Boston Omaha (BOC) Q2 2025 earnings summary

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.