 PTV Near-Term Market Opportunity Approaching $120Bn 3 MNTN is Unlocking Performance Budgets Not Available Yet to Other CTV Platforms 4 Deep Customer Roster of Recognizable Cons
Slide 4: MNTN’s Near-Term Market Opportunity Approaching $120B
MNTN’s Near-Term Market Opportunity Approaching $120B. Bottoms-Up Market Potential(5) Bottoms-Up Market Potential(5) $399B (1) U.S. Target Advertisers 1.5M........... (Firm Size 10-500 Employees) ‘25-’27 CAGR: 6.8% Total U.S. Advertising(2) $8M............ Avg. Revenue Avg. Marketing Budgets $800K..
Slide 5: MNTN Introduced Performance Software to the CTV Channel
MNTN Introduced Performance Software to the CTV Channel. 97% (2) 85% Increase in Active Customers(1) of our customers never Software is Self-Service for advertised on TV before All Customers Note: 1. For the quarter ended June 30, 2025, compared to the quarter ended June 30, 2024. 2. Customers that
Slide 6: Return on Ad Spend is a Primary Focus of Millions of Performance Advertisers
Return on Ad Spend is a Primary Focus of Millions of Performance Advertisers. $25,000 $125,000 SPEND VISIT PURCHASE Campaign Revenue Ad Spend 5x Campaign ROAS Revenue Advertisers will continue to spend against their ROAS target Note: Information on this slide is presented for illustrative purposes o
Slide 7: TV has Greater Engagement and Scale than Search and Social but is Undermonetized
TV has Greater Engagement and Scale than Search and Social but is Undermonetized.(1) TV $265B(2) $161B(3) Engagement (per day) ~10 mins(4) ~64 mins(6) ~180 mins(7) Users 4.3B(5) 3.9B (MAU)(3) 5.5B (MAU)(8) Note: 1. Based on MNTN estimates. 5. New Vision, Google Statistics 2023- Users, Revenue And Gr
Slide 8: MNTN Unlocks Performance Budgets Not Available to Other CTV Platforms
MNTN Unlocks Performance Budgets Not Available to Other CTV Platforms. Direct to Marketer with Old Agency Driven World Full-Stack Automation Campaign Type Performance / ROAS Brand / Reach Customers Millions of Performance Marketers Limited Brand Marketers Attribution Campaign Optimization Agency Bla
Slide 9: Our Proprietary Tech Stack Enables Advertisers to Launch Performance TV Campaigns
Our Proprietary Tech Stack Enables Advertisers to Launch Performance TV Campaigns for the First Time. Self-Serve • Set goals and control budgets Goal & Budget Planning Match Audiences Next Gen Targeting - Matching Consumers With • Advanced graphs, keywords and intent-based audiences Brands Creative
Slide 10: MNTN Matched Connecting Marketers with CTV Audiences
MNTN Matched Connecting Marketers with CTV Audiences. Matching Based on Multiple Signals ~130M Households(1) Shopper • Looking at skateboards • Purchased surfboard Categorizing consumers based on signals and Events Interests • College Grad • Household income propensity to buy • Marriage • Fan of Ska
Slide 11: AI Drives MNTN Matched Which Simplifies Marketer Workflows
AI Drives MNTN Matched Which Simplifies Marketer Workflows. 1 2 3 4 Generative AI Based Matching with Matching Budget With High Immediate ROAS Uplift Keywords Categorization(1) MNTN Matched Intent Audiences Post- MNTN Matched(2) Increase in Verified Visits Increase in ROAS Note: 1. Graphics presente
Slide 12: AI Drives MNTN Matched Which Simplifies Marketer Workflows
AI Drives MNTN Matched Which Simplifies Marketer Workflows. STORYBOARD EDITOR PUBLISH Storyboarding is as easy as providing Provides selection of natural AI Instantly publish to MNTN CTV, as text prompts for both video and voices – 207 total voices(1) and well as other major digital voiceover 131 un
Slide 13: Access to Substantially All Networks, Devices, and Platforms
Access to Substantially All Networks, Devices, and Platforms. Premium Inventory Incremental Budgets Preferential Pricing Strategically Aligned with Networks TV Advertising Enables Marketers to Reache an Estimated 99% of US TV Households(1) Note: 1. As of December 31, 2024. 13
Slide 14: MNTN Has Built the Only Successful Sales Channel for Performance Advertising on TV
MNTN Has Built the Only Successful Sales Channel for Performance Advertising on TV. Marketing Engine Marketing lays the foundation Brand-Direct Approach MNTN sells to performance marketers Product Focused Sales Average Inbound Sales Cycle(1) Sales pitches prospects on platform Trial Performance Mark
Slide 15: MNTN’s First Mover & Competitive Advantage
MNTN’s First Mover & Tech: Brand-Direct, Self-Serve PTV Platform with Advanced AI Competitive Advantage. Matching: MNTN Matched Offers Next-Gen Targeting Attribution: Across 400M+ Devices through 1st Party and 3rd Party Data Creative: QuickFrame and Generative AI Tools Pricing: Highly competitive RO
Slide 16: Multiple Levers to Drive Future Growth
Multiple Levers to Drive Future Growth. Accelerate New Customer Continuous Product Develop & Promote the Increase Efficiencies & Extend Into Expand Wallet Share Acquisition Innovation MNTN Brand Operating Leverage Adjacencies New Accelerate New Customer Acquisition & Expand Wallet Share Markets 16
Slide 17: Leading Senior Management Team
Leading Senior Management Team. Mark Douglas Patrick Pohlen Chris Innes Ryan Reynolds Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Creative Officer George Dewey Ali Haeri Richard Girges Marvin Soghaier Anna McMurphy Chief Brand Officer SVP of Marketing Chief Technolo
Slide 18: Key Financial Highlights
Key Financial Highlights. Strong Customer and Revenue Growth Consistent revenue growth from the acquisition of new and retention of existing customers Gross Margin Expansion Gross margin expansion through increasing efficiencies Operating Leverage Efficiencies in sales and marketing driving increase
Slide 19: We believe we created the SMB advertising market for streaming television
MNTN COMPANY SNAPSHOT $226M $25.2B (4) Revenue (2024A) Client Generated Revenue (2020 – 2024) We believe we created the SMB advertising $39M (1) Adj. EBITDA (2024A) 2,358 (2) Total Customers market for streaming television. 45% (3) 9.7x “Rule of” (2024A) Performance TV Revenue Increase (2020 – 2024)
Slide 20: Q2 2025 Highlights
Q2 2025 Highlights. $68.5M 35% 25% Total Revenue Performance TV Growth Total Growth driven by 85% increase in Performance TV customers 76.9% +700 BPs Gross Margin YoY Margin Expansion enhanced by expanding top of funnel and continued investment in product innovation – $48.8M 21% supporting both cust
Slide 21: Strong Revenue Growth
Strong Revenue Growth. Quarterly Total Revenue Full-Year Total Revenue US$ in Millions US$ in Millions 2023 2024 2025 68.5 69.8 64.5 $226 57.1 54.8 52.0 $176 43.8 42.9 42.3 39.0 Q1 Q2 Q3 Q4 2023A 2024A YoY Growth YoY Growth 36% 12% 47% 51% 28% 25% 45% 35% 9% 34% 31% 28% 21
Slide 22: Strong Margin Expansion
Strong Margin Expansion. Gross Margin Profit Adjusted EBITDA(1) US$ in Millions US$ in Millions 2023 2024 2025 2023 2024 2025 20.7 77% 77% 72% 14.5 70% 70% 70% 70% 69% 69% 10.5 9.4 66% 7.6 5.6 0.8 0.1 0.2 (0.4) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Margin(1) 2% - 15% - 14% 21% (1)% 18% 11% 30% Note: 1. See Append
Slide 23: Q2 2025 GAAP Financial Information
Q2 2025 GAAP Financial Information. 23
Slide 24: Q2 2025 Adjusted EBITDA Reconciliation
Q2 2025 Adjusted EBITDA Reconciliation. 24
Slide 25: Appendix
Appendix. 25
Slide 26: 2024 Adjusted EBITDA Reconciliation
2024 Adjusted EBITDA Reconciliation. ($000s) FY 2024 Net Loss (32,877) Interest Expense (net) 6,920 Income Tax Expense (benefit) 5,786 Depreciation and Amortization Expense 8,345 Stock-Based Compensation Expense(1) 31,199 Fair Value Adjustments(2) 18,574 Acquisition Costs(3) 542 Legal Settlement(4)
Slide 27: Quarterly Adjusted EBITDA Reconciliation
Quarterly Adjusted EBITDA Reconciliation. (000s) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net loss (12,859) (15,745) (14,647) (10,027) (15,699) (9,274) (3,884) (4,020) (21,111) (26,228) Interest Expense (net) 1,942 2,495 2,767 2,874 2,943 1,769 1,085 1,123 1,15
Slide 28: Build with Ferguson Drove Incremental Revenue Growth with MNTN
Build with Ferguson Drove Incremental Revenue Growth with MNTN. Build with Ferguson, a leading home improvement retailer, was eager for a new channel that could help generate incremental revenue — not only for Build with Ferguson was an early adopter of CTV advertising, and worked with MNTN to gener
Slide 29: ThirdLove Tied Positive ROAS to Full Funnel Efforts with MNTN
ThirdLove Tied Positive ROAS to Full Funnel Efforts with MNTN. ThirdLove, a leading American women’s essentials company, was searching for a way to replenish their upper funnel while still maintaining CTV ads were served on top-tier streaming networks, pairing ThirdLove’s a profitable return on inve
Slide 30: Tarte Drove Net-New Business with MNTN Performance TV
Tarte Drove Net-New Business with MNTN Performance TV. Tarte, a leading cosmetics brand, wanted an effective way to raise brand awareness, while simultaneously generating revenue by tapping into new Tarte launched Performance TV prospecting and retargeting campaigns to audiences. MNTN Performance TV
Slide 31: With MNTN, woom Turned CTV Into Its Growth Engine For The U.S. Market
With MNTN, woom Turned CTV Into Its Growth Engine For The U.S. Market. woom, a global leader in children’s bikes, was searching for a way to accelerate growth in the U.S. market. When their traditional performance MNTN Performance TV enhanced woom’s footprint in the U.S., introducing their bikes to
Slide 32: mntn
mntn