Q1 2026: Headline Results and Context for MNTN

MNTN (MNTN) has opened 2026 with Q1 revenue of US$73.7 million and basic EPS of US$0.12, alongside trailing 12 month revenue of US$299.3 million and EPS of US$0.36, setting a clear earnings-season marker against the current share price of US$8.77. The company has seen quarterly revenue move from US$64.5 million in Q1 2025 to US$73.7 million in Q1 2026, with basic EPS shifting from a loss of US$1.41 per share to a profit of US$0.12 over the same period. Trailing 12 month revenue has risen from US$225.6 million in Q4 2024 to US$299.3 million in Q1 2026 as EPS moved from a loss of US$2.38 to a profit of US$0.36. Together, these figures give investors a clearer view of how margins are tracking through the income statement.

See our full analysis for MNTN.

With the latest quarter on the table, the next step is to line these results up against the widely held narratives around MNTN to see which story about growth, risk, and profitability still holds up.

TTM revenue at US$299.3 million

• On a trailing 12 month basis, MNTN reports revenue of US$299.3 million and net income of US$23.4 million, compared with trailing revenue of US$225.6 million and a net loss of US$32.9 million as of Q4 2024.
• Consensus narrative points to connected TV and premium streaming as key drivers of expected double digit revenue growth. These trailing numbers give that bullish view some support while also showing that profitability has only recently turned positive after several years of losses.
  • Analysts in the consensus view refer to revenue growth assumptions of around 19% per year, and the reported 14.3% trailing growth rate sits below that. As a result, the latest figures leave some execution work for the bullish side of the argument.
  • At the same time, trailing EPS moving from a loss of US$2.38 to a profit of US$0.36 indicates that the path to profitability emphasized by the bullish camp is at least visible in the historical data rather than purely theoretical.

Q1 net income at US$8.8 million

• Q1 2026 net income of US$8.8 million compares with US$34.5 million in Q4 2025 and US$6.4 million in Q3 2025, while EPS of US$0.12 sits between US$0.47 in Q4 2025 and US$0.09 in Q3 2025.
• Supporters in the bullish narrative highlight high gross margins of 79% and adjusted EBITDA margin above 22%. They argue that as volumes scale, net income could expand meaningfully, yet the step down from Q4 to Q1 underlines that quarterly profitability can still move around even within a generally improving trend.
  • Bulls lean on catalysts such as 67% active customer growth and more self sign ups, which are aimed at sustaining revenue growth. However, the Q1 net income level shows that operating leverage is not linear and may depend on how marketing spend and seasonality play through the income statement.
  • The bullish case also references potential future earnings in the US$90 million range, so the current US$8.8 million quarterly run rate highlights that there is still a sizable gap between today’s results and those longer term targets.

Bulls argue that connected TV growth, 79% gross margins and expanding SMB adoption can eventually justify higher earnings and a richer valuation, and if you want to see how those assumptions translate into detailed forecasts, 🐂 MNTN Bull Case.

P/S at 3.1x with DCF fair value above price

• MNTN trades on a trailing P/S of 3.1x versus a peer average of 1.5x and US Media industry average of 1.1x, while its current share price of US$8.77 sits well below the DCF fair value estimate of US$41.46.
• Critics focus on the combination of a premium P/S multiple and a history of losses growing at about 6% per year over five years, and the data here supports that cautious stance even though earnings are now positive on a trailing basis.
  • The DCF fair value of US$41.46 is much higher than the current price, but the stock is still labelled unprofitable over the past five years. Bears can point to that track record as a reason to question whether the cash flow assumptions behind the model will be met.
  • Forecasts call for earnings growth of about 34.8% per year and profitability within three years, yet the elevated 3.1x P/S relative to peers suggests that a fair amount of improvement is already reflected in the valuation even with the share price below DCF fair value.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for MNTN on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Seeing both upside potential and clear risks in the story so far, it makes sense to move quickly, review the numbers yourself, and then check the 2 key rewards and 1 important warning sign

See What Else Is Out There

MNTN carries a premium 3.1x P/S, uneven quarterly net income and only recently turned profitability, so execution risk around margins and growth remains front and center.

If that mix of rich pricing and still developing profit profile makes you cautious, it is worth comparing these results with companies highlighted in the 74 resilient stocks with low risk scores.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.