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Boston Omaha (BOC) investor relations material

Boston Omaha Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary13 Aug, 2025

Executive summary

  • Q2 2025 revenues increased 4.1% year-over-year to $28.2 million, with growth in broadband and insurance offsetting flat billboard rentals.

  • Net loss attributable to common stockholders was $2.3 million for Q2 2025, or $0.07 per share, compared to a $2.2 million loss in Q2 2024.

  • Adjusted EBITDA for Q2 2025 was $5.3 million, up from $0.9 million in Q2 2024, but operational headwinds and higher insurance claims impacted margins.

  • Asset management operations are being wound down, with significant cost-cutting measures implemented.

  • Book value per share was $16.88 at June 30, 2025, slightly down from $16.99 at December 31, 2024.

Financial highlights

  • Billboard rentals generated $11.4 million in Q2 2025, flat year-over-year; broadband revenue grew to $10.2 million, and insurance premiums earned rose to $5.6 million.

  • Q2 2025 adjusted EBITDA was $5.3 million; six-month adjusted EBITDA was $10.6 million.

  • Cash and equivalents at June 30, 2025, were $29.7 million, with $18.4 million in U.S. Treasury securities.

  • Cash inflow from operations for the first half of 2025 was $7.1 million, up from $6.9 million in the prior year period.

  • Total unrestricted cash and investments stood at $48.9 million as of June 30, 2025.

Outlook and guidance

  • Management expects continued growth in broadband and insurance, with steady billboard performance and a focus on cost control and organic growth.

  • Asset management segment will continue to wind down, with capital returned to fund partners as assets are sold.

  • Efforts are underway to source additional contracted backlog for Fiber Fast Homes and to lower its burn rate.

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Frequently asked questions

The company's outdoor advertising business includes the ownership, leasing, and management of outdoor advertising displays primarily in the southeast United States. It operates an outdoor billboard network in Atlanta, Georgia; Charlotte, North Carolina; Birmingham, Alabama; Memphis, Tennessee; and Raleigh-Durham, North Carolina. Boston Omaha Corporation was incorporated in 2009 and is headquartered in Omaha, Nebraska.

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