Boston Omaha (BOC) Q3 2025 earnings summary

Executive summary

• Q3 2025 consolidated revenues increased 3.7% year-over-year to $28.7 million, with record Adjusted EBITDA of approximately $4.8 million, up 5.6% year-over-year.

• Net loss attributable to common stockholders was $2.6 million for Q3 2025, compared to $1.6 million in Q3 2024; YTD net loss was $5.6 million, an improvement from $6.6 million YTD 2024.

• Segment performance was mixed, with strong results in outdoor advertising and broadband, but insurance operations faced higher loss ratios and operating losses.

• The company is winding down its asset management business, focusing on cost reductions and returning capital to fund partners.

• Continued investment in Sky Harbour Group, with unrealized losses on warrants and equity method losses on common stock.

Financial highlights

• Q3 2025 revenues: $28.7 million (+3.7% YoY); YTD revenues: $84.7 million (+5.4% YoY).

• Link Media Outdoor revenue grew 2.5% YoY to $11.8 million, with net income up 17.5% and gross margin at 67.9%.

• Boston Omaha Broadband revenue increased 5.0% YoY to $9.4 million, with Adjusted EBITDA up 23.2% to $3.2 million.

• General Indemnity Group revenue rose 4.7% YoY to $6.8 million, but reported an operating loss of $0.4 million and a loss ratio of 25.3%.

• Cash and equivalents at September 30, 2025, totaled $37.1 million, with short-term U.S. Treasury securities of $18.2 million.

Outlook and guidance

• Focus remains on growing broadband subscriber base, integrating costs to lower burn rate, and developing strategic partnerships.

• Management expects to continue expanding billboard and broadband operations through acquisitions and organic growth.

• Sufficient liquidity is expected for the next 12 months, with potential for additional debt or equity financing for future acquisitions.

• Management continues to monitor market conditions and will consider new share repurchase programs when appropriate.