Beasley Broadcast(BBGI) - 2025 Q2 - Quarterly Results

Financial Performance - Beasley Broadcast Group reported second quarter revenue of $53.0 million, a decrease of 12.3% from $60.4 million in Q2 2024[4] - Operating income for the second quarter was $2.9 million, down from $5.4 million in the prior year, primarily due to a $7.4 million decline in net revenue[8] - The company experienced a net loss of $0.2 million, or $0.09 per diluted share, compared to a net loss of $0.3 million, or $0.18 per diluted share, in the same quarter last year[9] - Adjusted EBITDA decreased to $4.7 million in Q2 2025 from $8.8 million in Q2 2024[10] - Net revenue for Q2 2025 was $52,999,711, a decrease of 12.4% compared to $60,435,657 in Q2 2024[27] - Operating income for Q2 2025 was $2,891,256, down 46.3% from $5,375,199 in Q2 2024[27] - Adjusted EBITDA for the first half of 2025 was $5,841,314, compared to $9,647,438 in the first half of 2024, reflecting a decline of 39.1%[32] - Same station net revenue for the first half of 2025 was $101,912,176, down 11.1% from $114,816,003 in the first half of 2024[34] - Net loss for Q2 2025 was $(154,175), compared to a net loss of $(276,021) in Q2 2024[27] Revenue Breakdown - Digital revenue increased by 1.3% year-over-year to $13.2 million, accounting for 25% of total net revenue[7] - Local revenue, including digital packages sold locally, represented 76% of net revenue[7] - Revenue from new business accounted for 14% of net revenue, down from 17% in Q2 2024[7] - Digital net revenue for Q2 2025 was $13,180,841, showing an increase of 1.3% from $13,005,577 in Q2 2024[36] Strategic Initiatives - The company announced the pending sales of WPBB in Tampa, FL, and five stations in Ft. Myers, FL, as part of its strategy to streamline its portfolio[11] - Beasley is focused on enhancing its digital infrastructure and launching a new self-serve platform in Q3 2025[11] - The company aims to maintain disciplined capital and cost management while investing in differentiated content and local revenue streams[11] Cash and Debt Management - Cash and cash equivalents as of June 30, 2025, were $13,724, slightly down from $13,773 as of December 31, 2024[29] - Long-term debt as of June 30, 2025, was $239,055, a decrease from $247,118 as of December 31, 2024[29] - Net cash used in operating activities for the first half of 2025 was $(419,923), compared to net cash provided of $2,555,826 in the first half of 2024[31] Operating Expenses - Total operating expenses for Q2 2025 were $50,108,455, a decrease of 9.1% from $55,060,458 in Q2 2024[27]