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Cumulus Media (CMLS) investor relations material
Cumulus Media Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net revenue for Q2 2025 declined 9.2% year-over-year to $186.0 million, with a net loss of $12.8 million, improved from a $27.7 million loss in Q2 2024.
Digital marketing services revenue grew 38% year-over-year, now comprising about 50% of total digital revenue.
Adjusted EBITDA for Q2 2025 was $22.4 million, down 11.3% from Q2 2024.
Achieved $5 million in annualized cost reductions in Q2, totaling $175 million since 2019.
Transitioned Class A common stock to OTCQB after Nasdaq suspension in May 2025.
Financial highlights
Six-month net revenue was $373.4 million, down 7.8% year-over-year; net loss was $45.2 million.
Digital revenue up 20% year-over-year, excluding the impact of lost Daily Wire and Dan Bongino relationships.
Total expenses decreased by $16 million year-over-year, reflecting lower variable and content costs.
Cash and cash equivalents at June 30, 2025, totaled $96.7 million, including a $55 million draw on the revolver.
Outstanding long-term debt at June 30, 2025, was $720.2 million.
Outlook and guidance
Q3 revenue pacing down low double digits overall, with mid-single digit declines excluding political and specific items.
Digital marketing services expected to continue strong growth, pacing up more than 35% in Q3.
Management believes current cash and credit access will support liquidity for at least twelve months.
Full-year CapEx now expected to be below previous $22.5 million guidance.
Noncore asset sales of nearly $14 million expected to close by year-end.
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