MediaCo (Nasdaq: MDIA) grows revenue 40% while turning Adjusted EBITDA positive

Rhea-AI Filing Summary

MediaCo Holding Inc. reported strong revenue growth but a much larger loss for 2025. Net revenues for the year ended December 31, 2025 rose to $133.3 million, up 39.5% from $95.6 million, driven mainly by new video and audio assets from the April 2024 Estrella acquisition and a surge in digital revenue.

Despite this top-line growth, year-to-date net loss widened sharply to $66.2 million from $1.3 million, primarily due to non-cash items such as a $23.1 million impairment of goodwill and intangibles and adverse changes in warrant share liabilities. Fourth-quarter net revenues increased 17.9% to $38.7 million, but the quarter showed a net loss of $32.3 million.

Profitability on an adjusted basis improved. Adjusted EBITDA, a non-GAAP measure, turned positive for the full year at $7.3 million, compared with a loss of $1.6 million in 2024, reflecting higher revenue and lower corporate expenses. Management highlighted record audience gains at EstrellaTV, strong radio ratings and the launch of Sigma Audio Networks and HOT 97-branded programming as key growth drivers.

Positive

• Strong top-line growth: 2025 net revenues rose 39.5% to $133.3 million from $95.6 million, with Q4 revenue up 17.9% to $38.7 million, reflecting contributions from the Estrella acquisition and expanding digital advertising.
• Improving underlying profitability: Adjusted EBITDA turned positive at $7.3 million in 2025 versus a $1.6 million loss in 2024, supported by higher revenue and lower corporate expenses after integrating Estrella Media assets.
• Record audience and digital mix: EstrellaTV posted historic audience growth in 2025, and digital revenue represented 53.5% of Q4 advertising sales and 42.8% for 2025, supporting a more scalable, cross-platform model.

Negative

• Large GAAP net loss: Full-year 2025 net loss widened to $66.2 million from $1.3 million, and Q4 2025 net loss reached $32.3 million, driven in part by non-cash items and higher interest expense.
• Significant non-cash charges: A $23.1 million impairment of goodwill and intangibles and unfavorable changes in the fair value of warrant share liabilities materially pressured reported earnings, highlighting balance-sheet and valuation sensitivities.
• Higher interest burden: Interest expense, net, increased to $15.5 million in 2025 from $11.1 million, which weighs on net results and underscores the impact of the company’s financing structure.

Insights

Media & entertainment equity analyst

Revenue growth and audiences are strong, but non-cash hits drive a large net loss while EBITDA turns positive.

MediaCo delivered substantial scale in 2025, with net revenues rising to $133.3 million, up 39.5% year over year, helped by the Estrella acquisition and fast-growing digital advertising, which now represents a large share of sales.

However, the company reported a full-year net loss of $66.2 million versus $1.3 million previously, mainly from a $23.1 million impairment of goodwill and intangibles and unfavorable changes in the fair value of warrant share liabilities, plus higher interest expense of $15.5 million.

On a non-GAAP basis, Adjusted EBITDA improved to $7.3 million from a loss of $1.6 million, indicating better underlying operations despite the GAAP loss. Future filings will show whether audience gains at EstrellaTV and new initiatives like Sigma Audio Networks in 2026 translate into sustained cash-generating growth.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

2025 Net Revenues: $133.3 million 2025 Net Loss: $66.2 million Q4 2025 Net Revenues: $38.7 million +5 more

8 metrics

2025 Net Revenues $133.3 million Year ended December 31, 2025; up 39.5% from $95.6 million

2025 Net Loss $66.2 million Year ended December 31, 2025; versus $1.3 million prior year

Q4 2025 Net Revenues $38.7 million Three months ended December 31, 2025; up 17.9% from $32.8 million

Q4 2025 Net Loss $32.3 million Three months ended December 31, 2025; versus $4.2 million prior-year quarter

2025 Adjusted EBITDA $7.3 million Year ended December 31, 2025; improved from $(1.6) million in 2024

Impairment of goodwill and intangibles $23.1 million Recorded in 2025, impacting net loss and other expense

2025 Interest expense, net $15.5 million Year ended December 31, 2025; up from $11.1 million in 2024

Change in fair value of warrant shares liability $(5.9) million Other expense in 2025 versus $38.4 million income in 2024

Key Terms

Adjusted EBITDA, impairment of goodwill and intangibles, change in fair value of warrant shares liability, Non-GAAP financial measures, +2 more

6 terms

Adjusted EBITDA financial

"Year-to-date Adjusted EBITDA was $7.3 million, up $8.9 million from the prior year Adjusted EBITDA loss of $1.6 million"

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.

impairment of goodwill and intangibles financial

"Impairment of goodwill and intangibles | (23,099) | | | — | | | (23,099)"

change in fair value of warrant shares liability financial

"change in fair value of warrant shares liability and impairment charges related to Audio Goodwill and FCC licenses"

Non-GAAP financial measures financial

"Adjusted EBITDA are Non-GAAP measures. Please refer to the “Definitions and Disclosures Regarding Non-GAAP Financial Information” section"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

forward-looking statements regulatory

"This communication includes or incorporates forward-looking statements within the meaning of Section 27A of the Securities Act of 1933"

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.

multicultural audio network market

"Sigma Audio Networks LLC, a groundbreaking multicultural audio network centered on fundamentally modernizing how advertisers reach America’s growing multicultural audiences"

Earnings Snapshot

Q4 2025 Net Revenues: $38.7 million

Q4 2025

Q4 2025 Net Revenues $38.7 million +17.9% year over year

Q4 2025 Net Loss $32.3 million higher than $4.2 million prior-year quarter

2025 Net Revenues $133.3 million +39.5% year over year

2025 Net Loss $66.2 million greater than $1.3 million prior year

2025 Adjusted EBITDA $7.3 million improved from $(1.6) million in 2024

Understanding 8-K Material Events →

FALSE000178425400017842542026-03-312026-03-31

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 31, 2026

MediaCo Holding Inc.

(Exact Name of Registrant as Specified in Its Charter)

001-39029

(Commission File Number)

Indiana			84-2427771
(State or Other Jurisdiction of Incorporation)			(I.R.S. Employer Identification No.)

48 West 25th Street, Third Floor

New York, New York 10010

(Address of principal executive offices, including zip code)

(212) 447-1000

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

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:

☐			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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.01 per share

MDIA

Nasdaq Capital Market

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 x

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 March 31, 2026, MediaCo Holding Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended December 31, 2025. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference. The information in this Item 2.02 (and in the Press Release) shall not be deemed "filed" with the Securities and Exchange Commission (the "SEC") for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended (the "Securities Act").

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

EXHIBIT INDEX

Exhibit						Description
99.1						Press Release of MediaCo Holding Inc. dated March 31, 2026
104						Cover Page Interactive Data File (formatted as Inline XBRL).

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.

MEDIACO HOLDING INC.

Date:

March 31, 2026

By:

/s/ Debra DeFelice

Debra DeFelice

Executive Vice President, Chief Financial Officer and Treasurer

Exhibit 99.1

FOURTH QUARTER 2025

EARNINGS RELEASE

March 31, 2026

MEDIACO REPORTS FOURTH QUARTER

FINANCIAL RESULTS

-Fourth Quarter Revenue Increases 17.9% to $38.7 million-

-Fourth Quarter Digital Revenue Represents 53.5% of Advertising Sales-

-2025 Revenue Increases 39.5% to $133.3 million-

-2025 Digital Revenue Represents 42.8% of Advertising Sales-

-Record Audience Share Gains, New Content and Distribution Expansion

Support Revenue Growth-

New York, NY –March 31, 2026– MediaCo Holding Inc. (Nasdaq: MDIA) today reported financial results for the fourth quarter ended December 31, 2025.

Year-to-date Net Revenue was $133.3 million, up $37.8 million, or 40%, from the prior year, driven primarily by new Video and Audio segment assets from the April 2024 Estrella Media, Inc., Acquisition and due to a surge in digital revenue. Year-to-date Net Loss was $66.2 million, compared to $1.3 million in the prior year. The increase reflects non-cash items, including changes in the fair value of warrant share liabilities and impairment charges related to Audio Goodwill and FCC licenses. These were partially offset by strong revenue growth and lower corporate expenses following the strategic April 2024 Estrella Acquisition, which positions the Company for continued operational and market expansion.

Year-to-date Adjusted EBITDA was $7.3 million, up $8.9 million from the prior year Adjusted EBITDA loss of $1.6 million, driven by higher revenue and improved operational management. Please refer to the “Definitions and Disclosures Regarding Non-GAAP Financial Information” section herein, the reconciliations at the end of this press release and additional information on our website.

2025 Fourth Quarter Financial Summary

						Three Months Ended December 31,												Change
(Dollars in thousands)						2025						2024						%
NET REVENUES						$	38,663					$	32,804					17.9%
NET LOSS						(32,337)						(4,244)						661.9%
% Margin(1)						(83.6)		%				(12.9)		%
ADJUSTED EBITDA(1)						$	(3,706)					$	1,733					(313.8)		%

2025 Twelve Month Financial Summary

						Year ended December 31,												Change
(Dollars in thousands)						2025						2024						%
NET REVENUES						$	133,336					$	95,571					39.5		%
NET LOSS						$	(66,223)					$	(1,302)					4986.3		%
% Margin(1)						(49.7)		%				(1.4)		%
ADJUSTED EBITDA(1)						$	7,266					$	(1,587)					(558.0)		%

(1)Net Income margin is Net Income as a percentage of Net Revenue.

(2)Adjusted EBITDA are Non-GAAP measures. Please refer to the “Definitions and Disclosures Regarding Non-GAAP Financial Information” section herein, the reconciliations at the end of this press release and additional information on our website.

1

FOURTH QUARTER 2025

EARNINGS RELEASE

“In our first full calendar year of operation, we achieved substantial gains across every facet of our plan, reflecting disciplined execution and a relentless focus on growth, as we build on our leadership position in serving multicultural audiences at the national and local level,” said Albert Rodriguez, MediaCo CEO and President. “Our progress is reflected in the addition of $38 million of incremental revenue since we brought Estrella Media’s operations under the MediaCo umbrella in 2024. Our momentum is further evidenced by the 18% year-over-year gain in our fourth quarter revenues, with digital revenue representing over 50% of our top-line results, ranking among the best in the industry.

“We are building a modern, cross-platform, multicultural media ecosystem designed for scale, spanning television, radio, digital and FAST platforms, with precision targeting and measurable results for our partners. Our unique pipeline of culturally relevant, high-impact programming is resonating with our audiences, as reflected in our strong ratings performance. The recent launch of our national audio network and the addition of new TV affiliates and digital channels will further fuel our growth trajectory and provide us with expanded opportunities to serve advertisers.

“Going forward, we remain in growth mode as we capitalize on our platform expansion and ratings gains to attract a greater share of advertising dollars. At the same time, we are focused on continuing to streamline our operations and drive efficiencies, as we build on the $8.9 million improvement in adjusted EBITDA we achieved during the past two years. Targeting a multicultural population of 150 million nationwide, we believe we are well positioned on all fronts to pursue our vision and deliver further gains in the year ahead.”

Company and Business Highlights

•EstrellaTV, the leading Spanish-language television network for diverse and cross-cultural Hispanic audiences, delivered historic audience growth in 2025, with its strongest performance in more than a decade. The network posted a +14% year-over-year increase in P18–49 Mon–Sun prime, more than doubling the network’s previous record annual gain, making 2025 the strongest growth year in EstrellaTV’s history. Additionally, the network ended the year in 4Q25 +57% year-over-year showing great momentum for the rest of the broadcast year. Source: MediaCo Announces Historic Audience Growth for EstrellaTV in 2025.

•MediaCo generated strong year-end audience growth across its radio portfolio, delivering significant gains in key markets and reinforcing its position as one of the fastest-growing audio companies in the country. Driven by increased listening and expanded reach, MediaCo posted robust year-over-year performance across Adults 25–54, with particularly strong results during weekday Prime listening hours, underscoring the continued strength of the company’s culturally relevant brands and local-first programming strategy.

•Sigma Audio Networks LLC, a groundbreaking multicultural audio network centered on fundamentally modernizing how advertisers reach America’s growing multicultural audiences, launched in February 2026. The consolidated national network, combining premium programming, digital audio and culturally rooted live experiences, enables advertisers to efficiently reach Hispanic, Black, Asian American and bicultural audiences through a single, scalable buy that’s aligned with how brands and agencies operate today.

•HOT 97, the top-ranked multicultural radio station in New York regardless of language, launched its brand-new morning show in January 2026, HOT 97 Mornings with Mero. Hosted by The Kid Mero, one of New York’s most recognizable and authentic voices in media and culture, the show features Mero’s signature commentary on culture, sports, music, and current events, alongside conversations with today’s biggest artists, athletes, and influencers. Mornings with Mero is also now available on Hot 97 TV on FAST and locally in Atlanta on WHOT-TV and full carriage with cable and satellite in the area, and in New York on WASA-TV and Spectrum.

2

FOURTH QUARTER 2025

EARNINGS RELEASE

•HOT 97 News, a daily live national and local TV show created at the intersection of journalism, hip-hop, conversation, and culture, launched in January 2026. Broadcasting and streaming nationally from Atlanta across all HOT 97 TV and digital streaming platforms, the show delivers a blend of hip hop and music news, entertainment and unfiltered discussion, engaging the audience with stories through the cultural lens that has defined the HOT 97 brand for decades.

•The Don Cheto Network added affiliate KZOM-FM 96.5 in Phoenix, Arizona to its national distribution footprint in late 2025. Owned by Orozco Broadcasting, the station brings one of the nation’s most beloved and influential Spanish-language entertainment brands to one of the fastest-growing Latino markets in the country, further expanding Don Cheto’s scale and national reach.

•Katz Television Group, a division of Katz Media Group, the nation’s largest and most established media sales organization, began serving as national media sales representative for MediaCo’s owned-and- operated EstrellaTV stations, exclusive for political advertising and preferred for Direct Response (DR) and Paid advertising sales. Under the partnership, Katz will represent EstrellaTV stations in New York, Los Angeles, Miami, Houston, Chicago, and Denver - covering four of the top five U.S. Hispanic markets.

•EstrellaTV expanded its presence in New York with WMBC full power and Orlando WDYB-CD through LMA over-the-air television station agreements serving these markets. WMBC operates on virtual channel 63 and WDYB-CD operates on virtual channel 14 with a trio of digital multicast signals. The expansion strengthens EstrellaTV’s long-term commitment to locally relevant, culturally resonant Spanish-language programming, and creates new opportunities for viewers, advertisers, and partners in New York and Central Florida.

3

FOURTH QUARTER 2025

EARNINGS RELEASE

Forward-Looking Statements

This communication includes or incorporates forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). You can identify these forward-looking statements by our use of words such as “intend,” “plan,” “may,” “will,” “project,” “estimate,” “anticipate,” “believe,” “expect,” “continue,” “potential,” “opportunity” and similar expressions, whether in the negative or affirmative. Such forward-looking statements, which speak only as of the date hereof, are based on management's estimates, assumptions and beliefs regarding our future plans, intentions and expectations. We cannot guarantee that we will achieve these plans, intentions or expectations. All statements regarding our expected financial position, business, results of operations and financing plans are forward-looking statements.

Actual results or events could differ materially from the plans, intentions or expectations disclosed in the forward-looking statements we make. We have included important facts in various cautionary statements in this communication that we believe could cause our actual results to differ materially from forward-looking statements that we make. The forward-looking statements do not reflect the potential impact of any future acquisitions, mergers or dispositions. We undertake no obligation to update or revise any forward-looking statements because of new information, future events or otherwise. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see MediaCo’s other filings with the Securities and Exchange Commission.

Definitions and Disclosures Regarding Non-GAAP Financial Information

We define Adjusted EBITDA as consolidated Operating loss adjusted to exclude restructuring expenses, business combination transaction costs, unusual and non-recurring expenditures, non-cash items and non-cash compensation included within operating expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization, Loss on disposal of assets, change in fair value of warrant shares liability and Other income. Alternatively, Adjusted EBITDA is calculated as Net loss, adjusted to exclude Provision for income taxes, Interest expense, net, Depreciation and amortization, Loss on disposal of assets, Change in fair value of warrant shares liability, Other income, and Other adjustments. We use Adjusted EBITDA, among other measures, to evaluate the Company’s operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of our operational strength and performance of our business because it provides a link between operational performance and operating income. It is also a primary measure used by management in evaluating companies as potential acquisition targets. We believe the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by management. We believe it helps improve investors’ ability to understand our operating performance and makes it easier to compare our results with other companies that have different capital structures or tax rates. In addition, we believe this measure is also among the primary measures used externally by our investors, analysts and peers in our industry for purposes of valuation and comparing our operating performance to other companies in our industry. Since Adjusted EBITDA is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, operating loss or net loss as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. Adjusted EBITDA is not necessarily a measure of our ability to fund our cash needs. Because it excludes certain financial information compared with operating loss and compared with consolidated net loss, the most directly comparable GAAP financial measures, users of this financial information should consider the types of events and transactions which are excluded.

For a reconciliation of these Non-GAAP financial measurements to the GAAP financial results cited in this news announcement, please see the supplemental tables at the end of this release.

4

About MediaCo Holding Inc.

MediaCo Holding Inc. (Nasdaq: MDIA) is a diverse-owned, multi-platform media company serving multicultural audiences across the U.S. Through a network of iconic brands—including Hot 97, WBLS, EstrellaTV, Estrella News, Que Buena Los Angeles and the Don Cheto Radio Network—MediaCo reaches over 20 million people monthly via television, radio, digital, and streaming platforms. Its Sigma Audio Networks LLC, a groundbreaking national multicultural audio network, is modernizing how advertisers reach America’s growing multicultural audiences. The company's innovative and culturally resonant content spans music, news, and entertainment across major local and national markets. More info at www.mediacoholding.com.

Investor Contact:

Debra DeFelice

Executive Vice President, Chief Financial Officer and Treasurer

MEDIACO HOLDING INC.

press@MediaCoHolding.com

APPENDIX

MEDIACO HOLDING INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

						Three Months Ended December 31,												Change
(Dollars in thousands)						2025						2024						$						%
NET REVENUES						$	38,663					$	32,804					5,859						18
OPERATING EXPENSES:
Operating expenses						40,375						32,681						7,694						24
Corporate expenses						2,800						2,705						95						4
Depreciation and amortization						1,693						1,953						(260)						(13)
Loss on disposal of assets						—						5						(5)						(100)
Total operating expenses						44,868						37,344						7,524						20
OPERATING LOSS						(6,205)						(4,540)						(1,665)						37
OTHER INCOME (EXPENSE):
Interest expense, net						(3,955)						(3,945)						(10)						—
Change in fair value of warrant shares liability						—						3,948						(3,948)						(100)
Impairment of goodwill and intangibles						(23,099)						—						(23,099)						N/A
Other income						976						5						971						19410
Total other (expense) income						(26,079)						8						(26,087)						(326084)
LOSS BEFORE INCOME TAXES						(32,283)						(4,532)						(27,751)						612
PROVISION FOR INCOME TAXES						54						(288)						342						(119)
NET LOSS						(32,337)						(4,244)						(28,093)						662

APPENDIX

MEDIACO HOLDING INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

			Year ended December 31,												Change
(Dollars in thousands)			2025						2024						$						%
NET REVENUES			$	133,336					$	95,571					37,765						40
OPERATING EXPENSES:
Operating expenses			143,825						106,650						37,175						35
Corporate expenses			7,288						11,859						(4,571)						(39)
Depreciation and amortization			6,843						5,258						1,585						30
Loss on disposal of assets			144						10						134						1,340
Total operating expenses			158,100						123,777						34,323						28
OPERATING LOSS			(24,764)						(28,206)						3,442						(12)
OTHER INCOME (EXPENSE):
Interest expense, net			(15,495)						(11,137)						(4,358)						39
Change in fair value of warrant shares liability			(5,923)						38,360						(44,283)						(115)
Impairment of goodwill and intangibles			(23,099)						—						(23,099)						N/A
Other income			3,953						1						3,952						395,152
Total other (expense) income			(40,564)						27,224						(67,789)						(249)
LOSS BEFORE INCOME TAXES			(65,328)						(982)						(64,346)						6,553
PROVISION FOR INCOME TAXES			895						320						575						180
NET LOSS			$	(66,223)					$	(1,302)					(64,921)						4,986

APPENDIX

MEDIACO HOLDING INC.

NON-GAAP FINANCIAL MEASURES

RECONCILIATIONS OF NET LOSS TO ADJUSTED EBITDA (1)

AND NET LOSS MARGIN TO ADJUSTED EBITDA MARGIN(1)

						Three Months ended December 31,												Year ended December 31,
(Dollars in thousands)						2025						2024						2025						2024
NET REVENUES						$	38,663					$	32,804					$	133,336					$	95,571
Net Loss						$	(32,337)					$	(5,550)					$	(66,223)					$	(1,302)
Provision for income taxes						54						(288)						895						320
Interest expense, net						(3,955)						(3,945)						15,495						11,137
Depreciation and amortization						1,693						1,953						6,843						5,258
Loss on disposal of assets						—						5						144						10
Change in fair value of warrant shares liability						—						3,948						5,923						(38,360)
Impairment of goodwill and intangibles						23,099						—						23,099						—
Other income						976						5						(3,953)						(1)
Other adjustments						6,765						5,605						25,043						21,350
Adjusted EBITDA(1)						$	(3,706)					$	1,733					7,266						(1,587)
(1)			We define Adjusted EBITDA as consolidated Operating loss adjusted to exclude restructuring expenses, business combination transaction costs, unusual and non-recurring expenditures, non-cash items and non-cash compensation included within operating expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization, Loss on disposal of assets, change in fair value of warrant shares liability and Other income. Alternatively, Adjusted EBITDA is calculated as Net loss, adjusted to exclude Provision for income taxes, Interest expense, net, Depreciation and amortization, Loss on disposal of assets, Change in fair value of warrant shares liability, Other income, and Other adjustments. We use Adjusted EBITDA, among other measures, to evaluate the Company’s operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of our operational strength and performance of our business because it provides a link between operational performance and operating income. It is also a primary measure used by management in evaluating companies as potential acquisition targets. We believe the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by management. We believe it helps improve investors’ ability to understand our operating performance and makes it easier to compare our results with other companies that have different capital structures or tax rates. In addition, we believe this measure is also among the primary measures used externally by our investors, analysts and peers in our industry for purposes of valuation and comparing our operating performance to other companies in our industry. Since Adjusted EBITDA is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, operating loss or net loss as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. Adjusted EBITDA is not necessarily a measure of our ability to fund our cash needs. Because it excludes certain financial information compared with operating loss and compared with consolidated net loss, the most directly comparable GAAP financial measures, users of this financial information should consider the types of events and transactions which are excluded.

FAQ

How did MediaCo (MDIA) perform financially in 2025?

MediaCo’s 2025 net revenues grew to $133.3 million, up 39.5% from $95.6 million. Despite this strong growth, the company reported a net loss of $66.2 million, mainly due to non-cash impairment charges and changes in warrant share liabilities.

What were MediaCo’s fourth quarter 2025 results?

For Q4 2025, MediaCo generated $38.7 million in net revenues, a 17.9% increase from $32.8 million a year earlier. The company recorded a net loss of $32.3 million in the quarter, driven largely by a $23.1 million impairment of goodwill and intangibles.

How did MediaCo’s Adjusted EBITDA change in 2025?

MediaCo’s Adjusted EBITDA improved significantly in 2025, reaching $7.3 million compared with a loss of $1.6 million in 2024. This non-GAAP measure reflects higher revenues and lower corporate expenses, excluding items like depreciation, impairments and changes in warrant liabilities.

What drove MediaCo’s revenue growth in 2025?

Revenue growth to $133.3 million in 2025 was fueled by new video and audio assets from the April 2024 Estrella Media acquisition and a surge in digital revenue. Digital advertising accounted for 42.8% of 2025 advertising sales, enhancing the company’s cross-platform footprint.

Why did MediaCo’s net loss increase so sharply year over year?

The net loss expanded to $66.2 million from $1.3 million primarily because of non-cash charges. These included a $23.1 million impairment of goodwill and intangibles, negative changes in the fair value of warrant share liabilities, and higher net interest expense of $15.5 million.

What strategic initiatives did MediaCo highlight alongside its 2025 results?

MediaCo pointed to record audience growth at EstrellaTV, strong radio ratings, and the launch of Sigma Audio Networks LLC in February 2026. It also launched new HOT 97 programming and expanded EstrellaTV distribution, aiming to strengthen its multicultural media ecosystem.

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