Beasley Broadcast(US:BBGI)2025-11-10 21:00Revenue Performance - Net revenue for the three months ended September 30, 2025, was $50,977,046, a decrease of $7,213,070 or 12.4% compared to the same period in 2024[67]. - Digital revenue increased by $1,646,530 or 14.6% to $12,946,726, reflecting continued growth in the digital segment[68]. - Net revenue decreased by $20.1 million (11.6%) to $152.9 million for the nine months ended September 30, 2025, compared to $173.0 million for the same period in 2024[75]. - Audio segment revenue fell by $21.7 million (15.8%) primarily due to declines in local and national advertising, while digital segment revenue increased by $1.6 million (4.6%)[76]. Operating Expenses - Operating expenses decreased by $3,861,327 or 7.7% to $46,084,806, with audio operating expenses down by $3,653,524 or 9.2%[67][69]. - Operating expenses decreased by $12.5 million (8.4%) to $136.1 million for the nine months ended September 30, 2025, with audio expenses down by $10.1 million (8.6%) and digital expenses down by $2.4 million (7.7%) due to expense management[77]. - Corporate expenses decreased by $2,135,411 or 49.7% to $2,161,204, primarily due to reduced compensation and contract services[67][70]. - Corporate expenses decreased by $2.6 million (20.9%) to $9.9 million for the nine months ended September 30, 2025, mainly from reduced compensation and contract expenses[78]. Net Loss and Financial Position - The net loss for the three months ended September 30, 2025, was $3,556,703, nearly unchanged from a net loss of $3,560,575 in 2024[67][73]. - Net loss for the nine months ended September 30, 2025, was $6.4 million, an increase of $2.6 million (67.2%) compared to a net loss of $3.8 million in the same period in 2024[82]. - Net cash used in operating activities increased by $3.1 million to $5.3 million for the nine months ended September 30, 2025, primarily due to a $21.6 million decrease in cash receipts from revenue[96]. Interest Expense - Interest expense decreased by $2,813,789 or 46.2% to $3,279,031, attributed to the amortization of a deferred interest premium from a debt restructure[67][72]. - Interest expense decreased by $7.8 million (44.0%) to $10.0 million for the nine months ended September 30, 2025, due to the amortization of a deferred interest premium from debt restructuring[80]. Asset Sales and Future Plans - The company completed the sale of WPBB-FM for $8.0 million in cash, recording a gain of $0.4 million in Q3 2025[48]. - The company plans to sell assets of WRXK-FM and WXKB-FM for $9.0 million each, expected to close in Q1 2026, resulting in no operations in the Fort Myers-Naples market[49]. - The company expects to receive $18.0 million in the first quarter of 2026 from certain asset sales, which will support liquidity needs[83]. Dividend Policy - The Board of Directors has suspended future quarterly dividend payments until it is deemed in the best interest of stockholders[84].