The following discussion and analysis of our financial condition and results of operations is intended to help the reader understand our Company, business, operations and present business environment and is provided as a supplement to, and should be read in conjunction with, our condensed consolidated financial statements and the related notes to those statements included elsewhere in this Form 10-Q and our audited consolidated financial statements and related notes thereto for the year ended December 31, 2025, and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” which can be found in our 2025 Annual Report. Some of the numbers included herein have been rounded for the convenience of presentation. Some of the information included in this discussion and analysis or set forth elsewhere in this Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the “Cautionary Note Regarding Forward-Looking Statements and Summary Risk Factors” and “Risk Factors” sections of this Form 10-Q for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview MNTN is on a mission to transform CTV into a next-generation performance marketing channel. Our revolutionary PTV software platform allows marketers to combine the powerful storytelling format of TV advertising with the targeting and measurement capabilities of paid search and social advertising. Our self-serve software enables marketers to precisely target audiences and then directly tie each view to a purchase or other action. Marketers set performance goals, such as ROAS, and our algorithms continuously optimize a campaign around key metrics to drive higher performance. Since we launched our PTV platform, our company has experienced rapid growth due to the robust performance our platform delivers to our customers. From emerging companies to large brands, marketers can easily manage CTV campaigns with minimal dedicated resources. Our self-serve platform provides a single user interface across campaign setup, audience targeting, programmatic bidding, ad serving, attribution and reporting. Our company was founded in 2009 by Mark Douglas, a pioneer and thought leader in the performance marketing industry. We set out to help marketers target households with performance display advertisements across desktop, mobile and other devices. In 2018, we saw an opportunity in CTV, and we began developing purpose-built CTV technologies leveraging our existing audience targeting and measurement expertise. Since the launch of our PTV offering, we have quickly advanced our key technological capabilities (e.g., data integration, algorithms, user interface, reporting, etc.). Business Model Customers use our PTV software platform to drive performance marketing outcomes measured by ROAS. Customers set the parameters of their campaign, including budget, duration and desired performance goals, and our platform automatically executes the campaign using proprietary algorithms based on the parameters defined by our customers. Our leading PTV technology and business model help drive our ability to efficiently attract new customers to our platform, retain them, and increase their ad spend. We expect our revenue to continue to increase as CTV adoption expands and more brands increase their PTV spend. We generate and grow our revenue primarily by driving new customers to our platform and through existing customers increasing their spend on our platform. Our initial focus was on mid-sized businesses, and subsequently, we began expanding our focus to small businesses, many of whom have never advertised on TV before. Over the last several years, we made significant investments in our long-term growth. We invested in technology, development and operations to enhance platform features in our infrastructure, including our information technology, financial and administrative systems and controls, to support our operations, and in sales and marketing to acquire new customers and grow usage by existing customers. We believe the initial benefits of these investments were realized in our 2024 and 2025 financial results. We plan to continue to invest in the long-term growth of the Company, including development of cutting-edge technology, as well as continued investment in customer acquisition and customer growth. Given the operating leverage in our business and the investments that we have made, we expect to continue to improve our Adjusted EBITDA margin in the long term as our revenue continues to scale. Key Performance Indicator and Non-GAAP Financial Measures In addition to the measures presented in our condensed consolidated financial statements, we use the following key performance indicator and non-GAAP financial measures to evaluate the health of our business, measure our performance, 24 Table of Contents identify trends affecting our growth, formulate goals and objectives and make strategic decisions. Accordingly, we believe our key performance indicator and non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management team. Our key performance indicator and non-GAAP financial measures are presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled metrics or measures presented by other companies. PTV Customers PTV Customers refers to the aggregate number of unique customers that use our PTV platform as part of their CTV campaigns in the twelve-month period preceding the date indicated. We believe the number of PTV Customers is an important key performance indicator for investors because it helps assess the reach of our PTV platform as well as our brand awareness. The following table summarizes our key performance indicator for each period presented below: Twelve Months Ended June 30, 2026 2025 PTV Customers 4,225 3,020 Since 2019, our PTV Customers increased from 142 to 4,225 in the twelve months ended June 30, 2026. Our PTV Customers increased 39.9% in the twelve months ended June 30, 2026 from the twelve months ended June 30, 2025. We attribute this growth to new customer acquisitions due to continued customer adoption of PTV and our continued expansion of our overall SMB footprint, including small businesses. Adjusted EBITDA and Adjusted EBITDA Margin The following table sets forth Adjusted EBITDA and Adjusted EBITDA margin for the periods set forth below and their most directly comparable GAAP measures: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) (in thousands) $ 6,720 $ (26,228) $ 15,482 $ (47,339) Adjusted EBITDA (in thousands)(1) $ 21,509 $ 14,511 $ 37,840 $ 23,872 Net income (loss) margin 8.1 % (38.3) % 9.9 % (35.6) % Adjusted EBITDA margin(1) 26.1 % 21.2 % 24.2 % 18.0 % (1) See section “Non-GAAP Financial Measures” for more information and a reconciliation to the most directly comparable GAAP financial measure. Non-GAAP Financial Measures In this Form 10-Q, we use certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin. EBITDA is defined as net loss adjusted to exclude depreciation and amortization expense, interest income (expense), net and income tax provision. Adjusted EBITDA is defined as net income (loss) adjusted to exclude depreciation and amortization expense, interest income (expense), net and income tax provision, as further adjusted to exclude stock-based compensation expense, fair value adjustments on outstanding warrants, contingent liabilities, embedded derivatives and convertible debt, acquisition costs including legal costs associated with prior acquisitions, legal settlements, restructuring costs, and loss on debt extinguishment, which are items that we believe are not indicative of our core operating performance. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA margin are supplemental measures of our performance, are not defined by or presented in accordance with GAAP and should not be considered in isolation or as an alternative to net income (loss), net income (loss) margin or any other performance measure prepared in accordance with GAAP. Adjusted EBITDA and Adjusted EBITDA margin are presented because we believe that they provide useful supplemental information to investors, analysts, and rating agencies regarding our operating performance and our capacity to incur and service debt and are frequently used by these parties in evaluating companies in our industry. By presenting Adjusted EBITDA and Adjusted EBITDA margin, we provide a basis for comparison of our business operations between periods by excluding items that we do not believe are indicative of our core operating performance. We believe that investors’ understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. Additionally, management uses Adjusted EBITDA and Adjusted EBITDA margin as supplemental measures of 25 Table of Contents our performance because they assist us in comparing the operating performance of our business on a consistent basis between periods, as described above. Although we use Adjusted EBITDA and Adjusted EBITDA margin as described above, Adjusted EBITDA and Adjusted EBITDA margin have significant limitations as analytical tools. Some of these limitations include: • such measures do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; • such measures do not reflect changes in, or cash requirements for, our working capital needs; • such measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments on our debt; • such measures do not reflect our tax expense or the cash requirements to pay our taxes; • although amortization is a non-cash charge, the assets being amortized will often have to be replaced in the future and such measures do not reflect any cash requirements for such replacements; and • other companies in our industry may calculate such measures differently than we do, thereby further limiting their usefulness as comparative measures. Due to these limitations, Adjusted EBITDA and Adjusted EBITDA margin should not be considered as a measure of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using these non-GAAP measures only supplementally. As noted in the table below, Adjusted EBITDA and Adjusted EBITDA margin includes adjustments for items that we believe are not indicative of our core operating performance. It is reasonable to expect that these items will occur in future periods. However, we believe these adjustments are appropriate because the amounts recognized can vary significantly from period-to-period, do not directly relate to the ongoing operations of our business and complicate comparisons of our internal operating results between periods and with the operating results of other companies over time. Each of the normal recurring adjustments and other adjustments described in this paragraph and in the reconciliation table below help management with a measure of our core operating performance over time by removing items that are not related to day-to-day operations. Nevertheless, because of the limitations described above, management does not view Adjusted EBITDA and Adjusted EBITDA margin in isolation and also uses other measures, such as revenue, operating loss and net loss, to measure operating performance. The following table reconciles Adjusted EBITDA and Adjusted EBITDA margin to the most directly comparable GAAP financial performance measure, which is net income (loss): Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Net income (loss) $ 6,720 $ (26,228) $ 15,482 $ (47,339) Interest (income) expense, net (2,046) (708) (3,923) 447 Income tax provision 2,439 1,986 5,294 (2,323) Amortization expense 3,907 2,658 6,620 4,802 EBITDA 11,020 (22,292) 23,473 (44,413) Stock-based compensation expense 8,767 7,624 12,627 21,684 Fair value adjustments — 2,229 (166) 18,764 Acquisition costs 231 514 415 1,341 Legal settlements — — — 60 Restructuring costs 1,491 — 1,491 — Loss on debt extinguishment — 26,436 — 26,436 Adjusted EBITDA $ 21,509 $ 14,511 $ 37,840 $ 23,872 Revenue $ 82,537 $ 68,460 $ 156,210 $ 132,972 Net income (loss) 6,720 (26,228) 15,482 (47,339) Net income (loss) margin 8.1 % (38.3) % 9.9 % (35.6) % Revenue $ 82,537 $ 68,460 $ 156,210 $ 132,972 Adjusted EBITDA 21,509 14,511 37,840 23,872 Adjusted EBITDA margin 26.1 % 21.2 % 24.2 % 18.0 % 26 Table of Contents Factors Affecting Our Performance Growth of the CTV Ad Market and Marketers Using CTV as a Performance Marketing Channel Our growth and operating results will be impacted by the overall growth of the CTV ad market, which relies upon the continued consumer adoption of CTV and the proliferation of marketing budgets for TV. CTV has grown rapidly in recent years, and we expect that any acceleration, or deceleration, of this trend may affect demand for our platform. Our success also depends on marketers using CTV as a performance marketing channel. As the first brand-direct performance marketing platform for TV, we believe we are defining the PTV market and are uniquely positioned to benefit from this transition. We anticipate our market opportunity will expand over time as our outcome-based platform attracts performance marketers to TV for the first time. Ability to Acquire New Customers and Increase Sales to Existing Customers We focus our new customer acquisition primarily on SMB companies that currently engage in performance marketing through paid search and social channels, many of whom have never advertised on TV before, as well as existing TV marketers seeking greater targeting, attribution and reporting capabilities. We also leverage relationships with agencies and other partners to bring additional marketers onto the platform. We gain new customers primarily through our direct sales and marketing efforts. The majority of our new customers come to MNTN through inbound leads. Our ability to add new customers is dependent upon our ability to reach and message future customers through our PTV platform. Our ability to add new customers is also dependent upon our ability to optimize our sales process. These efforts have led to significant growth of our PTV Customers. We believe we have significant growth opportunity as we continue to expand our overall SMB footprint, including small businesses. We are continuously focusing on driving innovation to improve the performance of our platform, the customer experience, and their success on our platform to drive increased spend. Our success depends on our ability to achieve and maintain customers’ ROAS and other campaign goals and increase incremental usage and spend on our platform. We seek to increase our share of advertising spend from existing customers by increasing the value our platform provides them, driving larger and more frequent campaigns through our platform. We plan to continue to invest in research and development to introduce new products and features to enhance our platform and to acquire additional sources of data that further accelerate our methodologies. Investment in Innovation We believe our commitment to product innovation is a key driver to building and deepening relationships with our customers and fueling growth. We have in the past invested, and plan to continue to invest, substantially in our platform to maintain our market-leading position in PTV by continuing to improve our targeting, usability of data, measurement, attribution and campaign optimization capabilities, refine our algorithms and increase automation. We continuously introduce new features, functionalities and integrations to enhance our platform’s value to customers and our overall competitiveness. Our ability to successfully innovate and integrate new technologies by assessing customer needs, industry trends, and competitors’ alternatives is critical to our success. Investment in Talent As of June 30, 2026, we had 451 full-time team members. Hiring productive and diverse talent is a key driver of our success and we expect to strategically grow headcount as our business scales. We plan to further invest in research and development to extend our data and technology lead and to enhance our platform. We also expect to incur additional general and administrative expenses to support our growth as a publicly traded company. Our headcount may increase through direct hires or through acquisitions of companies or teams. Seasonality We experience seasonal fluctuations in revenue due to increased customer spend during the fourth quarter holiday season and around notable consumer viewing events and reduced customer spend during the first quarter, immediately after the holiday season. This trend is especially relevant for direct-to-consumer and e-commerce brands, many of which use our platform to advertise on TV. Fourth quarter revenue comprised 30.0% and 30.9% of our revenue for the years ended December 31, 2025 and 2024, respectively. First quarter revenue comprised 22.2% and 19.4% of our revenue for the years ended December 31, 2025 and 2024, respectively. We expect revenue to fluctuate in the future based on seasonal and event-driven factors; however, historical trends may not be indicative of future results given evolving industry dynamics, changes to consumer spending patterns, expansion of our customer base into new verticals, or potential changes to our business model. 27 Table of Contents Macroeconomic factors Macroeconomic factors, such as labor shortages, inflation, interest rate volatility, changes in foreign currency exchange rates, instability in the global financial system, supply chain disruptions, increased tariffs and other trade barriers, uncertainty about economic recovery or growth, and instability in political or market conditions generally have affected, and continue to have an effect, on our markets and industry. Any worsening of macroeconomic conditions in future periods could have a negative effect on our financial results. Components of Our Results of Operations We have one primary business activity and operate in one operating and reportable segment. Revenue Our revenue is primarily generated through usage-based fees from customers based on their level of ad spend on our platform, net of amounts paid to suppliers for the cost of advertising inventory. We expect our revenue to continue to increase as CTV adoption expands and more brands increase their PTV ad spend. Additionally, we generate revenue through QuickFrame’s ad production services provided to our customers, and generated revenue through Maximum Effort Marketing’s creative services prior to its divestiture on April 1, 2025. Cost of Revenues Cost of revenues consists primarily of hosting costs, data costs, third-party service fees, production costs from contracts in which we act as the principal, and personnel costs. Personnel costs included in cost of revenues include salaries, benefits, bonuses, and stock-based compensation and are primarily attributable to personnel who support our platform and who design and manage the production of video ads. We capitalize costs associated with software that is developed or obtained for internal use and amortize the costs associated with our revenue-producing platform in cost of revenues over their estimated useful lives. Certain costs are relatively fixed in nature and do not necessarily fluctuate directly with the level of revenue in a given period. Although we expect that the long-term cost of revenues will remain relatively consistent as a percentage of revenues it may fluctuate from period-to-period as a result of the level and timing of costs to support our platform. Technology and Development Expense Technology and development expense consists of personnel-related costs (including salaries, bonuses, benefits and stock-based compensation) and SaaS and other tools related to the development and operation of our platform. Technology and development costs are expensed as incurred, except to the extent that such costs are associated with software development that qualifies for capitalization, which are then recorded as capitalized software development costs included in internal use software, net on our consolidated balance sheets. We expect that our technology and development expense will increase in absolute dollars as our business grows and we continue to invest in optimization and feature expansion of our platform as well as technology improvements to support and drive efficiency in our operations. Sales and Marketing Expense Sales and marketing expense consists of personnel-related costs (including salaries, commissions, bonuses, benefits, stock-based compensation), as well as costs related to promotional activities such as online advertising, branding products and trade shows, fees paid to third parties for marketing and product research, and commissions paid to certain advertising agencies. Commission costs are expensed as incurred. We expect sales and marketing expenses to grow in absolute dollars as we add personnel to increase the number of customers and expand their adoption of our platform. Sales and marketing expense as a percentage of revenue may fluctuate from period-to-period based on revenue levels and the timing of our investments, which may be impacted by the revenue seasonality in our industry and business as described further above. General and Administrative Expense General and administrative expense consists of personnel-related costs (including salaries, bonuses, benefits, stock-based compensation) related to our executive, finance and accounting, human resources and administrative departments. General and administrative expense also includes fees for third-party professional services, including consulting, legal and accounting services, merchant service fees, charitable contributions and other employee-related costs. We expect that our general and administrative expense will increase in absolute dollars as we invest in corporate infrastructure and incur additional expenses associated with our operations as a public company, including increased legal and accounting costs, investor relations costs, higher insurance premiums and compliance costs associated with developing the requisite infrastructure required for sufficient internal controls. 28 Table of Contents Amortization of Acquired Intangibles Amortization of acquired intangibles consists of the amortization expense associated with the intangible assets purchased through our prior acquisitions. Other Income (Expense): Interest Income (Expense), Net. Interest expense is incurred on any borrowings on our Revolving Credit Facility, and prior to the IPO, on the outstanding borrowings on our 2023 Convertible Notes. We earn interest income earned on our cash and cash equivalents and short-term notes receivable. Other (Expense) Income, Net. Other (Expense) Income, Net primarily consists of non-operating gains or losses, including fair value adjustments related to outstanding warrants, embedded derivative liabilities, convertible debt and contingent liabilities, and gains or losses on debt extinguishment. Income Tax Provision Our income tax provision primarily consists of U.S. federal and state income taxes, adjusted for allowable credits, deductions, and valuation allowance against deferred tax assets. Our effective tax rate is affected by tax rates in the jurisdictions in which we operate and the relative amounts of income we earn in those jurisdictions, as well as non-deductible expenses, such as share-based compensation, and changes in our valuation allowance against deferred tax assets. Results of Operations for the Three Months Ended June 30, 2026, Compared with the Three Months Ended June 30, 2025 The following table sets forth our condensed consolidated results of operations for the periods presented: Three Months Ended June 30, Change (dollars in thousands) 2026 2025 $ % Revenue $ 82,537 $ 68,460 $ 14,077 20.6 % Cost of revenues 16,241 15,899 342 2.2 % Gross profit 66,296 52,561 13,735 26.1 % Operating expenses: Technology and development 16,354 10,732 5,622 52.4 % Sales and marketing 28,567 24,318 4,249 17.5 % General and administrative 13,601 13,137 464 3.5 % Amortization of acquired intangibles 657 658 (1) (0.2) % Total operating expenses 59,179 48,845 10,334 21.2 % Operating income 7,117 3,716 3,401 91.5 % Other income (expense): Interest income, net 2,046 708 1,338 189.0 % Other expense, net (4) (28,666) 28,662 (100.0) % Total other income (expense) 2,042 (27,958) 30,000 (107.3) % Income (loss) before income tax provision 9,159 (24,242) 33,401 (137.8) % Income tax provision 2,439 1,986 453 22.8 % Net income (loss) $ 6,720 $ (26,228) $ 32,948 (125.6) % 29 Table of Contents The following table sets forth our condensed consolidated results of operations for the specified periods as a percentage of our revenue for those periods presented: Three Months Ended June 30, 2026 2025 Revenue 100.0 % 100.0 % Cost of revenues 19.7 23.2 Gross profit 80.3 76.8 Operating expenses: Technology and development 19.8 15.7 Sales and marketing 34.6 35.5 General and administrative 16.5 19.2 Amortization of acquired intangibles 0.8 1.0 Total operating expenses 71.7 71.3 Operating income 8.6 5.4 Other income (expense): Interest income, net 2.5 1.0 Other expense, net — (41.9) Total other income (expense) 2.5 (40.8) Income (loss) before income tax provision 11.1 (35.4) Income tax provision 3.0 2.9 Net income (loss) 8.1 % (38.3) % Revenue Revenue increased $14.1 million, or 20.6%, to $82.5 million for the three months ended June 30, 2026, compared to $68.5 million for the three months ended June 30, 2025. The increase was due primarily to an increase of $14.2 million in revenue generated from PTV. Active PTV customers increased 24% between the periods in comparison. The increase in active PTV customers was offset by a decrease in average spend per customer as we continued to expand our overall SMB footprint, including small businesses. Cost of Revenues Cost of revenues increased $0.3 million, or 2.2%, to $16.2 million for the three months ended June 30, 2026, compared to $15.9 million for the three months ended June 30, 2025. The increase was primarily due to a $1.2 million increase in amortization for internal use software during the period due to disposals of obsolete software. Offsetting this increase was a decrease in platform fees of $0.6 million and a decrease in personnel costs of $0.4 million driven by a 38% decrease in headcount between the periods in comparison as a result of the strategic restructuring plan. Technology and Development Expense Technology and development expense increased $5.6 million, or 52.4%, to $16.4 million for the three months ended June 30, 2026, compared to $10.7 million for the three months ended June 30, 2025. The increase was primarily due to an increase in personnel costs of $4.3 million attributable to increased headcount to maintain and support further development of our platform. Technology and development headcount increased by 13% between the periods in comparison as we continued to grow our engineering team to support the growth of our product. The remaining $1.0 million increase was driven by investment in incremental tools to support the development of our platform. Sales and Marketing Expense Sales and marketing expense increased $4.2 million, or 17.5%, to $28.6 million for the three months ended June 30, 2026, compared to $24.3 million for the three months ended June 30, 2025. This was primarily due to an increase in stock-based compensation of $3.4 million driven by a marketing services agreement entered into during the period with a contractor, an increase in partnership commissions of $1.2 million and a $0.5 million increase in SaaS tools to support the growth of the business. These increases were partially offset by a decrease in marketing spend of $1.3 million. 30 Table of Contents General and Administrative Expense General and administrative expense increased $0.5 million, or 3.5%, to $13.6 million for the three months ended June 30, 2026, compared to $13.1 million for the three months ended June 30, 2025. The increase was primarily driven by increases of $1.0 million in legal fees, $0.9 million in payroll and related expenses due to a 10% increase in headcount, $0.4 million in provision for bad debts, $0.2 million in professional fees and $0.2 million in insurance costs. These increases were partially offset by a $2.5 million decrease in stock-based compensation due to the full vesting of options granted in 2021. Amortization of Acquired Intangibles Amortization of acquired intangibles remained flat at $0.7 million for both the three months ended June 30, 2026 and June 30, 2025 as there were no changes to acquired intangibles quarter-over-quarter. Interest Income, Net Interest income, net increased by $1.3 million, or 189.0%, to $2.0 million for the three months ended June 30, 2026, compared to $0.7 million for the three months ended June 30, 2025 due to a higher interest bearing cash balance, which increased as a result of the IPO proceeds and increase in operating cash. Other Expense, Net Other expense, net primarily consists of fair value adjustments on our warrants, embedded derivatives, convertible debt and contingent liabilities, as well as a loss on the extinguishment of debt. Other expense, net decreased by $28.7 million for the three months ended June 30, 2026, from $28.7 million for the three months ended June 30, 2025. We recognized a $26.4 million loss during the three months ended June 30, 2025 on the extinguishment of the convertible notes, when they were modified on April 1, 2025. In addition, during the three months ended June 30, 2025, we recognized $4.4 million in losses due to fair value adjustments of our convertible notes carried at fair value, $5.0 million in losses due to the increase in fair value of contingent liabilities, and $0.7 million in losses due to the increase in fair value of our common stock warrants. This was offset by a $7.8 million decrease in the fair value of the Series D Warrants, which were marked to fair value immediately prior to extinguishment upon our IPO on May 23, 2025. Income Tax Provision Income tax provision increased by $0.5 million to $2.4 million during the three months ended June 30, 2026, compared to $2.0 million for the three months ended June 30, 2025 due to an increase in the annual effective tax rate as a result of projected taxable income, primarily driven by an increase in full-year projected pre-tax book income. 31 Table of Contents Results of Operations for the Six Months Ended June 30, 2026, Compared with the Six Months Ended June 30, 2025 The following table sets forth our condensed consolidated results of operations for the periods presented: Six Months Ended June 30, Change (dollars in thousands) 2026 2025 $ % Revenue $ 156,210 $ 132,972 $ 23,238 17.5 % Cost of revenues 29,894 35,734 (5,840) (16.3) % Gross profit 126,316 97,238 29,078 29.9 % Operating expenses: Technology and development 30,965 20,340 10,625 52.2 % Sales and marketing 52,264 45,982 6,282 13.7 % General and administrative 25,077 33,608 (8,531) (25.4) % Amortization of acquired intangibles 1,315 1,316 (1) (0.1) % Total operating expenses 109,621 101,246 8,375 8.3 % Operating income (loss) 16,695 (4,008) 20,703 (516.5) % Other income (expense): Interest income (expense), net 3,923 (447) 4,370 (977.6) % Other income (expense), net 158 (45,207) 45,365 (100.3) % Total other income (expense) 4,081 (45,654) 49,735 (108.9) % Income (loss) before income tax provision 20,776 (49,662) 70,438 (141.8) % Income tax provision 5,294 (2,323) 7,617 (327.9) % Net income (loss) $ 15,482 $ (47,339) $ 62,821 (132.7) % The following table sets forth our condensed consolidated results of operations for the specified periods as a percentage of our revenue for those periods presented: Six Months Ended June 30, 2026 2025 Revenue 100.0 % 100.0 % Cost of revenues 19.1 26.9 Gross profit 80.9 73.1 Operating expenses: Technology and development 19.8 15.3 Sales and marketing 33.5 34.6 General and administrative 16.1 25.3 Amortization of acquired intangibles 0.8 1.0 Total operating expenses 70.2 76.1 Operating income (loss) 10.7 (3.0) Other income (expense): Interest income (expense), net 2.5 (0.3) Other income (expense), net 0.1 (34.0) Total other income (expense) 2.6 (34.3) Income (loss) before income tax provision 13.3 (37.3) Income tax provision 3.4 (1.7) Net income (loss) 9.9 % (35.6) % Revenue Revenue increased $23.2 million, or 17.5%, to $156.2 million for the six months ended June 30, 2026, compared to $133.0 million for the six months ended June 30, 2025. The increase was due primarily to an increase of $29.2 million in revenue generated from PTV and $1.7 million in revenue recognized during the six months ended June 30, 2026 related to the expiration of unused creative credits associated with amended contracts in the period. Active PTV customers increased 27% 32 Table of Contents between the periods in comparison. The increase in active PTV customers was offset by a decrease in average spend per customer as we continued to expand our overall SMB footprint, including small businesses. Additionally, creative and production revenues decreased $4.2 million and $2.0 million, respectively, primarily due to the divestiture of Maximum Effort Marketing on April 1, 2025. Cost of Revenues Cost of revenues decreased $5.8 million, or 16.3%, to $29.9 million for the six months ended June 30, 2026, compared to $35.7 million for the six months ended June 30, 2025. The decrease was primarily due to a $3.5 million decrease in personnel costs driven by a 43% decrease in headcount between the periods in comparison due to the divestiture of Maximum Effort Marketing on April 1, 2025 as well as the strategic restructuring plan. Additionally, hosting expense decreased by $2.7 million primarily due to changes in vendors coupled with a decrease in platform fees of $1.3 million. Offsetting these decreases was a $1.9 million increase in amortization for internal use software due to increased disposals of obsolete internal use software in the current period as well as increased additions to capitalized software as we continued to improve our technology. Technology and Development Expense Technology and development expense increased $10.6 million, or 52.2%, to $31.0 million for the six months ended June 30, 2026, compared to $20.3 million for the six months ended June 30, 2025. The increase was primarily due to an increase in personnel costs of $8.5 million attributable to increased headcount to maintain and support further development of our platform. Technology and development headcount increased by 18% between the periods in comparison as we continued to grow our engineering team to support the growth of our product. The remaining $1.6 million increase was driven by investment in incremental tools to support the development of our platform. Sales and Marketing Expense Sales and marketing expense increased $6.3 million, or 13.7%, to $52.3 million for the six months ended June 30, 2026, compared to $46.0 million for the six months ended June 30, 2025. This was primarily due an increase in stock-based compensation of $3.0 million mainly driven by a marketing services agreement entered into during the period with a contractor, an increase in partnership commissions of $1.7 million, increased third party marketing spend of $1.3 million in order to drive customer and revenue growth, increased brand marketing spend of $0.8 million, and a $1.1 million increase in SaaS tools to support the growth of the business. Partially offsetting these increases was a decrease in personnel costs of $0.9 million driven by a decrease in average headcount of 2% period over period, a decline in sponsorships of $0.9 million and lower business development costs of $0.4 million. General and Administrative Expense General and administrative expense decreased $8.5 million, or 25.4%, to $25.1 million for the six months ended June 30, 2026, compared to $33.6 million for the six months ended June 30, 2025. The decrease was primarily driven by a $12.3 million decrease in stock-based compensation due to the full vesting of options granted in 2021 and the forgiveness of partial recourse promissory notes with executive officers that were issued to facilitate the early exercise of stock options during the six months ended June 30, 2025. Additionally, transaction costs decreased by $0.9 million due to costs incurred during the six months ended June 30, 2025 related to the divestiture of Maximum Effort Marketing. These decreases were partially offset by increases of $2.1 million in legal fees primarily related to ongoing litigation, $0.5 million in professional fees and $0.5 million in insurance costs. In addition, uncollectible accounts expense increased by $0.3 million and credit card merchant fees increased by $0.4 million. Amortization of Acquired Intangibles Amortization of acquired intangibles remained flat at $1.3 million for both the six months ended June 30, 2026 and June 30, 2025 as there were no changes to acquired intangibles quarter-over-quarter. Interest Income (Expense), Net Interest income (expense), net changed favorably by $4.4 million, or 977.6%, to interest income of $3.9 million for the six months ended June 30, 2026, compared to interest expense of $0.4 million for the six months ended June 30, 2025. The favorable change was primarily due to a decrease in interest expense on the Convertible Notes of $2.1 million which were settled on May 23, 2025, resulting in no interest expense for the six months ended June 30, 2026. Additionally, interest income increased $2.3 million due to a higher interest bearing cash balance, which increased as a result of the IPO proceeds and increase in operating cash. 33 Table of Contents Other Income (Expense), Net Other income (expense), net primarily consists of fair value adjustments on our warrants, embedded derivatives, convertible debt and contingent liabilities, and a loss on extinguishment of debt. Other expense, net increased by $45.4 million to $0.2 million for the six months ended June 30, 2026, compared to $45.2 million for the six months ended June 30, 2025. We recognized $0.2 million in income during the six months ended June 30, 2026, due to the decrease in fair value of contingent liabilities. During the six months ended June 30, 2025, we recognized $16.6 million in losses due to fair value adjustments of our embedded derivative liabilities, $5.0 million in losses due to the increase in fair value of our contingent liabilities, $4.4 million due to losses due to the increase in fair value of our convertible notes, and $0.7 million in losses due to the increase in fair value of our common stock warrants. This was offset by a $7.9 million decrease in the fair value of the Series D Warrants, which were marked to fair value immediately prior to extinguishment upon the IPO. Additionally, we recognized a $26.4 million loss on the extinguishment of the Convertible Notes when they were modified on April 1, 2025. Income Tax Provision Income tax expense was $5.3 million for the six months ended June 30, 2026, compared to an income tax benefit of $2.3 million for the six months ended June 30, 2025. The change was due to the pre-tax loss generated during the six months ended June 30, 2025, which generated income tax benefit, compared to pre-tax income generated during the six months ended June 30, 2026, which generated income tax expense. The annual effective tax rate has increased in the current period as a result of projected taxable income, primarily driven by an increase in full-year projected pre-tax book income and estimated non-deductible officers’ compensation. Liquidity and Capital Resources Overview Since inception, we have financed operations to date primarily through cash flow from operating activities, net proceeds received from sales of equity securities, borrowings under our Revolving Credit Facility and other indebtedness. We have historically incurred losses from operations and have an accumulated deficit of $245.6 million as of June 30, 2026. As of June 30, 2026, we had cash and cash equivalents of $237.3 million, no borrowings outstanding under our Revolving Credit Facility and up to $48.5 million of borrowing capacity available thereunder. We believe that our existing cash and cash equivalents, together with cash flow from operations and borrowings under our Revolving Credit Facility, will be sufficient to support our working capital requirements for at least the next 12 months. We utilize Insured Cash Sweep services to reduce exposure of our cash and cash equivalents balances that exceed FDIC limits at any one financial institution. Our long-term cash requirements will depend on many factors, including our revenue growth, the timing and extent of product development efforts and other investments to support our growth (including through acquisitions), the expansion of sales and marketing activities, and increases in general and administrative costs. To the extent our current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. The sale of additional equity would result in additional dilution to our stockholders. The incurrence of additional debt financing would result in debt service obligations and the instruments governing such debt could provide for operating and financing covenants that would restrict our operations. There can be no assurances that we will be able to raise additional capital. In the event additional financing is required from outside sources, we may not be able to negotiate terms acceptable to us or at all. In particular, the recent global macroeconomic trends have caused disruption in the global financial markets, which could reduce our ability to access capital and negatively affect our liquidity in the future. If we are unable to raise additional capital when required, or if we cannot expand our operations or otherwise capitalize on our business opportunities because we lack sufficient capital, our business, results of operations, financial condition, and cash flows would be adversely affected. Revolving Credit Facility On December 8, 2025, we entered into an Amended and Restated Business Financing Agreement (the “Revolving Credit Agreement”) with Western Alliance Bank. The Revolving Credit Agreement provides for a senior secured asset-based revolving credit facility (the “Revolving Credit Facility”), pursuant to which we may initially incur up to $50.0 million aggregate principal amount of revolver borrowings and have the option to request from time to time up to an additional $30.0 million in borrowings. The Revolving Credit Facility matures on May 28, 2029. The amount of borrowing availability under the Revolving Credit Facility is based on our accounts receivable balance, reduced by reserves. As of June 30, 2026 and December 31, 2025, we had no outstanding borrowings under the Revolving Credit Facility and up to $48.5 million of borrowings available. 34 Table of Contents Borrowings under the Revolving Credit Facility bear interest at a floating per annum rate equal to the Secured Overnight Financing Rate (“SOFR”) plus 3.00%, with a floor of 1.00%. Interest is payable on the revolving borrowings on a monthly basis. The Revolving Credit Facility contains customary conditions to borrowings, events of default and covenants, including, without limitation, covenants that restrict our ability to sell assets, engage in mergers or acquisitions, incur, assume or permit to exist additional indebtedness and guarantees, create or permit to exist liens, pay dividends, make distributions or redeem or repurchase capital stock or make other investments, engage in transactions with affiliates and make payments in respect of subordinated debt. The Revolving Credit Facility also requires us to maintain compliance with an Adjusted Quick Ratio (defined as unrestricted cash maintained with the lender plus eligible receivables divided by the sum of outstanding loans plus accounts payable aged over 60 days from the invoice date) covenant at least 1.35 to 1.00 if the unrestricted cash balance with the lender is less than $35.0 million and there are outstanding borrowings. Such covenant will be tested as of the last day of the most recently completed fiscal period for which financial statements have been delivered and for each fiscal period thereafter until the unrestricted cash balance is above $35.0 million and there are outstanding borrowings. We are also required to maintain $75.0 million of depository and operating accounts with Western Alliance Bank, subject to certain exceptions. Our obligations under the Revolving Credit Facility are collateralized by a pledge of substantially all of our assets, including accounts receivable, deposit accounts, intellectual property, investment property and equipment. See Note 6, “Debt” to our condensed consolidated financial statements included elsewhere in this Form 10-Q. Stock Repurchase Program In August 2026, our board of directors authorized a stock repurchase program of up to $100.0 million shares of the Company’s Class A common stock through August 5, 2027. Repurchases may be made at management’s discretion in the open market pursuant to one or more trading plans adopted in accordance with Rule 10b5-1 and in compliance with Rule 10b-18. The timing and amount will depend on market conditions, price and liquidity, applicable legal requirements, available capital, and other considerations. The stock repurchase program does not obligate us to repurchase any minimum number or dollar amount of Class A common stock and may be modified, suspended, or discontinued at any time. Cash Flows The following table summarizes our cash flows for the periods presented: Six Months Ended June 30, (dollars in thousands) 2026 2025 Net cash provided by operating activities $ 34,026 $ 17,587 Net cash used in investing activities (6,991) (15,796) Net cash provided by financing activities 86 90,805 Net increase in cash and cash equivalents $ 27,121 $ 92,596 Operating Activities Net cash provided by operating activities consists of net income (loss) adjusted for certain non-cash items and changes in operating assets and liabilities. Our cash flows from operating activities are primarily impacted by growth in our operations, increases or decreases in collections from our customers and related payments to third parties for ad inventory and data. Our collection and payment cycles can vary from period-to-period. Net cash provided by operating activities was $34.0 million for the six months ended June 30, 2026, as compared to $17.6 million for the six months ended June 30, 2025. The increase in cash provided of $16.4 million was primarily due to a $20.7 million increase in operating income partially offset by a decrease in stock-based compensation of $9.1 million. Investing Activities Net cash used in investing activities consisted of investments in capitalized internal use software costs to develop our technology platform and other investment activities. As our business grows, we expect our investments in our platform development to increase as needed to support our platform. Net cash used in investing activities was $7.0 million for the six months ended June 30, 2026, as compared to $15.8 million for the six months ended June 30, 2025. The decrease in cash used was due to the issuance of $9.6 million in notes receivable during the six months ended June 20, 2025, partially offset by an $0.8 million increase in costs capitalized for internal use software during the six months ended June 30, 2026. 35 Table of Contents Financing Activities During the six months ended June 30, 2026 and 2025, net cash provided by financing activities consisted of activity related to stock-based compensation plans and proceeds from the IPO, offset by payments of IPO costs, settlement of convertible debt and the repurchase of common stock. Net cash provided by financing activities was $0.1 million for the six months ended June 30, 2026 compared to $90.8 million for the six months ended June 30, 2025. The decrease of $90.7 million was primarily due to $125.3 million of proceeds from the IPO, partially offset by $24.0 million of payments on the settlement of the Convertible Notes and $10.0 million for the repurchase of Class A common stock for the settlement of the Convertible Notes and $2.1 million of payments on initial public offering costs during the six months ended June 30, 2025. Critical Accounting Estimates Critical accounting estimates are those that we believe are both significant and require us to make difficult, subjective or complex judgments, often because we need to estimate the effect of inherently uncertain matters. We base our estimates and judgments on historical experiences and various other factors that we believe to be appropriate under the circumstances. Actual results may differ from these estimates, and the estimates included in our financial statements might be impacted if we used different assumptions or conditions. Other than the following, there have been no material changes to our critical accounting estimates as compared to those described in our 2025 Annual Report, in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates.” Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers. We generate revenue by charging our customers a variable fee based on the level of ad spend and through charging fees for various ad production activities. We also offer customers incentive programs where the customers can earn rebates or creative services based on achieving certain levels of ad spend during the contract term. We recognize revenue through the following steps: •identification of the contract, or contracts, with a customer; •identification of the performance obligations in the contract; •determination of the transaction price; •allocation of the transaction price to the performance obligations in the contract; and •recognition of revenue when, or as, the performance obligations are satisfied. The determination as to whether revenue should be reported gross of amounts billed to customers (gross basis) or net of payments to suppliers (net basis) requires significant judgment and is based on our assessment of whether we are acting as the principal or an agent in the transaction. We have determined that we do not act as the principal in the purchase and sale of digital advertising inventory because we do not control the advertising inventory and we do not set the price which is the result of an auction within the marketplace. Based on these and other factors, we report revenue from the sale of advertising inventory on our platform on a net basis, which represents gross billings net of amounts we pay suppliers for the cost of advertising inventory and net of consideration we pay to certain advertising agencies that meet the definition of customers under ASC 606. For our ad production activities where we have control over the specified good, are primarily responsible for the performance of third-party services, can redirect those services to fulfill other contracts, carry inventory risk, and set the price of services used in the production activities, we report revenue from those transactions on a gross basis. For the ad production activities where we facilitate and therefore do not have complete control over the specified goods, are not primarily responsible for the performance of third-party services, cannot redirect those services to fulfill other contracts, do not carry inventory risk, and do not set the price of third-party services used in the production activities, we report revenue from those transactions on a net basis. Our accounts receivable are recorded at the amount of gross billings to customers, net of allowance, for the amounts we are responsible to collect, and our accounts payable are recorded at the amounts payable to suppliers. Accordingly, both accounts receivable and accounts payable appear large in relation to revenue reported on a net basis. Recently Issued Accounting Pronouncements For information regarding recent accounting pronouncements, refer to Note 1 “Business and Basis of Presentation” to our condensed consolidated financial statements included in this Form 10-Q. 36 Table of Contents