Urban One (NASDAQ: UONE) posts Q1 loss and trims long-term debt by $60.2M
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Urban One reported weaker results for the first quarter of 2026. Net revenue was about $77.7 million, down 15.8% from a year earlier, and the company posted an operating loss of about $2.2 million versus operating income previously. Broadcast and digital operating income fell to roughly $14.9 million, while Adjusted EBITDA declined to about $4.7 million from $12.9 million. Net loss improved to about $3.1 million, or $(0.69) per share, compared with a loss of $11.7 million, or $(2.64) per share. Urban One reduced long-term debt by $60.2 million year-to-date and guided to approximately $60 million in Adjusted EBITDA for full-year 2026, including contributions from recent station acquisitions and asset sales.
Positive
- None.
Negative
- None.
Insights
Urban One’s Q1 shows revenue pressure but meaningful de‑leveraging.
Urban One saw Q1 2026 net revenue fall to $77.7M, a 15.8% decline, driving an operating loss of $2.2M and Adjusted EBITDA of $4.7M versus $12.9M a year earlier. All major segments reported lower revenues.
Despite weaker operations, the balance sheet trend was more constructive. Year-to-date, long-term debt fell $60.2M, with estimated annual interest savings of $4.6M, while net long-term debt at March 31, 2026 was $412.1M.
Management now targets about $60M in 2026 Adjusted EBITDA and highlighted portfolio moves, including Dallas station acquisitions and Charlotte/Dallas dispositions. These transactions are expected to add roughly $5M of annual pro-forma Adjusted EBITDA once closed, subject to FCC approval and customary conditions.
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net revenue: $77.7M
Operating (loss) income: -$2.2M
Net loss: $3.1M
+5 more
8 metrics
Net revenue
$77.7M
Three months ended March 31, 2026; down 15.8% year over year
Operating (loss) income
-$2.2M
Three months ended March 31, 2026 vs $2.1M income in 2025
Net loss
$3.1M
Q1 2026 net loss vs $11.7M net loss in Q1 2025
Adjusted EBITDA
$4.7M
Q1 2026 vs $12.9M in Q1 2025
Broadcast & digital operating income
$14.9M
Three months ended March 31, 2026 vs $23.0M in 2025
Debt reduction YTD
$60.2M
Year-to-date reduction in long-term debt with $4.6M annual interest savings
Long-term debt, net
$412.1M
As of March 31, 2026 vs $429.7M as of December 31, 2025
2026 Adjusted EBITDA guidance
$60.0M
Full-year 2026 company outlook, including ~$2.0M from recent transactions
Key Terms
Adjusted EBITDA, broadcast and digital operating income, Troubled Debt Restructurings by Debtors, First Lien Senior Secured Notes, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA(2) was approximately $4.7 million for the three months ended March 31, 2026"
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.
broadcast and digital operating income financial
"Broadcast and digital operating income(1) was approximately $14.9 million for the three months ended March 31, 2026"
Troubled Debt Restructurings by Debtors financial
"are accounted for under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors"
First Lien Senior Secured Notes financial
"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
"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.
Federal Communication Commission ("FCC") regulatory
"pending approval by the Federal Communication Commission ("FCC")"
Earnings Snapshot
Net revenue: $77.7M · Guidance included
Q1 2026
Net revenue
$77.7M
-15.8% YoY
Net loss
$3.1M
improved from $11.7M loss YoY
Adjusted EBITDA
$4.7M
down from $12.9M YoY
Broadcast & digital operating income
$14.9M
down from $23.0M YoY
Guidance
Company anticipates Adjusted EBITDA of approximately $60.0 million for the full year ending December 31, 2026.
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): May 14, 2026
(Exact name of Registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File No.) | (IRS Employer Identification No.) | ||||||
(301 ) 429-3200
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)
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:
| Class | Trading Symbol | Name of Exchange on which Registered | ||||||||||||
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 under the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
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. o
Item 2.02 Results of Operations and Financial Condition.
On May 14, 2026, Urban One, Inc. (the “Company”) issued a press release setting forth the results for the three months ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1.
Item 8.01 Other Events.
During its earnings call and/or in its press release, the Company gave certain updates with respect to its current outlook. First, the Company noted it anticipates Adjusted EBITDA of approximately $60.0 million for the full year ending December 31, 2026. The Company also noted it was exploring the sale of certain non-core real estate related assets as it effectuates its capital allocation and debt management strategy.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
| Exhibit Number | Description | |||||||
| 99.1 | Press release dated May 14, 2026: Urban One Reports First Quarter 2026 Results | |||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||
Forward Looking Statements
The Company cautions you certain of the statements in this Form 8-K or in this press release may represent "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These statements are based on assumptions believed by the Company to be reasonable and speak only as of the date on which such statements are made. Without limiting the generality of the foregoing, words such as "expect," "believe," "anticipate," "intend," "plan," "project," "will" or "estimate," or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. Except as required by law, the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date and cautions investors not to place undue reliance on any such forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements based on factors, including but not limited to the following: economic, public health, and/or political conditions that impact consumer confidence and spending; the cost and availability of capital or credit facility borrowings; the ability to obtain equity financing; general market conditions; the adequacy of cash flows or available debt resources to fund operations; and other risk factors described from time to time in the Company's Forms 10-K, Forms 10-Q, and Form 8-K reports (including all amendments to those reports).
SIGNATURE
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 thereunto duly authorized.
| URBAN ONE, INC. | |||||
| /s/ Peter D. Thompson | |||||
| May 14, 2026 | Peter D. Thompson | ||||
| Chief Financial Officer and Principal Accounting Officer | |||||
Exhibit 99.1
NEWS RELEASE
| May 14, 2026 | Contact: Peter D. Thompson, EVP and CFO | ||||
| FOR IMMEDIATE RELEASE | (301) 429-4638 | ||||
| Silver Spring, MD | |||||
URBAN ONE, INC. REPORTS FIRST QUARTER 2026 RESULTS
Silver Spring, MD: - 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 March 31, 2026. For the three months ended March 31, 2026, net revenue was approximately $77.7 million, a decrease of 15.8% from the same period in 2025. The Company reported operating loss of approximately $2.2 million for the three months ended March 31, 2026, compared to operating income of approximately $2.1 million for the three months ended March 31, 2025. Broadcast and digital operating income(1) was approximately $14.9 million for the three months ended March 31, 2026, a decrease of 35.4% from the same period in 2025. Net loss was approximately $3.1 million or $(0.69) per share (basic) for the three months ended March 31, 2026, compared to net loss of $11.7 million or $(2.64)(a) per share (basic) for the same period in 2025. Adjusted EBITDA(2) was approximately $4.7 million for the three months ended March 31, 2026, compared to approximately $12.9 million for the same period in 2025.
Alfred C. Liggins, III, Urban One’s CEO and President stated, "First quarter revenue was soft across all divisions, with TV down 18.5%, Digital down 33.5%, Radio down 6.4% and Reach Media dropped by 17.0%. We had budgeted for a down-quarter in our Radio and TV divisions, but not at Reach Media and Digital. The integration of Nielsen DASH data gave a boost to linear cable TV inventory, but combined with a weak scatter market, led to more commercial units being allocated to Direct Response advertising, at a lower average unit rate. Post DASH, prime C3 ratings 25-54 were up 49.0% from the fourth quarter and Total Day was up 35.0% from the fourth quarter. In Radio, our Miller Kaplan local Radio revenues were down 5.5% year-over-year vs the market 7.1% and national was down 8.2%, vs the market down 6.7%. Including local digital, first quarter Radio revenue was down 2.8%. We did approximately $1.0 million in gross political advertising in the first quarter and have another $1.0 million on the books for the second quarter. Radio second quarter is pacing down 2.6%. We are in a turnaround situation at Reach Media, where we continue to be impacted by a weak marketplace, key client attrition and sales team re-building. Digital also had a soft first quarter, driven by weak advertiser demand but second quarter is forecasted to be up, and there is optimism for the back half of the year based on the current sales pipeline. Our first quarter cashflow from operations was stronger than expected as we made a concerted effort to collect receivables, and we were helped by the fact that we prepaid a portion of the typical semi-annual cash interest payments in the fourth quarter as part of the debt refinancing transaction. We repurchased $4.3 million of 2028 Notes at 51.0% of par. We also repurchased $32.45 million of 2031 Second Lien Notes at 40.7% of par in the first quarter and an additional $23.46 million of 2031 Second Lien Notes in the second quarter at 42.0% of par. Year-to-date, that is a total reduction in long-term debt of $60.2 million for an annual interest savings of $4.6 million and an increase in short-term debt of $10.0 million, which is expected to be fully repaid by year-end. During the quarter and in April, we announced the acquisition of Dallas radio stations KKDA, KRNB and the disposition of KZMJ, and also the disposition of WLNK and WMXG in Charlotte. The combined net cash outflow upon closing is approximately $11.1 million, and the incremental pro-forma Adjusted EBITDA(2) is approximately $5.0 million on an annual basis. Our revised Adjusted EBITDA(2) guide for 2026 is approximately $60.0 million, of which $2.0 million relates to these transactions."
PAGE 2 -- URBAN ONE, INC. REPORTS FIRST QUARTER 2026 RESULTS
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (unaudited) | |||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | (in thousands, except share data) | ||||||||||
| NET REVENUE | $ | 77,651 | $ | 92,235 | |||||||
| OPERATING EXPENSES | |||||||||||
| Programming and technical, excluding stock-based compensation | 30,005 | 30,598 | |||||||||
| Selling, general and administrative, excluding stock-based compensation | 43,483 | 50,105 | |||||||||
| Stock-based compensation | 201 | 676 | |||||||||
| Depreciation and amortization | 6,177 | 2,315 | |||||||||
| Impairment of intangible assets | — | 6,443 | |||||||||
| Total operating expenses | 79,866 | 90,137 | |||||||||
| Operating (loss) income | (2,215) | 2,098 | |||||||||
| INTEREST AND INVESTMENT INCOME | 8 | 966 | |||||||||
| INTEREST EXPENSE | (4,407) | (10,924) | |||||||||
| GAIN ON RETIREMENT OF DEBT | 2,080 | 11,587 | |||||||||
| OTHER (EXPENSE) INCOME, NET | (8) | 192 | |||||||||
| (Loss) income before benefit from (provision for) income taxes | (4,542) | 3,919 | |||||||||
| BENEFIT FROM (PROVISION FOR) INCOME TAXES | 1,441 | (15,658) | |||||||||
| NET LOSS | (3,101) | (11,739) | |||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (22) | 3 | |||||||||
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (3,079) | $ | (11,742) | |||||||
Weighted-average shares outstanding - basic(3, a) | 4,449,258 | 4,442,165 | |||||||||
Weighted-average shares outstanding - diluted(4, a) | 4,449,258 | 4,442,165 | |||||||||
(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.
PAGE 3 -- URBAN ONE, INC. REPORTS FIRST QUARTER 2026 RESULTS
Detailed segment data for the three months ended March 31, 2026 and 2025 is presented in the following tables:
| Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||||||||||
| (in thousands, unaudited) | |||||||||||||||||||||||||||||||||||
| Consolidated | Radio Broadcasting | Reach Media | Digital | Cable Television | Corporate/ Eliminations/ Other | ||||||||||||||||||||||||||||||
| NET REVENUE | $ | 77,651 | $ | 30,536 | $ | 4,860 | $ | 6,788 | $ | 36,032 | $ | (565) | |||||||||||||||||||||||
| Less/(add): | |||||||||||||||||||||||||||||||||||
| Programming and technical | 30,005 | 11,606 | 3,083 | 3,040 | 12,446 | (170) | |||||||||||||||||||||||||||||
| Sales and marketing | 23,816 | 10,518 | 1,643 | 4,627 | 7,403 | (375) | |||||||||||||||||||||||||||||
| General and administrative | 19,667 | 6,641 | 735 | 488 | 3,239 | 8,564 | |||||||||||||||||||||||||||||
| Add back: | |||||||||||||||||||||||||||||||||||
| Severance-related costs | 134 | 48 | 72 | 6 | 8 | ||||||||||||||||||||||||||||||
| Other costs | 359 | — | — | — | — | 359 | |||||||||||||||||||||||||||||
Adjusted EBITDA(2) | $ | 4,656 | $ | 1,819 | $ | (529) | $ | (1,361) | $ | 12,944 | $ | (8,217) | |||||||||||||||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||||||||
| (in thousands, unaudited) | |||||||||||||||||||||||||||||||||||
| Consolidated | Radio Broadcasting | Reach Media | Digital | Cable Television | Corporate/ Eliminations/ Other | ||||||||||||||||||||||||||||||
| NET REVENUE | $ | 92,235 | $ | 32,610 | $ | 5,853 | $ | 10,212 | $ | 44,193 | $ | (633) | |||||||||||||||||||||||
| Less/(add): | |||||||||||||||||||||||||||||||||||
| Programming and technical | 30,598 | 11,293 | 3,368 | 3,187 | 12,909 | (159) | |||||||||||||||||||||||||||||
| Sales and marketing | 29,076 | 11,546 | 2,125 | 6,787 | 9,096 | (478) | |||||||||||||||||||||||||||||
| General and administrative | 21,029 | 7,050 | 1,026 | 184 | 3,595 | 9,174 | |||||||||||||||||||||||||||||
| Add back/(deduct): | |||||||||||||||||||||||||||||||||||
| Severance-related costs | 219 | 77 | 114 | 3 | (1) | 26 | |||||||||||||||||||||||||||||
| Other costs | 1,106 | 50 | 1 | 1 | — | 1,054 | |||||||||||||||||||||||||||||
Adjusted EBITDA(2) | $ | 12,857 | $ | 2,848 | $ | (551) | $ | 58 | $ | 18,592 | $ | (8,090) | |||||||||||||||||||||||
PAGE 4 -- URBAN ONE, INC. REPORTS FIRST QUARTER 2026 RESULTS
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (unaudited) | |||||||||||
| PER SHARE DATA - basic and diluted: | (in thousands, except per share data) | ||||||||||
Net loss attributable to common stockholders (basic)(a) | $ | (0.69) | $ | (2.64) | |||||||
Net loss attributable to common stockholders (diluted)(a) | $ | (0.69) | $ | (2.64) | |||||||
Broadcast and digital operating income(1) | $ | 14,864 | $ | 23,016 | |||||||
Broadcast and digital operating income(1) reconciliation: | |||||||||||
| Net loss attributable to common stockholders | $ | (3,079) | $ | (11,742) | |||||||
| Add back/(deduct) certain non-broadcast and digital operating income items included in net (loss) income: | |||||||||||
| Interest and investment income | (8) | (966) | |||||||||
| Interest expense | 4,407 | 10,924 | |||||||||
| (Benefit from) provision for income taxes | (1,441) | 15,658 | |||||||||
Corporate selling, general and administrative expenses(b) | 10,701 | 11,484 | |||||||||
| Stock-based compensation | 201 | 676 | |||||||||
| Gain on retirement of debt | (2,080) | (11,587) | |||||||||
| Other expenses (income), net | 8 | (192) | |||||||||
| Depreciation and amortization | 6,177 | 2,315 | |||||||||
| Net (loss) income attributable to non-controlling interests | (22) | 3 | |||||||||
| Impairment of intangible assets | — | 6,443 | |||||||||
Broadcast and digital operating income(1) | $ | 14,864 | $ | 23,016 | |||||||
Adjusted EBITDA(2) | $ | 4,656 | $ | 12,857 | |||||||
Adjusted EBITDA(2) reconciliation: | |||||||||||
| Net loss attributable to common stockholders | $ | (3,079) | $ | (11,742) | |||||||
| Interest and investment income | (8) | (966) | |||||||||
| Interest expense | 4,407 | 10,924 | |||||||||
| (Benefit from) provision for income taxes | (1,441) | 15,658 | |||||||||
| Depreciation and amortization | 6,177 | 2,315 | |||||||||
EBITDA(2) | 6,056 | 16,189 | |||||||||
| Stock-based compensation | 201 | 676 | |||||||||
| Gain on retirement of debt | (2,080) | (11,587) | |||||||||
| Other expense (income), net | 8 | (192) | |||||||||
| Net (loss) income attributable to non-controlling interests | (22) | 3 | |||||||||
| Corporate costs | 359 | 747 | |||||||||
| Severance-related costs | 134 | 219 | |||||||||
| Impairment of intangible assets | — | 6,443 | |||||||||
| Loss from ceased non-core businesses initiatives | — | 359 | |||||||||
Adjusted EBITDA(2) | $ | 4,656 | $ | 12,857 | |||||||
(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 selling, general and administrative expenses consist of expenses associated with our corporate headquarters and facilities, including personnel as well as other corporate overhead functions.
PAGE 5 -- URBAN ONE, INC. REPORTS FIRST QUARTER 2026 RESULTS
As of March 31, 2026 | As of December 31, 2025 | ||||||||||
| (in thousands) | |||||||||||
| SELECTED CONSOLIDATED BALANCE SHEET DATA: | |||||||||||
| Cash and cash equivalents and restricted cash | $ | 28,042 | $ | 26,358 | |||||||
Intangible assets, net(a) | 274,605 | 279,653 | |||||||||
| Total assets | 573,403 | 592,994 | |||||||||
| Total long-term debt, net | 412,110 | 429,742 | |||||||||
| Total liabilities | 550,401 | 565,760 | |||||||||
| Total stockholders' equity | 23,002 | 24,603 | |||||||||
Redeemable non-controlling interests(b) | - | 2,631 | |||||||||
(a) Intangible assets, net include Goodwill, net, Radio Broadcasting Licenses, net, Other Intangible Assets, net, and Current Portion of Launch Assets, net.
(b) On February 25, 2026, Reach Media closed on the Put Interest increasing the Company’s interest in Reach Media to 100.0%. Reach Media paid the last of the non-controlling interest shareholders approximately $1.3 million for the 5.4% interest.
As of March 31, 2026 | As of December 31, 2025 | ||||||||||
| SELECTED LEVERAGE DATA: | (in thousands) | ||||||||||
10.500% First Lien Senior Secured Notes due 2030(a, c) | $ | 60,600 | $ | 60,600 | |||||||
7.625% Second Lien Secured Notes due 2031(a, c) | 258,572 | 291,020 | |||||||||
7.375% senior secured notes due February 2028(b) | 7,516 | 11,816 | |||||||||
| Total principal outstanding on long-term debt | 326,688 | 363,436 | |||||||||
| Less: Unamortized debt issuance costs | (2,634) | (2,868) | |||||||||
Add: Premium(c) | 88,056 | 69,174 | |||||||||
| Long-term debt, net | $ | 412,110 | $ | 429,742 | |||||||
(a) The 2030 First Lien Notes and 2031 Second Lien Notes pay interest semiannually on April 1 and October 1 of each year in arrears.
(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. The 2028 Notes pay interest semiannually on February 1 and August 1 of each year in arrears.
(c) The 2030 First Lien Notes and 2031 Second Lien Notes are accounted for under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors.
During the three months ended March 31, 2026, the Company repurchased approximately $32.4 million of its 2031 Second Lien Notes at a weighted average price of approximately 40.7% of par. As the 2031 Second Lien Notes are accounted under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors, no gain was recorded. Instead, the Company recorded an additional premium of $19.3 million, which is included in long-term debt, net on the Company's consolidated balance sheets.
During the three months ended March 31, 2026, the Company repurchased approximately $4.3 million of its 2028 Notes at a weighted average price of approximately 51.0% of par, resulting in a net gain on retirement of debt of approximately $2.1 million, included in the unaudited consolidated statement of operations.
On December 18, 2025, the Company drew $10.0 million on the on the Current ABL Facility, which was repaid in the first quarter of 2026. In March 2026, the Company drew another $10.0 million on the Current ABL Facility with a six-month maturity at an interest rate of approximately 6.09%, which remains outstanding as of March 31, 2026. After giving effect to the $10.0 million drawdown and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $31.8 million as of March 31, 2026.
The Company further made two separate draws of $5.0 million each for a total of $10.0 million in the second quarter of 2026, payable at an interest rate of approximately 6.75% and 6.01%, respectively. After giving effect to the outstanding $10.0 million drawdown, the additional $10.0 million drawdown in the second quarter of 2026 and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $22.0 million.
PAGE 6 -- URBAN ONE, INC. REPORTS FIRST QUARTER 2026 RESULTS
Dispositions and Acquisitions
In March 2026, the Company entered into an agreement to sell its WMXG and WLNK-FM radio broadcasting licenses in Charlotte, North Carolina along with the associated station assets from the Radio Broadcasting segment to unrelated third parties for approximately $0.7 million and $4.2 million respectively, pending approval by the Federal Communication Commission ("FCC"). We anticipate to complete the sale by the end of the second quarter of 2026. All stations will continue operating in their current format until the transaction receives FCC approval and closes.
In April 2026, the Company entered into an agreement to acquire Service Broadcasting Group, LLC, including radio stations KKDA and KRNB in Dallas, Texas for $22.0 million. At the same time, the Company also entered into an agreement to sell radio station KZMJ to Fuzion Dallas, LLC for $6.0 million. The transactions include the transfer of each station’s FCC license and related assets and are subject to approval by the FCC and other customary closing conditions. All stations will continue operating in their current format until the transaction receives FCC approval and closes.
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.
PAGE 7 -- URBAN ONE, INC. REPORTS FIRST QUARTER 2026 RESULTS
For the three months ended March 31, 2026, we recognized approximately $77.7 million in net revenue compared to approximately $92.2 million during the three months ended March 31, 2025. These amounts are net of agency commissions. We recognized approximately $30.5 million of revenue from our Radio Broadcasting segment during the three months ended March 31, 2026, compared to approximately $32.6 million for the three months ended March 31, 2025, a decrease of approximately $2.1 million. This decrease was primarily driven by weaker overall market demand from the national and local advertisers. We recognized approximately $4.9 million of revenue from our Reach Media segment during the three months ended March 31, 2026, compared to approximately $5.9 million for the three months ended March 31, 2025, a decrease of approximately $1.0 million. This decrease was primarily driven by a decrease in national sales. We recognized approximately $6.8 million of revenue from our Digital segment during the three months ended March 31, 2026, compared to approximately $10.2 million during the three months ended March 31, 2025, a decrease of approximately $3.4 million. The decrease was primarily driven by the decrease in direct revenue streams revenue, reflecting reduced advertising spend from diversity, equity and inclusion-focused campaigns. We recognized approximately $36.0 million of revenue from our Cable Television segment during the three months ended March 31, 2026, compared to approximately $44.2 million during the three months ended March 31, 2025, a decrease of approximately $8.2 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 March 31, 2026:
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||
| Net revenue: | (in thousands, unaudited) | ||||||||||||||||||||||
| Radio advertising | $ | 32,124 | $ | 36,217 | $ | (4,093) | (11.3)% | ||||||||||||||||
| Political advertising | 900 | 150 | 750 | *NM | |||||||||||||||||||
| Digital advertising | 6,784 | 10,211 | (3,427) | (33.6)% | |||||||||||||||||||
| Cable Television advertising | 19,095 | 25,425 | (6,330) | (24.9)% | |||||||||||||||||||
| Cable Television affiliate fees | 16,877 | 18,717 | (1,840) | (9.8)% | |||||||||||||||||||
| Event revenues & other | 1,871 | 1,515 | 356 | 23.5% | |||||||||||||||||||
| Net revenue | $ | 77,651 | $ | 92,235 | $ | (14,584) | (15.8)% | ||||||||||||||||
*NM - Not meaningful
PAGE 8 -- URBAN ONE, INC. REPORTS FIRST QUARTER 2026 RESULTS
Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill and intangible assets, were approximately $73.5 million for the three months ended March 31, 2026, compared to approximately $80.7 million for the comparable period in 2025. Operating expenses were down by approximately 8.9%, driven mainly by revenue-related variable expenses such as programming, media monitoring, traffic acquisition costs, commissions, sales rep fees, as well as headcount related costs and third-party professional fees.
Depreciation and amortization expense was approximately $6.2 million for the three months ended March 31, 2026, compared to approximately $2.3 million for the three months ended March 31, 2025, an increase of approximately $3.9 million. This increase is primarily driven by the Radio Broadcasting licenses amortization, which the Company started to amortize in the second quarter of 2025.
Interest expense was approximately $4.4 million for the three months ended March 31, 2026, compared to approximately $10.9 million for the three months ended March 31, 2025, a decrease of approximately $6.5 million. This decrease was due to lower overall debt balances outstanding and lower effective interest rates. The Company recognizes interest expense using an effective interest rate of approximately 5.30% on the 2030 First Lien Notes, 1.63% on the 2031 Second Lien Notes and 7.71% on the 2028 Notes for the three months ended March 31, 2026. The effective interest rates on the 2030 First Lien Notes and 2031 Second Lien Notes differ from the contractual interest payment primarily as a result of the accounting for these debt instruments under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors.
There was an approximately $2.1 million gain on retirement of debt for the three months ended March 31, 2026, compared to approximately $11.6 million for the three months ended March 31, 2025. During the three months ended March 31, 2026, the Company repurchased approximately $4.3 million of its 2028 Notes at an average price of approximately 51.0% of par, resulting in a net gain on retirement of debt of approximately $2.1 million. During the three months March 31, 2025, the Company repurchased approximately $28.2 million of its 2028 Notes at an average price of approximately 58.0% of par, resulting in a net gain on retirement of debt of approximately $11.6 million.
For the three months ended March 31, 2026, we recorded a benefit from income taxes of approximately $1.4 million on the pre-tax loss of approximately $4.5 million resulting with an annual effective tax rate of 31.7%. For the three months ended March 31, 2025, we recorded a provision for income taxes of approximately $15.7 million on pre-tax income of approximately $3.9 million resulting with an annual effective tax rate of 399.5%, which includes $14.6 million of discrete tax expense related to valuation allowance for net operating losses, and $0.2 million of discrete tax expense related to stock-based compensation.
Other pertinent financial information includes capital expenditures of approximately $3.4 million and $2.5 million for the three months ended March 31, 2026 and 2025, respectively. The increase in capital expenditure is driven by the build-out of a studio in the Indianapolis radio market.
Supplemental Financial Information:
For comparative purposes, the following more detailed statements of operations for the three months March 31, 2026 are included.
PAGE 9 -- URBAN ONE, INC. REPORTS FIRST QUARTER 2026 RESULTS
| Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||||||||||
| (in thousands, unaudited) | |||||||||||||||||||||||||||||||||||
| Consolidated | Radio Broadcasting | Reach Media | Digital | Cable Television | All Other - Corporate/ Eliminations | ||||||||||||||||||||||||||||||
| NET REVENUE | $ | 77,651 | $ | 30,536 | $ | 4,860 | $ | 6,788 | $ | 36,032 | $ | (565) | |||||||||||||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||||||||||||||||||||
| Programming and technical | 30,005 | 11,606 | 3,083 | 3,040 | 12,446 | (170) | |||||||||||||||||||||||||||||
| Selling, general and administrative | 43,483 | 17,159 | 2,378 | 5,115 | 10,642 | 8,189 | |||||||||||||||||||||||||||||
| Stock-based compensation | 201 | 43 | 13 | 24 | — | 121 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 6,177 | 4,880 | 33 | 396 | 674 | 194 | |||||||||||||||||||||||||||||
| Total operating expenses | 79,866 | 33,688 | 5,507 | 8,575 | 23,762 | 8,334 | |||||||||||||||||||||||||||||
| Operating (loss) income | (2,215) | (3,152) | (647) | (1,787) | 12,270 | (8,899) | |||||||||||||||||||||||||||||
| INTEREST AND INVESTMENT INCOME | 8 | — | — | — | — | 8 | |||||||||||||||||||||||||||||
| INTEREST EXPENSE | (4,407) | (2) | — | — | — | (4,405) | |||||||||||||||||||||||||||||
| GAIN ON RETIREMENT OF DEBT | 2,080 | — | — | — | — | 2,080 | |||||||||||||||||||||||||||||
| OTHER (EXPENSE) INCOME, NET | (8) | (11) | — | — | — | 3 | |||||||||||||||||||||||||||||
| (Loss) income before benefit from (provision for) income taxes | (4,542) | (3,165) | (647) | (1,787) | 12,270 | (11,213) | |||||||||||||||||||||||||||||
| BENEFIT FROM (PROVISION FOR) INCOME TAXES | 1,441 | 776 | 142 | 388 | (2,679) | 2,814 | |||||||||||||||||||||||||||||
| NET (LOSS) INCOME | (3,101) | (2,389) | (505) | (1,399) | 9,591 | (8,399) | |||||||||||||||||||||||||||||
| NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (22) | — | (22) | — | — | — | |||||||||||||||||||||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | (3,079) | (2,389) | (483) | (1,399) | 9,591 | (8,399) | |||||||||||||||||||||||||||||
Adjusted EBITDA(2) | $ | 4,656 | $ | 1,819 | $ | (529) | $ | (1,362) | $ | 12,944 | $ | (8,217) | |||||||||||||||||||||||
PAGE 10 -- URBAN ONE, INC. REPORTS FIRST QUARTER 2026 RESULTS
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||||||||
| (in thousands, unaudited) | |||||||||||||||||||||||||||||||||||
| Consolidated | Radio Broadcasting | Reach Media | Digital | Cable Television | All Other - Corporate/ Eliminations | ||||||||||||||||||||||||||||||
| NET REVENUE | $ | 92,235 | $ | 32,610 | $ | 5,853 | $ | 10,212 | $ | 44,193 | $ | (633) | |||||||||||||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||||||||||||||||||||
| Programming and technical | 30,598 | 11,293 | 3,368 | 3,187 | 12,909 | (159) | |||||||||||||||||||||||||||||
| Selling, general and administrative | 50,105 | 18,596 | 3,151 | 6,971 | 12,691 | 8,696 | |||||||||||||||||||||||||||||
| Stock-based compensation | 676 | 108 | 23 | 85 | 288 | 172 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 2,315 | 996 | 34 | 386 | 715 | 184 | |||||||||||||||||||||||||||||
| Impairment of intangible assets | 6,443 | 6,443 | — | — | — | — | |||||||||||||||||||||||||||||
| Total operating expenses | 90,137 | 37,436 | 6,576 | 10,629 | 26,603 | 8,893 | |||||||||||||||||||||||||||||
| Operating income (loss) | 2,098 | (4,826) | (723) | (417) | 17,590 | (9,526) | |||||||||||||||||||||||||||||
| INTEREST AND INVESTMENT INCOME | 966 | — | — | — | — | 966 | |||||||||||||||||||||||||||||
| INTEREST EXPENSE | (10,924) | (2) | — | — | — | (10,922) | |||||||||||||||||||||||||||||
| GAIN ON RETIREMENT OF DEBT | 11,587 | — | — | — | — | 11,587 | |||||||||||||||||||||||||||||
| OTHER INCOME, NET | 192 | — | — | — | — | 192 | |||||||||||||||||||||||||||||
| Income (loss) before (provision for) benefit from income taxes | 3,919 | (4,828) | (723) | (417) | 17,590 | (7,703) | |||||||||||||||||||||||||||||
| (PROVISION FOR) BENEFIT FROM INCOME TAXES | (15,658) | 1,090 | (15) | 392 | (3,881) | (13,244) | |||||||||||||||||||||||||||||
| NET (LOSS) INCOME | (11,739) | (3,738) | (738) | (25) | 13,709 | (20,947) | |||||||||||||||||||||||||||||
| NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 3 | — | 3 | — | — | — | |||||||||||||||||||||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | (11,742) | (3,738) | (741) | (25) | 13,709 | (20,947) | |||||||||||||||||||||||||||||
Adjusted EBITDA(2) | $ | 12,857 | $ | 2,848 | $ | (551) | $ | 58 | $ | 18,592 | $ | (8,090) | |||||||||||||||||||||||
PAGE 11 -- URBAN ONE, INC. REPORTS FIRST QUARTER 2026 RESULTS
Urban One, Inc. will hold a conference call to discuss its results for the first fiscal quarter of 2026. The conference call is scheduled for Thursday May 14, 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 3438559.
A replay of the conference call will be available from 2:00 p.m. EDT May 14, 2026 until 11:59 p.m. EDT May 21, 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 3438559.
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 March 31, 2026, the Company owned and/or operated 75 independently formatted, revenue producing broadcast stations (including 58 FM or AM stations, 15 HD stations, and the 2 low power television stations the Company operates), located in 13 of the most populous African-American markets in the United States. Through 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.
3For the three months ended March 31, 2026 and 2025, Urban One had 4,449,258 and 4,442,165 shares of common stock outstanding on a weighted average basis (basic), respectively.
4For the three months ended March 31, 2026 and 2025, Urban One had 4,449,258 and 4,442,165 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively.
FAQ
How did Urban One (UONE) perform financially in Q1 2026?
Urban One reported Q1 2026 net revenue of about $77.7 million, down 15.8% year over year. The company posted an operating loss of roughly $2.2 million and a net loss of about $3.1 million, or $(0.69) per basic share.
What happened to Urban One (UONE) Adjusted EBITDA in Q1 2026?
Adjusted EBITDA for Urban One in Q1 2026 was approximately $4.7 million, compared with about $12.9 million in Q1 2025. Management also provided full-year 2026 guidance for Adjusted EBITDA of roughly $60.0 million, incorporating expected contributions from recent station transactions.
How did Urban One’s segments contribute to revenue changes in Q1 2026?
In Q1 2026, Urban One’s Radio Broadcasting revenue was about $30.5 million, Reach Media $4.9 million, Digital $6.8 million, and Cable Television $36.0 million. All segments declined versus 2025, with Digital and Cable Television showing the largest dollar and percentage decreases.
What debt actions did Urban One (UONE) take around Q1 2026?
Urban One repurchased about $4.3 million of 2028 Notes at roughly 51.0% of par in Q1 2026, recording a $2.1 million gain. Year-to-date, it reduced long-term debt by about $60.2 million, which management estimates should save roughly $4.6 million in annual interest expense.
What acquisitions and station sales did Urban One announce in 2026?
Urban One agreed to sell Charlotte stations WMXG and WLNK-FM for about $0.7 million and $4.2 million, respectively. It also plans to acquire Service Broadcasting Group’s Dallas stations KKDA and KRNB for $22.0 million and sell KZMJ for $6.0 million, pending FCC approval.
What is Urban One’s cash and leverage position as of March 31, 2026?
As of March 31, 2026, Urban One reported $28.0 million in cash and restricted cash and total assets of about $573.4 million. Long-term debt, net, was roughly $412.1 million, with total liabilities of about $550.4 million and stockholders’ equity near $23.0 million.