Beasley Broadcast Group (BBGI) investor relations material

Executive summary

• Q3 2025 net revenue was $51.0 million, down 12.4% year-over-year, with digital revenue comprising 25% of total and growing between 14.6% and 28.5% year-over-year on a same-station basis.

• Adjusted EBITDA for Q3 2025 was $3.9 million, reflecting non-recurring items and down from $6.5 million in Q3 2024.

• Net loss for Q3 2025 was $3.6 million, nearly flat year-over-year, with net loss per diluted share improving to $1.97.

• Major asset sales in Tampa and Fort Myers, FL, with $18 million in expected proceeds and exit from the Fort Myers-Naples market.

• Focus remains on operational efficiency, digital expansion, and cost reduction.

Financial highlights

• Q3 2025 audio segment revenue was $38.0 million, while digital segment revenue reached $12.9–$13.0 million.

• Cash and cash equivalents at September 30, 2025 were $14.3 million.

• Principal outstanding debt was $218.5 million at quarter-end; long-term debt was $237.2 million.

• Operating expenses decreased 7.7% in Q3 2025, with year-to-date cost reductions of $15 million.

• Interest expense was $3.3 million, consistent with prior periods.

Outlook and guidance

• Q4 total revenue is pacing down roughly 20% year-over-year due to prior-year political revenue; ex-political, revenue is pacing down high single digits.

• $18 million in cash proceeds expected in Q1 2026 from Fort Myers asset sales.

• Full-year 2025 station operating and corporate expenses expected to be down $25–$30 million, excluding severance and one-time expenses.

• Additional $4 million in cost savings expected in 2026 from recent cuts.

• Management expects sufficient liquidity for the next 12 months and beyond, but notes potential risks from poor results or unanticipated expenses.