Beasley Broadcast(BBGI) - 2025 Q1 - Quarterly Results

Financial Performance - Beasley Broadcast Group reported first quarter revenue of $48.9 million, a decrease of 10.1% from $54.4 million in the same period last year[4]. - The company experienced an operating loss of $2.0 million in Q1 2025, compared to an operating loss of $1.1 million in Q1 2024, primarily due to a $5.5 million reduction in net revenue[7]. - Net loss for the first quarter was approximately $2.7 million, or $1.50 per diluted share, compared to a net income of $8 thousand, or $0.01 per diluted share, in Q1 2024[9]. - Total net revenue for Q1 2025 was $48,912,465, down 10.8% from $54,380,346 in Q1 2024[34]. - Same station net revenue decreased to $48,912,465 from $53,481,347, reflecting a decline of 8.7% year-over-year[34]. - Audio net revenue decreased to $38,153,370 from $43,428,127, a decline of 12.1% year-over-year[35]. - Digital net revenue for Q1 2025 was $10,759,095, slightly down from $10,952,219 in Q1 2024[36]. Adjusted EBITDA and Operating Expenses - Adjusted EBITDA increased to $1.1 million in Q1 2025 from $0.9 million in Q1 2024, reflecting benefits from strategic streamlining initiatives despite revenue shortfalls[10]. - Adjusted EBITDA for Q1 2025 was $1,134,792, an increase of 28.2% compared to $884,877 in Q1 2024[32]. - Operating expenses for Q1 2025 were $45,241,261, down 8.1% from $49,240,998 in Q1 2024[34]. - Same station audio operating expenses were $36,394,976, down from $38,319,415, indicating a reduction of 5.0%[35]. - Same station digital operating expenses decreased to $8,846,285 from $9,495,226, a reduction of 6.9%[36]. Revenue Composition - Digital revenue accounted for 22% of net revenue, with a year-over-year increase of 6% to $10.8 million on a same-station basis[6]. - Revenue from new business represented 18% of net revenue, indicating growth in advertiser engagement[7]. - Local revenue, including digital packages sold locally, constituted 71% of total net revenue[7]. Cash and Assets - The company reported a decline in cash and cash equivalents to $12.2 million as of March 31, 2025, down from $13.8 million at the end of 2024[28]. - Total assets decreased to $539.3 million from $549.2 million at the end of 2024[28]. Strategic Initiatives - Beasley aims to unlock margin expansion and accelerate digital evolution while navigating short-term market challenges[11]. - The company incurred severance expenses of $889,470 and non-recurring expenses of $494,961 in Q1 2025[32].