BEASLEY BROADCAST GROUP REPORTS FOURTH QUARTER REVENUE OF $53.1 MILLION
Rhea-AI Summary
Beasley Broadcast Group (Nasdaq: BBGI) reported fourth-quarter 2025 net revenue of $53.1 million, down 21.1% year-over-year, and an operating loss of ~$230.0 million driven by a $224.8 million non-cash FCC license impairment. Adjusted EBITDA was $0.8 million. The company cited >$30 million annualized cost reductions and expects a debt exchange to reduce total debt to ~$110 million from $220 million, subject to bondholder participation and closing by end of April 2026.
Positive
- Digital revenue increase of 9.7% in Q4
- Digital revenue of $49.5M for FY2025 (+5.9% YoY)
- Adjusted EBITDA positive at $0.8M in Q4
- Executed >$30M in annualized cost reductions
- Expected debt reduction to ~$110M from $220M (subject to close)
Negative
- Net revenue down 21.1% in Q4 to $53.1M
- Operating loss of approximately $230M in Q4
- Recorded $224.8M FCC license impairment in 2025
- Net loss per diluted share of $105.40 in Q4
News Market Reaction – BBGI
On the day this news was published, BBGI gained 80.57%, reflecting a significant positive market reaction. Argus tracked a peak move of +229.3% during that session. Our momentum scanner triggered 79 alerts that day, indicating high trading interest and price volatility. This price movement added approximately $11M to the company's valuation, bringing the market cap to $23.70M at that time. Trading volume was exceptionally heavy at 306.1x the daily average, suggesting very strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
BBGI traded near its 52-week low while peers showed mixed moves: XHLD -9.68%, UONE -7.39%, UONEK +3.45%, MDIA +4.02%, SGA +1.40%, indicating stock-specific pressure rather than a uniform broadcasting move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| 2025-11-10 | Q3 2025 earnings | Negative | -16.8% | Q3 2025 revenue declined with operating loss and smaller adjusted EBITDA. |
| 2025-08-12 | Q2 2025 earnings | Negative | +6.9% | Q2 2025 revenue down year-over-year but shares rose after results release. |
Earnings releases have produced mixed reactions: one sharp selloff on weak results and one rally despite year-over-year revenue declines, with an average move of about -4.94% around earnings.
Recent earnings updates for Beasley Broadcast Group show ongoing revenue declines and persistent net losses alongside growing digital contributions. The Q2 2025 release reported $53.0M revenue with modest operating income and a small net loss, while Q3 2025 revenue fell to $51.0M with an operating loss and reduced adjusted EBITDA. Management has repeatedly emphasized digital growth, cost reductions, and portfolio sales such as WPBB-FM and pending Fort Myers disposals. Today’s FY 2025 and Q4 2025 results extend these themes with larger impairment-driven losses and higher digital mix.
Historical Comparison
In the past year, BBGI issued 2 earnings releases with an average move of -4.94%. Those reports combined revenue declines with digital growth, similar to this FY 2025 and Q4 2025 update.
Earnings updates show a progression of revenue declines and recurring net losses offset by steady digital growth, cost reductions, and asset sales such as WPBB-FM and Fort Myers stations.
Market Pulse Summary
The stock surged +80.6% in the session following this news. A strong positive reaction aligns with periods when investors focused on Beasley’s digital growth and balance sheet actions despite weak headline revenue. The earnings history shows mixed responses, with one earnings update followed by a -16.76% move and another by a +6.89% move. Persistent net losses and large non‑cash impairments could still pose overhang risk if enthusiasm about debt reduction and digital margins fades.
Key Terms
adjusted ebitda financial
impairment charge financial
fcc licenses regulatory
operating margin financial
second lien debt financial
first lien debt financial
debt exchange transaction financial
AI-generated analysis. Not financial advice.
Fourth Quarter Financial Highlights | |||||||||||||||
In millions, except per share data | Three Months Ended | Twelve Months Ended | |||||||||||||
2024 | 2025 | 2024 | 2025 | ||||||||||||
Net revenue | $ | 67.3 | $ | 53.1 | $ | 240.3 | $ | 205.9 | |||||||
Operating income (loss) | 7.6 | (230.0) | 13.1 | (229.7) | |||||||||||
Net loss 1 | (2.1) | (190.1) | (5.9) | (196.5) | |||||||||||
Net loss per diluted share 1 | (1.17) | (105.40) | (3.73) | (109.27) | |||||||||||
Adjusted EBITDA (non-GAAP) | $ | 10.7 | $ | 0.8 | $ | 25.8 | $ | 10.5 | |||||||
1. | Net loss and net loss per diluted share in the year ended December 31, 2025 include |
Fourth Quarter 2025 Highlights
- Revenue from new business accounted for
12% of net revenue - Local revenue, including digital packages sold locally, accounted for
73% of net revenue - Digital revenue increased
9.7% year-over-year to$12.6 million 33.6% on a same-station basis - Digital revenue accounted for
23.7% of net revenue - Digital segment operating margin was
29.4% , or29.0% on a same-station basis
FY 2025 Highlights
- Closed the sale of WPBB-FM on September 29, 2025 for
$8.0 million Ft. Myers market assets for$18.0 million - Revenue from new business accounted for
13% of net revenue - Local revenue, including digital packages sold locally, accounted for
72% of net revenue - Digital revenue increased
5.9% year-over-year to$49.5 million 21.0% on a same-station basis - Digital revenue accounted for
24.0% of net revenue - Digital segment operating margin was
23.9% , or28.8% on a same-station basis
Net revenue during the three months ended December 31, 2025 decreased
Beasley recorded an operating loss of approximately
Adjusted EBITDA was
Please refer to the "Reconciliation of Net Loss to Adjusted EBITDA and EBITDA per Indenture" table at the end of this release.
Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said:
"2025 was a year of meaningful transformation for Beasley. Against a persistently challenging advertising environment — marked by continued secular pressure on traditional audio and the ongoing contraction of agency-driven revenue channels — we made tangible progress reshaping this company for long-term value creation. Our digital business delivered record performance, with digital revenue representing approximately
"Operationally, we have fundamentally restructured the cost profile of this business. Over the past 18 months, we have executed approximately
"We also took deliberate steps to strengthen our balance sheet and sharpen our portfolio. The sale of WPBB in
"Building on this progress, we recently announced a debt exchange transaction with our second lien bondholders, pursuant to which we expect to reduce our second lien debt by approximately
"We remain focused on what we can control — our cost structure, our digital roadmap, our direct local revenue relationships, and the strength of our brands in every market we serve."
Conference Call and Webcast Information
The Company will host a conference call and webcast today, April 8, 2026 at 11:00 a.m. ET to discuss its financial results and operations. To access the conference call, interested parties may dial (800) 715-9871 or +1 (646) 307-1963 conference ID 1613596 (domestic and international callers). Participants can also listen to a live webcast of the call at the Company's website at www.bbgi.com. Please allow 15 minutes to register and download and install any necessary software. Following its completion, a replay of the webcast can be accessed for five days on the Company's website, www.bbgi.com.
Questions from analysts, institutional investors and debt holders may be e-mailed to ir@bbgi.com at any time up until 9:00 a.m. ET on Tuesday, April 8, 2026. Management will answer as many questions as possible during the conference call and webcast (provided the questions are not addressed in their prepared remarks).
About Beasley Broadcast Group
The Company is a multi-platform media company whose primary business is operating radio stations throughout
For further information, or to receive future Beasley Broadcast Group news announcements via e-mail, please contact Beasley Broadcast Group, at 239-263-5000 or ir@bbgi.com.
Definitions
EBITDA is defined as net income (loss) before interest income or expense, income tax expense or benefit, depreciation, and amortization.
Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain, non-operating or other items that we believe are not indicative of the performance of our ongoing operations, such as impairment losses, other income or expense, one-time severance expense, stock-based compensation or equity in earnings of unconsolidated affiliates. See "Reconciliation of Net Loss to Adjusted EBITDA" for additional information.
Adjusted EBITDA is a measure widely used in the media industry. The Company recognizes that because Adjusted EBITDA is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures employed by other companies. However, management believes that Adjusted EBITDA provides meaningful information to investors because it is an important measure of how effectively we operate our business and assists investors in comparing our operating performance with that of other media companies.
EBITDA per Indenture refers to EBITDA as defined by our creditors. The Company recognizes that because EBITDA per Indenture is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures employed by other companies. However, management believes that EBITDA per Indenture provides meaningful information to investors because it reflects how our creditors are benchmarking our performance.
Same-station revenue and same station operating expenses exclude revenue or operating expenses, as applicable, from all divestitures and other operations that were exited in the prior 12 months. These measures provide investors with a clearer view of core business performance by eliminating the impact of portfolio changes and enabling more meaningful year-over-year comparisons. By isolating the performance of continuing operations, same station results offer greater transparency into underlying trends, operational execution, and the effectiveness of strategic initiatives.
New business revenue is defined as revenue from an advertiser that has not advertised in the prior 13 months before the start of the current quarter.
Note Regarding Forward-Looking Statements
Words or expressions such as "looking ahead," "intends," "believes," "expects," "seek," "will," "should" or variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, address matters that are, to different degrees, uncertain. Key risks are described in the Company's reports filed with the Securities and Exchange Commission ("SEC") including its annual report on Form 10-K and quarterly reports on Form 10-Q. Readers should note that forward-looking statements are subject to change and to inherent risks and uncertainties and may be impacted by several factors, including:
- our ability to comply with the continued listing standards of Nasdaq, remain listing on Nasdaq and make periodic filings with the SEC;
- risks from health epidemics, natural disasters, terrorism, and other catastrophic events;
- adverse effects of inflation;
- external economic forces and conditions that could have a material adverse impact on our advertising revenues and results of operations;
- the ability of our stations to compete effectively in their respective markets for advertising revenues;
- our ability to develop compelling and differentiated digital content, products and services;
- audience acceptance of our content, particularly our audio programs;
- our ability to adapt or respond to changes in technology, standards and services that affect the audio industry;
- our dependence on federally issued licenses subject to extensive federal regulation;
- actions by the Federal Communications Commission ("FCC") or new legislation affecting the audio industry;
- increases in royalties we pay to copyright owners or the adoption of legislation requiring royalties to be paid to record labels and recording artists;
- our dependence on selected market clusters of stations for a material portion of our net revenue;
- credit risk on our accounts receivable;
- impairment of our FCC licenses;
- our substantial debt levels and the potential effect of restrictive debt covenants on our operational flexibility and ability to pay dividends, and our ability to continue as a going concern;
- our history of operating losses and ability to continue as a going concern;
- our ability to pay regular dividends;
- the potential effects of hurricanes, extreme weather and other climate change conditions on our corporate offices and stations;
- the failure or destruction of the internet, satellite systems and transmitter facilities that we depend upon to distribute our programming;
- modifications or interruptions of our information technology infrastructure and information systems;
- the loss of key executives and other key employees;
- our ability to identify, consummate and integrate acquired businesses and stations;
- the fact that our Company is controlled by the Beasley family, which creates difficulties for any attempt to gain control of our Company; and
- other economic, business, competitive, and regulatory factors, such as the ongoing
U.S. government shutdown, affecting our businesses, including those set forth in our filings with the SEC.
Our actual performance and results could differ materially because of these factors and other factors discussed in our SEC filings, including but not limited to our annual reports on Form 10-K or quarterly reports on Form 10-Q, copies of which can be obtained from the SEC at www.sec.gov, or our website at www.bbgi.com. All information in this release is as of April 8, 2026, and we undertake no obligation to update the information contained herein to actual results or changes to our expectations, except as required by law.
BEASLEY BROADCAST GROUP, INC. Condensed Consolidated Statements of Net Loss - Unaudited | ||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||||||
Net revenue | $ | 67,285,492 | $ | 53,050,405 | $ | 240,291,611 | $ | 205,939,627 | ||||||||
Operating expenses: | ||||||||||||||||
Operating expenses (including stock-based compensation and | 53,233,833 | 50,538,991 | 201,768,757 | 186,615,256 | ||||||||||||
Corporate expenses (including stock-based compensation) | 4,688,478 | 4,414,378 | 17,272,696 | 14,364,287 | ||||||||||||
Depreciation and amortization | 1,780,438 | 1,560,417 | 7,236,060 | 6,331,852 | ||||||||||||
FCC licenses impairment losses | — | 224,815,149 | — | 224,815,149 | ||||||||||||
Goodwill impairment loss | — | — | 922,000 | — | ||||||||||||
Other operating expenses | — | 1,749,525 | — | 3,487,147 | ||||||||||||
Total operating expenses | 59,702,749 | 283,078,460 | 227,199,513 | 435,613,691 | ||||||||||||
Operating income (loss) | 7,582,743 | (230,028,055) | 13,092,098 | (229,674,064) | ||||||||||||
Non-operating income (expense): | ||||||||||||||||
Interest expense | (3,460,070) | (3,279,355) | (21,233,027) | (13,233,800) | ||||||||||||
Debt issuance expenses | (5,982,414) | — | (5,982,414) | — | ||||||||||||
Gain on repurchase of long-term debt | — | — | — | 525,000 | ||||||||||||
Gain on sale of investment | — | — | 6,026,776 | — | ||||||||||||
Other income (expense), net | 247,413 | 95,241 | 799,558 | 1,160,535 | ||||||||||||
Loss before income taxes | (1,612,328) | (233,212,169) | (7,297,009) | (241,222,329) | ||||||||||||
Income tax expense (benefit) | 451,058 | (43,056,867) | (1,344,961) | (44,655,757) | ||||||||||||
Loss before equity in earnings of unconsolidated affiliates | (2,063,386) | (190,155,302) | (5,952,048) | (196,566,572) | ||||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | 4,754 | 6,260 | 64,790 | 16,831 | ||||||||||||
Net loss | $ | (2,058,632) | $ | (190,149,042) | $ | (5,887,258) | $ | (196,549,741) | ||||||||
Basic and diluted net loss per Class A and Class B common share | $ | (1.17) | $ | (105.40) | $ | (3.73) | $ | (109.27) | ||||||||
Basic and diluted weighted-average common shares outstanding | 1,754,092 | 1,804,041 | 1,579,744 | 1,798,760 | ||||||||||||
Selected Balance Sheet Data - Unaudited (in thousands) | ||||||||
December 31, | December 31, | |||||||
2024 | 2025 | |||||||
Cash and cash equivalents | $ | 13,773 | $ | 9,937 | ||||
Working capital | 16,303 | 230 | ||||||
Total assets | 549,207 | 299,288 | ||||||
Long-term debt, net of unamortized debt issuance costs | 247,118 | 235,287 | ||||||
Stockholders' equity (deficit) | $ | 147,220 | $ | (49,330) | ||||
Selected Statement of Cash Flows Data – Unaudited | ||||||||
Twelve months ended | ||||||||
December 31, | ||||||||
2024 | 2025 | |||||||
Net cash used in operating activities | $ | (3,711,785) | $ | (8,468,895) | ||||
Net cash provided by investing activities | 4,322,076 | 5,637,489 | ||||||
Net cash used in financing activities | (13,571,492) | (1,004,531) | ||||||
Net decrease in cash and cash equivalents | $ | (12,961,201) | $ | (3,835,937) | ||||
Reconciliation of Net Loss to Adjusted EBITDA and EBITDA per Indenture – Unaudited | ||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||||||
Net loss | $ | (2,058,632) | $ | (190,149,042) | $ | (5,887,258) | $ | (196,549,741) | ||||||||
Interest expense | 3,460,070 | 3,279,355 | 21,233,027 | 13,233,800 | ||||||||||||
Income tax expense (benefit) | 451,058 | (43,056,867) | (1,344,961) | (44,655,757) | ||||||||||||
Depreciation and amortization | 1,780,438 | 1,560,417 | 7,236,060 | 6,331,852 | ||||||||||||
EBITDA | 3,632,934 | (228,366,137) | 21,236,868 | (221,639,846) | ||||||||||||
Severance expenses | 1,195,411 | 426,609 | 3,696,913 | 2,441,345 | ||||||||||||
Non-recurring expenses | — | 535,592 | — | 1,127,985 | ||||||||||||
Stock-based compensation expenses | 120,034 | (24,605) | 893,292 | 202,802 | ||||||||||||
FCC licenses impairment losses | — | 224,815,149 | — | 224,815,149 | ||||||||||||
Goodwill impairment loss | — | — | 922,000 | — | ||||||||||||
Debt issuance expenses | 5,982,414 | 815,000 | 5,982,414 | 815,000 | ||||||||||||
Other operating expenses | — | 2,710,525 | — | 4,448,147 | ||||||||||||
Gain on repurchase of long-term debt | — | — | — | (525,000) | ||||||||||||
Gain on sale of investment | — | — | (6,026,776) | — | ||||||||||||
Other income, net | (247,413) | (95,241) | (799,558) | (1,160,535) | ||||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | (4,754) | (6,260) | (64,790) | (16,831) | ||||||||||||
Adjusted EBITDA | 10,678,626 | 810,632 | 25,840,363 | 10,508,216 | ||||||||||||
Non-recurring restructuring and reformatting expenses | — | — | 760,637 | — | ||||||||||||
Contract services | 92,602 | — | 275,936 | — | ||||||||||||
Non-cash trade agreements | 42,954 | — | 414,564 | (349,504) | ||||||||||||
Property and franchise taxes | 555,703 | 258,314 | 1,970,371 | 1,659,321 | ||||||||||||
Pro-forma cost savings | 1,136,989 | 106,895 | 2,926,187 | 1,198,835 | ||||||||||||
EBITDA per Indenture | $ | 12,506,874 | $ | 1,175,841 | $ | 32,188,058 | $ | 13,016,868 | ||||||||
Calculation of Same Station Net Revenue and Operating Expenses – Unaudited | ||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||||||
Net revenue | $ | 67,285,492 | $ | 53,050,405 | $ | 240,291,611 | $ | 205,939,627 | ||||||||
— | — | (965) | — | |||||||||||||
— | — | (55,117) | — | |||||||||||||
Digital | (2,035,625) | 20,200 | (9,675,572) | (4,897,784) | ||||||||||||
Outlaws | (1,932) | — | (204,890) | — | ||||||||||||
Same station net revenue | $ | 65,247,935 | $ | 53,070,605 | $ | 230,355,067 | $ | 201,041,843 | ||||||||
Three months ended | Twelve months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||||||
Operating expenses | $ | 53,233,833 | $ | 50,538,991 | $ | 201,768,757 | $ | 186,615,256 | ||||||||
(3,870) | — | (97,014) | — | |||||||||||||
— | — | (58,060) | — | |||||||||||||
Digital | (2,287,767) | (32,670) | (11,792,818) | (5,934,976) | ||||||||||||
Outlaws | 700 | — | (903,197) | — | ||||||||||||
Same station operating expenses | $ | 50,942,896 | $ | 50,506,321 | $ | 188,917,668 | $ | 180,680,280 | ||||||||
Calculation of Same Station Audio Net Revenue and Audio Operating Expenses – Unaudited | ||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||||||
Audio net revenue | $ | 55,813,152 | $ | 40,464,755 | $ | 193,561,279 | $ | 156,467,315 | ||||||||
— | — | (965) | — | |||||||||||||
— | — | (55,117) | — | |||||||||||||
Same station audio net revenue | $ | 55,813,152 | $ | 40,464,755 | $ | 193,505,197 | $ | 156,467,315 | ||||||||
Three months ended | Twelve months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||||||
Audio operating expenses | $ | 43,156,449 | $ | 41,600,663 | $ | 160,575,045 | $ | 148,954,220 | ||||||||
(3,870) | — | (97,014) | — | |||||||||||||
— | — | (58,060) | — | |||||||||||||
Same station audio operating expenses | $ | 43,152,579 | $ | 41,600,663 | $ | 160,419,971 | $ | 148,954,220 | ||||||||
Calculation of Same Station Digital Net Revenue and Digital Operating Expenses – Unaudited | ||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||||||
Digital net revenue | $ | 11,472,340 | $ | 12,585,650 | $ | 46,730,332 | $ | 49,472,312 | ||||||||
Digital | (2,035,625) | 20,200 | (9,675,572) | (4,897,784) | ||||||||||||
Outlaws | (1,932) | — | (204,890) | — | ||||||||||||
Same station digital net revenue | $ | 9,434,783 | $ | 12,605,850 | $ | 36,849,870 | $ | 44,574,528 | ||||||||
Three months ended | Twelve months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||||||
Digital operating expenses | $ | 10,077,384 | $ | 8,938,328 | $ | 41,193,712 | $ | 37,661,036 | ||||||||
Digital | (2,287,767) | (32,670) | (11,792,818) | (5,934,976) | ||||||||||||
Outlaws | 700 | — | (903,197) | — | ||||||||||||
Same station digital operating expenses | $ | 7,790,317 | $ | 8,905,658 | $ | 28,497,697 | $ | 31,726,060 | ||||||||
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SOURCE Beasley Media Group, Inc.