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Millennial Media Reports Q2’12 Financial Results

Millennial Media, Inc. (NYSE: MM), the independent leader in mobile advertising, today announced financial results for the second quarter ended June 30, 2012.

Financial Results and Business Highlights

Total Revenue: For the second quarter of 2012, total revenue was $39.4 million, a 75.6% year-over-year increase from total revenue of $22.4 million for the second quarter of 2011.

Gross Margin: For the second quarter of 2012, gross margin improved to 39.7%, compared to 39.1% for the second quarter of 2011.

Adjusted EBITDA: For the second quarter of 2012, adjusted EBITDA, a non-GAAP financial measure, which we define as net income or net loss before interest, taxes, depreciation and amortization, and non-cash stock-based compensation, was $(0.7) million, compared to adjusted EBITDA of $(2.4) million for the first quarter of 2012, and adjusted EBITDA of $(0.1) million for the second quarter of 2011.

Net Loss: For the second quarter of 2012, net loss was $(2.2) million, compared to a net loss of $(4.0) million for the first quarter of 2012 and a net loss of $(152,000) for the second quarter of 2011.

Net Loss per Share: For the second quarter of 2012, on a GAAP basis, basic and diluted net loss per share was $(0.03), compared to basic and diluted net loss per share of $(0.09) for the second quarter of 2011.

Other Business Metrics: As of June 30, 2012, Millennial Media reached over 350 million monthly unique users worldwide, including approximately 140 million unique users in the United States alone. More than 35,000 apps were enabled by mobile app developers to operate on Millennial Media’s platform as of June 30, 2012.

“We delivered strong revenue growth of 76% year over year, along with expanded gross margin performance and improved operating leverage in the second quarter,” stated Paul Palmieri, Co-Founder, President and CEO of Millennial Media. “We now have over 35,000 enabled apps on our mobile advertising platform, which we believe underscores the compelling value proposition we bring to our developer partners. During the quarter, we also grew our base of advertising clients who rely on us to deliver targeted audiences for high impact campaigns across a broad range of mobile devices. With our large and growing data asset, along with a targeted approach that harnesses the unique capabilities of mobile devices, we continue to power the app economy, both domestically and increasingly into new international markets.”

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