"Since going public in May, self-serve CTV company MNTN has only released two quarterly earnings reports: one for Q2 at the end of August, and another for Q3 on Tuesday. Technically, those two reports might not be enough to confirm a pattern. But it is enough information to draw a line - and so far, that line is going up."
"MNTN's rapid success, said Douglas, comes partly from an acceleration in new customer growth, particularly among small businesses. In Q4 of last year, small businesses represented 6% of the company's revenue; as of last quarter, it's up to 15%. What's more, Douglas added, the customer expansion rate is "well north" of 115%, meaning that new customers are spending more with the company over time."
MNTN reported revenue of $70 million in the most recent quarter, a 31% year-over-year increase from $57 million in Q3 2024. The company expects Q4 revenue between $85.5 million and $86.5 million, projecting about 34% YoY growth. The company may increase headcount and invest more in sales and marketing. Growth projections exclude the ongoing impact of divesting Maximum Effort, the digital marketing agency founded by Chief Creative Officer and "Deadpool" star Ryan Reynolds. MNTN averaged almost 40% YoY growth over the last six quarters. Small-business revenue rose from 6% to 15%, customer expansion exceeds 115%, and inbound leads jumped from 2% to 75%, with many coming from self-sign ups.
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