Net loss widens at Boston Omaha (NYSE: BOC) despite 2025 revenue growth

Rhea-AI Filing Summary

Boston Omaha Corporation reported full-year 2025 results, with total revenues of $114.4 million, up from $108.3 million in 2024. Core revenue streams were billboard rentals, broadband services, premiums earned, and insurance commissions.

The company recorded a net loss from operations of $3.9 million, improved from a $8.5 million loss, but net loss attributable to common stockholders widened to $12.4 million, compared with $1.3 million in 2024, largely due to net other expense of $14.5 million. That expense reflected unrealized losses and fair value changes on investments, partly offset by income from unconsolidated affiliates and realized gains on Sky Harbour shares.

Boston Omaha ended 2025 with $50.2 million in total unrestricted cash and investments, operating cash inflow of $17.9 million, and book value per share of $16.63. During 2025 it repurchased 444,753 Class A shares for $5.8 million, and held 30.5 million Class A and 0.6 million Class B shares outstanding as of December 31, 2025.

Insights

Equity analyst

Revenue grew modestly in 2025 while bottom-line losses increased mainly from investment-related items.

Boston Omaha generated total revenues of $114.4 million in 2025, slightly above $108.3 million in 2024. Operating performance improved, with net loss from operations narrowing to $3.9 million from $8.5 million, reflecting contributions from billboards, broadband, and insurance.

The headline deterioration came from net other expense of $14.5 million, versus net other income of $11.6 million in 2024. This includes a $17.6 million unrealized loss on Sky Harbour warrants and a $6.9 million fair value loss in funds, partly offset by $6.5 million income from unconsolidated affiliates and $4.1 million realized gains on Sky Harbour shares.

Cash from operations of $17.9 million and unrestricted cash and investments of $50.2 million support liquidity, while book value per share slipped slightly to $16.63. The company repurchased $5.8 million of Class A stock in 2025, and its Sky Harbour equity and warrants were carried at $79.3 million, with a higher value indicated under a fair-value assumption.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenues 2025: $114,376,348 Net loss attributable to common stockholders 2025: $12,427,540 Basic and diluted net loss per share 2025: $0.40 +5 more

8 metrics

Total revenues 2025 $114,376,348 For the year ended December 31, 2025; vs. $108,274,901 in 2024

Net loss attributable to common stockholders 2025 $12,427,540 For the year ended December 31, 2025; vs. $1,292,450 in 2024

Basic and diluted net loss per share 2025 $0.40 For the year ended December 31, 2025; vs. $0.04 in 2024

Operating cash inflow 2025 $17,900,000 Cash inflow from operations year ended December 31, 2025; vs. $21.2M in 2024

Total unrestricted cash & investments $50,162,139 As of December 31, 2025; vs. $41,659,941 at December 31, 2024

Book value per share $16.63 As of December 31, 2025; vs. $16.99 at December 31, 2024

Share repurchases 2025 444,753 shares for $5.8M Class A common stock repurchased on the open market during fiscal 2025

Sky Harbour investment carrying value $79,300,000 Value of Sky Harbour Class A common stock and warrants on balance sheet as of December 31, 2025

Key Terms

unrealized loss, equity method, noncontrolling interests, book value per share, +2 more

6 terms

unrealized loss financial

"which included a $17.6 million unrealized loss on the Sky Harbour warrants held by Boston Omaha"

An unrealized loss is the drop in value of an investment that you still own — it's a loss on paper, not one you've locked in by selling. It matters to investors because it changes the reported worth of a portfolio and can influence decisions about holding, selling, or rebalancing; like seeing a car’s resale value fall while you still drive it, the loss only becomes permanent if you sell.

equity method financial

"mainly related to our equity method position in Sky Harbour"

An equity method investment is an accounting approach used when a company owns enough of another business to influence its decisions but not control it (commonly around 20–50% ownership). Instead of counting only dividends, the investor records its share of the other company’s profits and losses on its own income statement and adjusts the investment’s value on the balance sheet—like tracking a friend’s joint project by noting your share of their gains or setbacks. For investors, this matters because it can significantly affect reported earnings, asset values, and the apparent strength of a company’s financial results.

noncontrolling interests financial

"Noncontrolling Interests (2)"

The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.

book value per share financial

"Our book value per share was $16.63 at December 31, 2025"

Book value per share is a company’s net worth on paper — total assets minus liabilities — divided by the number of outstanding shares, showing the equity value attributable to each share. Investors use it like a per-slice estimate of a company’s underlying value to compare with the market price; if the market price is far above the book value, the stock may be priced for strong future profits, and if it’s below, the stock might look undervalued or reflect asset concerns.

forward-looking statements regulatory

"constitute forward-looking statements within the meaning of the safe harbor provisions"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

surety insurance financial

"businesses engaged in outdoor advertising, broadband telecommunications services, surety insurance and asset management"

Earnings Snapshot

Total revenues: $114,376,348

FY 2025

Total revenues $114,376,348 higher than 2024 level of $108,274,901

Net loss attributable to common stockholders $12,427,540 greater loss than 2024 amount of $1,292,450

Basic and diluted net loss per share $0.40 above 2024 loss per share of $0.04

Operating cash inflow $17,900,000 below 2024 operating cash inflow of $21,200,000

Understanding 8-K Material Events →

false 0001494582 0001494582 2026-03-30 2026-03-30

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):  (March 30, 2026)

BOSTON OMAHA CORPORATION
(Exact name of registrant as specified in its Charter)
Delaware	001-38113	27-0788438
(State or other jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)
1601 Dodge Street, Suite 3300 Omaha, Nebraska 68102 (Address and telephone number of principal executive offices, including zip code)
(857) 256-0079 (Registrant's telephone number, including area code)
Not Applicable (Former name or address, if changed since last report)

Securities registered under Section 12(b) of the Exchange Act:

Title of Class	Trading Symbol	Name of Exchange on Which Registered
Class A common stock, $0.001 par value per share	BOC	The New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of Registrant under any of the following provisions (see General Instruction A.2. below):

☐           Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐           Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐           Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act   (17 CFR 240.14d-2(b))

☐           Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

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. ☐

1

ITEM 7.01 REGULATION FD DISCLOSURE

On March 30, 2026, Boston Omaha Corporation (the “Company”) issued a press release (the "Press Release") entitled “Boston Omaha Announces Full Year 2025 Financial Results.”  The full text of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1. The press release was also simultaneously filed on the Company’s website. On the same date, the Company filed on its website a presentation (the "Presentation") entitled "2025 Financial Results."  A copy of the Presentation is attached to this Current Report on Form 8-K as Exhibit 99.2.  The Press Release also provided information as to the location of the Presentation on the Company's website. 

The information included in Item 7.01 of this Current Report on Form 8-K and the exhibits attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits. The Exhibit Index set forth below is incorporated herein by reference.

EXHIBIT INDEX

Exhibit Number		Exhibit Title
99.1		Press release dated March 30, 2026, titled “Boston Omaha Corporation Announces Full Year 2025 Financial Results.”
99.2		Presentation titled "Boston Omaha 2025 Financial Results".
104		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.

	BOSTON OMAHA CORPORATION (Registrant)
	By:	/s/ Joshua P. Weisenburger
		Joshua P. Weisenburger,
		Chief Financial Officer

Date: March 30,2026

2

Exhibit 99.1

BOSTON OMAHA CORPORATION ANNOUNCES FULL YEAR 2025 FINANCIAL RESULTS

Omaha, Nebraska (Business Wire) March 30, 2026

Boston Omaha Corporation (NYSE: BOC) (the “Company”, “we”, or “our”) announced its financial results for the fiscal year ended December 31, 2025, in connection with filing its Annual Report on Form 10-K with the Securities and Exchange Commission.

We show summary financial data below for fiscal 2025 and 2024. Our Annual Report on Form 10-K can be found at www.bostonomaha.com. A supplemental presentation providing additional financial information for fiscal 2025 can be found on our investor relations website at https://investor.bostonomaha.com. We believe that it is important for shareholders to read the supplemental presentation as, in management’s opinion, it provides additional information on business metrics we use in gauging the performance of each of our three principal business units and investments.

		For the Years Ended
		December 31,
		2025				2024
Billboard Rentals, Net		$	45,851,335			$	45,153,076
Broadband Services			41,194,668				39,098,228
Premiums Earned			23,182,446				19,759,540
Insurance Commissions			2,057,170				1,962,692
Investment and Other Income			2,090,729				2,301,365
Total Revenues			114,376,348				108,274,901
Depreciation and Amortization Expense			24,771,310				22,179,699
Net Loss from Operations			(3,928,147	)			(8,467,478	)
Net Other (Expense) Income			(14,456,549	)			11,564,072
Net Loss Attributable to Common Stockholders		$	(12,427,540	)		$	(1,292,450	)
Basic and Diluted Net Loss per Share		$	(0.40	)		$	(0.04	)

		December 31,				December 31,
		2025				2024
Total Unrestricted Cash & Investments (1)		$	50,162,139			$	41,659,941
Total Assets			713,072,289				728,345,729
Total Liabilities			177,000,323				165,626,276
Total Boston Omaha Stockholders' Equity			516,135,787				532,819,509
Noncontrolling Interests (2)			19,936,179				29,899,944
Total Equity		$	536,071,966			$	562,719,453

(1) Investments consist of U.S. Treasury securities classified as trading securities and marketable equity securities, of which $868,043 is held by our insurance entities at December 31, 2025. Marketable equity securities excludes Sky Harbour Group Corporation (“Sky Harbour”) Class A common stock as we account for our 15.3% stake (as measured at December 31, 2025) under the equity method.

(2) Noncontrolling interests are primarily related to third party capital raised within our Build for Rent Fund as well as within our 24th Street commercial real estate funds.

During fiscal 2025, we had net other expense of $14.5 million, which included a $17.6 million unrealized loss on the Sky Harbour warrants held by Boston Omaha, a loss of $6.9 million primarily related to the changes in the fair value of the underlying assets within the 24th Street Funds and BFR Fund, and interest expense of $2.3 million. These items were partially offset by $6.5 million in income from unconsolidated affiliates mainly related to our equity method position in Sky Harbour, $4.1 million in realized gains on the sale of 730,095 shares of Sky Harbour Class A common stock, and interest and dividend income of $1.2 million.

Our investment in Sky Harbour Class A common stock and warrants was valued at $79.3 million on our consolidated balance sheet as of December 31, 2025. If our investment in Sky Harbour Class A common stock was accounted for at fair value based on its quoted market price (currently valued using equity method accounting), then our total investment in Sky Harbour Class A common stock and warrants would be valued at $109.7 million as of December 31, 2025.

Cash inflow from operations for the year ended December 31, 2025 was $17.9 million, compared to a cash inflow of $21.2 million for the year ended December 31, 2024.

During fiscal 2025, we repurchased 444,753 shares of our Class A common stock on the open market for a total cost of $5.8 million.

Our book value per share was $16.63 at December 31, 2025, compared to $16.99 at December 31, 2024.

As of December 31, 2025, we had 30,457,487 shares of Class A common stock and 580,558 shares of Class B common stock outstanding.

As of March 27, 2026, we had 30,085,520 shares of Class A common stock and 580,558 shares of Class B common stock outstanding.

About Boston Omaha Corporation

Boston Omaha Corporation is a public holding company with four majority owned businesses engaged in outdoor advertising, broadband telecommunications services, surety insurance and asset management.

Forward-Looking Statements

Any statements in this press release about the Company’s future expectations, plans and prospects, including statements about our financing strategy, future operations, future financial position and results, market growth, total revenue, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the Company’s forward-looking statements, and you should not place undue reliance on the Company’s forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company makes as a result of a variety of risks and uncertainties, including risks related to the Company’s estimates regarding the potential market opportunity for the Company’s current and future products and services, the competitive nature of the industries in which we conduct our business, general business and economic conditions, our ability to acquire suitable businesses, our ability to successfully integrate acquired businesses, the effect of a loss of, or financial distress of, any reinsurance company which reinsures the Company’s insurance operations, the risks associated with our investments in both publicly traded securities and privately held businesses, our history of losses and ability to maintain profitability in the future, the Company’s expectations regarding the Company’s sales, expenses, gross margins and other results of operations, and the other risks and uncertainties described in the “Risk Factors” sections of the Company’s public filings with the Securities and Exchange Commission (the “SEC”) on Form 10-K for the year ended December 31, 2025, as well as other risks and uncertainties which may be described in any subsequent quarterly report on Form 10-Q filed by the Company, and the other reports the Company files with the SEC. Copies of our SEC filings are available on our website at www.bostonomaha.com. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof. The Company anticipates that general economic conditions and subsequent events and developments may cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.

Our investor relations website, https://investor.bostonomaha.com, serves as a comprehensive resource for investors. We strongly encourage its use for easy access to information about the Company. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, corporate governance information, and select press releases, which may contain material information about us, and you may subscribe to be notified of new information posted to this site.

Contacts:

Boston Omaha Corporation

Josh Weisenburger, 402-210-2633

contact@bostonomaha.com

Exhibit 99.2

FAQ

How did Boston Omaha (BOC) perform financially in 2025?

Boston Omaha reported 2025 total revenues of $114.4 million, up from $108.3 million in 2024. Net loss attributable to common stockholders widened to $12.4 million, compared with $1.3 million in 2024, mainly because of investment-related net other expense.

What were Boston Omaha’s main revenue sources in 2025?

In 2025, Boston Omaha’s key revenues came from billboard rentals of $45.9 million, broadband services of $41.2 million, premiums earned of $23.2 million, and insurance commissions of $2.1 million, plus investment and other income of about $2.1 million.

Why did Boston Omaha’s 2025 net loss increase compared with 2024?

The 2025 net loss attributable to common stockholders rose to $12.4 million mainly because net other expense reached $14.5 million. This included a $17.6 million unrealized loss on Sky Harbour warrants and $6.9 million in fair value losses on fund investments.

What is Boston Omaha’s cash and balance sheet position at year-end 2025?

As of December 31, 2025, Boston Omaha held $50.2 million in total unrestricted cash and investments. Total assets were $713.1 million, total liabilities $177.0 million, and total equity $536.1 million, including $516.1 million attributable to Boston Omaha stockholders.

How much stock did Boston Omaha repurchase in 2025?

During fiscal 2025, Boston Omaha repurchased 444,753 shares of its Class A common stock on the open market. The total cost of these repurchases was $5.8 million, which reduced the year-end 2025 Class A share count to 30,457,487.

What is the value of Boston Omaha’s investment in Sky Harbour?

Boston Omaha’s investment in Sky Harbour Class A common stock and warrants was carried at $79.3 million on its December 31, 2025 balance sheet. If the Class A shares were accounted for at fair value, total Sky Harbour-related value would be $109.7 million.

What were Boston Omaha’s book value per share and share count in 2025?

Book value per share was $16.63 at December 31, 2025, slightly down from $16.99 in 2024. At that date, Boston Omaha had 30,457,487 Class A common shares and 580,558 Class B common shares outstanding, with a lower Class A count reported by March 27, 2026.

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 PRESS RELEASE DATED MARCH 30, 2026 TITLED "BOSTON OMAHA CORPORATION 50.0 KB
• EX-99.2 BOSTON OMAHA 2025 FINANCIAL RESULTS 11.0 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 11.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 15.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.3 KB