MNTN Inc-A 2025年度报告

FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number:001-42664 MNTN, Inc.(Exact name of registrant as specified in its charter) Delaware 26-4741839 (I.R.S. EmployerIdentification No.) (State or other jurisdiction ofincorporation or organization) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered Class A Common Stock, par value$0.0001 per share New York Stock Exchange Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Non-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo The approximate aggregate market value of voting and non-voting equity held by non-affiliates as of June30, 2025 (the last businessday of the registrant’s most recently completed second fiscal quarter) was $718.9 million. As of February2, 2026, the registrant had56,796,624shares of Class A common stock outstanding and 17,076,086 shares of Class Bcommon stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement relating to the 2026 Annual Meeting of Stockholders are incorporated by reference intoPart III of this Annual Report on Form 10-K where indicated. Such Proxy Statement will be filed with the Securities and ExchangeCommission within 120 days after the end of the registrant’s fiscal year ended December31, 2025. Table of Contents Table of Contents Cautionary Note Regarding Forward-Looking Statements and Summary Risk FactorsCertain Definitions 35 PART I Item 1. BusinessItem 1A. Risk FactorsItem 1B. Unresolved Staff CommentsItem 1C. CybersecurityItem 2. PropertiesItem 3. Legal ProceedingsItem 4. Mine Safety Disclosures PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities52Item 6. [Reserved]52Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations52Item 7A. Quantitative and Qualitative Disclosures about Market Risk64Item 8. Financial Statements and Supplementary Data66Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure96Item 9A. Controls and Procedures96Item 9B. Other Information96Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections96 PART III Item 10. Directors, Executive Officers and Corporate Governance97Item 11. Executive Compensation