Beasley Broadcast Group (BBGI) Q2 2025 earnings summary

Executive summary

• Q2 2025 net revenue was $53.0 million, down 12.3% year-over-year, as digital revenue grew 1.3% to $13.2 million and accounted for 25% of total revenue, while audio segment revenue declined significantly.

• Adjusted EBITDA for Q2 2025 was $4.7 million (8.9% margin), down from $8.8 million (14.5% margin) in Q2 2024.

• Net loss for Q2 2025 was $0.2 million ($0.09 per share), an improvement from a $0.3 million loss ($0.18 per share) in Q2 2024, aided by lower interest expense and a gain on debt repurchase.

• Asset sales agreements for stations in Fort Myers and Tampa will generate $26 million in gross proceeds, with closures expected in the second half of 2025.

• Strategic focus remains on digital transformation, cost reduction, and capital structure improvement.

Financial highlights

• Q2 2025 audio segment revenue was $39.8 million, down 16% year-over-year; digital segment revenue was $13.2 million, up 1.3%.

• Q2 2025 operating income was $2.9 million, down from $5.4 million in Q2 2024.

• Corporate G&A expense for Q2 2025 was $3.8 million, including $0.1 million in one-time severance and related costs.

• Cash and cash equivalents at June 30, 2025: $13.7 million; capital expenditures were $0.6 million.

• Principal outstanding debt was $218.5 million at quarter-end; long-term debt at June 30, 2025: $239.1 million.

Outlook and guidance

• Q3 revenue is pacing down high single digits, excluding political; including political, pacing is similar to Q2.

• National and local agency revenue expected to decline 15% and 20% respectively in Q3.

• Local direct and digital revenue are pacing up 3% and 18% respectively for Q3; digital expected to account for 25–30% of total revenue mix.

• Launch of new digital products, including Display Plus and a self-serve ad platform, planned by year-end.

• Company expects sufficient liquidity and capital resources for the next 12 months and beyond.