Slide 1: Investor Presentation
Investor Presentation. November 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) (1) U.S. Target Advertisers $399B 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) 67% Increase in Active PTV Customers(1) of our customers never Software is Self-Service for advertised on TV before All Customers Note: 1. For the trailing twelve months ended September 30, 2025, compared to the trailing months ended S
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 ROAS Campaign 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 Sk
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 present
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 text Provides selection of natural AI voices – Instantly publish to MNTN CTV, as well as prompts for both video and voiceover 207 total voices(1) and 131 unique voices other m
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: Competitive Brand-Direct, Self-Serve PTV Platform with Advanced AI 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 R
Slide 16: Multiple Levers to Drive Future Growth
Multiple Levers to Drive Future Growth. Accelerate New Customer Expand Wallet Continuous Product Develop & Promote the Increase Efficiencies & Extend Into Acquisition Share 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
MNTN COMPANY SNAPSHOT $226M $25.2B(4) Revenue (2024A) Client Generated Revenue (2020 – 2024) We believe we created the SMB $39M(1) 2,358(2) advertising market Adj. EBITDA (2024A) Total Customers for streaming 9.7x television. 45%(3) “Rule of” (2024A) Performance TV Revenue Increase (2020 – 2024) Not
Slide 20: Q3 2025 Highlights
Q3 2025 Highlights. $70.0M 31%1 Total Revenue Total Growth (Adjusted) driven by 67% increase in Performance TV customers 78.9% +720 BPs Gross Margin YoY Margin Expansion enhanced by expanding top of funnel and continued investment in product innovation – $47.7M 18% supporting both customer Operating
Slide 21: Revenue + Gross Profit
Revenue + Gross Profit. (Millions) 2024 2025 Revenue Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4E1 2025E1 MNTN, excluding $40.5 $51.2 $53.4 $64.2 $209.3 $59.1 $68.5 $70.0 $86.0 $283.6 Maximum Effort YoY 16.7% 35.8% 40.4% 36.1% 32.8% 45.8% 33.9% 31.2% 34.0% 35.5% Max Effort $3.3 $3.7 $3.7 $5.6 $16.3 $5.4 $- $- $- $
Slide 22: Revenue Growth – Excluding Maximum Effort
Revenue Growth – Excluding Maximum Effort . 1 Quarterly Total Revenue1 US$ in Millions Full-Year Total Revenue1 US$ in Millions 2023 2024 2025 68.5 70.0 64.2 59.1 $209 51.2 53.4 $158 47.2 40.5 37.7 38.0 34.7 Q1 Q2 Q3 Q4 2023A 2024A YoY Growth 26% 17% 46% 37% 36% 34% 41% 40% 31% 12% 34% 36% 27% YoY G
Slide 23: Revenue Growth – Including Maximum Effort
Revenue Growth – Including Maximum Effort. Quarterly Total Revenue US$ in Millions Full-Year Total Revenue US$ in Millions 2023 2024 2025 68.5 70.0 69.8 64.5 $226 54.8 57.1 52.0 $176 43.8 42.9 42.3 39.0 Q1 Q2 Q3 Q4 2023A 2024A YoY Growth 36% 12% 47% 51% 28% 25% 44% 35% 23% 9% 34% 31% YoY Growth 28%
Slide 24: Strong Margin Expansion
Strong Margin Expansion. Gross Profit Margin Adjusted EBITDA(1) US$ in Millions US$ in Millions 2023 2024 2025 2023 2024 2025 20.7 78.9% 76.8% 76.8% 16.0 14.5 70.3% 71.7% 70.3% 70.4% 69.3% 69.6% 68.9% 10.5 9.4 65.7% 7.6 5.6 0.8 0.2 0.1 -0.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Margin(1) 2% - 15% - 14% 21% (1)% 1
Slide 25: Q3 2025 GAAP Financial Information
Q3 2025 GAAP Financial Information. 25
Slide 26: Q3 2025 Adjusted EBITDA Reconciliation
Q3 2025 Adjusted EBITDA Reconciliation. 26
Slide 27: Appendix
Appendix. 27
Slide 28: 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 29: 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 Q3 2025 Net Income (Loss) (12,859) (15,745) (14,647) (10,027) (15,699) (9,274) (3,884) (4,020) (21,111) (26,228) 6,436 Interest Expense (net) 1,942 2,495 2,767 2,874 2,943
Slide 30: 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 its own brand, but for its partner brands as Build with Ferguson was an early adopter of C
Slide 31: 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 a profitable return on investment. ThirdLove CTV ads were served on top-tier streaming networks, pa
Slide 32: 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 audiences. MNTN Performance TV’s suite Tarte launched Performance TV prospecting and retargeting camp
Slide 33: 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 marketing channels, including Google and Meta, MNTN Performance TV enhanced woom’s foo
Slide 34: mntn
mntn