Beasley Broadcast Group (BBGI) Q1 2025 earnings summary

Executive summary

• Q1 2025 net revenue was $48.9 million, down 10.1% year-over-year, mainly due to declines in agency and audio segment revenue, as well as closures of Guarantee Digital and the esports division.

• Digital revenue accounted for 22% of total net revenue, with same-station digital revenue growing 6% year-over-year and digital segment operating margin reaching 18%.

• Adjusted EBITDA increased 28% year-over-year to $1.1 million, reflecting cost management and digital segment growth.

• Net loss was $2.7 million ($1.50 per diluted share), compared to net income of $8,000 in Q1 2024, which included a $6.0 million gain on sale of an investment.

• The company operates in 12 U.S. markets, reaching 15 million weekly radio listeners and 4.8 million social media audience, emphasizing a multi-platform strategy.

Financial highlights

• Q1 2025 net revenue: $48.9 million (down $5.5 million year-over-year); Q1 2024: $54.4 million.

• Operating loss was $2.0 million, up from $1.1 million in Q1 2024; adjusted operating loss was $0.6 million after one-time charges.

• Adjusted EBITDA: $1.1 million (Q1 2025) vs. $0.9 million (Q1 2024); margin improved to 2.3% from 1.6%.

• Cash and cash equivalents at March 31, 2025: $12.2 million; long-term debt: $240.9 million.

• Working capital decreased to $8.1 million from $16.3 million sequentially.

Outlook and guidance

• Q2 revenue is pacing down 10%, driven by continued macroeconomic pressure in select categories.

• Management remains focused on margin expansion, digital investment, and operational efficiency.

• Board has suspended quarterly dividends; future payments subject to review and debt covenants.

• Sufficient liquidity and capital resources are expected for the next 12 months and beyond, barring poor financial results or unanticipated expenses.