BEASLEY BROADCAST GROUP REPORTS FOURTH QUARTER REVENUE OF $67.3 MILLION

Core Viewpoint - Beasley Broadcast Group, Inc. reported mixed financial results for the fourth quarter and full year of 2024, with a slight increase in net revenue but a significant net loss due to one-time costs and operational challenges [3][4][6]. Financial Performance Summary - For the three months ended December 31, 2024, net revenue was $67.3 million, a 2.3% increase from $65.7 million in the same period of 2023, primarily driven by $8.3 million in political advertising [3][4]. - Operating income remained stable at $7.6 million for Q4 2024, unchanged from Q4 2023, despite the absence of a one-time gain from the previous year [5]. - The company reported a net loss of $2.1 million, or $1.17 per diluted share, compared to a net income of $6.4 million, or $4.25 per diluted share, in Q4 2023 [6][22]. - EBITDA per Indenture for Q4 2024 was $12.5 million, up from $6.2 million in Q4 2023, reflecting improved expense management [7]. Operational Highlights - The increase in net revenue was partially offset by declines in commercial advertising and revenue losses from the divestiture of the Wilmington station and the closure of the esports division [4]. - The company achieved approximately $20 million in annualized expense reductions through operational efficiencies and workforce realignment [8]. - Digital revenue accounted for nearly 20% of total revenue, indicating a growing focus on digital platforms [8]. Year-End Results - For the full year ended December 31, 2024, net revenue was $240.3 million, down from $247.1 million in 2023 [3][22]. - The operating loss for the year was $13.1 million, a significant improvement from an operating loss of $82 million in 2023, largely due to the absence of non-cash impairment losses that affected the previous year [3][22]. - The net loss for the year was $5.9 million, compared to a net loss of $75.1 million in 2023, highlighting a recovery in financial performance [3][22]. Strategic Focus - The company aims to drive sustainable revenue growth and expand its digital offerings while optimizing its sales approach [8]. - Beasley is focused on leveraging data-driven insights and enhancing direct-to-consumer engagement to provide innovative marketing solutions for advertisers [8].