Beasley Broadcast(US:BBGI)2025-11-10 14:02Financial 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].