Slide 1: Investor Presentation
Investor Presentation. February 2026
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. ~95% (2) 63% 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 December 31, 2025, compared to the trailing months ended D
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 $295B(2) $196B(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 Powered Video and Audit Generation Game-Changer for Setting Up TV Campaigns
AI Powered Video and Audit Generation Game-Changer for Setting Up TV Campaigns. 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 – 235 total voices(1) and well as other major digi
Slide 13: Access to Substantially All Networks, Devices, and Platforms
Access to Substantially All Networks, Devices, and Platforms. Premium Inventory Incremental Budgets 200+ TV NETWORKS Local News Preferential Pricing Strategically Aligned with Networks 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 Richard Girges Marwan Soghaier Anna McMurphy Chief Brand Officer Chief Technology Officer Chief Product Of
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
MNTN COMPANY SNAPSHOT $290M $38.9B (4) Revenue (2025A) Client Generated Revenue (2020 – 2025) We believe we created the SMB advertising $68M (1) Adj. EBITDA (2025A) 3,632 (2) Total Customers market for streaming television. 59% (3) 12.1x “Rule of” (2025A) Performance TV Revenue Increase (2020 – 2025
Slide 20: Q4 2025 Highlights
Q4 2025 Highlights. $87.1M 36%(1) Total Revenue Total Growth (Adjusted) 82.1% +520 BPs Gross Margin YoY Margin Expansion $50.9M 16% Operating Expenses YoY % Increase $28.1M (2) ~32% (2) 36% (2) Adj. EBITDA Adj. EBITDA Margin YoY % Increase Note: 1. Revenue growth rate adjusts for the revenue contrib
Slide 21: FY 2025 Highlights
FY 2025 Highlights. $290.1M 36%(1) Total Revenue Total Growth (Adjusted) 77.2% +560 BPs Gross Margin YoY Margin Expansion $199.9M 23% Operating Expenses YoY % Increase $68.0M (2) ~23% (2) 75% (2) Adj. EBITDA Adj. EBITDA Margin YoY % Increase Note: 1. Revenue growth rate adjusts for the revenue contr
Slide 22: Revenue + Gross Profit
Revenue + Gross Profit. (Millions) 2024 2025 Revenue Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 MNTN, excluding $40.5 $51.2 $53.4 $64.2 $209.3 $59.1 $68.5 $70.0 $87.1 $284.7 Maximum Effort YoY 16.7% 35.8% 40.4% 36.1% 32.8% 45.8% 33.9% 31.2% 35.7% 36.0% Max Effort $3.3 $3.7 $3.7 $5.6 $16.3 $5.4 $- $- $- $5.4
Slide 23: Revenue Growth – Excluding Maximum Effort
Revenue Growth – Excluding Maximum Effort . (1) Quarterly Total Revenue(1) Full-Year Total Revenue(1) US$ in Millions US$ in Millions 2023 2024 2025 87.1 $285 68.5 70.0 64.2 $209 59.1 51.2 53.4 47.2 40.5 37.7 38.0 34.7 Q1 Q2 Q3 Q4 2024A 2025A YoY Growth 26% 17% 46% 37% 36% 34% 41% 40% 31% 12% 34% 36
Slide 24: Strong Margin Expansion
Strong Margin Expansion. Gross Profit Margin Adjusted EBITDA(1) US$ in Millions US$ in Millions 28.1 2023 2024 2025 2023 2024 2025 82.1% 20.7 76.8% 78.9% 76.8% 70.3% 70.3% 69.3% 69.6% 68.9%71.7% 70.4% 65.7% 16.0 14.5 10.5 9.4 7.6 5.6 0.8 0.1 0.2 Q1 Q2 Q3 Q4 Q1 Q2 -0.4 Q3 Q4 Margin(1) 2% - 15% - 14%
Slide 25: Appendix
Appendix. 25
Slide 26: Q4 and FY 2025 GAAP Financial Information
Q4 and FY 2025 GAAP Financial Information. 26
Slide 27: Q4 and FY 2025 Adjusted EBITDA Reconciliation
Q4 and FY 2025 Adjusted EBITDA Reconciliation. 27
Slide 28: FY 2025 and 2024 Adjusted EBITDA Reconciliation
FY 2025 and 2024 Adjusted EBITDA Reconciliation. ($000s) FY 2024 FY 2025 Net Loss (32,877) (6,426) Interest Expense (net) 6,920 (3,485) Income Tax Provision 5,786 (9,574) Depreciation and Amortization Expense 8,345 9,870 Stock-Based Compensation Expense(1) 31,199 31,694 Fair Value Adjustments(2) 18,
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 Q4 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 34,477 Interest Expense (net) 1,942 2,495 2,
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 Build with Ferguson was an early adopter of CTV advertising, and worked with MNTN to gener
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 CTV ads were served on top-tier streaming networks, pairing ThirdLove’s a profitable return on inve
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 Tarte launched Performance TV prospecting and retargeting campaigns to audiences. MNTN Performance TV
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 MNTN Performance TV enhanced woom’s footprint in the U.S., introducing their bikes to
Slide 34: mntn
mntn