Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 Commission File No. 0-25969 URBAN ONE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Delaware 52-1166660 1010 Wayne Avenue, 14th Floor Silver Spring, Maryland 20910 (Address ...

Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 Commission File No. 0-25969 URBAN ONE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Delaware 52-1166660 1010 Wayne Avenue, 14th Floor Silver Spring, Maryland 20910 (Address of pr ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 Commission File No. 0-25969 URBAN ONE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Delaware 52-1166660 1010 Wayne Avenue, 14th Floor Silver Spring, Maryland 20910 (Address of principal executive ...

Financial Data and Key Metrics Changes - Net revenue for Q1 2021 was approximately $91.4 million, down 3.6% year-over-year [10] - Adjusted EBITDA for Q1 decreased by 10.6% year-over-year to $28.8 million [21] - Net income was $7,000, compared to a net loss of approximately $23.2 million or $0.51 per share for Q1 2020 [23] - Total gross debt as of March 31, 2021, was $825 million, with a net leverage ratio of 5.71 times [25] Business Line Data and Key Metrics Changes - Core radio revenue, excluding political, was down 13.7% year-over-year, with January down 28.4%, February down 19.9%, and March up 8.8% [10] - Reach Media's net revenue increased by 16.8% in Q1, driven by increased advertiser demand [13] - Digital segment net revenues increased by 64.7% in Q1, contributing to adjusted EBITDA growth of approximately $3.2 million year-over-year [14] - Cable television segment revenue decreased by 2.6% to approximately $46.2 million [15] Market Data and Key Metrics Changes - Cable TV advertising revenue was down 1.6%, and affiliate revenue decreased by 2.8% [15] - Cable subscribers for TV One decreased from 51.4 million at the end of Q4 2020 to 49.4 million at the end of Q1 2021 [15] Company Strategy and Development Direction - The company is optimistic about the full year, anticipating a significant rebound in radio business for Q2 [8] - Urban One is pursuing a $600 million casino resort project in Richmond, Virginia, which could create a significant new revenue stream [32][37] - The management sees a positive advertising climate for African-American owned media companies, with increased commitments from major corporations [27][30] Management's Comments on Operating Environment and Future Outlook - Management noted that the timing of advertising dollars is harder to predict, but there is a robust economy with rising demand [40] - The company is focused on deleveraging and is cautious about financing strategies, emphasizing the importance of maintaining a sustainable leverage ratio [54][104] - Management expressed confidence in achieving EBITDA targets for the full year, contingent on winning the Richmond license [60][121] Other Important Information - The company saved approximately $1 million in employee compensation and $650,000 in travel and office expenses year-over-year [17] - Capital expenditures were approximately $804,000 compared to $1.4 million last year [24] Q&A Session Summary Question: Can you provide an update on Q2 pacing? - Management indicated that Q2 pacing is currently up by more than 70%, with April finishing up about 89% [40][43] Question: What is the status of the Richmond casino project? - The company is in discussions with the city and expects to know the outcome by the end of May or early June [36][72] Question: How do you view the current M&A landscape? - Management believes the company is well-positioned to be a consolidator in the radio space, focusing on creating value through potential asset swaps or acquisitions [108][110] Question: What are the plans for free cash flow? - Management plans to allocate free cash flow towards the Richmond investment or to pay down debt, depending on the outcome of the project [123][126]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from to Commission File No. 0-25969 URBAN ONE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incor ...

Financial Data and Key Metrics Changes - In Q3 2020, net revenue decreased by 17.2% year-over-year to approximately $91.9 million, but increased by 20.9% from Q2 2020 [12] - EBITDA guidance for 2020 is projected to be between $125 million and $130 million, compared to $133 million in the previous year [10][11] - The net loss for Q3 2020 was approximately $12.8 million or $0.29 per share, compared to a net income of approximately $5.4 million or $0.12 per share in Q3 2019 [30] Business Line Data and Key Metrics Changes - Radio segment net revenue was down 31.9% year-over-year in Q3 but up 54.3% from Q2, including approximately $2.4 million from political advertising [12][13] - Reach Media's net revenue decreased by 29%, but adjusted EBITDA increased by approximately $1.3 million or 68% year-over-year [16] - Digital segment net revenues increased by 3.4%, driven by strength in direct advertising sales, with adjusted EBITDA growth of approximately $864,000 or 121% year-over-year [17] Market Data and Key Metrics Changes - National advertising sales for Q3 were down 21.5% year-over-year, while local ad sales were down 36% [13] - Political advertising revenue for the fourth quarter is expected to exceed $20 million, significantly higher than previous records [15] - Cable television segment revenue decreased by 2.7%, with advertising revenue down by 1.8% [17] Company Strategy and Development Direction - The company is focusing on consolidating its radio assets to create economies of scale and enhance advertiser clout [37] - A recent radio asset swap with Entercom aims to expand market presence and improve revenue potential in Charlotte [39] - The company is committed to deleveraging and maintaining liquidity throughout the pandemic, with a focus on cost control and operational efficiency [35][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the pandemic, citing strong performance in political advertising and improvements in core business segments [34][35] - The radio business is expected to improve in 2021, although it may not return to pre-COVID levels [47] - The company anticipates that the casino business will continue to perform well, particularly in regional markets [101] Other Important Information - The company executed a stock-based tax repurchase of 3,195 shares of Class D common stock for $6,000 [31] - A non-cash impairment expense of $29 million was recorded due to COVID-19 impacts on radio market revenue [27] - Interest expense decreased by 9.9% to approximately $18.2 million for Q3 2020 [28] Q&A Session Summary Question: Can you provide the multiple on the radio station sale in St. Louis? - The multiple was 16.8 times [52] Question: What are the fees on the MGM National Harbor put interest? - The fees are 6.67% [53] Question: How is the company planning to address near-term maturities in its capital structure? - The company plans to re-rack the entire capital structure in 2021, ideally after the COVID quarters [55][60] Question: What is the normalized EBITDA expected for 2021? - Management indicated that 2021 is not expected to return to pre-COVID levels, and they will approach budgeting cautiously [69][72] Question: Is there an opportunity for consolidation in cable TV? - While the company is focused on radio consolidation, they are also leveraging the strength of their cable assets [73][75]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 Commission File No. 0-25969 URBAN ONE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Delaware 52-1166660 1010 Wayne Avenue, 14th Floor Silver Spring, Maryland 20910 (Address of principal execu ...

Financial Data and Key Metrics Changes - Net revenue decreased by 37.5% in Q2 2020, totaling approximately $76 million [6] - Consolidated adjusted EBITDA fell by 38.1% year-over-year to $24.5 million [15] - Net income was approximately $1.4 million or $0.03 per share, down from $6.6 million or $0.15 per share in Q2 2019 [18] - Operating expenses decreased by 37.6% to approximately $53 million [11] Business Line Data and Key Metrics Changes - Radio segment net revenue declined by 58.4%, with national ad sales down 49.1% and local advertising sales down 61.2% [7] - Reach Media's net revenue fell by 66.6%, largely due to the postponement of the Tom Joyner Fantastic Voyage cruise [8] - Digital segment net revenues decreased by 20.4% [9] - Cable television segment revenue was approximately $43.8 million, down 5.7% [9] Market Data and Key Metrics Changes - The worst affected advertising categories included entertainment (down 90%), food and beverage (down 83%), and travel and transportation (down 72%) [7] - Cable subscribers decreased from 51.8 million at the end of Q1 to 51.4 million at the end of Q2 [10] Company Strategy and Development Direction - The company is focusing on local radio recovery as a key driver for future performance [21] - TV One is expected to achieve approximately $90 million in EBITDA for 2020, up from $82-83 million in 2019 [23] - The company is engaging in deep conversations with political campaigns to leverage advertising opportunities [22] Management's Comments on Operating Environment and Future Outlook - Management noted that Q2 was the bottom of the downturn, with sequential improvement expected in Q3 [5] - There is cautious optimism regarding recovery, with July showing improvement in ad revenue pacing [21] - The company is experiencing increased advertiser interest, particularly from major brands focusing on African-American owned media [26] Other Important Information - The MGM National Harbor casino reopened at 50% capacity, contributing to revenue recovery [24] - The company saved approximately $7.1 million in employee compensation through layoffs and furloughs [12] Q&A Session Summary Question: How does the overall radio ad environment compare to the marketplace? - Management believes they are outperforming the market based on channel checks and pacing data [32][34] Question: Will the increased focus on African-American owned businesses benefit across the platform? - Advertisers are engaging in cross-platform conversations, benefiting both radio and TV [36] Question: What is needed for advertising to recover alongside traffic volume improvements? - A stabilization of the operating environment and a reduction in COVID-19 cases are necessary for recovery [38][40] Question: What is the current liquidity position? - The company reported around $76 million in cash, indicating a strong liquidity position [45] Question: Are there any thoughts on capital structure during the COVID-19 crisis? - The company is actively managing capital structure and engaging with debt holders to ensure compliance and explore options [46] Question: Can events pivot to virtual formats? - While possible, virtual events cannot match the profitability of in-person events due to reliance on ticket sales [50] Question: What are the expectations for revenue sharing from MGM National Harbor? - Revenue will not reach previous levels, but performance is expected to be better than initially anticipated at 50% capacity [51]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 Commission File No. 0-25969 URBAN ONE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Delaware 52-1166660 1010 Wayne Avenue, 14th Floor Silver Spring, Maryland 20910 (Address of principal executive ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 Commission File No. 0-25969 URBAN ONE, INC. (Exact name of registrant as specified in its charter) 1010 Wayne Avenue, 14th Floor Silver Spring, Maryland 20910 (Address of principal executive of ices) (301) 429-3200 Registrant's telephone number, including area code Securities registered pursuant to Section 12 ...