Investing
MNTN Stock Falls 51% After Q3 Results and CEO Change
MNTN shares fell 51.5% after the MNTN third quarter report showed revenue growth slowing to 15%, a weaker outlook and a sudden change of chief executive.
MNTN stock fell 51.5% in trading on November 5, 2026, the session after the MNTN third quarter report and a surprise change of chief executive. The company expects fourth-quarter revenue of $75 million to $78 million, below the $87.1 million it booked in the same quarter of 2025.
What MNTN reported for the third quarter
| Metric | This period | A year earlier | Change |
|---|---|---|---|
| Revenue | $80.3 million | $70.0 million | +15% |
| Net income | $7.7 million | $6.4 million | +19% |
| Adjusted EBITDA | $19.9 million | $16.0 million | +24% |
| Gross margin | 79% | 79% | Unchanged |
| Active Performance TV customers (trailing 12 months) | 4,373 | 3,316 | About +32% |
Revenue growth has slowed each quarter this year. Excluding the Maximum Effort business it sold in April 2025, growth was 25% in the first quarter, 21% in the second and 15% in the third. Chief Financial Officer Patrick Pohlen said the quarter "was impacted by unforeseen execution problems in our go-to-market organization", meaning the teams that sell to customers. The company now expects full-year revenue of $311 million to $314 million, which is 8% growth. Its forecast for adjusted EBITDA is $66 million to $68 million. Adjusted EBITDA is profit before interest, tax, depreciation, amortisation and items such as stock-based pay. For the fourth quarter alone, that forecast is $8 million to $10 million, roughly half the third-quarter level.
The board appointed director Tony Weisman as President and CEO from November 2, succeeding Mark Douglas. Chief Operating Officer Christopher Innes left his role the same day. Weisman said MNTN needs "operational rigor" and that he is "here to instill a culture of accountability and flawless execution."
Why the stock fell 51.5%
The drop was close to 15 times the size of a typical day's swing for the stock. Two details stand out. The CFO tied the slowdown directly to problems inside the sales organization. The fourth-quarter outlook also implies revenue shrinking from a year earlier, while the company replaces its CEO and COO at the same time.
What to watch next
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Fourth-quarter revenue against the $75 million to $78 million range.
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The sales realignment under new hires Lynn Knaak (inside sales) and Frank Lee (agency partnerships).
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Mark Douglas's exit on December 3, 2026, and Weisman's first plans as CEO.
FAQ
Who is MNTN's new CEO?
Tony Weisman is a former CEO of the digital marketing agency Digitas and a former chief marketing officer of Dunkin' U.S., where he oversaw a $500 million marketing budget. His employment agreement sets a base salary of $600,000.
Does MNTN have debt?
No. MNTN ended September 30, 2026 with $252.3 million in cash and cash equivalents and no borrowings outstanding.
Sources
This article is for information only and is not investment advice.