URBAN ONE, INC. REPORTS FOURTH QUARTER 2025 RESULTS

SILVER SPRING, Md., March 12, 2026 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE, referred to as, "Urban One," the "Company", "we", "our" and/or "us") today reported its results for the three months ended December 31, 2025. For the three months ended December 31, 2025, net revenue was approximately $97.8 million, a decrease of 16.5% from the same period in 2024. The Company reported operating loss of approximately $54.0 million for the three months ended December 31, 2025, compared to operating loss of approximately $1.9 million for the three months ended December 31, 2024. Broadcast and digital operating income 1 was approximately $23.8 million for the three months ended December 31, 2025, a decrease of 38.3% from the same period in 2024. Net loss was approximately $54.4 million or $(12.24) per share (basic) for the three months ended December 31, 2025, compared to net loss of $35.7 million or $(7.81) per share (basic) for the same period in 2024. Adjusted EBITDA 2 was approximately $15.6 million for the three months ended December 31, 2025, compared to approximately $26.9 million for the same period in 2024.

On December 18, 2025, the Company closed a private placement debt exchange with holders of the 7.375% Senior Secured Notes (the "2028 Notes") representing more than 97% of the aggregate principal amount outstanding. Pursuant to the private placement, the Company (i) tendered for $185.0 million aggregate principal amount of 2028 Notes which the Company purchased for cancellation for $111.0 million and $1.1 million consent fee in cash, (ii) issued $60.6 million aggregate principal amount of 10.500% first lien senior secured notes due 2030 (the "2030 First Lien Notes"), and (iii) issued $291.0 million aggregate principal amount of 7.625% Second Lien Secured Notes due 2031 (the "2031 Second Lien Notes"). Following the transactions (collectively "2025 Refinancing"), $11.8 million of the 2028 Notes remained outstanding.

On December 18, 2025, the Company also entered into an Amended and Restated Credit Agreement, among the Company, as the administrative borrower, together with the other borrowers party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent (the "Amended and Restated ABL Credit Agreement"). The Amended and Restated ABL Credit Agreement amended and restated the Company's ABL Credit Agreement, dated as of February 19, 2021 and was also entered into facilitate the Exchange Offer and Consent Solicitation. The Amended and Restated ABL Credit Agreement provides for, among other things, commitments in the aggregate principal amount of up to $75.0 million, with incremental capacity to incur an additional principal amount of up to $25.0 million thereunder, with the proceeds thereof to be used primarily for working capital and general corporate purposes, including capital expenditures, permitted acquisitions, permitted investments and permitted dividends, in each case, in accordance with the terms of the Amended and Restated ABL Credit Agreement.

Alfred C. Liggins, III, Urban One's CEO and President stated, "As expected, we had a tough fourth quarter due to a combination of non-recurring political advertising, soft radio markets and declining audience delivery in our cable television ("cable TV") business. Despite this, we were able to achieve full year Adjusted EBITDA within our previous guidance range at $56.7 million. The biggest revenue drag in the fourth quarter resulted from weak cable TV prime delivery, down approximately 20.0% from the third quarter, although we have seen a significant recovery in the first quarter 2026 as the revised Nielsen methodology has given us an approximate 40.0% - 50.0% lift compared to the fourth quarter 2025. Radio pacings in the first quarter of 2026 are currently (5.0)%, but we remain positive on the outlook for mid-term political revenues later in the year. I was pleased that we were able to repurchase a significant amount of our 2028 Notes at a discount, extend out the maturity on all but a small stub of the notes, and increase the size and term of our ABL Credit Agreement. This transaction sets up the company with a stable capital structure and extended maturity runway to allow us to continue to de-lever the business. In January 2026 we also regained compliance with the Nasdaq listing requirements by effectuating a 1-for-10 reverse stock split."

Three Months Ended

December 31,

Year Ended December 31,

2025

2024

2025

2024

(unaudited)

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share data)

NET REVENUE

$ 97,828

$ 117,127

$ 374,371

$ 449,674

OPERATING EXPENSES

Programming and technical, excluding stock-based compensation

31,446

35,409

125,396

135,235

Selling, general and administrative, excluding stock-based compensation (a)

58,709

55,663

207,300

224,837

Stock-based compensation

292

2,101

1,907

5,716

Depreciation and amortization

6,131

1,635

18,073

7,716

Impairment of goodwill and intangible assets

55,295

24,174

191,816

151,755

Total operating expenses

151,873

118,982

544,492

525,259

Operating loss

(54,045)

(1,855)

(170,121)

(75,585)

INTEREST AND INVESTMENT INCOME

398

1,117

2,492

5,980

INTEREST EXPENSE

(8,730)

(11,520)

(38,806)

(48,571)

GAIN ON RETIREMENT OF DEBT

—

4,500

44,009

23,271

OTHER (EXPENSE) INCOME, NET

(1,138)

(78)

(463)

896

Loss from consolidated operations before benefit from (provision for) income taxes

(63,515)

(7,836)

(162,889)

(94,009)

BENEFIT FROM (PROVISION FOR) INCOME TAXES

9,165

(27,583)

16,010

(9,759)

NET LOSS FROM CONSOLIDATED OPERATIONS

(54,350)

(35,419)

(146,879)

(103,768)

LOSS FROM UNCONSOLIDATED JOINT VENTURE

—

(411)

NET LOSS

(54,350)

(35,419)

(146,879)

(104,179)

NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

239

(10)

1,215

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ (54,395)

$ (35,658)

$ (146,869)

$ (105,394)

Weighted-average shares outstanding - basic (3, b)

4,444,458

4,565,959

4,458,325

4,740,287

Weighted-average shares outstanding - diluted (4, b)

4,444,458

4,565,959

4,458,325

4,740,287

(a) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations.

(b) Weighted-average shares outstanding used in the computation of basic and diluted net loss to common stockholders per share have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026.

Effective January 1, 2025, the Company modified the composition of two of our reportable segments to reflect changes in how they operate their business. The Company transferred the CTV offering within our Digital segment to our Cable Television segment. This change aligns the CTV offering with the results of operations within our Cable Television segment. Prior period Cable Television and Digital segment information has been reclassified to conform to the current period presentation. In addition, prior period segment information has been recast between the Sales and marketing and the General and administrative to conform the presentation of significant segment expenses used to evaluate performance by the Chief Operating Decision Maker ("CODM").

Detailed segment data for the three and twelve months ended December 31, 2025 and 2024 is presented in the following tables:

Three Months Ended

December 31, 2025

(in thousands, unaudited)

Consolidated

Radio

Broadcasting

Reach Media

Digital

Cable

Television

Corporate/

Eliminations/

Other

NET REVENUE

$ 97,828

$ 35,063

$ 13,831

$ 14,683

$ 34,941

$ (690)

OPERATING EXPENSES:

Programming and technical

31,446

10,683

3,010

3,561

14,369

(177)

Sales and marketing

34,218

10,145

9,195

8,352

6,987

(461)

General and administrative

24,493

5,395

748

960

4,341

13,049

Add back/(deduct):

Severance-related costs

(86)

(142)

(21)

—

Debt refinancing costs (c)

7,098

—

7,098

Other income (costs)

956

—

(2)

—

957

Adjusted EBITDA (2)

$ 15,639

$ 8,699

$ 857

$ 1,808

$ 9,244

$ (4,969)

Three Months Ended

December 31, 2024

(in thousands, unaudited)

Consolidated

Radio

Broadcasting

Reach Media

Digital (a)

Cable

Television (a)

Corporate/

Eliminations/

Other

NET REVENUE

$ 117,127

$ 47,736

$ 9,613

$ 18,270

$ 42,014

$ (506)

OPERATING EXPENSES:

Programming and technical

35,409

11,814

3,652

4,179

15,920

(156)

Sales and marketing (b)

32,446

12,491

2,285

10,958

7,110

(398)

General and administrative (b)

23,217

7,582

1,023

668

5,006

8,938

Add back/(deduct):

Severance-related costs

1,881

1,086

141

252

342

Other income (costs)

(1,066)

(1,367)

—

136

160

Adjusted EBITDA (2)

$ 26,870

$ 15,568

$ 2,799

$ 2,717

$ 14,456

$ (8,670)

Twelve Months Ended

December 31, 2025

(in thousands)

Consolidated

Radio

Broadcasting

Reach Media

Digital

Cable

Television

Corporate/

Eliminations/

Other

NET REVENUE

$ 374,371

$ 139,091

$ 31,146

$ 47,845

$ 158,994

$ (2,705)

OPERATING EXPENSES:

Programming and technical

125,396

46,245

12,645

13,252

53,918

(664)

Sales and marketing

119,841

45,778

16,997

29,957

29,075

(1,966)

General and administrative

87,463

25,828

3,236

2,189

15,598

40,612

Total key operating expenses

332,700

117,851

32,878

45,398

98,591

37,982

Add back/(deduct):

Severance-related costs

1,753

1,158

177

375

Litigation settlement costs (d)

3,078

—

Debt refinancing costs (c)

7,098

—

7,098

Other costs

3,057

128

—

2,929

Adjusted EBITDA (2)

$ 56,657

$ 25,604

$ (1,555)

$ 2,484

$ 60,409

$ (30,285)

Twelve Months Ended

December 31, 2024

(in thousands)

Consolidated

Radio

Broadcasting

Reach Media

Digital (a)

Cable

Television (a)

Corporate/

Eliminations/

Other

NET REVENUE

$ 449,674

$ 165,803

$ 47,260

$ 62,820

$ 176,127

$ (2,336)

OPERATING EXPENSES:

Programming and technical

135,235

46,357

14,475

14,683

60,610

(890)

Sales and marketing (b)

130,683

50,941

16,859

32,300

32,356

(1,773)

General and administrative (b)

94,154

31,314

3,702

2,310

17,061

39,767

Total key operating expenses

360,072

128,612

35,036

49,293

110,027

37,104

Add back/(deduct):

Severance-related costs

2,712

1,350

137

252

431

542

Other income (costs)

11,149

(444)

(733)

(720)

136

12,910

Adjusted EBITDA (2)

$ 103,463

$ 38,097

$ 11,628

$ 13,059

$ 66,667

$ (25,988)

(a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from the Digital segment to the Cable Television segment.

(b) Effective January 1, 2025, prior period segment information has been recast between Sales and marketing and General and administrative to conform the presentation of significant expenses used to evaluate performance by the CODM.

(c) Debt refinancing costs include third-party transaction costs related to the First Lien Senior Secured Notes and Second Lien Senior Secured Notes.

(d) Non-recurring litigation settlement costs include a $3.1 million charge related to the rate increase for royalties for historical periods.

Three Months Ended

December 31,

Year Ended December 31,

2025

2024

2025

2024

(unaudited)

PER SHARE DATA - basic and diluted:

(in thousands, except per share data)

Net loss attributable to common stockholders (basic) (a)

$ (12.24)

$ (7.81)

$ (32.94)

$ (22.23)

Net loss attributable to common stockholders (diluted) (a)

$ (12.24)

$ (7.81)

$ (32.94)

$ (22.23)

Broadcast and digital operating income (1)

$ 23,804

$ 38,601

$ 92,442

$ 140,181

Broadcast and digital operating income (1) reconciliation:

Net loss attributable to common stockholders

$ (54,395)

$ (35,658)

$ (146,869)

$ (105,394)

Add back/(deduct) certain non-broadcast and digital operating income items included in net loss:

Interest and investment income

(398)

(1,117)

(2,492)

(5,980)

Interest expense

8,730

11,520

38,806

48,571

(Benefit from) provision for income taxes

(9,165)

27,583

(16,010)

9,759

Corporate selling, general and administrative expenses (e)

16,131

12,546

50,767

50,579

Stock-based compensation

292

2,101

1,907

5,716

Gain on retirement of debt

—

(4,500)

(44,009)

(23,271)

Other expense (income), net

1,138

463

(896)

Loss from unconsolidated joint venture

—

411

Depreciation and amortization

6,131

1,635

18,073

7,716

Net income (loss) attributable to non-controlling interests

239

(10)

1,215

Impairment of goodwill and intangible assets

55,295

24,174

191,816

151,755

Broadcast and digital operating income (1)

$ 23,804

$ 38,601

$ 92,442

$ 140,181

Adjusted EBITDA (2)

$ 15,639

$ 26,870

$ 56,657

$ 103,463

Adjusted EBITDA (2) reconciliation:

Net loss attributable to common stockholders

$ (54,395)

$ (35,658)

$ (146,869)

$ (105,394)

Interest and investment income

(398)

(1,117)

(2,492)

(5,980)

Interest expense

8,730

11,520

38,806

48,571

(Benefit from) provision for income taxes

(9,165)

27,583

(16,010)

9,759

Depreciation and amortization

6,131

1,635

18,073

7,716

EBITDA (2)

$ (49,097)

$ 3,963

$ (108,492)

$ (45,328)

Stock-based compensation

292

2,101

1,907

5,716

Gain on retirement of debt

—

(4,500)

(44,009)

(23,271)

Other expense (income), net

1,138

463

(896)

Loss from unconsolidated joint venture

—

411

Net income (loss) attributable to non-controlling interests

239

(10)

1,215

Corporate costs (b)

578

(1,574)

2,211

8,658

Debt refinancing costs (c)

7,698

—

7,698

—

Litigation Settlement costs (d)

—

3,078

—

Severance-related costs

(86)

1,881

1,753

2,712

Impairment of goodwill and intangible assets

55,295

24,174

191,816

151,755

(Income) loss from ceased non-core businesses initiatives

(224)

508

242

2,491

Adjusted EBITDA (2)

$ 15,639

$ 26,870

$ 56,657

$ 103,463

(a) Weighted-average shares outstanding used in the computation of basic and diluted net loss to common stockholders per share have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026.

(b) Corporate costs primarily include professional fees and other nonrecurring items related to the material weakness remediation efforts.

(c) Debt refinancing costs include third-party transaction costs related to the First Lien Senior Secured Notes and Second Lien Senior Secured Notes.

(d) Non-recurring litigation settlement costs include a $3.1 million charge related to the rate increase for royalties for historical periods.

(e) Corporate selling, general and administrative expenses consists of expenses associated with our corporate headquarters and facilities, including personnel as well as other corporate overhead functions.

As of

December 31,

2025

As of

December 31,

2024

(in thousands)

SELECTED CONSOLIDATED BALANCE SHEET DATA:

Cash and cash equivalents and restricted cash

$ 26,358

$ 137,574

Intangible assets, net (a)

279,653

490,024

Total assets

592,994

944,790

Total long-term debt, net

429,742

579,069

Total liabilities

565,760

765,857

Total stockholders' equity

24,603

170,945

Redeemable non-controlling interests

2,631

7,988

(a) Intangible assets, net includes Goodwill, net, Radio Broadcasting Licenses, net, Other Intangible Assets, net, and Current Portion of Launch Assets, net.

As of

December 31,

2025

As of

December 31,

2024

SELECTED LEVERAGE DATA:

(in thousands)

10.500% First Lien Senior Secured Notes due 2030

$ 60,600

$ -

7.625% Second Lien Secured Notes due 2031

291,020

7.375% senior secured notes due February 2028 (b)

11,816

584,575

Less: Unamortized debt issuance costs

(2,868)

(5,506)

Add: Premium

69,174

Long-term debt, net

$ 429,742

$ 579,069

(b) Subsequent to the effectiveness of the supplemental indenture on December 18, 2025, these notes are no longer secured. While these notes are styled as senior secured notes they are no longer secured by collateral.

2025 Refinancing

The Company performed an assessment of the 2025 Refinancing and determined it met the criteria of a troubled debt restructuring under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors ("ASU 470-60"). For each series of the 2028 Notes exchanged, the undiscounted future cash flows associated with the 2030 First Lien Notes and 2031 Second Lien Notes were compared to the carrying value of the 2028 Notes, including deferred issuance costs. As the undiscounted cash flows associated with the 2030 First Lien Notes and 2031 Second Lien Notes exceeded the carrying value of the applicable 2028 Notes exchanged, no gain was recorded.

In accordance with ASU 470-60, the carrying value of the 2030 First Lien Notes and 2031 Second Lien Notes was established at the carrying value of the applicable 2028 Notes. The difference between the principal amount of the 2031 Second Lien Notes and 2030 First Lien Notes and the carrying value of the applicable 2028 Notes was recorded as a premium and is included in long-term debt, net on the Company's consolidated balance sheets. The Company recorded a premium of approximately $69.2 million on the 2031 Second Lien Notes and 2030 First Lien Notes as the difference between the principal balance of the 2031 Second Lien Notes and 2030 First Lien Notes and the carrying value of the 2028 Notes exchanged.

The premium will result in interest expense being recognized at an effective interest rate of approximately 2.68% and 3.91% through the term of the 2030 First Lien Notes and 2031 Second Lien Notes. The difference in the contractual interest payments and interest expense will reduce the premium.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, some of which are beyond Urban One's control, which may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One's reports on Forms 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Urban One does not undertake any duty to update any forward-looking statements.

For the three months ended December 31, 2025, we recognized approximately $97.8 million in net revenue compared to approximately $117.1 million during the three months ended December 31, 2024. These amounts are net of agency commissions. We recognized approximately $35.1 million of revenue from our Radio Broadcasting segment during the three months ended December 31, 2025, compared to approximately $47.7 million for the three months ended December 31, 2024, a decrease of approximately $12.6 million, primarily driven by non-returning political revenues of $8.8 million and weaker overall market demand from the national and local advertisers. We recognized approximately $13.8 million of revenue from our Reach Media segment during the three months ended December 31, 2025, compared to approximately $9.6 million for the three months ended December 31, 2024, an increase of approximately $4.2 million. The increase was primarily driven by an increase in event revenue due to the timing of the Fantastic Voyage Cruise in the fourth quarter of 2025 vs. the second quarter of 2024. We recognized approximately $14.7 million of revenue from our Digital segment during the three months ended December 31, 2025, compared to approximately $18.3 million during the three months ended December 31, 2024, a decrease of approximately $3.6 million. The decrease was primarily driven by the decrease in direct revenue streams and political revenue. We recognized approximately $34.9 million of revenue from our Cable Television segment during the three months ended December 31, 2025, compared to approximately $42.0 million during the three months ended December 31, 2024, a decrease of approximately $7.1 million. The decrease was primarily driven by the churn of subscribers and lower advertising sales.

The following charts indicate the sources of our net revenues for the three months and year ended December 31, 2025:

Three Months Ended December 31,

2025

2024

$ Change

% Change

Net revenue:

(in thousands, unaudited)

Radio advertising

$ 37,054

$ 43,978

$ (6,924)

(15.7) %

Political advertising

836

13,479

(12,643)

*NM

Digital advertising (a)

14,681

15,855

(1,174)

(7.4) %

Cable Television advertising (a)

18,334

23,453

(5,119)

(21.8) %

Cable Television affiliate fees

16,532

18,161

(1,629)

(9.0) %

Event revenues & other

10,391

2,201

8,190

*NM

Net revenue

$ 97,828

$ 117,127

$ (19,299)

(16.5) %

Year Ended December 31,

2025

2024

$ Change

% Change

Net revenue:

(in thousands)

Radio advertising

$ 150,021

$ 175,731

$ (25,710)

(14.6) %

Political advertising

1,430

20,439

(19,009)

*NM

Digital advertising (a)

47,829

59,064

(11,235)

(19.0) %

Cable Television advertising (a)

89,410

98,532

(9,122)

(9.3) %

Cable Television affiliate fees

69,399

77,071

(7,672)

(10.0) %

Event revenues & other

16,282

18,837

(2,555)

(13.6) %

Net revenue

$ 374,371

$ 449,674

$ (75,303)

(16.7) %

*NM - Not meaningful.

Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill and intangible assets, were approximately $90.2 million for the three months ended December 31, 2025, compared to approximately $91.1 million for the comparable period in 2024. Operating expenses in the three months ended December 31, 2025 include $7.7 million of debt refinancing costs as well as $6.7 million of expenses related to the Fantastic Voyage cruise, which took place in the fourth quarter of 2025 vs. the second quarter of 2024. Excluding these expense items, operating expenses were down by approximately 16.8%, driven mainly by revenue-related variable expenses such as commissions, sales rep fees, traffic acquisition costs as well as headcount related costs and third-party professional fees.

Impairment of goodwill and intangible assets was approximately $55.3 million during the three months ended December 31, 2025, compared to $24.2 million for the three months ended December 31, 2024. The impairment loss of $55.3 million during the three months ended December 31, 2025 consists of impairment losses of $0.5 million within the Reach Media reporting unit, $53.1 million within the Cable Television reporting unit and $1.7 million within the Digital reporting unit.

Depreciation and amortization expense was approximately $6.1 million for the three months ended December 31, 2025, compared to approximately $1.6 million for the three months ended December 31, 2024, an increase of approximately $4.5 million which is primarily driven by the additional TV One Trade Name and radio broadcasting license amortization of approximately $4.4 million.

Interest and investment income was approximately $0.4 million for the three months ended December 31, 2025, compared to approximately $1.1 million for the three months ended December 31, 2024. The decrease was driven by lower cash and cash equivalents balances in interest bearing accounts during the three months ended December 31, 2025, than in the corresponding period in 2024.

Interest expense was approximately $8.7 million for the three months ended December 31, 2025, compared to approximately $11.5 million for the three months ended December 31, 2024, a decrease of approximately $2.8 million. The decrease was driven by lower outstanding balance of the 2028 Notes due to repurchases of approximately $96.7 million of its 2028 Notes at an average price of approximately 53.6% of par, during the first nine months in 2025.

For the three months ended December 31, 2025, we recorded a benefit from income taxes of approximately $9.2 million on the pre-tax loss of approximately $63.5 million resulting with an annual effective tax rate of 14.4%. The difference between the effective rate and the Company's statutory rate relates primarily to the effect of state taxes, changes in our valuation allowance, and permanent differences associated with non-deductible expenses. For the three months ended December 31, 2024, we recorded a benefit from income taxes of approximately $27.6 million on pre-tax loss of approximately $7.8 million resulting with an annual effective tax rate of 352.0%.

Other pertinent financial information includes capital expenditures of approximately $3.2 million and $1.3 million for the three months ended December 31, 2025 and 2024, respectively. The increase in capital expenditure is driven by the build-out of a studio in the Indianapolis radio market.

During the three months ended December 31, 2025, the Company did not repurchase any shares of Class A Common Stock. During the three months ended December 31, 2025, the Company repurchased 13,773 shares of Class D Common Stock in the amount of approximately $0.1 million at an average price of $8.20 per share. During the three months ended December 31, 2024, the Company repurchased 138,654 shares of Class A Common Stock in the amount of approximately $2.1 million at an average price of $15.02 per share, of which 90,889 shares of Class A were held in treasury stock as of December 31, 2024. During the three months ended December 31, 2024, the Company repurchased 70,329 shares of Class D Common Stock in the amount of approximately $0.7 million at an average price of $10.22 per share. All share information and average share prices have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026.

Supplemental Financial Information:

For comparative purposes, the following more detailed statements of operations for the three months December 31, 2025 are included.

Three Months Ended December 31, 2025

(in thousands, unaudited)

Consolidated

Radio

Broadcasting

Reach

Media

Digital

Cable

Television

All Other -

Corporate/

Eliminations

NET REVENUE

$ 97,828

$ 35,063

$ 13,831

$ 14,682

$ 34,941

$ (689)

OPERATING EXPENSES:

Programming and technical

31,446

10,683

3,010

3,561

14,369

(177)

Selling, general and administrative (a)

58,709

15,540

9,943

9,313

11,328

12,585

Stock-based compensation

292

110

(37)

—

181

Depreciation and amortization

6,131

4,805

400

702

190

Impairment of goodwill and intangible assets

55,295

—

502

1,675

53,118

—

Total operating expenses

151,873

31,138

13,452

14,987

79,517

12,779

Operating (loss) income

(54,045)

3,925

379

(305)

(44,576)

(13,468)

INTEREST AND INVESTMENT INCOME

398

—

398

INTEREST EXPENSE

(8,730)

(2)

—

(8,728)

OTHER EXPENSE, NET

(1,138)

(464)

—

(674)

(Loss) income from consolidated operations before benefit from (provision for) income taxes

(63,515)

3,459

379

(305)

(44,576)

(22,472)

BENEFIT FROM (PROVISION FOR) INCOME TAXES

9,165

(4,032)

(270)

(44)

9,664

3,847

NET (LOSS) INCOME

(54,350)

(573)

109

(349)

(34,912)

(18,625)

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

—

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ (54,395)

$ (573)

$ 64

$ (349)

$ (34,912)

$ (18,625)

Adjusted EBITDA (2)

$ 15,639

$ 8,699

$ 857

$ 1,808

$ 9,244

$ (4,969)

(a) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations.

Three Months Ended December 31, 2024

(in thousands, unaudited)

Consolidated

Radio

Broadcasting

Reach

Media

Digital (a)

Cable

Television (a)

All Other -

Corporate/

Eliminations

NET REVENUE

$ 117,127

$ 47,736

$ 9,613

$ 18,270

$ 42,014

$ (506)

OPERATING EXPENSES:

Programming and technical

35,409

11,814

3,652

4,179

15,920

(156)

Selling, general and administrative (b, c)

55,663

20,073

3,309

11,625

12,116

8,540

Stock-based compensation

2,101

285

307

1,434

Depreciation and amortization

1,635

1,163

(18)

374

Impairment of goodwill and intangible assets

24,174

—

24,174

—

Total operating expenses

118,982

33,335

6,982

16,214

52,580

9,871

Operating (loss) income

(1,855)

14,401

2,631

2,056

(10,566)

(10,377)

INTEREST AND INVESTMENT INCOME

1,117

—

1,117

INTEREST EXPENSE

(11,520)

(60)

—

(11,461)

GAIN ON RETIREMENT OF DEBT

4,500

—

4,500

OTHER EXPENSE, NET

(78)

(18)

—

(10)

—

(50)

(Loss) income from consolidated operations before (provision for) benefit from income taxes

(7,836)

14,323

2,631

2,046

(10,565)

(16,271)

(PROVISION FOR) BENEFIT FROM INCOME TAXES

(27,583)

(4,055)

(1,213)

(8,976)

383

(13,722)

NET (LOSS) INCOME

(35,419)

10,268

1,418

(6,930)

(10,182)

(29,993)

NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

239

—

1,215

—

(976)

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ (35,658)

$ 10,268

$ 203

$ (6,930)

$ (10,182)

$ (29,017)

Adjusted EBITDA (2)

$ 26,870

$ 15,568

$ 2,799

$ 2,717

$ 14,456

$ (8,670)

(a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from Digital to Cable Television.

(b) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations.

(c) Effective January 1, 2025, prior period segment information has been realigned between the Sales and marketing and the General and administrative significant segment expenses. This provides the CODM with a more appropriate alignment of significant segment expenses used to evaluate segment performance.

Year Ended December 31, 2025

(in thousands)

Consolidated

Radio

Broadcasting

Reach

Media

Digital

Cable

Television

All Other -

Corporate/

Eliminations

NET REVENUE

$ 374,371

$ 139,091

$ 31,146

$ 47,845

$ 158,994

$ (2,705)

OPERATING EXPENSES:

Programming and technical

125,396

46,245

12,645

13,252

53,918

(664)

Selling, general and administrative (a)

207,300

71,604

20,233

32,146

44,673

38,644

Stock-based compensation

1,907

493

243

497

641

Depreciation and amortization

18,073

12,885

139

1,571

2,781

697

Impairment of goodwill and intangible assets

191,816

131,631

502

6,566

53,117

—

Total operating expenses

544,492

262,858

33,552

53,778

154,986

39,318

Operating (loss) income

(170,121)

(123,767)

(2,406)

(5,933)

4,008

(42,023)

INTEREST AND INVESTMENT INCOME

2,492

—

2,492

INTEREST EXPENSE

(38,806)

(9)

(145)

—

(38,652)

GAIN ON RETIREMENT OF DEBT

44,009

—

44,009

OTHER EXPENSE, NET

(463)

(6)

—

(457)

(Loss) income from consolidated operations before benefit from (provision for) income taxes

(162,889)

(123,782)

(2,551)

(5,933)

4,008

(34,631)

BENEFIT FROM (PROVISION FOR) INCOME TAXES

16,010

30,951

(28)

2,453

(932)

(16,434)

NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS

(146,879)

(92,831)

(2,579)

(3,480)

3,076

(51,065)

NET (LOSS) INCOME

(146,879)

(92,831)

(2,579)

(3,480)

3,076

(51,065)

NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

(10)

—

(10)

—

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ (146,869)

$ (92,831)

$ (2,569)

$ (3,480)

$ 3,076

$ (51,065)

Adjusted EBITDA (2)

$ 56,657

$ 25,604

$ (1,555)

$ 2,484

$ 60,409

$ (30,285)

Year Ended December 31, 2024

(in thousands)

Consolidated

Radio

Broadcasting

Reach

Media

Digital (a)

Cable

Television (a)

All Other -

Corporate/

Eliminations

NET REVENUE

$ 449,674

$ 165,803

$ 47,260

$ 62,820

$ 176,127

$ (2,336)

OPERATING EXPENSES:

Programming and technical

135,235

46,357

14,475

14,683

60,610

(890)

Selling, general and administrative (b, c)

224,837

82,255

20,561

34,610

49,417

37,994

Stock-based compensation

5,716

647

117

174

1,118

3,660

Depreciation and amortization

7,716

4,634

103

1,589

411

979

Impairment of goodwill and intangible assets

151,755

118,492

—

33,263

—

Total operating expenses

525,259

252,385

35,256

51,056

144,819

41,743

Operating (loss) income

(75,585)

(86,582)

12,004

11,764

31,308

(44,079)

INTEREST AND INVESTMENT INCOME

5,980

—

5,980

INTEREST EXPENSE

(48,571)

(235)

—

(48,337)

GAIN ON RETIREMENT OF DEBT

23,271

—

23,271

OTHER INCOME (EXPENSE), NET

896

(30)

—

(10)

—

936

(Loss) income from consolidated operations before (provision for) benefit from income taxes

(94,009)

(86,847)

12,004

11,754

31,309

(62,229)

(PROVISION FOR) BENEFIT FROM INCOME TAXES

(9,759)

18,368

(3,327)

(8,133)

(7,699)

(8,968)

NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS

(103,768)

(68,479)

8,677

3,621

23,610

(71,197)

LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax

(411)

—

(411)

NET (LOSS) INCOME

(104,179)

(68,479)

8,677

3,621

23,610

(71,608)

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

1,215

—

1,215

—

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ (105,394)

$ (68,479)

$ 7,462

$ 3,621

$ 23,610

$ (71,608)

Adjusted EBITDA (2)

$ 103,463

$ 38,097

$ 11,628

$ 13,059

$ 66,667

$ (25,988)

(a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from Digital to Cable Television.

(b) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations.

Urban One, Inc. will hold a conference call to discuss its results for the fourth fiscal quarter of 2025. The conference call is scheduled for Thursday March 12, 2026 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free (+1) 888-596-4144; international callers may dial direct (+1) 646-968-2525. The Access Code is 9077729.

A replay of the conference call will be available from 2:00 p.m. EDT March 12, 2026 until 11:59 p.m. EDT March 19, 2026. Callers may access the replay by calling (+1) 800-770-2030; international callers may dial direct (+1) 609-800-9909. The replay Access Code is 9077729.

Access to live audio and a replay of the conference call will also be available on Urban One's corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call.

Urban One Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 30 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform, and inspire a diverse audience of adult Black viewers. As of December 31, 2025, we owned and/or operated 76 independently formatted, revenue producing broadcast stations (including 58 FM or AM stations, 16 HD stations, and the 2 low power television stations we operate), located in 13 of the most populous African-American markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African American and urban audiences.

Notes:

"Broadcast and digital operating income": The radio broadcasting industry commonly refers to "station operating income" which consists of net loss before depreciation and amortization, income taxes, interest expense, interest and investment income, non-controlling interests in income of subsidiaries, other income, net, loss from unconsolidated joint venture, corporate selling, general and administrative expenses, stock-based compensation, impairment of goodwill and intangible assets, and (gain) loss on retirement of debt. However, given the diverse nature of our business, station operating income is not truly reflective of our multi-media operation and, therefore, we use the term "broadcast and digital operating income." Broadcast and digital operating income is not a measure of financial performance under GAAP. Nevertheless, broadcast and digital operating income is a significant measure used by our management to evaluate the operating performance of our core operating segments. Broadcast and digital operating income provides helpful information about our results of operations, apart from expenses associated with our fixed assets and goodwill and intangible assets, income taxes, investments, impairment charges, debt financings and retirements, corporate overhead and stock-based compensation. Our measure of broadcast and digital operating income is similar to industry use of station operating income; however, it reflects our more diverse business and therefore is not completely analogous to "station operating income" or other similarly titled measures as used by other companies. Broadcast and digital operating income does not represent operating income or loss, or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as an alternative to those measurements as an indicator of our performance.

"Adjusted EBITDA": Adjusted EBITDA consists of net (loss) income plus (1) depreciation and amortization, income taxes, interest expense, net income attributable to non-controlling interests, impairment of goodwill and intangible assets, stock-based compensation, (gain) loss on retirement of debt, employment agreement award and other compensation, corporate costs, non-recurring litigation settlement costs, non-recurring debt refinancing costs, severance-related costs, investment income, loss from unconsolidated joint venture, loss from ceased non-core business initiatives less (2) other income, net and interest and investment income. Net (loss) income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as "EBITDA." Adjusted EBITDA and EBITDA are not measures of financial performance under GAAP. We believe Adjusted EBITDA is often a useful measure of a company's operating performance and is a significant measure used by our management to evaluate the operating performance of our business. Accordingly, based on the previous description of Adjusted EBITDA, we believe that it provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and goodwill and intangible assets, or capital structure. Adjusted EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four of our operating segments (Radio Broadcasting, Reach Media, Digital, and Cable Television). Business activities unrelated to these four segments are included in an "all other" category which the Company refers to as "All other - corporate/eliminations." Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as alternatives to those measurements as an indicator of our performance.

For the three months ended December 31, 2025 and 2024, Urban One had 4,444,458 and 4,565,959 shares of common stock outstanding on a weighted average basis (basic), respectively. For the twelve months ended December 31, 2025 and 2024, Urban One had 4,458,325 and 4,740,287 shares of common stock outstanding on a weighted average basis (basic), respectively.

For the three months ended December 31, 2025 and 2024, Urban One had 4,444,458 and 4,565,959 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. For the twelve months ended December 31, 2025 and 2024, Urban One had 4,458,325 and 4,740,287 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively.

SOURCE Urban One, Inc.