MNTN 2026년 3분기 실적 발표 콘퍼런스콜: 매출 차질로 가이던스 하향 조정

마운틴(MNTN)이 2026년 3분기 매출과 조정 EBITDA가 자체 가이던스를 밑돌았다고 발표하며 4분기 및 연간 전망치를 하향 조정했다. 새로 부임한 토니 와이즈먼 CEO는 이러한 둔화의 주된 원인이 고객 수요 약화나 경쟁 압력보다는 영업 실행 문제 때문이라고 설명했다.

핵심 요약

• 2026년 3분기 매출은 전년 동기 대비 15% 증가한 8,030만 달러를 기록해 회사 가이던스 범위인 8,600만~8,900만 달러를 밑돌았다.
• 조정 EBITDA는 24% 증가한 1,990만 달러를 기록했으나 역시 가이던스인 2,200만~2,500만 달러를 밑돌았다. 조정 EBITDA 마진은 200bp 확대된 24.8%를 기록했다.
• 회사가 영업 보상, 인센티브, 조직 구조의 개편을 급격하게 단행한 이후, 실적 목표(쿼터)를 부여받은 경력 영업 인력의 약 40%가 이탈했다.
• 기존 고객의 지출은 견조하게 유지되었으며, 고객 확장률은 115%를 크게 웃도는 수준을 유지했다. 경영진은 이번 차질이 신규 고객 유치에 압도적으로 큰 영향을 미쳤다고 밝혔다.
• 경영진은 2026년 4분기 매출을 7,500만~7,800만 달러, 조정 EBITDA를 800만~1,000만 달러로 예상했다.
• 토니 와이즈먼은 11월 2일 자로 CEO에 취임했다. 그는 운영 규율을 강화하고 영업 역량을 재건하는 한편, 4분기 실적 발표와 함께 2027년 사업 계획을 제시할 계획이다.

주요 재무 데이터

영업비용의 전분기 대비 감소는 2분기 인력 감축에 따른 인건비 절감과 2분기에 계상되었던 일회성 주식 기준 보상이 발생하지 않은 점을 반영한 결과다.

사업 및 운영 실적

경영진은 이번 분기 실적 부진의 주요 원인으로 시장 진입(GTM) 실행 문제를 꼽았다. 영업 부문 변화로는 미흡하고 성급하게 도입된 산업별 조직 구조, 인센티브 기준의 매출에서 활동 중심으로의 전환, 영업 인력의 급여 지급 주기 변경 등이 포함됐다. 이러한 조치들은 2분기 말에 공지되어 3분기 초부터 시행되었다.

이에 따른 인력 이탈로 MNTN의 신규 사업 창출 역량이 위축되었다. 경영진은 실적 목표를 부여받은 경력 영업 인력의 약 40%가 회사를 떠났다고 밝혔다. 이후 보상 체계는 시정되었으며, MNTN은 16명의 영업 인력을 신규 채용해 첫 신규 채용 기수가 11월 말부터 근무를 시작할 예정이다.

아울러 회사는 세일즈포스 출신의 린 크낙을 마케터 대상 직접 영업 책임자로, 스냅 출신의 프랭크 리를 대행사 영업 책임자로 영입했다. 더트레이드데스크에서 7년간 마케팅을 이끌었던 애나 세이어는 최고마케팅책임자(CMO)로 합류했다.

기존 고객들은 지출을 지속적으로 확대했으며, 고객 확장률은 115%를 크게 웃도는 수준을 유지했다. 경영진은 고객 유지율, 만족도 및 성과는 여전히 견조했으나 실적 부진은 순수 신규 고객 유치 부문에 집중되었다고 설명했다.

토니 와이즈먼 CEO는 직접적인 경쟁에서의 수주율은 이전 수준과 일치했으나, MNTN이 창출한 신규 기회 자체가 너무 적었다고 말했다. 회사는 셀프서비스와 영업 주도 고객 유치 채널을 모두 유지할 계획이다.

경영진 가이던스

수정된 연간 매출 가이던스 범위의 중간값은 맥시멈 에포트(Maximum Effort) 매각 영향을 제외할 경우 전년 대비 10% 성장을 나타낸다.

경영진의 4분기 전망은 신규 채용된 영업 인력이 온전히 생산성을 발휘하기까지 시간이 걸림에 따라 3분기에 겪었던 영업 차질이 지속될 것으로 가정한 것이다. 또한 4분기 조정 EBITDA 전망치에는 경영진 인사이동과 관련된 추가적인 일회성 일반관리비가 포함되어 있다.

적격한 영업 인력을 채용함에 따라 영업 및 마케팅 비용은 전분기 대비 약 10% 증가할 것으로 예상된다. 경영진은 4분기 및 연간 실적을 발표할 때 2027년 사업 계획과 전망, 진행 상황 측정 지표를 제시할 계획이다.

위험 요인 및 주시할 점

• 신규 채용된 영업 인력이 온보딩을 완료하고 온전한 생산성을 발휘하기까지 역량을 끌어올려야 하므로 영업 역량 재건에는 시간이 걸릴 수 있다.
• 경력 영업 인력의 이탈로 신규 고객 유치가 제약을 받았으며, 이는 4분기 실적에도 계속 영향을 미칠 것으로 예상된다.
• 회사가 시장 진입(GTM) 조직을 재건하는 과정에서 계획된 영업 및 마케팅 지출이 늘어남에 따라 단기 수익성이 압박을 받을 수 있다.
• MNTN의 핵심 시장으로 남아 있는 중형 고객사에 비해 소상공인 고객사의 이탈률이 여전히 더 높은 편이다.
• 새로운 리더십 구조, 보상 체계 및 책임 강화 조치의 실행은 성장을 회복하는 데 핵심 요소로 남아 있다.

애널리스트 질의응답(Q&A) 주요 내용

애널리스트들은 부진한 실적이 영업 실행력, 고객 수요, 경쟁 중 무엇을 반영한 것인지에 주목했다. 와이즈먼 CEO는 기존 고객의 지속적인 지출 확대와 경쟁 입찰에서의 불변의 수주율을 언급하며, MNTN의 제품-시장 적합성과 고객 가치는 온전하게 유지되고 있다고 밝혔다. 그는 직접 경쟁에서의 전환율 하락이 아니라 신규 영업 기회의 부족이 핵심 문제였다는 입장을 유지했다.

경영진은 일선 영업 인력의 이탈이 가장 심했기 때문에 영업 차질이 주로 신규 고객에게 영향을 미쳤다고 설명했다. 기존 고객은 계속 유지되었으며 지출도 지속적으로 확대했다.

전략과 관련해 와이즈먼 CEO는 새로운 직접 영업 및 대행사 영업 리더십이 성과형 광고에서의 이탈을 의미하는 것은 아니라고 명확히 했다. 그가 밝힌 최우선 과제는 파이프라인 성장, 데모 후 고객 전환율, 초기 예산 및 지속적인 고객 지출을 개선하는 동시에 MNTN을 신뢰할 수 있는 성과 파트너로 자리매김하는 것이다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Hello, and welcome to Mountain's Third Quarter 2026 Results Webcast. [Operator Instructions] I will now hand the conference over to Brinlea Johnson. Please go ahead.

Brinlea Johnson

Good afternoon, and thank you for joining us for Mountain's Third Quarter 2026 Earnings Call. With me today are Joe Kaiser, Mountain's Lead Independent Director; Tony Weisman, CEO; and Patrick Pohlen, CFO. Just to remind everyone, today's call includes forward-looking statements that are subject to risks and uncertainties, and actual results could materially differ from those anticipated in the forward-looking statements. For the risks and uncertainties that may affect future results, please see our most recently filed periodic report, which is also available on our website. We will also discuss non-GAAP financial measures on today's call. Reconciliations of these measures are available in our earnings materials on our website. With that, I will turn the call over to Joe. Please go ahead.

Joseph Kaiser

Thank you for joining us. I'm Mountain's Lead Independent Director. As you surely saw in the press release we issued a little while ago, Tony Weisman has been appointed Mountain's new CEO effective November 2. The Board determined it was time to bring more operational rigor to the business and asked Tony to step in as CEO. Tony joined Mountain's Board earlier this year, and he has the unwavering support of Mountain's Board to lead the company at this time. As a career marketer, Tony brings the voice of the customer to Mountain. From his time leading Digitas and serving as Chief Marketing Officer of Dunkin', Tony understands the decisions our customers make about where to spend their advertising dollars. With that, please join me in welcoming our new CEO, Tony Weisman.

Tony Weisman

Thanks, Joe. Let's start with the numbers. Third quarter revenue was $80.3 million compared with the company's guidance of $86 million to $89 million. Adjusted EBITDA was $19.9 million compared with guidance of $22 million to $25 million. For the fourth quarter, we expect revenue to be between $75 million and $78 million and adjusted EBITDA to be between $8 million and $10 million. Our Q3 results and outlook are disappointing. We have much higher expectations at Mountain. Before accepting this role, I reviewed the business, including product market fit, customer demand, our technology, and our sales motion. I wanted to understand what had changed and whether we had a practical path to address it. I concluded the issue was exclusively go-to-market execution.

The company recently made significant changes in the sales team that did not work out, most notably a new compensation structure modeled after the biggest platforms in our industry like Google and Meta. They were implemented too quickly, resulting in sales force attrition. We lost about 40% of our experienced quota-carrying sellers, reducing our ability to bring in new business. We've since corrected the compensation plans. We've also since hired 16 new sellers, and our first new hire class starts later this month. Additionally, we've added two proven executives, Lynn Knaak from Salesforce, leading brand sales and Frank Lee from Snap leading agency sales. They both report to me. It will take time for these sellers to fully ramp, and our updated outlook assumes that the disruption we saw in Q3 will continue into Q4.

Our new leaders have instilled more discipline around hiring, training and supervision, resulting in increased new starting budgets. We've changed the leadership behind the decisions that got us here. Chris Innes and Garland Hill are no longer with Mountain. I have spent my career on the advertiser side of the table. Mountain does what marketers have always wanted - reach the right people and measure the return on their advertising spend. In a category full of complexity, I love how Mountain keeps it simple. We provide one frictionless platform that allows customers to invest in CTV channel with clarity, simplicity, and accountability. Our technology, experience and data help them decide which messages to run, how to allocate their budgets, and how to measure results all in one place as easily as they buy on Meta or Google.

And we give them the attribution they've come to expect, tying their TV spend to site visits and sales. I believe our opportunity for growth remains strong. Mountain is a performance channel like search and social. Combined with the power of television, it is the ultimate business-driving platform. What Mountain needs is operational rigor to achieve our goals. I plan to take a three-fold approach. One, identify the opportunities and the weaknesses early and address them quickly. Two, get the right leaders in charge of each team. Three, make sure everyone is aligned on common metrics and working together for measurable results. I'll rigorously review pipeline growth, conversion of demos into paying customers, and starting budgets with the team. I plan to judge our progress by whether those improvements translate into sustained customer spending and revenue.

I plan to move quickly and decisively. I've also begun to make changes to our leadership team. I'm pleased to announce that Anna Sayre, who led marketing at The Trade Desk for seven years, joined us this week as Mountain's Chief Marketing Officer. She'll make our offering salient to generate new customer growth. Finally, I excel at building cultures of accountability where the teams are focused on execution. I've been delighted to learn that some of the best industry talent is already inside our company, and I'm committed to giving them the support and guidance to perform at their best.

Let me wrap up by saying that I know we have to earn back your confidence. While we're hiring and onboarding salespeople now, it will take time for these sellers to fully ramp. Our outlook reflects this. When we report fourth quarter results, I'll lay out our 2027 operating plan and outlook, the measures we use to assess progress, and what our changes have delivered to that point. Patrick, over to you to walk through the numbers and the outlook, and then we will take your questions.

Patrick Pohlen

Thank you, Tony. Our third quarter revenue increased to $80.3 million, up 15% year-over-year. Revenue growth this quarter was impacted by unforeseen execution disruption in our go-to-market organization. Third quarter gross margins remained consistent at 79%, flat with the prior year period. Our expansion rate, which measures the spend of our current customers as compared to those same customer spend a year ago, remains quite healthy and is still well north of 115%. Total operating expenses for the third quarter decreased by $4.7 million sequentially to $54.5 million. This was primarily driven by a decrease in personnel costs as a result of the reduction in force in the second quarter and a one-time stock-based compensation award that also occurred in the second quarter.

For the third quarter, we achieved positive net income of $7.7 million for a GAAP EPS of $0.10 compared to a net income of $6.4 million and GAAP EPS of $0.09 in the prior year period. Adjusted EBITDA for the quarter increased to $19.9 million, up from $16 million in Q3 of 2025, an increase of 24%. The company's adjusted EBITDA margin grew to 24.8%, up 200 basis points compared to 22.8% in Q3 of 2025. We plan on continuing to make disciplined investments in sales and marketing, specifically in experienced hires to drive broader customer adoption. We expect sales and marketing expenses to increase approximately 10% sequentially as we add qualified salespeople. Our balance sheet remains strong, and we ended the quarter with $252 million in cash and cash equivalents with no borrowings outstanding.

We ended the quarter with 75.8 million shares outstanding. We are reducing our fourth quarter and full year outlook to reflect ongoing changes to our go-to-market organization. It will take time for sellers to fully ramp, and our guidance assumes that the disruption we saw in Q3 will continue into the fourth quarter. For Q4, we expect revenue to be between $75 million and $78 million. We expect adjusted EBITDA to be between $8 million and $10 million. Our fourth quarter guidance includes additional non-recurring general and administrative expenses related to our executive personnel changes. For the full year 2026, we are lowering our revenue guidance range to $311 million to $314 million, representing 10% year-over-year growth at the midpoint, excluding the impact of the Maximum Effort divestiture.

We expect adjusted EBITDA to be between $66 million and $68 million. We are basing the revised outlook on our expectation for how the business will perform as we realign the go-to-market organization around our priorities. We'll provide more detail on the operating plan and the outlook for 2027 when we announce our fourth quarter and fiscal year results. With that said, we'll open the line for questions.

Operator

[Operator Instructions] And your first question comes from the line of Matthew Weber with Canaccord.

질의응답

Matthew Weber

I guess just to start off, you've seen the business from the Board, so you've had a view from the inside. What gives you the confidence that this is an execution problem rather than a demand or a competitive one? And then I have a follow-up.

Tony Weisman

I've studied this business for quite some time, and I know that it's delivering value to our customers, many of whom have been with us for a very long time. And it has proven to be one of the most effective ROAS channels. And of course, the growth in the market underscores the overall interest in this space. I'm confident that Mountain has terrific product market fit, a terrific team, a great brand, and certainly the heritage of having essentially invented this space. The more I dug, the more I realized that it was decisions that were made in our own sales organization, primarily leading to attrition that caused this slowdown. And those strike me as problems that are and are being fixed and can be addressed quickly so that we can get back to the historical growth we've seen.

Matthew Weber

And then just..., is there any incremental color that you can share with us just in terms of what specifically those changes were to the compensation structure and sort of what the thought process was going into them and sort of how you've corrected today?

Tony Weisman

Sure. I mean when Garland joined the company from TikTok, there was a desire to move the sales organization to models that are underway at bigger platforms like TikTok, Google, Meta. Those had things to do. There was a verticalization that was deployed poorly and too quickly. There was a change in incentives from revenue to activity, and there was a change in the frequency with which sellers were paid. These were told to the team in late Q2, but implemented at the beginning of Q3, and it just didn't work for most of the -- for many of the sellers who felt disaffected and they felt like their opportunity for earning had been diminished, and that's what led to the attrition.

Operator

Your next question comes from the line of Andrew Marok with Raymond James.

Andrew Marok

Two, if I could. So maybe again on the kind of culture reset and the operational rigor that you were talking about. Is there anything else beyond kind of the sales force compensation structure that you were alluding to that you wanted to kind of put your stamp on the business in a particular way? And then I have a follow-up after that.

Tony Weisman

My analysis has determined that that is the #1 issue and the first thing that needs to get addressed and the thing I'm most focused on most immediate. Across the board, I believe there is an opportunity for the company to operate with greater focus on outcomes, a higher level of accountability, and more transparency across the company on the metrics that matter and they're all going in the same direction. So I started to put some of those in place so that we have common dashboards reporting real-time insights that are relevant to the growth of the business. I think that just sort of falls in general under an approach of accountability, transparency, and holding people responsible.

Andrew Marok

And then one more, if I could. Just kind of on some of these sales force issues, is there any way to kind of disaggregate what you were seeing in terms of new customers versus existing customer spend, and kind of the shortfalls that each of those buckets attributed?

Tony Weisman

The overwhelming impact was on new customers. And that's because the frontline sellers were the ones where the attrition was. By contrast, many of our current customers retained and continue to expand, and we continue to see very high levels of satisfaction and performance in that group. So it was predominantly in the net new.

Operator

And your next question comes from the line of Robert Coolbrith with Evercore ISI.

Robert Coolbrith

So just a couple here. So maybe, Patrick, first, can we just talk about the gross expansion rate versus the net? It sounds like the gross remains quite healthy. But have you seen any changes in the net expansion rate, any uptick in churn that maybe speaks to the issues that we're seeing maybe in the Q4 guide in particular? And then, Tony, in your review, it sounds like you did some diligence maybe before taking on the role. Just wondering if you could maybe give us your assessment of the evolving competitive set? There are a couple of small players in the space who were recently acquired by much larger organizations. And so just wondering if that is at all weighing on the company's results or affects the way that you think Mountain has to grow and respond to sort of market dynamics going forward?

Patrick Pohlen

Robert, so the expansion rate, which, as you recall, measures customers in a 12-month period, so in this case, ending September 30, 2026, going back 12 months, finding a customer in the prior 12-month period and seeing how much they've expanded their spend. That has been well north of 115% and continues to be well north of 115%. We don't really use NRR internally because we went down market to the small businesses, but they continue to churn more than the midsized market, which is the core of our business.

Tony Weisman

Robert, thanks for the question. On the competitive front, I do not believe that that has been a factor. In head-to-head pitches, we are winning at the same rate that we were in the past. The issue is there weren't enough opportunities. There were not enough new opportunities. I think the dynamics in the industry that you referred to, some of our competitors being acquired by larger platforms, is going to play out in such a way that the potential customers are going to wonder about the difference between Mountain (which is a purely independent platform that only cares about the customers' growth) and some of these others and wonder where their data is going and whose interest they're serving. So I believe that's an opportunity for us in the future to even grow greater share.

Operator

And your next question comes from Andrew Boone with Citizens.

Andrew Boone

Tony, what I'm trying to understand here is kind of the direction of the business on the go forward. And so I want to go backwards in terms of some of the things that we understood previously about Mountain and kind of what you're saying today. So one of the key themes was kind of self-sign-up in the past in terms of Mountain, and it sounds like this is really a sales execution. And so it just -- can you help us understand the evolution of what you guys need the sales team to be within a self-sign-up environment or whether just sales was more important there? Just tie kind of the historical messaging to now the sales execution.

Tony Weisman

There's still going to be an opportunity for that motion, obviously, for certain types and sizes of customers. And we want to be best-in-class in providing that level of service and doing it in a seamless, easy-to-use way. Customers still continue to sign up and request demos. And the sales team feels those as inbound. What we did had the best -- had the highest impact on the non-self-serve opportunities where sellers and demos that were brought in from the team themselves fell well below the volumes that we had seen historically in the past. So that's the area that we're focusing on the right hiring and the right training to get those folks on board so that they are quota carrying going forward, and we're going to continue to operate both motions going forward.

Andrew Boone

And then I'd love to ask around just the direction that's implied with the hires. So with Lynn Knaak coming over from Salesforce, who led brand, and then Frank Lee from Snap that led agency sales, it feels like there may be a change in direction where you guys are broadening out the platform from performance. Just -- one, is that right? And then two, can you step back and understood you've kind of been in the role for two days, but do you have any information around where you want to move the boat on a go-forward direction as we think about the broader opportunity for Mountain and where you want to take that ship?

Tony Weisman

You bet. Let me clarify, brand is inside sales. So we're using the term to describe direct sales from our team directly to the marketer for Lynn's team, whereas Frank's team is working with agents. So the brand term there may be misleading because we are not looking to generate what would traditionally be considered as top of funnel or high awareness any differently than we have in the past. It is the distinction between the channel. I hope that clarifies that.

I think the key -- the future for this business lies in being seen as the undisputed leader to deliver performance across every need that a customer might have, giving them a broad array of channels to choose from with the right message, the right time, and the right spend level to optimize the ROAS. This is a growing channel. We have the opportunity to be the premier partner, whether directly to a brand or to a performance agency. And I think my vision is for us to be seen as the most reliable, predictable partner that any of them could possibly have. And our focus, we are customer obsessed. And our focus, our success, our growth is a function of theirs. I think the opportunity lies right ahead of us.

Operator

There are no further questions at this time. I will now turn the call back to management for closing remarks.

Tony Weisman

Thank you all for the welcome today, and thank you for joining us. I'm looking forward to getting to know each of you better and learning from you, from your perspective, and having an ongoing dialogue as we pursue the plans that we've outlined. I really appreciate your time and attention today, and thank you for joining us.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.