BEASLEY BROADCAST GROUP REPORTS THIRD QUARTER REVENUE OF $51.0 MILLION
Rhea-AI Summary
Beasley Broadcast Group (Nasdaq: BBGI) reported third quarter 2025 net revenue of $51.0 million, a 12.4% decline year-over-year and in line with company guidance.
Digital revenue rose 14.6% to $13.0 million (≈25% of net revenue) with a digital segment operating margin of 21% (28% same-station). Adjusted EBITDA was $3.9 million (Q3 2024: $6.5M). The company recorded an operating loss of ≈$0.3 million and a net loss of ≈$3.6 million (EPS -$1.97). Management highlighted $15 million YTD expense reductions and closed the sale of WPBB-FM for $8.0 million; Ft. Myers asset sales are pending FCC approval.
Positive
- Digital revenue +14.6% YoY to $13.0M
- Digital share of revenue at 25%
- Digital operating margin 21% (28% same-station)
- Expense reductions of $15M year-to-date
- Closed sale of WPBB-FM for $8.0M
Negative
- Net revenue down 12.4% to $51.0M
- Adjusted EBITDA declined from $6.5M to $3.9M
- Operating loss of approximately $0.3M in Q3 2025
- Net loss of approximately $3.6M (EPS -$1.97)
News Market Reaction
On the day this news was published, BBGI declined 16.76%, reflecting a significant negative market reaction. Argus tracked a peak move of +3.9% during that session. Argus tracked a trough of -8.2% from its starting point during tracking. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $2M from the company's valuation, bringing the market cap to $10M at that time. Trading volume was above average at 1.7x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Third Quarter Financial Highlights
|
In millions, except per share data |
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
||||
|
Net revenue |
|
$ |
58.2 |
|
|
$ |
51.0 |
|
|
$ |
173.0 |
|
|
$ |
152.9 |
|
|
Operating income (loss) |
|
|
1.2 |
|
|
|
(0.3) |
|
|
|
5.5 |
|
|
|
0.6 |
|
|
Net loss 1 |
|
|
(3.6) |
|
|
|
(3.6) |
|
|
|
(3.8) |
|
|
|
(6.4) |
|
|
Net loss per diluted share 1 |
|
|
(2.33) |
|
|
|
(1.97) |
|
|
|
(2.52) |
|
|
|
(3.56) |
|
|
Adjusted EBITDA (non-GAAP) |
|
$ |
6.5 |
|
|
$ |
3.9 |
|
|
$ |
16.1 |
|
|
$ |
9.7 |
|
|
|
|
1. Net loss and net loss per diluted share in the nine months ended September 30, 2024 include a |
Third Quarter 2025 Highlights
- Closed the sale of WPBB-FM on September 29, 2025 for
$8.0 million Ft. Myers market assets, which are pending FCC approval - Revenue from new business accounted for
14% of net revenue, remaining flat from Q3 2024 - Local revenue, including digital packages sold locally, accounted for
79% of net revenue - Digital revenue increased
14.6% year-over-year to$13.0 million 28.5% on a same-station basis - Digital revenue accounted for
25% of net revenue - Digital segment operating margin was
21% , or28% on a same-station basis
Net revenue during the three months ended September 30, 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:
"Our third quarter results demonstrate continued operational discipline. While advertising demand remains challenging, particularly within agency channels, the quality of our revenue mix continues to strengthen, led by sustained growth and record margins in our digital business. Digital revenue now represents roughly one-quarter of total company revenue, with owned-and-operated products driving margin expansion and scalability."
"At the same time, our cost-reduction initiatives are yielding tangible, lasting benefits. We've reduced total station operating and corporate expenses by
Conference Call and Webcast Information
The Company will host a conference call and webcast today, November 10, 2025 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 Monday, November 10, 2025. 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.
Definiti ons
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
Statements in this release that are "forward-looking statements" are based upon current expectations and assumptions and involve certain risks and uncertainties within the meaning of the
- 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;
- the risk that our FCC licenses could become impaired;
- our substantial debt levels and the potential effect of restrictive debt covenants on our operational flexibility and ability to pay 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 November 10, 2025, 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 |
|
|
Nine months ended |
||||||||||
|
|
|
September 30, |
|
|
September 30, |
||||||||||
|
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
||||
|
Net revenue |
|
$ |
58,190,116 |
|
|
$ |
50,977,046 |
|
|
$ |
173,006,119 |
|
|
$ |
152,889,222 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating expenses (including stock-based compensation and |
|
|
49,946,133 |
|
|
|
46,084,806 |
|
|
|
148,534,924 |
|
|
|
136,076,265 |
|
Corporate expenses (including stock-based compensation) |
|
|
4,296,615 |
|
|
|
2,161,204 |
|
|
|
12,584,218 |
|
|
|
9,949,909 |
|
Depreciation and amortization |
|
|
1,788,126 |
|
|
|
1,530,090 |
|
|
|
5,455,622 |
|
|
|
4,771,435 |
|
Goodwill impairment loss |
|
|
922,000 |
|
|
|
— |
|
|
|
922,000 |
|
|
|
— |
|
Other operating expenses |
|
|
— |
|
|
|
1,737,622 |
|
|
|
— |
|
|
|
1,737,622 |
|
Total operating expenses |
|
|
56,952,874 |
|
|
|
51,513,722 |
|
|
|
167,496,764 |
|
|
|
152,535,231 |
|
Operating income (loss) |
|
|
1,237,242 |
|
|
|
(536,676) |
|
|
|
5,509,355 |
|
|
|
353,991 |
|
Non-operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest expense |
|
|
(6,092,820) |
|
|
|
(3,279,031) |
|
|
|
(17,773,957) |
|
|
|
(9,954,445) |
|
Gain on repurchase of long-term debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
525,000 |
|
Gain on sale of investment |
|
|
— |
|
|
|
— |
|
|
|
6,026,776 |
|
|
|
— |
|
Other income (expense), net |
|
|
(75,120) |
|
|
|
(108,078) |
|
|
|
552,145 |
|
|
|
1,065,294 |
|
Loss before income taxes |
|
|
(4,930,698) |
|
|
|
(3,923,785) |
|
|
|
(5,685,681) |
|
|
|
(8,010,160) |
|
Income tax benefit |
|
|
(1,309,803) |
|
|
|
(315,153) |
|
|
|
(1,796,019) |
|
|
|
(1,598,890) |
|
Loss before equity in earnings of unconsolidated affiliates |
|
|
(3,620,895) |
|
|
|
(3,608,632) |
|
|
|
(3,889,662) |
|
|
|
(6,411,270) |
|
Equity in earnings of unconsolidated affiliates, net of tax |
|
|
60,320 |
|
|
|
51,929 |
|
|
|
60,036 |
|
|
|
10,571 |
|
Net loss |
|
$ |
(3,560,575) |
|
|
$ |
(3,556,703) |
|
|
$ |
(3,829,626) |
|
|
$ |
(6,400,699) |
|
Basic and diluted net loss per Class A and Class B common share |
|
$ |
(2.33) |
|
|
$ |
(1.97) |
|
|
$ |
(2.52) |
|
|
$ |
(3.56) |
|
Basic and diluted weighted-average common shares outstanding |
|
|
1,529,521 |
|
|
|
1,804,027 |
|
|
|
1,521,204 |
|
|
|
1,796,981 |
|
Selected Balance Sheet Data - Unaudited (in thousands) |
|||||||
|
|
|||||||
|
|
|
December 31, |
|
|
September 30, |
||
|
|
|
2024 |
|
|
2025 |
||
|
Cash and cash equivalents |
|
$ |
13,773 |
|
|
$ |
14,337 |
|
Working capital |
|
|
16,303 |
|
|
|
9,066 |
|
Total assets |
|
|
549,207 |
|
|
|
534,571 |
|
Long-term debt, net of unamortized debt issuance costs |
|
|
247,118 |
|
|
|
237,171 |
|
Stockholders' equity |
|
$ |
147,220 |
|
|
$ |
141,019 |
|
Selected Statement of Cash Flows Data – Unaudited |
||||||||
|
|
||||||||
|
|
|
Nine months ended |
|
|||||
|
|
|
September 30, |
|
|||||
|
|
|
2024 |
|
|
2025 |
|
||
|
Net cash used in operating activities |
|
$ |
(2,241,342) |
|
|
$ |
(5,312,411) |
|
|
Net cash provided by investing activities |
|
|
3,399,736 |
|
|
|
6,878,372 |
|
|
Net cash used in financing activities |
|
|
(90,136) |
|
|
|
(1,002,042) |
|
|
Net increase in cash and cash equivalents |
|
$ |
1,068,258 |
|
|
$ |
563,919 |
|
|
Reconciliation of Net Loss to Adjusted EBITDA and EBITDA per Indenture – Unaudited |
|||||||||||||||
|
|
|||||||||||||||
|
|
|
Three months ended |
|
|
Nine months ended |
||||||||||
|
|
|
September 30, |
|
|
September 30, |
||||||||||
|
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
||||
|
Net loss |
|
$ |
(3,560,575) |
|
|
$ |
(3,556,703) |
|
|
$ |
(3,829,626) |
|
|
$ |
(6,400,699) |
|
Interest expense |
|
|
6,092,820 |
|
|
|
3,279,031 |
|
|
|
17,773,957 |
|
|
|
9,954,445 |
|
Income tax benefit |
|
|
(1,309,803) |
|
|
|
(315,153) |
|
|
|
(1,796,019) |
|
|
|
(1,598,890) |
|
Depreciation and amortization |
|
|
1,788,126 |
|
|
|
1,530,090 |
|
|
|
5,455,622 |
|
|
|
4,771,435 |
|
EBITDA |
|
|
3,010,568 |
|
|
|
937,265 |
|
|
|
17,603,934 |
|
|
|
6,726,291 |
|
Severance expenses |
|
|
1,247,305 |
|
|
|
975,623 |
|
|
|
2,501,502 |
|
|
|
2,014,736 |
|
Non-recurring expenses |
|
|
924,802 |
|
|
|
97,432 |
|
|
|
924,802 |
|
|
|
592,393 |
|
Stock-based compensation expenses |
|
|
358,206 |
|
|
|
52,179 |
|
|
|
773,258 |
|
|
|
227,407 |
|
Goodwill impairment loss |
|
|
922,000 |
|
|
|
— |
|
|
|
922,000 |
|
|
|
— |
|
Other operating expenses |
|
|
— |
|
|
|
1,737,622 |
|
|
|
— |
|
|
|
1,737,622 |
|
Gain on repurchase of long-term debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(525,000) |
|
Gain on sale of investment |
|
|
— |
|
|
|
— |
|
|
|
(6,026,776) |
|
|
|
— |
|
Other income, net |
|
|
75,120 |
|
|
|
108,078 |
|
|
|
(552,145) |
|
|
|
(1,065,294) |
|
Equity in earnings of unconsolidated affiliates, net of tax |
|
|
(60,320) |
|
|
|
(51,929) |
|
|
|
(60,036) |
|
|
|
(10,571) |
|
Adjusted EBITDA |
|
|
6,477,681 |
|
|
|
3,856,270 |
|
|
|
16,086,539 |
|
|
|
9,697,584 |
|
Non-cash trade agreements |
|
|
371,610 |
|
|
|
(45,740) |
|
|
|
630,388 |
|
|
|
(349,504) |
|
Property and franchise taxes |
|
|
194,458 |
|
|
|
298,739 |
|
|
|
1,136,479 |
|
|
|
1,401,007 |
|
Pro-forma cost savings |
|
|
1,789,198 |
|
|
|
410,927 |
|
|
|
1,789,198 |
|
|
|
1,091,940 |
|
EBITDA per Indenture |
|
$ |
8,832,947 |
|
|
$ |
4,520,196 |
|
|
$ |
19,642,604 |
|
|
$ |
11,841,027 |
|
Calculation of Same Station Net Revenue and Operating Expenses – Unaudited |
|||||||||||||||
|
|
|||||||||||||||
|
|
|
Three months ended |
|
|
Nine months ended |
||||||||||
|
|
|
September 30, |
|
|
September 30, |
||||||||||
|
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
||||
|
Net revenue |
|
$ |
58,190,116 |
|
|
$ |
50,977,046 |
|
|
$ |
173,006,119 |
|
|
$ |
152,889,222 |
|
|
|
|
(965) |
|
|
|
— |
|
|
|
(965) |
|
|
|
— |
|
|
|
|
(45,071) |
|
|
|
— |
|
|
|
(137,408) |
|
|
|
(1,612) |
|
|
|
|
(318,251) |
|
|
|
(302,842) |
|
|
|
(932,003) |
|
|
|
(968,963) |
|
|
|
|
— |
|
|
|
— |
|
|
|
(55,117) |
|
|
|
— |
|
Guarantee Digital |
|
|
(2,245,597) |
|
|
|
(1,320,453) |
|
|
|
(7,639,947) |
|
|
|
(4,917,984) |
|
Outlaws |
|
|
(7,732) |
|
|
|
(4,579) |
|
|
|
(202,958) |
|
|
|
(4,579) |
|
Same station net revenue |
|
$ |
55,572,500 |
|
|
$ |
49,349,172 |
|
|
$ |
164,037,721 |
|
|
$ |
146,996,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Three months ended |
|
|
Nine months ended |
||||||||||
|
|
|
September 30, |
|
|
September 30, |
||||||||||
|
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
||||
|
Operating expenses |
|
$ |
49,946,133 |
|
|
$ |
46,084,806 |
|
|
$ |
148,534,924 |
|
|
$ |
136,076,265 |
|
|
|
|
(17,109) |
|
|
|
— |
|
|
|
(93,144) |
|
|
|
— |
|
|
|
|
(8,077) |
|
|
|
— |
|
|
|
(58,060) |
|
|
|
— |
|
Guarantee Digital |
|
|
(2,956,385) |
|
|
|
(1,887,771) |
|
|
|
(9,171,270) |
|
|
|
(5,902,306) |
|
Outlaws |
|
|
(289,124) |
|
|
|
(6,712) |
|
|
|
(903,897) |
|
|
|
(6,712) |
|
Same station operating expenses |
|
$ |
46,675,438 |
|
|
$ |
44,190,323 |
|
|
$ |
138,308,553 |
|
|
$ |
130,167,247 |
|
Calculation of Same Station Audio Net Revenue and Audio Operating Expenses – Unaudited |
|||||||||||||||
|
|
|||||||||||||||
|
|
|
Three months ended |
|
|
Nine months ended |
||||||||||
|
|
|
September 30, |
|
|
September 30, |
||||||||||
|
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
||||
|
Audio net revenue |
|
$ |
46,889,920 |
|
|
$ |
38,030,320 |
|
|
$ |
137,748,127 |
|
|
$ |
116,002,560 |
|
|
|
|
(965) |
|
|
|
— |
|
|
|
(965) |
|
|
|
— |
|
|
|
|
(45,071) |
|
|
|
— |
|
|
|
(137,408) |
|
|
|
(1,612) |
|
|
|
|
(318,251) |
|
|
|
(302,842) |
|
|
|
(932,003) |
|
|
|
(968,963) |
|
|
|
|
— |
|
|
|
— |
|
|
|
(55,117) |
|
|
|
— |
|
Same station audio net revenue |
|
$ |
46,525,633 |
|
|
$ |
37,727,478 |
|
|
$ |
136,622,634 |
|
|
$ |
115,031,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Three months ended |
|
|
Nine months ended |
||||||||||
|
|
|
September 30, |
|
|
September 30, |
||||||||||
|
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
||||
|
Audio operating expenses |
|
$ |
39,516,786 |
|
|
$ |
35,863,262 |
|
|
$ |
117,418,596 |
|
|
$ |
107,353,557 |
|
|
|
|
(17,109) |
|
|
|
— |
|
|
|
(93,144) |
|
|
|
— |
|
|
|
|
(8,077) |
|
|
|
— |
|
|
|
(58,060) |
|
|
|
— |
|
Same station audio operating expenses |
|
$ |
39,491,600 |
|
|
$ |
35,863,262 |
|
|
$ |
117,267,392 |
|
|
$ |
107,353,557 |
|
Calculation of Same Station Digital Net Revenue and Digital Operating Expenses – Unaudited |
|||||||||||||||
|
|
|||||||||||||||
|
|
|
Three months ended |
|
|
Nine months ended |
||||||||||
|
|
|
September 30, |
|
|
September 30, |
||||||||||
|
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
||||
|
Digital net revenue |
|
$ |
11,300,196 |
|
|
$ |
12,946,726 |
|
|
$ |
35,257,992 |
|
|
$ |
36,886,662 |
|
Guarantee Digital |
|
|
(2,245,597) |
|
|
|
(1,320,453) |
|
|
|
(7,639,947) |
|
|
|
(4,917,984) |
|
Outlaws |
|
|
(7,732) |
|
|
|
(4,579) |
|
|
|
(202,958) |
|
|
|
(4,579) |
|
Same station digital net revenue |
|
$ |
9,046,867 |
|
|
$ |
11,621,694 |
|
|
$ |
27,415,087 |
|
|
$ |
31,964,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Three months ended |
|
|
Nine months ended |
||||||||||
|
|
|
September 30, |
|
|
September 30, |
||||||||||
|
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
||||
|
Digital operating expenses |
|
$ |
10,429,347 |
|
|
$ |
10,221,544 |
|
|
$ |
31,116,328 |
|
|
$ |
28,722,708 |
|
Guarantee Digital |
|
|
(2,956,385) |
|
|
|
(1,887,771) |
|
|
|
(9,171,270) |
|
|
|
(5,902,306) |
|
Outlaws |
|
|
(289,124) |
|
|
|
(6,712) |
|
|
|
(903,897) |
|
|
|
(6,712) |
|
Same station digital operating expenses |
|
$ |
7,183,838 |
|
|
$ |
8,327,061 |
|
|
$ |
21,041,161 |
|
|
$ |
22,813,690 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/beasley-broadcast-group-reports-third-quarter-revenue-of-51-0-million-302609507.html
SOURCE Beasley Media Group, Inc.
FAQ
What were Beasley Broadcast Group (BBGI) net revenues in Q3 2025?
How much digital revenue did BBGI generate in Q3 2025 and what share of sales was it?
What was BBGI’s adjusted EBITDA and net loss in Q3 2025?
Did BBGI complete any asset sales in Q3 2025?
How much has BBGI reduced expenses year-to-date through Q3 2025?
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