Boston Omaha (BOC) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue increased 8.5% year-over-year to $27.7M, led by broadband and insurance growth.

• Net loss attributable to common stockholders narrowed to $0.7M from $2.8M in Q1 2024, with loss per share improving to $(0.02).

• Adjusted EBITDA was $5.3M, up from $3.5M in Q1 2024, with all major business units remaining positive.

• Strategic investments, share repurchase authorization, and asset sales contributed to financial flexibility.

• Cash flow from operations was $2.6M, with unrestricted cash and U.S. Treasury securities totaling $44.2M at quarter-end.

Financial highlights

• Total revenues: $27.7M in Q1 2025, up from $25.6M in Q1 2024.

• Net loss from operations: $0.8M in Q1 2025, improved from $2.1M loss in Q1 2024.

• Adjusted EBITDA: $5.3M in Q1 2025; unrestricted cash & investments at $44.2M as of March 31, 2025.

• No acquisitions completed in 2024 or 2025 to date; focus on organic growth.

• Book value per share was $16.95 at March 31, 2025.

Outlook and guidance

• Management expects continued expansion in broadband and billboard businesses, focusing on organic growth and selective acquisitions.

• Ongoing efforts to grow contracted backlog in greenfield fiber and scale operations in key geographies.

• Asset management operations are being wound down, with capital returned to fund partners.

• Sufficient liquidity is expected for the next 12 months, with additional capital available from credit facilities and asset sales.