URBAN ONE, INC. REPORTS FOURTH QUARTER 2025 RESULTS

Rhea-AI Summary

Urban One (NASDAQ: UONE) reported Q4 2025 results with net revenue of $97.8M, down 16.5% year-over-year, and an operating loss of $54.0M. The company reported net loss of $54.4M or $ (12.24) per share and Adjusted EBITDA of $15.6M for the quarter.

On December 18, 2025, Urban One completed a private placement debt exchange, repurchasing $185.0M of 2028 notes for $111.0M, and issued new 2030 first-lien and 2031 second-lien notes; the company also amended its ABL facility to $75M with $25M incremental capacity. A 1-for-10 reverse split restored Nasdaq compliance in January 2026.

Positive

• Full-year Adjusted EBITDA $56.7M, within prior guidance
• Debt refinancing extended maturities and increased liquidity via ABL up to $75M
• Repurchased $185.0M of 2028 notes at discount for $111.0M, reducing near-term debt burden

Negative

• Q4 revenue down 16.5% to $97.8M, driven by weak cable TV and radio pacing
• Q4 operating loss $54.0M versus $1.9M loss in prior-year quarter
• Significant goodwill and intangible impairment charges: $55.3M in Q4 and $191.8M for year

News Market Reaction – UONE

-12.71%

11 alerts

-12.71% News Effect

-16.9% Trough in 1 hr 39 min

-$6M Valuation Impact

$41M Market Cap

0.7x Rel. Volume

On the day this news was published, UONE declined 12.71%, reflecting a significant negative market reaction. Argus tracked a trough of -16.9% from its starting point during tracking. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $6M from the company's valuation, bringing the market cap to $41M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 net revenue: $97.8M Q4 2025 operating loss: $54.0M Q4 2025 net loss per share: $(12.24) +5 more

8 metrics

Q4 2025 net revenue $97.8M Three months ended December 31, 2025

Q4 2025 operating loss $54.0M Three months ended December 31, 2025

Q4 2025 net loss per share $(12.24) Basic EPS, three months ended December 31, 2025

Q4 2025 Adjusted EBITDA $15.6M Three months ended December 31, 2025

Full-year 2025 Adjusted EBITDA $56.7M Year ended December 31, 2025

Debt repurchased 2028 Notes $185.0M Principal amount tendered and purchased for cancellation

New 2030 First Lien Notes $60.6M at 10.500% First lien senior secured notes due 2030

Cash & equivalents $26.4M As of December 31, 2025

Market Reality Check

Price: $6.97 Vol: Volume 17,288 is 0.47x th...

low vol

$6.97 Last Close

Volume Volume 17,288 is 0.47x the 20-day average of 36,685, indicating subdued trading interest pre-release. low

Technical Shares at $9.44 are trading below the 200-day MA of $13.81 and about mid-range between the $8.60 52-week low and $19.00 high.

Peers on Argus

Pre-earnings, UONE traded near flat while peers were mixed: UONEK down 1.95%, XH...

1 Up 1 Down

Pre-earnings, UONE traded near flat while peers were mixed: UONEK down 1.95%, XHLD down 6.25%, SGA down 3.51%, and MDIA up 0.99%. This points to company-specific fundamentals rather than a clean sector-wide move.

Previous Earnings Reports

5 past events · Latest: Nov 04 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 04	Q3 2025 earnings	Negative	-0.6%	Q3 2025 revenue and EBITDA declined; guidance cut toward $56–58M range.
Aug 13	Q2 2025 earnings	Negative	-4.2%	Q2 2025 showed steep revenue drop and widening losses across segments.
May 13	Q1 2025 earnings	Negative	-2.4%	Q1 2025 revenue declined and swung from prior-year profit to net loss.
Mar 27	Q4 2024 earnings	Negative	+1.4%	Q4 2024 revenue slipped with an operating loss but shares rose modestly.
Nov 12	Q3 2024 earnings	Negative	+0.0%	Q3 2024 reported revenue decline and large loss; price reaction was flat.

Pattern Detected

Earnings releases have generally been weak and the stock has tended to drift modestly lower, with occasional positive or flat reactions despite negative fundamentals.

Recent Company History

Over the last five earnings releases from Nov 2024 through Nov 2025, Urban One has consistently reported year-over-year revenue declines, rising impairment charges, and pressured Adjusted EBITDA. Guidance was first reaffirmed, then cut, and finally met at the low end with $56.7M Adjusted EBITDA for 2025. Debt reduction via discounted repurchases has been a recurring theme. Today’s Q4 2025 report continues the pattern of weaker revenues and higher losses while highlighting a large-scale refinancing and balance sheet restructuring.

Historical Comparison

-1.1% avg move · Urban One’s last five earnings releases saw an average move of -1.15%, with mostly negative fundamen...

earnings

-1.1%

Average Historical Move earnings

Urban One’s last five earnings releases saw an average move of -1.15%, with mostly negative fundamentals and modest price reactions; today’s weak Q4 2025 results fit that established pattern.

Across 2024–2025, earnings updates show a progression from modest revenue decline and losses toward deeper impairments, lowered Adjusted EBITDA guidance, and increasing focus on debt reduction and liability management.

Market Pulse Summary

The stock dropped -12.7% in the session following this news. A negative reaction despite prior aware...

Analysis

The stock dropped -12.7% in the session following this news. A negative reaction despite prior awareness of soft trends fits the pattern of cautious responses to Urban One’s earnings. Q4 2025 showed net revenue of $97.8M, deeper operating and net losses, and lower Adjusted EBITDA of $15.6M. While the company completed a sizable refinancing and ended 2025 with $56.7M Adjusted EBITDA, shrinking cash balances and heavy impairment charges remain notable risks that could reinforce downside pressure after the release.

Key Terms

adjusted ebitda, reverse stock split, asset-based credit agreement, first lien senior secured notes, +4 more

8 terms

adjusted ebitda financial

"Adjusted EBITDA2 was approximately $15.6 million for the three months ended..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

reverse stock split financial

"regained compliance with the Nasdaq listing requirements by effectuating a 1-for-10 reverse stock split."

A reverse stock split is when a company reduces the number of its shares outstanding, making each share more valuable. For example, if you own 100 shares worth $1 each, a 1-for-10 reverse split would turn your 100 shares into 10 shares worth $10 each. Companies often do this to boost their stock price and appear more stable to investors.

asset-based credit agreement financial

"entered into an Amended and Restated Credit Agreement... the Amended and Restated ABL Credit Agreement provides for..."

A loan or credit facility secured by a company’s tangible assets—such as accounts receivable, inventory, machinery or real estate—where the amount a firm can borrow is tied to the value of those assets. Think of it like borrowing against a house or car: lenders set limits and interest based on what they could sell if the borrower can’t pay. Investors watch these deals because they affect a company’s liquidity, borrowing cost, leverage and which creditors get paid first in distress.

first lien senior secured notes financial

"issued $60.6 million aggregate principal amount of 10.500% first lien senior secured notes due 2030"

A first lien senior secured note is a loan-like bond that is backed by specific company assets and gives its holders the first claim on that collateral if the borrower defaults. For investors it matters because this top-priority claim generally lowers the risk of loss compared with unsecured or subordinate debt, so these notes tend to offer greater repayment protection (and usually lower interest) while still depending on the issuer’s overall financial health.

second lien secured notes financial

"issued $291.0 million aggregate principal amount of 7.625% Second Lien Secured Notes due 2031"

Debt issued by a company that is backed by specific assets but ranks behind a first-lien creditor for repayment; think of it like a second mortgage on a house where the first mortgage gets paid first if the property is sold. Investors care because these notes typically offer higher interest to compensate for greater risk, and their recovery in a default is lower and slower than that of senior, first-lien debt.

tender offer financial

"the Company (i) tendered for $185.0 million aggregate principal amount of 2028 Notes"

A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.

exchange offer financial

"was also entered into facilitate the Exchange Offer and Consent Solicitation."

An exchange offer is a proposal where a company asks investors to swap existing securities, like bonds or shares, for new ones, often with different terms or maturity dates. It matters to investors because it can affect the value of their holdings and the company's financial strategy, potentially providing benefits like better interest rates or reduced debt.

consent solicitation financial

"was also entered into facilitate the Exchange Offer and Consent Solicitation."

A consent solicitation is a formal request sent to shareholders or creditors asking them to sign off on a proposed corporate change—such as altering governance rules, approving a deal, or waiving contract terms—without holding a full meeting. It matters to investors because it can quickly change their rights, voting power or the company’s direction, much like asking neighbors to sign a petition to alter a shared fence rather than discussing it at a community meeting.

AI-generated analysis. Not financial advice.

SILVER SPRING, Md., March 12, 2026 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE, referred to as, "Urban One," the "Company", "we", "our" and/or "us") today reported its results for the three months ended December 31, 2025. For the three months ended December 31, 2025, net revenue was approximately $97.8 million, a decrease of 16.5% from the same period in 2024. The Company reported operating loss of approximately $54.0 million for the three months ended December 31, 2025, compared to operating loss of approximately $1.9 million for the three months ended December 31, 2024. Broadcast and digital operating income¹ was approximately $23.8 million for the three months ended December 31, 2025, a decrease of 38.3% from the same period in 2024. Net loss was approximately $54.4 million or $(12.24) per share (basic) for the three months ended December 31, 2025, compared to net loss of $35.7 million or $(7.81) per share (basic) for the same period in 2024. Adjusted EBITDA² was approximately $15.6 million for the three months ended December 31, 2025, compared to approximately $26.9 million for the same period in 2024.

On December 18, 2025, the Company closed a private placement debt exchange with holders of the 7.375% Senior Secured Notes (the "2028 Notes") representing more than 97% of the aggregate principal amount outstanding. Pursuant to the private placement, the Company (i) tendered for $185.0 million aggregate principal amount of 2028 Notes which the Company purchased for cancellation for $111.0 million and $1.1 million consent fee in cash, (ii) issued $60.6 million aggregate principal amount of 10.500% first lien senior secured notes due 2030 (the "2030 First Lien Notes"), and (iii) issued $291.0 million aggregate principal amount of 7.625% Second Lien Secured Notes due 2031 (the "2031 Second Lien Notes"). Following the transactions (collectively "2025 Refinancing"), $11.8 million of the 2028 Notes remained outstanding.

On December 18, 2025, the Company also entered into an Amended and Restated Credit Agreement, among the Company, as the administrative borrower, together with the other borrowers party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent (the "Amended and Restated ABL Credit Agreement"). The Amended and Restated ABL Credit Agreement amended and restated the Company's ABL Credit Agreement, dated as of February 19, 2021 and was also entered into facilitate the Exchange Offer and Consent Solicitation. The Amended and Restated ABL Credit Agreement provides for, among other things, commitments in the aggregate principal amount of up to $75.0 million, with incremental capacity to incur an additional principal amount of up to $25.0 million thereunder, with the proceeds thereof to be used primarily for working capital and general corporate purposes, including capital expenditures, permitted acquisitions, permitted investments and permitted dividends, in each case, in accordance with the terms of the Amended and Restated ABL Credit Agreement.

Alfred C. Liggins, III, Urban One's CEO and President stated, "As expected, we had a tough fourth quarter due to a combination of non-recurring political advertising, soft radio markets and declining audience delivery in our cable television ("cable TV") business. Despite this, we were able to achieve full year Adjusted EBITDA within our previous guidance range at $56.7 million. The biggest revenue drag in the fourth quarter resulted from weak cable TV prime delivery, down approximately 20.0% from the third quarter, although we have seen a significant recovery in the first quarter 2026 as the revised Nielsen methodology has given us an approximate 40.0% - 50.0% lift compared to the fourth quarter 2025. Radio pacings in the first quarter of 2026 are currently (5.0)%, but we remain positive on the outlook for mid-term political revenues later in the year. I was pleased that we were able to repurchase a significant amount of our 2028 Notes at a discount, extend out the maturity on all but a small stub of the notes, and increase the size and term of our ABL Credit Agreement. This transaction sets up the company with a stable capital structure and extended maturity runway to allow us to continue to de-lever the business. In January 2026 we also regained compliance with the Nasdaq listing requirements by effectuating a 1-for-10 reverse stock split."

	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
	(unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS	(in thousands, except share data)				(in thousands, except share data)
NET REVENUE	$          97,828		$        117,127		$        374,371		$        449,674
OPERATING EXPENSES
Programming and technical, excluding stock-based compensation	31,446		35,409		125,396		135,235
Selling, general and administrative, excluding stock-based compensation(a)	58,709		55,663		207,300		224,837
Stock-based compensation	292		2,101		1,907		5,716
Depreciation and amortization	6,131		1,635		18,073		7,716
Impairment of goodwill and intangible assets	55,295		24,174		191,816		151,755
Total operating expenses	151,873		118,982		544,492		525,259
Operating loss	(54,045)		(1,855)		(170,121)		(75,585)
INTEREST AND INVESTMENT INCOME	398		1,117		2,492		5,980
INTEREST EXPENSE	(8,730)		(11,520)		(38,806)		(48,571)
GAIN ON RETIREMENT OF DEBT	—		4,500		44,009		23,271
OTHER (EXPENSE) INCOME, NET	(1,138)		(78)		(463)		896
Loss from consolidated operations before benefit from (provision for) income taxes	(63,515)		(7,836)		(162,889)		(94,009)
BENEFIT FROM (PROVISION FOR) INCOME TAXES	9,165		(27,583)		16,010		(9,759)
NET LOSS FROM CONSOLIDATED OPERATIONS	(54,350)		(35,419)		(146,879)		(103,768)
LOSS FROM UNCONSOLIDATED JOINT VENTURE	—		—		—		(411)
NET LOSS	(54,350)		(35,419)		(146,879)		(104,179)
NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	45		239		(10)		1,215
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$      (54,395)		$      (35,658)		$    (146,869)		$    (105,394)
Weighted-average shares outstanding - basic(3, b)	4,444,458		4,565,959		4,458,325		4,740,287
Weighted-average shares outstanding - diluted(4, b)	4,444,458		4,565,959		4,458,325		4,740,287

(a) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations.

(b) Weighted-average shares outstanding used in the computation of basic and diluted net loss to common stockholders per share have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026.

Effective January 1, 2025, the Company modified the composition of two of our reportable segments to reflect changes in how they operate their business. The Company transferred the CTV offering within our Digital segment to our Cable Television segment. This change aligns the CTV offering with the results of operations within our Cable Television segment. Prior period Cable Television and Digital segment information has been reclassified to conform to the current period presentation. In addition, prior period segment information has been recast between the Sales and marketing and the General and administrative to conform the presentation of significant segment expenses used to evaluate performance by the Chief Operating Decision Maker ("CODM").

Detailed segment data for the three and twelve months ended December 31, 2025 and 2024 is presented in the following tables:

	Three Months Ended December 31, 2025
	(in thousands, unaudited)
	Consolidated		Radio Broadcasting		Reach Media		Digital		Cable Television		Corporate/ Eliminations/ Other
NET REVENUE	$         97,828		$         35,063		$         13,831		$         14,683		$         34,941		$            (690)
OPERATING EXPENSES:
Programming and technical	31,446		10,683		3,010		3,561		14,369		(177)
Sales and marketing	34,218		10,145		9,195		8,352		6,987		(461)
General and administrative	24,493		5,395		748		960		4,341		13,049
Add back/(deduct):
Severance-related costs	(86)		(142)		(21)		—		—		77
Debt refinancing costs (c)	7,098		—		—		—		—		7,098
Other income (costs)	956		1		—		(2)		—		957
Adjusted EBITDA(2)	$        15,639		$          8,699		$             857		$          1,808		$          9,244		$         (4,969)

 

	Three Months Ended December 31, 2024
	(in thousands, unaudited)
	Consolidated		Radio Broadcasting		Reach Media		Digital (a)		Cable Television (a)		Corporate/ Eliminations/ Other
NET REVENUE	$      117,127		$        47,736		$          9,613		$        18,270		$        42,014		$            (506)
OPERATING EXPENSES:
Programming and technical	35,409		11,814		3,652		4,179		15,920		(156)
Sales and marketing (b)	32,446		12,491		2,285		10,958		7,110		(398)
General and administrative (b)	23,217		7,582		1,023		668		5,006		8,938
Add back/(deduct):
Severance-related costs	1,881		1,086		141		252		342		60
Other income (costs)	(1,066)		(1,367)		5		—		136		160
Adjusted EBITDA(2)	$      26,870		$       15,568		$         2,799		$         2,717		$      14,456		$       (8,670)

 

	Twelve Months Ended December 31, 2025
	(in thousands)
	Consolidated		Radio Broadcasting		Reach Media		Digital		Cable Television		Corporate/ Eliminations/ Other
NET REVENUE	$       374,371		$       139,091		$         31,146		$         47,845		$       158,994		$        (2,705)
OPERATING EXPENSES:
Programming and technical	125,396		46,245		12,645		13,252		53,918		(664)
Sales and marketing	119,841		45,778		16,997		29,957		29,075		(1,966)
General and administrative	87,463		25,828		3,236		2,189		15,598		40,612
Total key operating expenses	332,700		117,851		32,878		45,398		98,591		37,982
Add back/(deduct):
Severance-related costs	1,753		1,158		177		37		6		375
Litigation settlement costs (d)	3,078		3,078		—		—		—		—
Debt refinancing costs (c)	7,098		—		—		—		—		7,098
Other costs	3,057		128		—		—		—		2,929
Adjusted EBITDA(2)	$        56,657		$        25,604		$         (1,555)		$          2,484		$        60,409		$       (30,285)

 

	Twelve Months Ended December 31, 2024
	(in thousands)
	Consolidated		Radio Broadcasting		Reach Media		Digital (a)		Cable Television (a)		Corporate/ Eliminations/ Other
NET REVENUE	$       449,674		$       165,803		$         47,260		$         62,820		$       176,127		$         (2,336)
OPERATING EXPENSES:
Programming and technical	135,235		46,357		14,475		14,683		60,610		(890)
Sales and marketing (b)	130,683		50,941		16,859		32,300		32,356		(1,773)
General and administrative (b)	94,154		31,314		3,702		2,310		17,061		39,767
Total key operating expenses	360,072		128,612		35,036		49,293		110,027		37,104
Add back/(deduct):
Severance-related costs	2,712		1,350		137		252		431		542
Other income (costs)	11,149		(444)		(733)		(720)		136		12,910
Adjusted EBITDA(2)	$      103,463		$        38,097		$        11,628		$        13,059		$        66,667		$       (25,988)

(a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from the Digital segment to the Cable Television segment.

(b) Effective January 1, 2025, prior period segment information has been recast between Sales and marketing and General and administrative to conform the presentation of significant expenses used to evaluate performance by the CODM.

(c) Debt refinancing costs include third-party transaction costs related to the First Lien Senior Secured Notes and Second Lien Senior Secured Notes.

(d) Non-recurring litigation settlement costs include a $3.1 million charge related to the rate increase for royalties for historical periods.

 

	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
	(unaudited)
PER SHARE DATA - basic and diluted:	(in thousands, except per share data)				(in thousands, except per share data)
Net loss attributable to common stockholders (basic)(a)	$         (12.24)		$           (7.81)		$         (32.94)		$         (22.23)
Net loss attributable to common stockholders (diluted)(a)	$         (12.24)		$           (7.81)		$         (32.94)		$         (22.23)
Broadcast and digital operating income(1)	$         23,804		$         38,601		$        92,442		$       140,181
Broadcast and digital operating income(1) reconciliation:
Net loss attributable to common stockholders	$        (54,395)		$       (35,658)		$     (146,869)		$     (105,394)
Add back/(deduct) certain non-broadcast and digital operating income items included in net loss:
Interest and investment income	(398)		(1,117)		(2,492)		(5,980)
Interest expense	8,730		11,520		38,806		48,571
(Benefit from) provision for income taxes	(9,165)		27,583		(16,010)		9,759
Corporate selling, general and administrative expenses(e)	16,131		12,546		50,767		50,579
Stock-based compensation	292		2,101		1,907		5,716
Gain on retirement of debt	—		(4,500)		(44,009)		(23,271)
Other expense (income), net	1,138		78		463		(896)
Loss from unconsolidated joint venture	—		—		—		411
Depreciation and amortization	6,131		1,635		18,073		7,716
Net income (loss) attributable to non-controlling interests	45		239		(10)		1,215
Impairment of goodwill and intangible assets	55,295		24,174		191,816		151,755
Broadcast and digital operating income(1)	$          23,804		$          38,601		$          92,442		$        140,181
Adjusted EBITDA(2)	$          15,639		$          26,870		$          56,657		$        103,463
Adjusted EBITDA(2) reconciliation:
Net loss attributable to common stockholders	$         (54,395)		$         (35,658)		$       (146,869)		$       (105,394)
Interest and investment income	(398)		(1,117)		(2,492)		(5,980)
Interest expense	8,730		11,520		38,806		48,571
(Benefit from) provision for income taxes	(9,165)		27,583		(16,010)		9,759
Depreciation and amortization	6,131		1,635		18,073		7,716
EBITDA(2)	$         (49,097)		$            3,963		$       (108,492)		$        (45,328)
Stock-based compensation	292		2,101		1,907		5,716
Gain on retirement of debt	—		(4,500)		(44,009)		(23,271)
Other expense (income), net	1,138		78		463		(896)
Loss from unconsolidated joint venture	—		—		—		411
Net income (loss) attributable to non-controlling interests	45		239		(10)		1,215
Corporate costs(b)	578		(1,574)		2,211		8,658
Debt refinancing costs(c)	7,698		—		7,698		—
Litigation Settlement costs(d)	—		—		3,078		—
Severance-related costs	(86)		1,881		1,753		2,712
Impairment of goodwill and intangible assets	55,295		24,174		191,816		151,755
(Income) loss from ceased non-core businesses initiatives	(224)		508		242		2,491
Adjusted EBITDA(2)	$          15,639		$          26,870		$          56,657		$        103,463

(a) Weighted-average shares outstanding used in the computation of basic and diluted net loss to common stockholders per share have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026.

(b) Corporate costs primarily include professional fees and other nonrecurring items related to the material weakness remediation efforts.

(c) Debt refinancing costs include third-party transaction costs related to the First Lien Senior Secured Notes and Second Lien Senior Secured Notes.

(d) Non-recurring litigation settlement costs include a $3.1 million charge related to the rate increase for royalties for historical periods.

(e) Corporate selling, general and administrative expenses consists of expenses associated with our corporate headquarters and facilities, including personnel as well as other corporate overhead functions.

 

	As of December 31,  2025		As of December 31,  2024
	(in thousands)
SELECTED CONSOLIDATED BALANCE SHEET DATA:
Cash and cash equivalents and restricted cash	$        26,358		$      137,574
Intangible assets, net(a)	279,653		490,024
Total assets	592,994		944,790
Total long-term debt, net	429,742		579,069
Total liabilities	565,760		765,857
Total stockholders' equity	24,603		170,945
Redeemable non-controlling interests	2,631		7,988

(a) Intangible assets, net includes Goodwill, net, Radio Broadcasting Licenses, net, Other Intangible Assets, net, and Current Portion of Launch Assets, net.

 

	As of December 31,  2025		As of December 31,  2024
SELECTED LEVERAGE DATA:	(in thousands)
10.500% First Lien Senior Secured Notes due 2030	$        60,600		$                  -
7.625% Second Lien Secured Notes due 2031	291,020		-
7.375% senior secured notes due February 2028(b)	11,816		584,575
Less: Unamortized debt issuance costs	(2,868)		(5,506)
Add: Premium	69,174		-
Long-term debt, net	$      429,742		$      579,069

(b) Subsequent to the effectiveness of the supplemental indenture on December 18, 2025, these notes are no longer secured. While these notes are styled as senior secured notes they are no longer secured by collateral.

2025 Refinancing

The Company performed an assessment of the 2025 Refinancing and determined it met the criteria of a troubled debt restructuring under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors ("ASU 470-60"). For each series of the 2028 Notes exchanged, the undiscounted future cash flows associated with the 2030 First Lien Notes and 2031 Second Lien Notes were compared to the carrying value of the 2028 Notes, including deferred issuance costs. As the undiscounted cash flows associated with the 2030 First Lien Notes and 2031 Second Lien Notes exceeded the carrying value of the applicable 2028 Notes exchanged, no gain was recorded.

In accordance with ASU 470-60, the carrying value of the 2030 First Lien Notes and 2031 Second Lien Notes was established at the carrying value of the applicable 2028 Notes. The difference between the principal amount of the 2031 Second Lien Notes and 2030 First Lien Notes and the carrying value of the applicable 2028 Notes was recorded as a premium and is included in long-term debt, net on the Company's consolidated balance sheets. The Company recorded a premium of approximately $69.2 million on the 2031 Second Lien Notes and 2030 First Lien Notes as the difference between the principal balance of the 2031 Second Lien Notes and 2030 First Lien Notes and the carrying value of the 2028 Notes exchanged.

The premium will result in interest expense being recognized at an effective interest rate of approximately 2.68% and 3.91% through the term of the 2030 First Lien Notes and 2031 Second Lien Notes. The difference in the contractual interest payments and interest expense will reduce the premium.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, some of which are beyond Urban One's control, which may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One's reports on Forms 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Urban One does not undertake any duty to update any forward-looking statements.

For the three months ended December 31, 2025, we recognized approximately $97.8 million in net revenue compared to approximately $117.1 million during the three months ended December 31, 2024. These amounts are net of agency commissions. We recognized approximately $35.1 million of revenue from our Radio Broadcasting segment during the three months ended December 31, 2025, compared to approximately $47.7 million for the three months ended December 31, 2024, a decrease of approximately $12.6 million, primarily driven by non-returning political revenues of $8.8 million and weaker overall market demand from the national and local advertisers. We recognized approximately $13.8 million of revenue from our Reach Media segment during the three months ended December 31, 2025, compared to approximately $9.6 million for the three months ended December 31, 2024, an increase of approximately $4.2 million. The increase was primarily driven by an increase in event revenue due to the timing of the Fantastic Voyage Cruise in the fourth quarter of 2025 vs. the second quarter of 2024. We recognized approximately $14.7 million of revenue from our Digital segment during the three months ended December 31, 2025, compared to approximately $18.3 million during the three months ended December 31, 2024, a decrease of approximately $3.6 million. The decrease was primarily driven by the decrease in direct revenue streams and political revenue. We recognized approximately $34.9 million of revenue from our Cable Television segment during the three months ended December 31, 2025, compared to approximately $42.0 million during the three months ended December 31, 2024, a decrease of approximately $7.1 million. The decrease was primarily driven by the churn of subscribers and lower advertising sales.

The following charts indicate the sources of our net revenues for the three months and year ended December 31, 2025:

	Three Months Ended December 31,
	2025		2024		$ Change		% Change
Net revenue:	(in thousands, unaudited)
Radio advertising	$          37,054		$          43,978		$         (6,924)		(15.7) %
Political advertising	836		13,479		(12,643)		*NM
Digital advertising(a)	14,681		15,855		(1,174)		(7.4) %
Cable Television advertising(a)	18,334		23,453		(5,119)		(21.8) %
Cable Television affiliate fees	16,532		18,161		(1,629)		(9.0) %
Event revenues & other	10,391		2,201		8,190		*NM
Net revenue	$          97,828		$        117,127		$      (19,299)		(16.5) %

	Year Ended December 31,
	2025		2024		$ Change		% Change
Net revenue:	(in thousands)
Radio advertising	$         150,021		$        175,731		$       (25,710)		(14.6) %
Political advertising	1,430		20,439		(19,009)		*NM
Digital advertising(a)	47,829		59,064		(11,235)		(19.0) %
Cable Television advertising(a)	89,410		98,532		(9,122)		(9.3) %
Cable Television affiliate fees	69,399		77,071		(7,672)		(10.0) %
Event revenues & other	16,282		18,837		(2,555)		(13.6) %
Net revenue	$         374,371		$        449,674		$       (75,303)		(16.7) %

(a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from the Digital segment to the Cable Television segment.

*NM - Not meaningful.

Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill and intangible assets, were approximately $90.2 million for the three months ended December 31, 2025, compared to approximately $91.1 million for the comparable period in 2024. Operating expenses in the three months ended December 31, 2025 include $7.7 million of debt refinancing costs as well as $6.7 million of expenses related to the Fantastic Voyage cruise, which took place in the fourth quarter of 2025 vs. the second quarter of 2024. Excluding these expense items, operating expenses were down by approximately 16.8%, driven mainly by revenue-related variable expenses such as commissions, sales rep fees, traffic acquisition costs as well as headcount related costs and third-party professional fees.

Impairment of goodwill and intangible assets was approximately $55.3 million during the three months ended December 31, 2025, compared to $24.2 million for the three months ended December 31, 2024. The impairment loss of $55.3 million during the three months ended December 31, 2025 consists of impairment losses of $0.5 million within the Reach Media reporting unit, $53.1 million within the Cable Television reporting unit and $1.7 million within the Digital reporting unit.

Depreciation and amortization expense was approximately $6.1 million for the three months ended December 31, 2025, compared to approximately $1.6 million for the three months ended December 31, 2024, an increase of approximately $4.5 million which is primarily driven by the additional TV One Trade Name and radio broadcasting license amortization of approximately $4.4 million.

Interest and investment income was approximately $0.4 million for the three months ended December 31, 2025, compared to approximately $1.1 million for the three months ended December 31, 2024. The decrease was driven by lower cash and cash equivalents balances in interest bearing accounts during the three months ended December 31, 2025, than in the corresponding period in 2024.

Interest expense was approximately $8.7 million for the three months ended December 31, 2025, compared to approximately $11.5 million for the three months ended December 31, 2024, a decrease of approximately $2.8 million. The decrease was driven by lower outstanding balance of the 2028 Notes due to repurchases of approximately $96.7 million of its 2028 Notes at an average price of approximately 53.6% of par, during the first nine months in 2025.

For the three months ended December 31, 2025, we recorded a benefit from income taxes of approximately $9.2 million on the pre-tax loss of approximately $63.5 million resulting with an annual effective tax rate of 14.4%. The difference between the effective rate and the Company's statutory rate relates primarily to the effect of state taxes, changes in our valuation allowance, and permanent differences associated with non-deductible expenses. For the three months ended December 31, 2024, we recorded a benefit from income taxes of approximately $27.6 million on pre-tax loss of approximately $7.8 million resulting with an annual effective tax rate of 352.0%.

Other pertinent financial information includes capital expenditures of approximately $3.2 million and $1.3 million for the three months ended December 31, 2025 and 2024, respectively. The increase in capital expenditure is driven by the build-out of a studio in the Indianapolis radio market.

During the three months ended December 31, 2025, the Company did not repurchase any shares of Class A Common Stock. During the three months ended December 31, 2025, the Company repurchased 13,773 shares of Class D Common Stock in the amount of approximately $0.1 million at an average price of $8.20 per share. During the three months ended December 31, 2024, the Company repurchased 138,654 shares of Class A Common Stock in the amount of approximately $2.1 million at an average price of $15.02 per share, of which 90,889 shares of Class A were held in treasury stock as of December 31, 2024. During the three months ended December 31, 2024, the Company repurchased 70,329 shares of Class D Common Stock in the amount of approximately $0.7 million at an average price of $10.22 per share. All share information and average share prices have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026.

Supplemental Financial Information:

For comparative purposes, the following more detailed statements of operations for the three months December 31, 2025 are included.

	Three Months Ended December 31, 2025
	(in thousands, unaudited)
	Consolidated		Radio Broadcasting		Reach Media		Digital		Cable Television		All Other - Corporate/ Eliminations
NET REVENUE	$        97,828		$        35,063		$        13,831		$        14,682		$        34,941		$          (689)
OPERATING EXPENSES:
Programming and technical	31,446		10,683		3,010		3,561		14,369		(177)
Selling, general and administrative (a)	58,709		15,540		9,943		9,313		11,328		12,585
Stock-based compensation	292		110		(37)		38		—		181
Depreciation and amortization	6,131		4,805		34		400		702		190
Impairment of goodwill and intangible assets	55,295		—		502		1,675		53,118		—
Total operating expenses	151,873		31,138		13,452		14,987		79,517		12,779
Operating (loss) income	(54,045)		3,925		379		(305)		(44,576)		(13,468)
INTEREST AND INVESTMENT INCOME	398		—		—		—		—		398
INTEREST EXPENSE	(8,730)		(2)		—		—		—		(8,728)
OTHER EXPENSE, NET	(1,138)		(464)		—		—		—		(674)
(Loss) income from consolidated operations before benefit from (provision for) income taxes	(63,515)		3,459		379		(305)		(44,576)		(22,472)
BENEFIT FROM (PROVISION FOR) INCOME TAXES	9,165		(4,032)		(270)		(44)		9,664		3,847
NET (LOSS) INCOME	(54,350)		(573)		109		(349)		(34,912)		(18,625)
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	45		—		45		—		—		—
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$     (54,395)		$          (573)		$              64		$          (349)		$     (34,912)		$     (18,625)
Adjusted EBITDA(2)	$        15,639		$          8,699		$             857		$          1,808		$          9,244		$       (4,969)

(a) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations.

 

	Three Months Ended December 31, 2024
	(in thousands, unaudited)
	Consolidated		Radio Broadcasting		Reach Media		Digital (a)		Cable Television (a)		All Other - Corporate/ Eliminations
NET REVENUE	$      117,127		$        47,736		$          9,613		$        18,270		$        42,014		$          (506)
OPERATING EXPENSES:
Programming and technical	35,409		11,814		3,652		4,179		15,920		(156)
Selling, general and administrative(b, c)	55,663		20,073		3,309		11,625		12,116		8,540
Stock-based compensation	2,101		285		39		36		307		1,434
Depreciation and amortization	1,635		1,163		(18)		374		63		53
Impairment of goodwill and intangible assets	24,174		—		—		—		24,174		—
Total operating expenses	118,982		33,335		6,982		16,214		52,580		9,871
Operating (loss) income	(1,855)		14,401		2,631		2,056		(10,566)		(10,377)
INTEREST AND INVESTMENT INCOME	1,117		—		—		—		—		1,117
INTEREST EXPENSE	(11,520)		(60)		—		—		1		(11,461)
GAIN ON RETIREMENT OF DEBT	4,500		—		—		—		—		4,500
OTHER EXPENSE, NET	(78)		(18)		—		(10)		—		(50)
(Loss) income from consolidated operations before (provision for) benefit from income taxes	(7,836)		14,323		2,631		2,046		(10,565)		(16,271)
(PROVISION FOR) BENEFIT FROM INCOME TAXES	(27,583)		(4,055)		(1,213)		(8,976)		383		(13,722)
NET (LOSS) INCOME	(35,419)		10,268		1,418		(6,930)		(10,182)		(29,993)
NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	239		—		1,215		—		—		(976)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$     (35,658)		$       10,268		$            203		$       (6,930)		$     (10,182)		$     (29,017)
Adjusted EBITDA(2)	$        26,870		$        15,568		$          2,799		$          2,717		$        14,456		$       (8,670)

(a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from Digital to Cable Television.

(b) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations.

(c) Effective January 1, 2025, prior period segment information has been realigned between the Sales and marketing and the General and administrative significant segment expenses. This provides the CODM with a more appropriate alignment of significant segment expenses used to evaluate segment performance.

 

	Year Ended December 31, 2025
	(in thousands)
	Consolidated		Radio Broadcasting		Reach Media		Digital		Cable Television		All Other - Corporate/ Eliminations
NET REVENUE	$      374,371		$      139,091		$        31,146		$        47,845		$      158,994		$       (2,705)
OPERATING EXPENSES:
Programming and technical	125,396		46,245		12,645		13,252		53,918		(664)
Selling, general and administrative(a)	207,300		71,604		20,233		32,146		44,673		38,644
Stock-based compensation	1,907		493		33		243		497		641
Depreciation and amortization	18,073		12,885		139		1,571		2,781		697
Impairment of goodwill and intangible assets	191,816		131,631		502		6,566		53,117		—
Total operating expenses	544,492		262,858		33,552		53,778		154,986		39,318
Operating (loss) income	(170,121)		(123,767)		(2,406)		(5,933)		4,008		(42,023)
INTEREST AND INVESTMENT INCOME	2,492		—		—		—		—		2,492
INTEREST EXPENSE	(38,806)		(9)		(145)		—		—		(38,652)
GAIN ON RETIREMENT OF DEBT	44,009		—		—		—		—		44,009
OTHER EXPENSE, NET	(463)		(6)		—		—		—		(457)
(Loss) income from consolidated operations before benefit from (provision for) income taxes	(162,889)		(123,782)		(2,551)		(5,933)		4,008		(34,631)
BENEFIT FROM (PROVISION FOR) INCOME TAXES	16,010		30,951		(28)		2,453		(932)		(16,434)
NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS	(146,879)		(92,831)		(2,579)		(3,480)		3,076		(51,065)
NET (LOSS) INCOME	(146,879)		(92,831)		(2,579)		(3,480)		3,076		(51,065)
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	(10)		—		(10)		—		—		—
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$   (146,869)		$     (92,831)		$       (2,569)		$       (3,480)		$          3,076		$     (51,065)
Adjusted EBITDA(2)	$        56,657		$        25,604		$       (1,555)		$          2,484		$        60,409		$     (30,285)

 

	Year Ended December 31, 2024
	(in thousands)
	Consolidated		Radio Broadcasting		Reach Media		Digital (a)		Cable Television (a)		All Other - Corporate/ Eliminations
NET REVENUE	$      449,674		$      165,803		$        47,260		$        62,820		$      176,127		$       (2,336)
OPERATING EXPENSES:
Programming and technical	135,235		46,357		14,475		14,683		60,610		(890)
Selling, general and administrative(b, c)	224,837		82,255		20,561		34,610		49,417		37,994
Stock-based compensation	5,716		647		117		174		1,118		3,660
Depreciation and amortization	7,716		4,634		103		1,589		411		979
Impairment of goodwill and intangible assets	151,755		118,492		—		—		33,263		—
Total operating expenses	525,259		252,385		35,256		51,056		144,819		41,743
Operating (loss) income	(75,585)		(86,582)		12,004		11,764		31,308		(44,079)
INTEREST AND INVESTMENT INCOME	5,980		—		—		—		—		5,980
INTEREST EXPENSE	(48,571)		(235)		—		—		1		(48,337)
GAIN ON RETIREMENT OF DEBT	23,271		—		—		—		—		23,271
OTHER INCOME (EXPENSE), NET	896		(30)		—		(10)		—		936
(Loss) income from consolidated operations before (provision for) benefit from income taxes	(94,009)		(86,847)		12,004		11,754		31,309		(62,229)
(PROVISION FOR) BENEFIT FROM INCOME TAXES	(9,759)		18,368		(3,327)		(8,133)		(7,699)		(8,968)
NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS	(103,768)		(68,479)		8,677		3,621		23,610		(71,197)
LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax	(411)		—		—		—		—		(411)
NET (LOSS) INCOME	(104,179)		(68,479)		8,677		3,621		23,610		(71,608)
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	1,215		—		1,215		—		—		—
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$   (105,394)		$     (68,479)		$          7,462		$          3,621		$        23,610		$     (71,608)
Adjusted EBITDA(2)	$      103,463		$        38,097		$        11,628		$        13,059		$        66,667		$     (25,988)

(a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from Digital to Cable Television.

(b) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations.

(c) Effective January 1, 2025, prior period segment information has been realigned between the Sales and marketing and the General and administrative significant segment expenses. This provides the CODM with a more appropriate alignment of significant segment expenses used to evaluate segment performance.

Urban One, Inc. will hold a conference call to discuss its results for the fourth fiscal quarter of 2025. The conference call is scheduled for Thursday March 12, 2026 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free (+1) 888-596-4144; international callers may dial direct (+1) 646-968-2525. The Access Code is 9077729.

A replay of the conference call will be available from 2:00 p.m. EDT March 12, 2026 until 11:59 p.m. EDT March 19, 2026. Callers may access the replay by calling (+1) 800-770-2030; international callers may dial direct (+1) 609-800-9909. The replay Access Code is 9077729.

Access to live audio and a replay of the conference call will also be available on Urban One's corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call.

Urban One Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 30 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform, and inspire a diverse audience of adult Black viewers. As of December 31, 2025, we owned and/or operated 76 independently formatted, revenue producing broadcast stations (including 58 FM or AM stations, 16 HD stations, and the 2 low power television stations we operate), located in 13 of the most populous African-American markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African American and urban audiences.

Notes:
1	"Broadcast and digital operating income": The radio broadcasting industry commonly refers to "station operating income" which consists of net loss before depreciation and amortization, income taxes, interest expense, interest and investment income, non-controlling interests in income of subsidiaries, other income, net, loss from unconsolidated joint venture, corporate selling, general and administrative expenses, stock-based compensation, impairment of goodwill and intangible assets, and (gain) loss on retirement of debt. However, given the diverse nature of our business, station operating income is not truly reflective of our multi-media operation and, therefore, we use the term "broadcast and digital operating income." Broadcast and digital operating income is not a measure of financial performance under GAAP. Nevertheless, broadcast and digital operating income is a significant measure used by our management to evaluate the operating performance of our core operating segments. Broadcast and digital operating income provides helpful information about our results of operations, apart from expenses associated with our fixed assets and goodwill and intangible assets, income taxes, investments, impairment charges, debt financings and retirements, corporate overhead and stock-based compensation. Our measure of broadcast and digital operating income is similar to industry use of station operating income; however, it reflects our more diverse business and therefore is not completely analogous to "station operating income" or other similarly titled measures as used by other companies. Broadcast and digital operating income does not represent operating income or loss, or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as an alternative to those measurements as an indicator of our performance.
2	"Adjusted EBITDA": Adjusted EBITDA consists of net (loss) income plus (1) depreciation and amortization, income taxes, interest expense, net income attributable to non-controlling interests, impairment of goodwill and intangible assets, stock-based compensation, (gain) loss on retirement of debt, employment agreement award and other compensation, corporate costs, non-recurring litigation settlement costs, non-recurring debt refinancing costs, severance-related costs, investment income, loss from unconsolidated joint venture, loss from ceased non-core business initiatives less (2) other income, net and interest and investment income. Net (loss) income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as "EBITDA." Adjusted EBITDA and EBITDA are not measures of financial performance under GAAP. We believe Adjusted EBITDA is often a useful measure of a company's operating performance and is a significant measure used by our management to evaluate the operating performance of our business. Accordingly, based on the previous description of Adjusted EBITDA, we believe that it provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and goodwill and intangible assets, or capital structure. Adjusted EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four of our operating segments (Radio Broadcasting, Reach Media, Digital, and Cable Television). Business activities unrelated to these four segments are included in an "all other" category which the Company refers to as "All other - corporate/eliminations." Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as alternatives to those measurements as an indicator of our performance.
3	For the three months ended December 31, 2025 and 2024, Urban One had 4,444,458 and 4,565,959 shares of common stock outstanding on a weighted average basis (basic), respectively. For the twelve months ended December 31, 2025 and 2024, Urban One had 4,458,325 and 4,740,287 shares of common stock outstanding on a weighted average basis (basic), respectively.
4	For the three months ended December 31, 2025 and 2024, Urban One had 4,444,458 and 4,565,959 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. For the twelve months ended December 31, 2025 and 2024, Urban One had 4,458,325 and 4,740,287 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively.

 

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FAQ

What were Urban One's (UONE) Q4 2025 revenue and net loss figures?

Urban One reported Q4 2025 net revenue of $97.8M and a net loss of $54.4M. According to the company, revenue fell 16.5% year-over-year and net loss was $(12.24) per basic share, reflecting weaker cable TV delivery and softer radio markets.

How did Urban One's (UONE) Adjusted EBITDA perform for Q4 and full year 2025?

Adjusted EBITDA was $15.6M in Q4 2025 and $56.7M for full-year 2025. According to the company, full-year Adjusted EBITDA fell within prior guidance despite fourth-quarter headwinds from advertising and audience delivery changes.

What debt transactions did Urban One (UONE) complete on December 18, 2025?

Urban One executed a private placement debt exchange and amended its ABL credit agreement on December 18, 2025. According to the company, it repurchased $185.0M of 2028 notes for $111.0M, issued new 2030 and 2031 notes, and expanded ABL capacity to $75M plus $25M incremental.

How large were the impairment charges reported by Urban One (UONE) in Q4 2025?

Urban One recorded $55.3M impairment of goodwill and intangibles in Q4 2025, contributing to the quarterly loss. According to the company, total impairment for the year was $191.8M, reflecting reassessments of asset values during 2025.

Did Urban One (UONE) take any corporate actions to maintain its Nasdaq listing in 2026?

Yes. Urban One effected a 1-for-10 reverse stock split on January 22, 2026 to regain Nasdaq compliance. According to the company, the reverse split restored listing standards following the 2025 financial and capital structure adjustments.