Core Insights - The stock market has experienced significant movements among top gainers, with notable price changes and trading volumes in various sectors [1] Company Summaries - Beasley Broadcast Group, Inc. (BBGI) saw its stock price surge to $17.74, a 338.27% increase, with a trading volume exceeding 35 million shares, following a third-quarter revenue report of $51 million [2][7] - ASPAC III Acquisition Corp. (ASPC) experienced a stock price increase to $24.3, up by 131.87%, on a volume of approximately 2.87 million shares, driven by investor interest in potential mergers or acquisitions [3][7] - ASPAC's unit, ASPCU, also saw its stock rise to $24.11, a 129.40% increase, with a trading volume of around 51,758 shares, reflecting similar investor sentiment [3][7] - Enveric Biosciences, Inc. (ENVB) had its stock price increase to $10.15, up by 71.61%, with trading volume over 32 million shares, following a significant patent allowance for its EVM301 Series molecules [4][7] - Creative Global Technology Holdings Limited (CGTL) reported a stock price climb to $1.09, a 65.18% increase, with over 21 million shares traded, highlighting investor interest in its recycled consumer electronics business model [5][7] Market Dynamics - The movements in stock prices underscore the dynamic nature of the market, with companies across various sectors experiencing significant volatility, attracting investor attention for future developments [6]

Core Viewpoint - Beasley Broadcast Group, Inc. (BBGI) shares experienced a significant increase of 245.68 percent, reaching $14.00, attributed to high trading volume and speculative activity rather than any fundamental news [1]. Group 1: Stock Performance - BBGI shares climbed $9.95 on Wednesday, with trading volume surging to 27,847,288 shares, significantly higher than the average of 33,880 shares [1]. - The stock opened at $6.05 and fluctuated between $5.67 and $20.78 during the trading session on Nasdaq [1]. - The stock's 52-week range is noted to be $3.67 to $20.78, with the recent movement establishing a new yearly high [2].

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Revenue Performance - Net revenue for the three months ended September 30, 2025, was $50,977,046, a decrease of $7,213,070 or 12.4% compared to the same period in 2024[67]. - Digital revenue increased by $1,646,530 or 14.6% to $12,946,726, reflecting continued growth in the digital segment[68]. - Net revenue decreased by $20.1 million (11.6%) to $152.9 million for the nine months ended September 30, 2025, compared to $173.0 million for the same period in 2024[75]. - Audio segment revenue fell by $21.7 million (15.8%) primarily due to declines in local and national advertising, while digital segment revenue increased by $1.6 million (4.6%)[76]. Operating Expenses - Operating expenses decreased by $3,861,327 or 7.7% to $46,084,806, with audio operating expenses down by $3,653,524 or 9.2%[67][69]. - Operating expenses decreased by $12.5 million (8.4%) to $136.1 million for the nine months ended September 30, 2025, with audio expenses down by $10.1 million (8.6%) and digital expenses down by $2.4 million (7.7%) due to expense management[77]. - Corporate expenses decreased by $2,135,411 or 49.7% to $2,161,204, primarily due to reduced compensation and contract services[67][70]. - Corporate expenses decreased by $2.6 million (20.9%) to $9.9 million for the nine months ended September 30, 2025, mainly from reduced compensation and contract expenses[78]. Net Loss and Financial Position - The net loss for the three months ended September 30, 2025, was $3,556,703, nearly unchanged from a net loss of $3,560,575 in 2024[67][73]. - Net loss for the nine months ended September 30, 2025, was $6.4 million, an increase of $2.6 million (67.2%) compared to a net loss of $3.8 million in the same period in 2024[82]. - Net cash used in operating activities increased by $3.1 million to $5.3 million for the nine months ended September 30, 2025, primarily due to a $21.6 million decrease in cash receipts from revenue[96]. Interest Expense - Interest expense decreased by $2,813,789 or 46.2% to $3,279,031, attributed to the amortization of a deferred interest premium from a debt restructure[67][72]. - Interest expense decreased by $7.8 million (44.0%) to $10.0 million for the nine months ended September 30, 2025, due to the amortization of a deferred interest premium from debt restructuring[80]. Asset Sales and Future Plans - The company completed the sale of WPBB-FM for $8.0 million in cash, recording a gain of $0.4 million in Q3 2025[48]. - The company plans to sell assets of WRXK-FM and WXKB-FM for $9.0 million each, expected to close in Q1 2026, resulting in no operations in the Fort Myers-Naples market[49]. - The company expects to receive $18.0 million in the first quarter of 2026 from certain asset sales, which will support liquidity needs[83]. Dividend Policy - The Board of Directors has suspended future quarterly dividend payments until it is deemed in the best interest of stockholders[84].

Financial Data and Key Metrics Changes - Total company revenue for Q3 2025 was approximately $51 million, representing an 11% decline on a same-station basis and a 7.5% decline year-over-year, excluding $2.7 million of political revenue from Q3 2024 [4][12] - Digital revenue accounted for roughly 25% of total company revenue, up from 19% a year ago, with a same-station growth of approximately 28% year-over-year [6][16] - Digital operating margin expanded from roughly 7% in the prior year period to 21% in Q3 2025, reflecting improved monetization efficiency [16] Business Line Data and Key Metrics Changes - AudioPlus revenue exceeded $1.2 million in Q3, representing over 200% growth from Q2, driven by strong performance in Philadelphia, Detroit, and Boston [7] - Local direct revenue, which includes digital packages sold locally, grew 3.5% year-over-year, now representing nearly 60% of total local business [9] - National agency revenue declined approximately 16% year-over-year, while local agency revenue fell roughly 17%, showing improvement from previous quarters [12][14] Market Data and Key Metrics Changes - Healthcare now accounts for nearly 9% of total revenue, up from 6% a year ago, indicating growth in this category [15] - Entertainment revenue declined nearly 40% year-over-year, reflecting a softer event calendar and delayed commitments from national promoters [15] - Retail revenue decreased 22% year-over-year as advertisers shifted spending toward e-commerce and digital performance platforms [15] Company Strategy and Development Direction - The company aims to scale higher margin digital products, strengthen the quality of earnings, and pivot the sales organization toward direct data-driven relationships [4][24] - A self-serve advertising portal was piloted in Q3, aimed at enabling small and mid-sized businesses to independently plan and purchase digital campaigns [8][9] - The company is focused on efficiency and expense control, with a comprehensive cost reduction plan expected to yield an additional $1.5 million in run rate savings by year-end [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with revenue performance, viewing results as unacceptable, and emphasized the need for aggressive execution across the sales organization [5][24] - Despite industry headwinds, there is optimism regarding local direct and O&O product growth, with expectations for total company revenue in Q4 pacing down roughly 20% year-over-year [24] - The company anticipates full-year 2025 station operating and corporate expenses to be down between $25 million and $30 million, excluding severance and one-time expenses [24] Other Important Information - The company experienced a leadership change with the resignation of the Chief Financial Officer, and the CEO is now serving as the principal financial officer [3] - The company maintains a cash position of $14.3 million, with capital expenditures totaling approximately $2.2 million in Q3 [19][20] - The company acknowledged the passing of a significant figure in its history, Pierre Robert, highlighting the impact on its culture and community [21][22] Q&A Session Summary Question: Can you comment further on the agency channel issue? At what point did the anniversary? The challenge is there - Management noted that agency business continues to be a headwind but sees slight improvement in Q4 ex-political, with the anniversary of these challenges expected in Q1 next year [25][26] Question: Given the current revenue challenges, do you expect to do more cost savings in 2026? - Management anticipates savings from Q3 and Q4 cuts to be about $4 million for next year, with further savings being explored for 2026 [27][28] Question: Can you provide a sales price on Fort Myers? Who is the buyer of Fort Myers? Do you see the opportunity for more asset sales? - The Fort Myers sale consists of two transactions totaling $18 million, with the buyers being Fort Myers Broadcasting and Sun Broadcasting. The company remains open to discussing creative transactions to reduce debt and leverage [29]

Company Overview - Beasley Media Group's future will be driven by operational efficiency in its core business and expansion of its digital capabilities[12] - The company operates in 12 US markets[13] - Beasley campaigns deliver 30%+ higher intent to purchase when combining radio and digital[20] Revenue Performance - Audio revenue reached $38 million in Q3 2025[22] - Digital revenue reached $129 million in Q3 2025[23] - Digital revenue accounted for 25% of total net revenue in Q3 2025[24] - Same-station digital revenue grew by 285% year-over-year in Q3 2025[24] - Local advertisers make up 79% of the company's revenue[26] Financial Metrics - Total net revenue was $51 million in Q3 2025[48] - Capital expenditures (CAPEX) amounted to $22 million in Q3 2025[48] - Station Operating Income (SOI) was $49 million in Q3 2025[48] - Adjusted EBITDA was $39 million in Q3 2025[48] - Cash and cash equivalents totaled $143 million[48]

Financial Performance - Beasley Broadcast Group reported third quarter revenue of $51.0 million, a decrease of 12.4% compared to $58.2 million in the same quarter of 2024[6]. - Operating loss for the third quarter of 2025 was approximately $300 thousand, down from an operating income of $1.2 million in the prior year quarter[8]. - The company experienced a net loss of $3.6 million, or $1.97 per diluted share, consistent with the prior year[8]. - Net revenue for the three months ended September 30, 2024, was $58,190,116, an increase from $50,977,046 in the same period of 2025, representing a growth of approximately 14.5%[26]. - Operating income for the three months ended September 30, 2024, was $1,237,242, compared to a loss of $536,676 in the same period of 2025, indicating a significant turnaround[26]. - The company reported a net loss of $3,560,575 for the three months ended September 30, 2024, compared to a net loss of $3,556,703 in the same period of 2025, showing a slight increase in losses[26]. - Basic and diluted net loss per share for the three months ended September 30, 2024, was $(2.33), compared to $(1.97) in the same period of 2025, indicating a worsening loss per share[26]. Digital Revenue - Digital revenue increased by 14.6% year-over-year to $13.0 million, representing 25% of total net revenue[7]. - Same station digital net revenue for the three months ended September 30, 2024, was $9,046,867, representing a significant increase from $11,621,694 for the same period in 2025[36]. - The digital net revenue for the three months ended September 30, 2024, was $11,300,196, while for the same period in 2025, it was $12,946,726, reflecting growth[36]. - The total digital net revenue for the nine months ended September 30, 2024, was $35,257,992, compared to $36,886,662 in 2025, showing a slight decline[36]. Operating Expenses - Adjusted EBITDA for the third quarter was $3.9 million, compared to $6.5 million in the same quarter of 2024[9]. - The company has reduced total station operating and corporate expenses by $15 million year-to-date[10]. - Digital operating expenses for the three months ended September 30, 2024, were $10,429,347, compared to $10,221,544 for the same period in 2025, indicating a slight decrease[36]. - Digital operating expenses for the nine months ended September 30, 2024, totaled $31,116,328, compared to $28,722,708 in 2025, showing an increase[36]. - The same station digital operating expenses for the three months ended September 30, 2024, were $7,183,838, compared to $8,327,061 in 2025, indicating a decrease[36]. - The digital outlaws segment reported operating expenses of $289,124 for the three months ended September 30, 2024, compared to $6,712 in 2025, highlighting a significant change[36]. Asset Management - Long-term debt as of September 30, 2025, was $237,171,000, down from $247,118,000 as of December 31, 2024, showing a reduction in financial leverage[28]. - Cash and cash equivalents as of September 30, 2025, were $14,337,000, up from $13,773,000 as of December 31, 2024, indicating a positive cash flow trend[28]. - Total assets decreased from $549,207,000 as of December 31, 2024, to $534,571,000 as of September 30, 2025, reflecting a decline of approximately 2.5%[28]. - Net cash used in operating activities for the nine months ended September 30, 2024, was $(2,241,342), compared to $(5,312,411) in the same period of 2025, indicating improved operational efficiency[30]. Strategic Initiatives - Management remains focused on strengthening the balance sheet through planned asset sales and enhancing operational efficiency[10]. - Beasley closed the sale of WPBB-FM for $8.0 million and is awaiting FCC approval for the sale of Ft. Myers market assets[7]. - The company reported a gain on the sale of investment amounting to $6,026,776 for the nine months ended September 30, 2024, contributing positively to the financial results[31].

Core Points - Beasley Broadcast Group, Inc. will report its 2025 third quarter financial results on November 10, 2025, before the market opens [1] - A conference call and webcast will be held at 11:00 a.m. ET on the same day to discuss the results [1] - Interested parties can access the conference call via specific phone numbers or through a live webcast on the company's website [2] Company Overview - Beasley Broadcast Group, Inc. was founded in 1961 and owns 54 AM and FM stations across 10 large- and mid-size markets in the United States [4] - The company's radio stations reach nearly 19 million unique consumers weekly through various platforms, including over-the-air, online, and mobile devices [4]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Qualigen Therapeutics, Inc. (QLGN) increased by 69% to $6.00 - Inhibrx Biosciences, Inc. (INBX) rose by 62% to $46.04 - MidWestOne Financial Group, Inc. (MOFG) gained 33% to $37.87 - Neuphoria Therapeutics Inc. (NEUP) up by 31% to $5.32 - Nextracker Inc. (NXT) increased by 13% to $102.44 - Avalon Holdings Corporation (AWX) rose by 11% to $2.98 - Beyond Meat, Inc. (BYND) up by 9% to $3.12 - SLM Corporation (SLM) increased by 8% to $29.00 - Reborn Coffee, Inc. (REBN) rose by 7% to $2.40 - Oriental Culture Holding LTD (OCG) increased by 5% to $3.55 [3] Premarket Losers - Picard Medical, Inc. (PMI) decreased by 70% to $3.89 - Fusemachines Inc. Common stock (FUSE) down by 17% to $3.29 - American Rebel Holdings, Inc. (AREB) fell by 16% to $3.14 - Armata Pharmaceuticals, Inc. (ARMP) down by 13% to $6.16 - Coya Therapeutics, Inc. (COYA) decreased by 13% to $6.01 - Deckers Outdoor Corporation (DECK) down by 12% to $90.00 - Safe & Green Holdings Corp. (SGBX) fell by 12% to $2.58 - Beasley Broadcast Group, Inc. (BBGI) decreased by 8% to $5.55 - Booz Allen Hamilton Holding Corporation (BAH) down by 7% to $92.73 - Brera Holdings PLC (SLMT) decreased by 6% to $10.67 [4]

[PART I FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements.) Presents unaudited condensed consolidated financial statements, including balance sheets, net loss, cash flows, and detailed notes on accounting, dispositions, debt, and segments [Condensed Consolidated Balance Sheets (Unaudited)](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS%20(UNAUDITED)) | Metric | December 31, 2024 | June 30, 2025 | Change ($) | Change (%) | | :-------------------------------- | :------------------ | :-------------- | :--------- | :--------- | | Total assets | $549,206,825 | $548,037,975 | $(1,168,850) | -0.21% | | Total liabilities | $401,987,118 | $403,514,078 | $1,526,960 | 0.38% | | Total stockholders' equity | $147,219,707 | $144,523,897 | $(2,695,810) | -1.83% | | Cash and cash equivalents | $13,772,720 | $13,723,924 | $(48,796) | -0.35% | | Assets held for sale | — | $7,316,486 | $7,316,486 | N/A | - The company **reclassified $7,185,620 in FCC licenses to assets held for sale** as of June 30, 2025, related to the agreement to sell WPBB-FM in Tampa, FL[19](index=19&type=chunk)[20](index=20&type=chunk) [Condensed Consolidated Statements of Net Loss (Unaudited) - Three Months Ended June 30](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20NET%20LOSS%20(UNAUDITED)%20-%20Three%20Months) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Change ($) | Change (%) | | :----------------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Net revenue | $60,435,657 | $52,999,711 | $(7,435,946) | -12.3% | | Operating expenses | $49,347,793 | $44,750,198 | $(4,597,595) | -9.3% | | Operating income | $5,375,199 | $2,891,256 | $(2,483,943) | -46.2% | | Interest expense | $(6,092,829) | $(3,294,772) | $2,798,057 | -45.9% | | Net loss | $(276,021) | $(154,175) | $121,846 | -44.1% | | Basic and diluted net loss per share | $(0.18) | $(0.09) | $0.09 | -50.0% | - **Net loss decreased by 44.1%** for the three months ended June 30, 2025, primarily due to a significant **reduction in interest expense** and a **gain on repurchase of long-term debt**, despite a decrease in net revenue and operating income[13](index=13&type=chunk)[66](index=66&type=chunk)[71](index=71&type=chunk) [Condensed Consolidated Statements of Net Loss (Unaudited) - Six Months Ended June 30](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20NET%20LOSS%20(UNAUDITED)%20-%20Six%20Months) | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Change ($) | Change (%) | | :----------------------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Net revenue | $114,816,003 | $101,912,176 | $(12,903,827) | -11.2% | | Operating expenses | $98,588,791 | $89,991,459 | $(8,597,332) | -8.7% | | Operating income | $4,272,113 | $890,667 | $(3,381,446) | -79.1% | | Interest expense | $(11,680,137) | $(6,675,414) | $5,004,723 | -42.8% | | Gain on sale of investment | $6,026,776 | — | $(6,026,776) | -100.0% | | Net loss | $(268,051) | $(2,843,996) | $(2,575,945) | 961.0% | | Basic and diluted net loss per share | $(0.18) | $(1.59) | $(1.41) | 783.3% | - **Net loss significantly increased by 961.0%** for the six months ended June 30, 2025, primarily due to the **absence of a $6.0 million gain on sale of investment** recognized in the prior year, despite reductions in net revenue and operating expenses[14](index=14&type=chunk)[73](index=73&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20(UNAUDITED)) | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Change ($) | | :------------------------------------ | :----------------------------- | :----------------------------- | :--------- | | Net cash provided by (used in) operating activities | $2,555,826 | $(419,923) | $(2,975,749) | | Net cash provided by investing activities | $4,041,925 | $1,373,169 | $(2,668,756) | | Net cash used in financing activities | $(37,485) | $(1,002,042) | $(964,557) | | Net increase (decrease) in cash and cash equivalents | $6,560,266 | $(48,796) | $(6,609,062) | - The company **shifted from net cash provided by operating activities ($2.6 million) in 2024 to net cash used in operating activities ($0.4 million) in 2025**, primarily due to decreased cash receipts from revenue, partially offset by lower operating expenses and interest payments[15](index=15&type=chunk)[93](index=93&type=chunk) - **Net cash provided by investing activities decreased significantly**, mainly due to the **absence of $6.0 million from the sale of an investment** in 2024, partially offset by **proceeds from property and equipment dispositions** in 2025[15](index=15&type=chunk)[94](index=94&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements.) [(1) Interim Financial Statements](index=7&type=section&id=%281%29%20Interim%20Financial%20Statements) - The unaudited condensed consolidated financial statements are **prepared in accordance with U.S. GAAP for interim financial information and Form 10-Q instructions**, reflecting all necessary normal and recurring adjustments. Results are **subject to seasonal fluctuations and may not indicate full-year performance**[16](index=16&type=chunk) [(2) Recent Accounting Pronouncements](index=7&type=section&id=%282%29%20Recent%20Accounting%20Pronouncements) - **New FASB guidance in November 2024 requires disclosure of specific cost and expense information** (inventory purchases, employee compensation, depreciation, amortization) effective for annual periods after December 15, 2026, and interim periods after December 15, 2027[17](index=17&type=chunk) - **FASB guidance from December 2023 mandates additional disclosures for income tax rate reconciliation and income taxes paid**, effective for fiscal years beginning after December 15, 2024[18](index=18&type=chunk) [(3) Disposition](index=7&type=section&id=%283%29%20Disposition) - On June 27, 2025, the Company **agreed to sell WPBB-FM assets in Tampa, FL for $8.0 million cash, pending FCC approval, expected to close in Q3 or Q4 2025**[19](index=19&type=chunk)[48](index=48&type=chunk) | Assets Held for Sale (June 30, 2025) | Amount | | :--------------------------- | :------- | | Property and equipment, net | $130,866 | | FCC license | $7,185,620 | | **Total** | **$7,316,486** | [(4) FCC Licenses](index=7&type=section&id=%284%29%20FCC%20Licenses) | FCC Licenses | Amount | | :-------------------------------- | :------------- | | Balance as of December 31, 2024 | $392,259,831 | | Assets held for sale reclassification | $(7,185,620) | | Balance as of June 30, 2025 | $385,074,211 | [(5) Proceeds from BMI Sale](index=8&type=section&id=%285%29%20Proceeds%20from%20BMI%20Sale) - On March 8, 2024, the Company **received $6.0 million from the sale of its investment in Broadcast Music, Inc. (BMI), recording a $6.0 million gain** and no longer holding an investment in BMI[21](index=21&type=chunk)[78](index=78&type=chunk) [(6) Long-Term Debt](index=8&type=section&id=%286%29%20Long-Term%20Debt) | Long-Term Debt Component | December 31, 2024 | June 30, 2025 | | :----------------------------------- | :------------------ | :-------------- | | Current portion of 8.625% secured notes | — | $2,795,000 | | 8.625% secured notes due Feb 1, 2026 | $4,295,000 | — | | 11.000% senior secured first lien notes due Aug 1, 2028 | $30,899,000 | $30,899,000 | | 9.200% senior secured second lien notes due Aug 1, 2028 | $184,922,000 | $184,922,000 | | Unamortized premium | $27,001,717 | $23,234,035 | | **Total Long-Term Debt** | **$247,117,717** | **$239,055,035** | - In October 2024, the Company **completed a debt restructuring, exchanging $194.7 million of Prior Notes for new 9.200% Senior Secured Second Lien Notes and 11.000% Senior Secured First Lien Notes, and purchasing $68.0 million of Prior Notes**[23](index=23&type=chunk)[83](index=83&type=chunk) - In Q2 2025, the Company **repurchased $1.5 million principal amount of Prior Notes for 65% of face value, resulting in a $0.5 million gain**[27](index=27&type=chunk)[70](index=70&type=chunk)[78](index=78&type=chunk)[87](index=87&type=chunk) [(7) Stockholders' Equity](index=10&type=section&id=%287%29%20Stockholders%27%20Equity) | Stockholders' Equity Changes | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :--------------------------- | :----------------------------- | :----------------------------- | | Beginning balance | $148,978,635 | $147,219,707 | | Stock-based compensation | $415,052 | $175,228 | | Purchase of treasury stock | $(37,485) | $(27,042) | | Net loss | $(268,051) | $(2,843,996) | | Ending balance | $149,088,151 | $144,523,897 | [(8) Net Revenue](index=10&type=section&id=%288%29%20Net%20Revenue) | Revenue Segment | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :-------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Audio | $47,430,080 | $39,818,870 | $90,858,207 | $77,972,240 | | Digital | $13,005,577 | $13,180,841 | $23,957,796 | $23,939,936 | | **Total Net Revenue** | **$60,435,657** | **$52,999,711** | **$114,816,003** | **$101,912,176** | - **Audio revenue decreased by 16.0% for the three months and 14.2% for the six months ended June 30, 2025, primarily due to a decrease in agency revenue**. **Digital revenue remained comparable across both periods**[29](index=29&type=chunk)[67](index=67&type=chunk)[74](index=74&type=chunk) - **Revenue is recognized when performance obligations are satisfied**, typically when commercial spots air or digital items are used for advertising content. **Deferred revenue as of June 30, 2025, was $3,989,621**[29](index=29&type=chunk)[32](index=32&type=chunk) [(9) Stock-Based Compensation](index=12&type=section&id=%289%29%20Stock-Based%20Compensation) - **Stockholders approved the 2025 Equity Incentive Award Plan on June 25, 2025, allowing for the issuance of up to 300,000 Class A common shares in equity-based awards, replacing the 2007 Plan**[33](index=33&type=chunk)[47](index=47&type=chunk) | Restricted Stock Unit Activity (2007 Plan) | Units | Weighted Average Grant-Date Fair Value | | :----------------------------------- | :---- | :----------------------------------- | | Unvested as of April 1, 2025 | 78,126 | $13.55 | | Vested | (14,650) | $20.61 | | Forfeited | (3,050) | $10.50 | | Unvested as of June 30, 2025 | 60,426 | $11.99 | - **As of June 30, 2025, there was $0.7 million in unrecognized compensation cost for restricted stock units under the 2007 Plan, expected to be recognized over a weighted-average period of 2.2 years**[35](index=35&type=chunk) [(10) Income Taxes](index=12&type=section&id=%2810%29%20Income%20Taxes) | Period | Effective Tax Rate 2024 | Effective Tax Rate 2025 | | :-------------------------- | :---------------------- | :---------------------- | | Three months ended June 30 | 21% | 144% | | Six months ended June 30 | 64% | 31% | - The **effective tax rates differ from the federal statutory rate of 21% due to state income taxes and certain non-deductible expenses**[36](index=36&type=chunk)[71](index=71&type=chunk)[79](index=79&type=chunk) [(11) Net Loss Per Share](index=13&type=section&id=%2811%29%20Net%20Loss%20Per%20Share) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(276,021) | $(154,175) | $(268,051) | $(2,843,996) | | Weighted-average shares outstanding (Basic & Diluted) | 1,517,710 | 1,794,754 | 1,517,001 | 1,793,399 | | Net loss per Class A and Class B common share – basic and diluted | $(0.18) | $(0.09) | $(0.18) | $(1.59) | - Weighted-average shares outstanding for June 30, 2024, were **retroactively adjusted for a 1-for-20 Reverse Stock Split** on September 23, 2024[37](index=37&type=chunk) - Restrictive stock units were **excluded from diluted EPS calculations as their inclusion would be anti-dilutive** due to the net loss[38](index=38&type=chunk) [(12) Financial Instruments](index=13&type=section&id=%2812%29%20Financial%20Instruments) - The **carrying amount of financial instruments like cash, accounts receivable, and accounts payable approximates fair value** due to their short-term nature[39](index=39&type=chunk) | Financial Instrument | December 31, 2024 (Fair Value) | June 30, 2025 (Fair Value) | | :------------------- | :----------------------------- | :--------------------------- | | Company's Notes | $136.5 million | $104.0 million | - The **estimated fair value of the Company's Notes decreased from $136.5 million at December 31, 2024, to $104.0 million at June 30, 2025, using Level 2 measurements**[40](index=40&type=chunk) [(13) Segment Information](index=13&type=section&id=%2813%29%20Segment%20Information) - The **Company operates two reportable segments: Audio (radio stations in various US markets) and Digital (digital advertising sales)**. **Corporate expenses are not allocated to segments**[41](index=41&type=chunk) | Segment Net Revenue (Three Months Ended June 30) | 2024 | 2025 | Change ($) | Change (%) | | :--------------------------------------- | :--- | :--- | :--------- | :--------- | | Audio | $47,430,080 | $39,818,870 | $(7,611,210) | -16.0% | | Digital | $13,005,577 | $13,180,841 | $175,264 | 1.3% | | **Total** | **$60,435,657** | **$52,999,711** | **$(7,435,946)** | **-12.3%** | | Segment Operating Income (Loss) (Three Months Ended June 30) | 2024 | 2025 | Change ($) | Change (%) | | :----------------------------------------------- | :--- | :--- | :--------- | :--------- | | Audio | $6,366,509 | $3,287,219 | $(3,079,290) | -48.4% | | Digital | $3,074,242 | $3,494,474 | $420,232 | 13.7% | | Corporate | $(4,065,552) | $(3,890,437) | $175,115 | -4.3% | | **Total Operating Income** | **$5,375,199** | **$2,891,256** | **$(2,483,943)** | **-46.2%** | [(14) Subsequent Events](index=17&type=section&id=%2814%29%20Subsequent%20Events) - On August 11, 2025, the Company **agreed to sell WRXK-FM and WXKB-FM in Fort Myers, FL for $9.0 million cash, and WBCN-AM, WJPT-FM, and WWCN-FM in Fort Myers, FL for another $9.0 million cash**[44](index=44&type=chunk)[49](index=49&type=chunk) - These sales, **subject to FCC approval, are expected to close in Q4 2025, after which the Company will cease operations in the Fort Myers-Naples, FL market**[44](index=44&type=chunk)[49](index=49&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses financial condition, operations, recent developments, forward-looking statements, Q2 and H1 2025 performance, liquidity, and debt [General](index=18&type=section&id=General) - **Beasley Broadcast Group, Inc. is a multi-platform media company primarily operating radio stations across various US markets, offering integrated marketing solutions via audio, digital, and event platforms**[46](index=46&type=chunk) [Recent Developments](index=18&type=section&id=Recent%20Developments) - **Stockholders approved the 2025 Equity Incentive Award Plan on June 25, 2025, authorizing up to 300,000 Class A common shares for equity awards, replacing the 2007 Plan**[47](index=47&type=chunk) - The Company **entered agreements to sell WPBB-FM in Tampa, FL for $8.0 million (June 27, 2025) and multiple stations in Fort Myers, FL (WRXK-FM, WXKB-FM, WBCN-AM, WJPT-FM, WWCN-FM) for $18.0 million ($9.0 million each) on August 11, 2025**. These sales are **subject to FCC approval and expected to close in Q3/Q4 2025**[48](index=48&type=chunk)[49](index=49&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=18&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) - The report contains **forward-looking statements subject to known and unknown risks and uncertainties, and actual results may differ materially from expectations**[50](index=50&type=chunk)[51](index=51&type=chunk) - **Key risk factors include compliance with Nasdaq listing standards, external economic conditions, competition, technological changes, FCC regulations, debt levels, and dependence on key market clusters**[52](index=52&type=chunk)[55](index=55&type=chunk) [Financial Statement Presentation](index=20&type=section&id=Financial%20Statement%20Presentation) - **Net revenue is primarily from commercial advertising sales (local and national) and digital advertising, influenced by advertising rates, audience share, market competition, and seasonal fluctuations**[54](index=54&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[59](index=59&type=chunk) - **Operating expenses consist of programming, engineering, sales, advertising, promotion, and general/administrative costs, managed through centralization and consolidation**[60](index=60&type=chunk) - **Critical accounting estimates, as described in the 2024 Form 10-K, involve significant estimation uncertainty and potential material impact on financial results, with no additional material changes in the current period**[61](index=61&type=chunk)[64](index=64&type=chunk) [Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024](index=23&type=section&id=Three%20Months%20Ended%20June%2030,%202025%20Compared%20to%20the%20Three%20Months%20Ended%20June%2030,%202024) | Metric | 2024 | 2025 | Change ($) | Change (%) | | :-------------------------- | :----------- | :----------- | :--------- | :--------- | | Net revenue | $60,435,657 | $52,999,711 | $(7,435,946) | -12.3% | | Operating expenses | $49,347,793 | $44,750,198 | $(4,597,595) | -9.3% | | Corporate expenses | $3,879,771 | $3,769,243 | $(110,528) | -2.8% | | Interest expense | $6,092,829 | $3,294,772 | $(2,798,057) | -45.9% | | Gain on repurchase of long-term debt | — | $525,000 | $525,000 | N/A | | Income tax expense (benefit) | $(75,986) | $283,990 | $359,976 | -473.7% | | Net loss | $276,021 | $154,175 | $(121,846) | -44.1% | - **Net revenue decreased by $7.4 million (12.3%), primarily due to a $7.6 million decrease in Audio revenue, while Digital revenue remained comparable**[67](index=67&type=chunk) - **Operating expenses decreased by $4.6 million (9.3%), driven by $4.4 million in Audio operating expense reductions due to continued expense management**[68](index=68&type=chunk) - **Interest expense decreased by $2.8 million (45.9%) due to amortization of a deferred interest premium from the October 2024 debt restructure**[69](index=69&type=chunk) [Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024](index=25&type=section&id=Six%20Months%20Ended%20June%2030,%202025%20Compared%20to%20the%20Six%20Months%20Ended%20June%2030,%202024) | Metric | 2024 | 2025 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :---------- | :--------- | | Net revenue | $114,816,003 | $101,912,176 | $(12,903,827) | -11.2% | | Operating expenses | $98,588,791 | $89,991,459 | $(8,597,332) | -8.7% | | Corporate expenses | $8,287,603 | $7,788,705 | $(498,898) | -6.0% | | Interest expense | $11,680,137 | $6,675,414 | $(5,004,723) | -42.8% | | Gain on repurchase of long-term debt | — | $525,000 | $525,000 | N/A | | Gain on sale of investment | $6,026,776 | — | $(6,026,776) | -100.0% | | Income tax benefit | $486,216 | $1,283,737 | $797,521 | 164.0% | | Net loss | $268,051 | $2,843,996 | $2,575,945 | 961.0% | - **Net revenue decreased by $12.9 million (11.2%), primarily due to a $12.9 million decrease in Audio revenue, with Digital revenue remaining comparable**[74](index=74&type=chunk) - **Operating expenses decreased by $8.6 million (8.7%), driven by expense management in both Audio ($6.4 million decrease) and Digital ($2.2 million decrease, partly due to the closure of Guarantee Digital in 2024)**[75](index=75&type=chunk) - **Net loss increased significantly by $2.6 million (961.0%), largely due to the absence of the $6.0 million gain on sale of investment recognized in 2024**[73](index=73&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) [Overview](index=26&type=section&id=Overview) - **Primary liquidity sources are internally generated cash flow and cash on hand**. The Company **expects to receive $26.0 million from asset sales in H2 2025**[80](index=80&type=chunk) - **Liquidity needs include working capital, debt service, general corporate purposes, and capital expenditures**. The **Board has suspended future quarterly dividend payments**[80](index=80&type=chunk)[81](index=81&type=chunk) [Secured Notes](index=26&type=section&id=Secured%20Notes) - The **Company's debt includes 8.625% senior secured notes due February 1, 2026, 11.000% Senior Secured First Lien notes due August 1, 2028, and 9.200% Senior Secured Second Lien notes due August 1, 2028**[22](index=22&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) - A **debt restructuring in October 2024 involved exchanging $194.7 million of Prior Notes for new notes and Class A Common Stock, and purchasing $68.0 million of Prior Notes**[23](index=23&type=chunk)[83](index=83&type=chunk) - **New indentures for the First and Second Lien Notes contain restrictive covenants limiting the Company's ability to incur additional debt, pay dividends, make investments, sell assets, and other financial activities**[24](index=24&type=chunk)[25](index=25&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) [Off-Balance Sheet Arrangements](index=28&type=section&id=Off-Balance%20Sheet%20Arrangements) - The **Company did not have any off-balance sheet arrangements as of June 30, 2025**[90](index=90&type=chunk) [Cash Flows](index=28&type=section&id=Cash%20Flows) | Cash Flow Activity (Six Months Ended June 30) | 2024 | 2025 | Change ($) | | :------------------------------------ | :----------- | :----------- | :--------- | | Net cash provided by (used in) operating activities | $2,555,826 | $(419,923) | $(2,975,749) | | Net cash provided by investing activities | $4,041,925 | $1,373,169 | $(2,668,756) | | Net cash used in financing activities | $(37,485) | $(1,002,042) | $(964,557) | | Net increase (decrease) in cash and cash equivalents | $6,560,266 | $(48,796) | $(6,609,062) | - **Operating cash flow shifted from a $2.6 million inflow in 2024 to a $0.4 million outflow in 2025, primarily due to decreased revenue receipts partially offset by lower operating expenses and interest payments**[93](index=93&type=chunk) - **Investing cash flow decreased due to the absence of $6.0 million from an investment sale in 2024, partially offset by $2.7 million from property dispositions in 2025**[94](index=94&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) This item is not required for smaller reporting companies - The **Company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk**[96](index=96&type=chunk) [Item 4. Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The **Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025**[97](index=97&type=chunk) - **There were no material changes in the Company's internal control over financial reporting during the quarter ended June 30, 2025**[98](index=98&type=chunk) [PART II OTHER INFORMATION](index=30&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings.) The Company faces routine litigation, including indecency claims, but management believes no current proceedings will materially affect financial condition or operations - The **Company is involved in ordinary routine litigation and threats of litigation, including indecency claims at the FCC**[100](index=100&type=chunk) - **Management does not believe any current legal proceedings are likely to have a material adverse effect on the Company's financial condition or results of operations**[100](index=100&type=chunk) [Item 1A. Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors.) There have been no material changes to the risk factors previously disclosed in the Company's annual report on Form 10-K for the year ended December 31, 2024 - **No material changes to the Company's risk factors have occurred since the annual report on Form 10-K for the year ended December 31, 2024**[101](index=101&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) The Company repurchases Class A common stock to fund withholding taxes for restricted stock unit vesting, with 3,852 shares repurchased in Q2 2025 - The **2025 Plan and 2007 Plan permit the Company to purchase shares to fund withholding taxes for restricted stock unit vesting**[102](index=102&type=chunk) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :----------------- | :----------------------------- | :--------------------------- | | April 1 – 30, 2025 | 650 | $5.96 | | May 1 – 31, 2025 | 492 | $6.00 | | June 1 – 30, 2025 | 2,710 | $4.10 | | **Total** | **3,852** | | [Item 3. Defaults Upon Senior Securities](index=30&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The Company reported no defaults upon senior securities during the period - **There were no defaults upon senior securities**[104](index=104&type=chunk) [Item 4. Mine Safety Disclosures](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the Company - **Mine Safety Disclosures are not applicable to the Company**[105](index=105&type=chunk) [Item 5. Other Information](index=30&type=section&id=Item%205.%20Other%20Information.) No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025 - **No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025**[106](index=106&type=chunk) [Item 6. Exhibits](index=31&type=section&id=Item%206.%20Exhibits.) This section lists all exhibits filed with the Form 10-Q, including the 2025 Equity Incentive Award Plan, certifications from the CEO and CFO, and XBRL-related documents - **Exhibits include the Beasley Broadcast Group, Inc. 2025 Equity Incentive Award Plan, forms of Director Restricted Stock Unit Agreement, and certifications from the CEO and CFO**[107](index=107&type=chunk) - **XBRL Instance Document, Taxonomy Extension Schema, and Cover Page Interactive Data File are also included as exhibits**[107](index=107&type=chunk) [SIGNATURES](index=32&type=section&id=SIGNATURES) The report is duly signed on behalf of Beasley Broadcast Group, Inc. by Caroline Beasley, Chief Executive Officer, and Lauren Burrows Coleman, Chief Financial Officer, on August 13, 2025 - The **report was signed by Caroline Beasley, Chief Executive Officer, and Lauren Burrows Coleman, Chief Financial Officer, on August 13, 2025**[111](index=111&type=chunk)