Connected TV advertising is consolidating hard at the top of the market, Nielsen buying DoubleVerify, The Trade Desk’s growth cooling as big brands pull back. MNTN’s second-quarter 2026 results, filed August 4, show a different pattern one tier down: a performance-focused CTV vendor still growing 21% a year and turning consistently profitable.

Revenue reached $82.5 million, up 21% year over year, with adjusted EBITDA of $21.5 million, a 48% increase that pushed the margin to 26% of revenue. The company swung from a $26.2 million net loss a year earlier to $6.7 million in net income. Active Performance TV customers over the trailing twelve months grew 40% to 4,225, and the board authorized a $100 million stock buyback through August 2027. “We delivered another strong quarter with 21% year-over-year revenue growth as Performance TV continues to move from an early-adopter market to a mainstream part of advertisers’ marketing mix,” said Mark Douglas, CEO of MNTN. CFO Patrick Pohlen added that the quarter showed “the operating leverage in our model as we scale.”

Why it matters: consolidation headlines make it look like CTV ad tech is narrowing to a handful of giants. MNTN’s numbers argue the opposite is also true underneath, that a vendor selling directly to performance marketers can keep growing through the same quarter that squeezed larger, brand-budget-dependent players. The 40% customer growth, concentrated in newer tiers like MNTN Express and MNTN Premium, suggests the expansion is smaller advertisers testing CTV for the first time, not share stolen at the top.

The original insight: consolidation stories focus on platforms combining to serve the largest advertisers more efficiently. MNTN’s quarter is evidence the bigger volume opportunity may be the long tail of advertisers who have never bought CTV, a segment none of the big consolidation deals are built to serve. That is the piece the acquisition headlines leave out: even as programmatic growth cools at scale and measurement and verification consolidate into fewer hands, the entry-level end of CTV buying keeps expanding.

Source: MNTN, Inc. Second Quarter 2026 Results (SEC Form 8-K, Exhibit 99.1)