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Millennial Media Reports 2012 Third Quarter Financial Results

Outlook

Millennial Media expects revenue for the fourth quarter of 2012 to be in the range of $61.5 million to $63.0 million and adjusted EBITDA to be between $3.0 million and $3.5 million. For the full year 2012, Millennial Media expects revenue to be in the range of $181.0 million to $182.5 million and adjusted EBITDA to be between $2.0 million and $2.5 million.

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), Millennial Media reports adjusted EBITDA, which is a non-GAAP financial measure. The Company uses this non-GAAP financial measure for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that this measure provides useful information about operating results, enhances the overall understanding of past financial performance and future prospects, and allows for greater transparency with respect to key metrics used by management in its financial and operational decision making. Non-GAAP financial measures should be considered in addition to results and guidance prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The non-GAAP financial measure included in this press release has been reconciled to the nearest GAAP measure in the table following the financial statements attached to this press release.

Third Quarter Financial Results Conference Call: Millennial Media will host a conference call today at 5:00 p.m. ET to discuss the third quarter 2012 financial results, developments in its business and the Company’s expectations for the remainder of 2012. A live webcast of the event will be available on the Investor Relations page of the Millennial Media website at http://investors.millennialmedia.com. A live domestic dial-in is available at 866-202-0886 (U.S.) or 617-213-8841 (international), using passcode 66975658. If you are unable to listen to the live conference call, a replay will be available through November 12, 2012, and can be accessed by dialing 888-286-8010 (U.S.) or 617-801-6888 (international) using passcode 68327444. An archived version of the webcast will also be available at http://investors.millennialmedia.com.

About Millennial Media

Millennial Media is the leading independent mobile advertising and data platform. Our technology, tools and services help app developers and mobile website publishers maximize their advertising revenue, acquire users and gain audience insights. Our platform also enables us to offer advertisers powerful Mobile Audience Solutions (MAS) that utilize our significant scale, sophisticated targeting and uniquely engaging creative capabilities to deliver meaningful results.

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