Ad Tech Briefing: MNTN is ad tech’s canary in the coal mine for future public listings

However, how long will it take for the shine to come off, especially in a year when one of its most readily comparable peers on Wall Street has experienced a significant hit on its stock price? 

The outfit went public on May 22, 2025, pricing its stock at $16 per share, with the price increasing more than 60% from its IPO price since, a performance suggesting that Wall Street favors it.

Still, it faces skepticism over past controversies and limited scale, with $225 million in 2024 revenue equating to a $32.9 million net loss.

Meanwhile, observers of the space will recall that MNTN — an outfit known initially, after its founding in 2009, as Steelhouse — has been no stranger to criticism. Those interested further need only look up its (now resolved) legal disputes with Criteo as an example.

MNTN’s stockholders will be relieved to hear that several equity analysts told Digiday that investors focus on revenue or profitability impacts, not just allegations. 

However, success demands flawless execution amid macroeconomic uncertainty, and action on said allegations could soon prove a drag on its price. “Fraud allegations are common in the space and usually don’t have a sustained impact on the stock price,” noted one. 

Mark Zgutowicz, a managing director at The Benchmark Company who analyzes stocks such as Criteo, LiveRamp, and The Trade Desk, noted that ongoing concerns around tariffs and their impact on consumer incomes are “the elephant in the room” for such companies’ stock prices. It is in this context that such companies, as well as MNTN, must continue to show the robust nature of their business. 

Zgutowicz said The Trade Desk’s Q4 miss was minor and the stock overreacted, and that Benchmark was upgrading it to a neutral position for its earlier sales rating. “With Criteo, I think the expectations were set too high for them, and they’re owning up to that,” he added. “LiveRamp, I think, is managing through the macro[environment] better because their expectations were set more appropriately.”   

Karsten Weide, founder of W Media Research, noted how ad tech IPOs are tougher now than in the mid-2010s or early 2020s, primarily because the ‘growth at all costs’ era has eroded. “Today, in 2025, Wall Street wants to see profitability and transparency, skeptical of ad tech’s complexity,” he noted. “AI’s impact and competition from giants like Google make it harder for companies like MNTN to succeed and stand out.” 

What we’ve heard

“Amazon realizes it has missed the boat on display advertising, so it is concentrating on using Fire TV and Prime Video as a Trojan Horse,” noted one source when commenting on Amazon’s fresh attempts to overhaul its market share in the DSP sector.

— An anonymous agency source

Numbers to know

• +26%: the total deal volume for M&A transactions was up by more than a quarter compared to Q4 2024, according to investment bank LUMA Partners.
• “Several hundred employees”: the number of employees due to be laid off in the latest round of layoffs at The Walt Disney Company.
• $4.12 billion: eMarketer’s forecasted decline in 2025 linear TV ad spend.
• 21%: the amount of staff Business Insider laid off as it intends to go AI-first in its future.
• 12.4%: The total percentage of all viewing hours generated by YouTube in April, according to Nielsen’s April 2025 Media Distributor Gauge.

What we’ve covered

The winners and losers of Google’s AI Mode

• Google has been pushing into the AI search space with fervor ever since ChatGPT’s breakout success from competitor OpenAI.
• Google has made it clear: AI is building the future of search. Publishing execs are worried the shift to giving users the information they are looking for right in the search results page means lower CTR, fewer impressions and less digital ad revenue.

What we’re reading

The Sellout

Erich Wasserman, former MediaMath sales chief, Dominic Joseph, former CEO of Capitfy and Myles Younger, now of U. of Digital discuss their creative pasts with Paul Knegten, formerly the CMO of Beeswax and Outbrain, in a weekly mini-series that debuts on June 4.

Google judge mulls softer remedies in US search antitrust case

U.S. District Judge Amit Mehta heard closing arguments on May 30 at a trial on proposals to address Google’s search monopoly, suggesting he is considering making Alphabet’s Google take less aggressive measures to restore competition in online search than the 10-year regime proposed by antitrust enforcers.

What’s On The Agenda For Michael Komasinski, Criteo’s New Chief?

AdExchanger talks with Criteo chief Michael Komasinski after he took the hot seat in the first half of 2025, noting how even with Google Chrome’s U-turn on third-party cookies, that, “We see the potential future of agentic shopping as a big opportunity for Criteo.”

A Guide to Smarter Advertising and Sustainable Growth in Connected Television
ID5 notes how addressability is a major challenge for CTV advertising.