Revenue Performance - Net revenues increased to $28.0 million, a rise of $21.3 million or 318% compared to $6.7 million in the same period last year[136]. - Net revenues for the Audio Segment rose to $13.7 million in Q1 2025, up from $6.7 million in Q1 2024, reflecting a $7.0 million increase[149]. - The Video Segment reported net revenues of $14.3 million in Q1 2025, with operating expenses of $18.1 million, resulting in a segment operating loss of $3.8 million[150]. - Spot Radio & TV Advertising accounted for 57% of total net revenues, while Digital revenues surged to 34% of total net revenues[128]. Operating Performance - Operating loss for the three months ended March 31, 2025, was $4.7 million, an increase of $1.2 million or 35% from a loss of $3.5 million in the prior year[136]. - Adjusted EBITDA for the three months ended March 31, 2025, was $1.4 million, reflecting a 55% increase from $0.9 million in the same period last year[136]. - Adjusted EBITDA for Q1 2025 was $1.4 million, compared to $0.9 million in Q1 2024, indicating improved operational performance[152]. Expenses - Operating expenses increased to $29.2 million, up $22.6 million or 340% from $6.7 million in the prior year[138]. - Corporate expenses decreased to $1.6 million, down $1.8 million or 53% from $3.4 million in the previous year[138]. - Operating expenses related to Corporate and other decreased to $1.6 million in Q1 2025 from $3.4 million in Q1 2024, due to lower professional service fees[151]. Cash Flow and Liquidity - Cash flows from operating activities rose by $1.6 million, or 399%, to $2.1 million compared to $0.4 million in the prior year[136]. - Cash flows provided by operating activities increased to $2.1 million in Q1 2025, compared to $0.4 million in Q1 2024, primarily due to increased deferred revenue[156]. - The company had cash, cash equivalents, and restricted cash of $8.8 million as of March 31, 2025, up from $6.9 million at the end of 2024[154]. - The company anticipates meeting its liquidity needs for the next twelve months through cash on hand and projected cash flows from operations[153]. Losses - Net loss increased to $8.6 million, up $4.9 million or 134% from a net loss of $3.7 million during the same period last year[136]. - Consolidated net loss increased to $8.6 million for the three months ended March 31, 2025, compared to a net loss of $3.7 million in the same period of 2024[148]. Interest Expense - Interest expense increased to $3.8 million, up $3.6 million from $0.1 million in the prior year, reflecting the impact of rising interest rates[138]. - Interest expense increased to $3.8 million in Q1 2025, attributed to additional long-term debt from the Estrella Acquisition[145]. Acquisition Impact - The Estrella Acquisition in April 2024 significantly contributed to the increase in both net revenues and operating expenses[139][140]. Working Capital - Negative working capital increased to $22.3 million as of March 31, 2025, compared to $18.0 million at the end of 2024, driven by increased accounts payable and accrued expenses[154].
MediaCo Holding(MDIA) - 2025 Q1 - Quarterly Report