MNTN Stock Plunges 55% as Sales Execution Problems Hit Q3 and CEO Is Replaced

MNTN, Inc. (NYSE: MNTN) shares fell 54.7% on Thursday, closing at $4.70 against a previous close of $10.37, after the company reported third-quarter results and changed its chief executive in filings made after the market closed Wednesday. The S&P 500 ETF (SPY) fell 4.41% in the same session, and volume ran about 17 times its usual level.

The move followed an 8-K that included a press release on results and a leadership change. In the release, Chief Financial Officer Patrick Pohlen said third-quarter revenue "was impacted by unforeseen execution problems in our go-to-market organization" and that the company had updated its full-year 2026 guidance to reflect how the business is expected to perform as it realigns its sales organization.

Q3 revenue rose 15%, but the outlook was reset

Third-quarter revenue was $80.3 million, up 15% year over year. Net income was $7.7 million and adjusted EBITDA was $19.9 million. The company guided fourth-quarter revenue to $75 million to $78 million, below the $87.1 million it reported for Q4 2025. It expects adjusted EBITDA of $8 million to $10 million for the quarter.

For the full year, MNTN now expects revenue of $311 million to $314 million, which it said equals 8% growth on a GAAP basis, and adjusted EBITDA of $66 million to $68 million. The company ended the quarter with $252.3 million in cash and no borrowings. The release did not give the prior full-year guidance, so the size of the change cannot be measured from the filing.

Board member named chief executive

The filing says the board appointed Tony Weisman, a board member, as President and Chief Executive Officer effective Nov. 2. He succeeds Mark Douglas, who will leave the company on Dec. 3 after 30 days of paid leave. Christopher Innes stopped serving as chief operating officer on the same date and will leave on Dec. 1 after paid leave.

Weisman's employment agreement provides a base salary of $600,000, a target bonus of $700,000 and a $500,000 sign-on bonus. He also received an option on 1,000,000 Class A shares and 400,000 restricted stock units. In the release, Weisman said MNTN "needs operational rigor" and that he would work to "instill a culture of accountability and flawless execution."

The filing and release do not say how investors weighed these items against one another.