Bright Mountain Media Q3 revenue falls 17% to $11.6M
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Bright Mountain Media, Inc. (BMTM) reported third-quarter revenue of $11.615 million for the period ended September 30, 2026, down 17% from $13.940 million a year earlier. Net loss was $3.012 million versus $2.833 million. Adjusted EBITDA, a non-GAAP measure, was $1.458 million compared with $1.331 million, up 10%. General and administrative expense fell 37% to $2.570 million from $4.099 million.
For the first nine months of 2026, revenue was $39.210 million, down 10% from $43.538 million; net loss narrowed to $7.513 million from $10.145 million, and Adjusted EBITDA increased 88% to $3.624 million from $1.930 million. General and administrative expense was $8.739 million, down 31% from $12.644 million. At September 30, 2026, cash and cash equivalents were $1.746 million, while the current related-party note payable under the Centre Lane Senior Secured Credit Facility was $90.554 million.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month net loss narrowed 26%, to $7.513 million from $10.145 million.
- Moderate pointNine-month Adjusted EBITDA increased 88%, to $3.624 million from $1.930 million.
Negative
- Moderate pointRevenue declined 17% in the third quarter and 10% over nine months.
- Minor pointThird-quarter net loss was $3.012 million, versus $2.833 million a year earlier.
Filing Explained
The balance sheet in this results filing reports 186,936,398 common shares outstanding at September 30, 2026, versus 181,032,929 at December 31, 2025; the larger share base means an unchanged holding represents a smaller fraction of outstanding shares.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
GAAP financial
Centre Lane Senior Secured Credit Facility financial
stockholders' deficit financial
amortization of debt discount financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were BMTM's third-quarter 2026 revenue and net loss?
How much cash and Centre Lane debt did BMTM report at September 30, 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 12, 2026, Bright Mountain Media, Inc. (the "Company") issued a press release announcing its financial results for its third quarter and nine months ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. In addition, this information shall not be deemed incorporated by reference into any of the Company's filings with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.
The Company makes reference to certain non-GAAP financial measures in the press release. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, and the reasons why the Company believes these non-GAAP financial measures are useful, are contained in the attached press release.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
99.1 |
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Press Release Issued November 12, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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November 12, 2026
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Bright Mountain Media, Inc. |
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By: |
/s/ Matthew Drinkwater |
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Matthew Drinkwater, |
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By: |
/s/ Ari Olgun |
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Ari Olgun, |
EXHIBIT 99.1
Bright Mountain Media, Inc. Announces Third Quarter 2026 Financial Results
Boca Raton, FL, November 12, 2026 - Bright Mountain Media, Inc. (OTCID: BMTM) ("Bright Mountain", or the "Company"), a global holding company with current investments in digital publishing, advertising technology, consumer insights, creative services, and media services, today announced its financial results for the third quarter and nine months ended September 30, 2026.
"Our third quarter reflects the continued progress we're making in transforming Bright Mountain into a more focused, efficient, and profitable organization," said Matthew Drinkwater, Chief Executive Officer of Bright Mountain Media. "While revenue continued to reflect the impact of portfolio optimization initiatives and broader market conditions, we delivered meaningful improvements in operating performance, including a 25% improvement in net loss for the first nine months of 2026. We believe the actions we've taken to streamline our operations, strengthen our balance sheet, and invest in AI-driven capabilities position us well to drive long-term value for our shareholders."
1
Financial Results for the Three Months Ended September 30, 2026
Revenue was approximately $11.6 million, a decrease of $2.3 million, or 17%, compared to $13.9 million for the same period of 2025. Advertising technology revenue was approximately $4.5 million, digital publishing revenue was approximately $125,000, consumer insights revenue was approximately $4.9 million, and creative and media services revenue was approximately $2.0 million, during the third quarter of 2026.
Cost of revenue was approximately $8.2 million, a decrease of $1.5 million, or 15%, compared to $9.7 million for the same period of 2025. Cost of revenue is inclusive of: direct salary and labor costs of approximately $117,000 for employees that work directly on customer projects; direct project costs of approximately $2.4 million for payments made to third-parties that are directly attributable to the completion of projects to allow for revenue recognition; non-direct project costs of approximately $1.9 million; publisher costs of approximately $3.4 million; and sales commissions of approximately $128,000.
General and administrative expense was approximately $2.6 million, a decrease of 37%, compared to $4.1 million for the same period of 2025.
Gross margin was approximately $3.4 million, a decrease of 20%, compared to $4.3 million for the same period of 2025.
Net loss was approximately $3.0 million, a decrease of 6%, compared to a net loss of $2.8 million for the same period of 2025.
Adjusted EBITDA was approximately $1.5 million, an increase of 10%, compared to adjusted EBITDA of $1.3 million for the same period of 2025. See the below section on Non-GAAP Financial Measure for a reconciliation of net loss to EBITDA and adjusted EBITDA.
2
Financial Results for the Nine Months Ended September 30, 2026
Revenue was approximately $39.2 million, a decrease of $4.3 million, or 10%, compared to $43.5 million for the same period of 2025. Advertising technology revenue was approximately $17.6 million, digital publishing revenue was approximately $703,000, consumer insights revenue was approximately $14.9 million, and creative and media services revenue was approximately $6.0 million, during the nine months ended September 30, 2026.
Cost of revenue was approximately $29.1 million, a decrease of $2.9 million, or 9%, compared to $32.0 million for the same period of 2025. Cost of revenue is inclusive of: direct salary and labor costs of approximately $747,000 for employees that work directly on customer projects; direct project costs of approximately $6.9 million for payments made to third-parties that are directly attributable to the completion of projects to allow for revenue recognition; non-direct project costs of approximately $6.6 million; publisher costs of approximately $13.0 million; and sales commissions of approximately $758,000.
General and administrative expense was approximately $8.7 million, a decrease of 31%, compared to $12.6 million for the same period of 2025.
Gross margin was approximately $10.1 million, a decrease of 12%, compared to $11.6 million for the same period of 2025.
Net loss was approximately $7.5 million, an improvement of 26%, compared to a net loss of $10.1 million for the same period of 2025.
Adjusted EBITDA was approximately $3.6 million, an increase of 88%, compared to adjusted EBITDA of $1.9 million for the same period of 2025. See the below section on Non-GAAP Financial Measure for a reconciliation of net loss to EBITDA and adjusted EBITDA.
3
About Bright Mountain Media, Inc.
Bright Mountain Media, Inc. (OTCID: BMTM) unites a diverse portfolio of companies to deliver a full spectrum of advertising, marketing, technology, and media services under one roof - fused together by data-driven insights. Bright Mountain Media's subsidiaries include Deep Focus Agency, LLC, MediaHouse, Inc., BV Insights, LLC, CL Media Holdings, LLC, Bright Mountain, LLC d/b/a BrightStream, Oceanside Media, LLC, Slutzky & Winshman, Ltd., and Wild Sky Media Co. Ltd. For more information, please visit www.brightmountainmedia.com.
Forward-Looking Statements for Bright Mountain Media, Inc.
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties. Such forward-looking statements can be identified by the use of words such as "should", "may", "intends", "anticipates", "believes", "estimates", "projects", "forecasts", "expects", "plans", and "proposes", and similar words. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to expectations of our ability to successfully integrate acquisitions, and the realization of any expected benefits from such acquisitions. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" in Bright Mountain's Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the SEC. Bright Mountain does not undertake any duty to update any forward-looking statements except as may be required by law.
Contact / Investor Relations:
Email: ir@brightmountainmedia.com
https://brightmountainmedia.com/investor-relations
4
BRIGHT MOUNTAIN MEDIA, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
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Three Months Ended |
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Nine Months Ended |
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September 30, 2026 |
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September 30, 2025 |
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September 30, 2026 |
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September 30, 2025 |
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Revenue |
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$ |
11,615 |
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$ |
13,940 |
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$ |
39,210 |
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$ |
43,538 |
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Cost of revenue |
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8,204 |
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9,686 |
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29,072 |
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31,975 |
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Gross margin |
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3,411 |
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4,254 |
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10,138 |
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11,563 |
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General and administrative expenses |
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2,570 |
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4,099 |
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8,739 |
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12,644 |
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Loss (gain) on sale of assets |
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620 |
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- |
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(474 |
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- |
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Income (loss) from operations |
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221 |
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155 |
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1,873 |
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(1,081 |
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Financing and other expense: |
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Other income |
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42 |
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52 |
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228 |
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143 |
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Interest expense - Centre Lane Senior Secured Credit Facility - related party |
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(3,270 |
) |
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(3,034 |
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(9,600 |
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(9,189 |
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Other interest expense |
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(5 |
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(6 |
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(14 |
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(18 |
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Total financing and other expense, net |
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(3,233 |
) |
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(2,988 |
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(9,386 |
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(9,064 |
) |
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Net loss before income tax |
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(3,012 |
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(2,833 |
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(7,513 |
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(10,145 |
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Income tax provision |
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- |
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- |
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- |
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- |
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Net loss |
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$ |
(3,012 |
) |
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$ |
(2,833 |
) |
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$ |
(7,513 |
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$ |
(10,145 |
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Foreign currency translation |
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- |
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(43 |
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- |
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(200 |
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Comprehensive loss |
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$ |
(3,012 |
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$ |
(2,876 |
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$ |
(7,513 |
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$ |
(10,345 |
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Net loss per common share: |
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Basic |
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$ |
(0.02 |
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$ |
(0.02 |
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$ |
(0.04 |
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$ |
(0.06 |
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Diluted |
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$ |
(0.02 |
) |
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$ |
(0.02 |
) |
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$ |
(0.04 |
) |
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$ |
(0.06 |
) |
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Weighted-average shares outstanding: |
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Basic |
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186,936,398 |
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175,864,104 |
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183,996,565 |
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175,943,376 |
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Diluted |
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186,936,398 |
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175,864,104 |
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183,996,565 |
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175,943,376 |
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5
BRIGHT MOUNTAIN MEDIA, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
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September 30, 2026 |
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December 31, 2025* |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
1,746 |
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$ |
1,371 |
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Restricted cash |
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- |
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1,861 |
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Accounts receivable, net allowance for credit losses of $354,000 and $318,000 at September 30, 2026 and December 31, 2025, respectively |
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13,071 |
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16,287 |
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Prepaid expenses and other current assets |
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767 |
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1,170 |
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Total current assets |
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15,584 |
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20,689 |
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Property and equipment, net |
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756 |
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124 |
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Intangible assets, net |
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10,118 |
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11,542 |
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Goodwill |
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6,183 |
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6,999 |
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Operating lease right-of-use assets, net |
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102 |
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173 |
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Other long-term assets |
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7 |
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158 |
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Total assets |
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$ |
32,750 |
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$ |
39,685 |
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Liabilities and Stockholders' Deficit |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
19,200 |
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$ |
24,852 |
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Other current liabilities |
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2,378 |
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4,210 |
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Interest payable - Centre Lane Senior Secured Credit Facility |
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242 |
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59 |
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Deferred revenue |
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4,469 |
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2,834 |
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Note payable - Centre Lane Senior Secured Credit Facility - related party (current) |
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90,554 |
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84,276 |
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Total current liabilities |
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116,843 |
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116,231 |
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Other long-term liabilities |
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- |
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12 |
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Operating lease liabilities |
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- |
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77 |
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Total liabilities |
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116,843 |
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116,320 |
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Stockholders' deficit: |
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Convertible preferred stock, par value $0.01, 20,000,000 shares authorized, no shares issued or outstanding at September 30, 2026 and December 31, 2025 |
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- |
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- |
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Common stock, par value $0.01, 324,000,000 shares authorized, 189,121,973 and 183,218,504 shares issued, and 186,936,398 and 181,032,929 shares outstanding at September 30, 2026 and December 31, 2025, respectively |
|
|
1,891 |
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1,832 |
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Treasury stock at cost, 2,185,575 shares at September 30, 2026 and December 31, 2025 |
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(220 |
) |
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(220 |
) |
Additional paid-in capital |
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101,984 |
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|
101,988 |
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Accumulated deficit |
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|
(187,825 |
) |
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(180,312 |
) |
Accumulated other comprehensive income |
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|
77 |
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|
77 |
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Total stockholders' deficit |
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|
(84,093 |
) |
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|
(76,635 |
) |
Total liabilities and stockholders' deficit |
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$ |
32,750 |
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$ |
39,685 |
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* Derived from audited consolidated financial statements.
6
BRIGHT MOUNTAIN MEDIA, INC.
RECONCILIATION OF NET LOSS TO NON-GAAP EBITDA AND ADJUSTED EBITDA
(in thousands)
Non-GAAP Financial Measures
Non-GAAP results are presented only as a supplement to the financial statements and for use within management's discussion and analysis based on U.S. generally accepted accounting principles ("GAAP"). The non-GAAP financial information is provided to enhance the reader's understanding of the Company's financial performance, but non-GAAP measures should not be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP.
All other items included in the reconciliation from net loss before taxes to EBITDA and from EBITDA to adjusted EBITDA are either (i) non-cash items (e.g., depreciation, amortization of purchased intangibles, stock-based compensation, etc.) or (ii) items that management does not consider to be useful in assessing the Company's ongoing performance (e.g., M&A costs, income taxes, gain on sale of investments, loss on disposal of assets, etc.). In the case of the non-cash items, management believes that investors can better assess the Company's operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect the Company's ability to generate free cash flow or invest in its business.
We use, and we believe investors benefit from the presentation of, EBITDA and Adjusted EBITDA in evaluating our operating performance because it provides us and our investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our core operations. We believe that EBITDA is useful to investors and other external users of our financial statements in evaluating our operating performance because EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, and depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.
Because not all companies use identical calculations, the Company's presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. However, these measures can still be useful in evaluating the Company's performance against its peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures.
A reconciliation of net loss to EBITDA and Adjusted EBITDA is as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(in thousands) |
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Net loss before income tax |
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$ |
(3,012 |
) |
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$ |
(2,833 |
) |
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$ |
(7,513 |
) |
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$ |
(10,145 |
) |
Depreciation expense |
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18 |
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11 |
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|
52 |
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|
|
39 |
|
Amortization of intangible assets |
|
|
444 |
|
|
|
446 |
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|
|
1,339 |
|
|
|
1,416 |
|
Amortization of debt discount |
|
|
441 |
|
|
|
489 |
|
|
|
1,387 |
|
|
|
1,678 |
|
Other interest expense |
|
|
5 |
|
|
|
6 |
|
|
|
14 |
|
|
|
18 |
|
Interest expense - Centre Lane Senior Secured Credit Facility |
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2,829 |
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|
2,545 |
|
|
|
8,213 |
|
|
|
7,511 |
|
EBITDA |
|
|
725 |
|
|
|
664 |
|
|
|
3,492 |
|
|
|
517 |
|
Stock compensation expense |
|
|
- |
|
|
|
27 |
|
|
|
18 |
|
|
|
98 |
|
Loss (gain) on sale of assets |
|
|
620 |
|
|
|
- |
|
|
|
(474 |
) |
|
|
- |
|
Non-recurring professional fees |
|
|
- |
|
|
|
111 |
|
|
|
100 |
|
|
|
372 |
|
Non-recurring legal fees |
|
|
- |
|
|
|
516 |
|
|
|
6 |
|
|
|
873 |
|
Non-recurring severance expense |
|
|
113 |
|
|
|
13 |
|
|
|
482 |
|
|
|
70 |
|
Adjusted EBITDA |
|
$ |
1,458 |
|
|
$ |
1,331 |
|
|
$ |
3,624 |
|
|
$ |
1,930 |
|
7