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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.
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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