Revenue Misses Expectations in Q3 2026, CEO Replaced the Same Day

The company reported Q3 2026 revenue of $80.25 million, missing the consensus estimate, while GAAP earnings per share of $0.10 also came in short of expectations. Acquisition costs and legal and regulatory settlements weighed on the GAAP result.

CFO Patrick Pohlen pointed squarely at the company's own go-to-market organization, attributing the shortfall to what he called "unforeseen execution problems" in sales. That candid admission is notable because it points to a self-inflicted wound rather than a broad market or macro cause, at a moment when the company had been building momentum.

Revenue grew 25% year-over-year in Q1 2026, slowed through Q2, and by Q3 was tracking at roughly 15% year-over-year. The board moved immediately, replacing CEO Mark Douglas with director Tony Weisman on the same day results were filed. Weisman said directly that the company needs "operational rigor" and that he is there to instill "a culture of accountability and flawless execution."

Guidance was cut alongside the leadership change. Full-year 2026 revenue was lowered to a range of $311 million to $314 million, implying roughly 10% growth excluding the divested Maximum Effort business. The Q4 outlook of $75 million to $78 million in revenue is actually below what the company just reported for Q3, signaling that management does not expect a quick recovery as it rebuilds the sales organization.

On the balance sheet, the picture is more stable. Cash and equivalents stood at $252.3 million, up roughly 41% year-over-year, while total liabilities fell. Gross margin held at the prior-year level and active Performance TV customers grew year-over-year, suggesting the product itself is not the problem.