BEASLEY BROADCAST GROUP REPORTS THIRD QUARTER REVENUE OF $51.0 MILLION

NAPLES, Fla., Nov. 10, 2025 /PRNewswire/ -- Beasley Broadcast Group, Inc. (Nasdaq: BBGI) ("Beasley" or the "Company"), a multi-platform media company, today announced operating results for the three-month period ended September 30, 2025. For further information, the Company has posted a presentation to its website regarding the third quarter highlights and accomplishments that management will review on today's conference call.

Third Quarter Financial Highlights

In millions, except per share data

Three Months Ended

September 30,

Nine Months Ended

September 30,

2024

2025

2024

2025

Net revenue

58.2

51.0

173.0

152.9

Operating income (loss)

1.2

(0.3)

5.5

0.6

Net loss 1

(3.6)

(3.8)

(6.4)

Net loss per diluted share 1

(2.33)

(1.97)

(2.52)

(3.56)

Adjusted EBITDA (non-GAAP)

6.5

3.9

16.1

9.7

1. Net loss and net loss per diluted share in the nine months ended September 30, 2024 include a $6.0 million gain on sale of an investment in Broadcast Music, Inc.

Third Quarter 2025 Highlights

Net revenue during the three months ended September 30, 2025 decreased 12.4%, or 11.2% on a same-station basis, to $51.0 million. This performance was in line with Company guidance and reflects continued softness in the traditional agency advertising market, partially offset by sustained growth in high-margin, owned-and-operated digital revenue and local direct sales.

Beasley recorded an operating loss of approximately $300 thousand in the third quarter of 2025, compared to an operating income of $1.2 million in the prior year quarter. The decline reflects lower total revenue, partially offset by continued expense reductions and improving digital margins. Interest expense totaled $3.3 million, consistent with prior periods, resulting in a net loss of approximately $3.6 million, or $1.97 per diluted share, compared to a net loss of $3.6 million, or $2.33 per diluted share, in the prior year quarter.

Adjusted EBITDA was $3.9 million in the third quarter of 2025, compared to $6.5 million in the third quarter of 2024.

Please refer to the "Reconciliation of Net Loss to Adjusted EBITDA and EBITDA per Indenture" table at the end of this release.

Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said:

"Our third quarter results demonstrate continued operational discipline. While advertising demand remains challenging, particularly within agency channels, the quality of our revenue mix continues to strengthen, led by sustained growth and record margins in our digital business. Digital revenue now represents roughly one-quarter of total company revenue, with owned-and-operated products driving margin expansion and scalability."

"At the same time, our cost-reduction initiatives are yielding tangible, lasting benefits. We've reduced total station operating and corporate expenses by $15 million year-to-date, while improving organizational efficiency and positioning Beasley to generate higher returns on every dollar of revenue. As we move into the fourth quarter, we remain focused on disciplined execution, strengthening our balance sheet through planned asset sales, and advancing our strategy to deliver sustainable shareholder value."

Conference Call and Webcast Information

The Company will host a conference call and webcast today, November 10, 2025 at 11:00 a.m. ET to discuss its financial results and operations. To access the conference call, interested parties may dial (800) 715-9871 or +1 (646) 307-1963 conference ID 1613596 (domestic and international callers). Participants can also listen to a live webcast of the call at the Company's website at www.bbgi.com. Please allow 15 minutes to register and download and install any necessary software. Following its completion, a replay of the webcast can be accessed for five days on the Company's website, www.bbgi.com.

Questions from analysts, institutional investors and debt holders may be e-mailed to ir@bbgi.com at any time up until 9:00 a.m. ET on Monday, November 10, 2025. Management will answer as many questions as possible during the conference call and webcast (provided the questions are not addressed in their prepared remarks).

About Beasley Broadcast Group

The Company is a multi-platform media company whose primary business is operating radio stations throughout the United States. The Company offers local and national advertisers integrated marketing solutions across audio, digital and event platforms. The Company owns and operates 54 AM and FM stations in the following large- and mid-size markets in the United States: Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. Approximately 19 million consumers listen to the Company's radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company's brands and personalities through digital platforms such as Facebook, X, text, apps and email. For more information, please visit www.bbgi.com.

For further information, or to receive future Beasley Broadcast Group news announcements via e-mail, please contact Beasley Broadcast Group, at 239-263-5000 or ir@bbgi.com.

Definiti ons

EBITDA is defined as net income (loss) before interest income or expense, income tax expense or benefit, depreciation, and amortization.

Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain, non-operating or other items that we believe are not indicative of the performance of our ongoing operations, such as impairment losses, other income or expense, one-time severance expense, stock-based compensation or equity in earnings of unconsolidated affiliates. See "Reconciliation of Net Loss to Adjusted EBITDA" for additional information.

Adjusted EBITDA is a measure widely used in the media industry. The Company recognizes that because Adjusted EBITDA is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures employed by other companies. However, management believes that Adjusted EBITDA provides meaningful information to investors because it is an important measure of how effectively we operate our business and assists investors in comparing our operating performance with that of other media companies.

EBITDA per Indenture refers to EBITDA as defined by our creditors. The Company recognizes that because EBITDA per Indenture is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures employed by other companies. However, management believes that EBITDA per Indenture provides meaningful information to investors because it reflects how our creditors are benchmarking our performance.

Same station revenue and same station operating expenses exclude revenue or operating expenses, as applicable, from all divestitures and other operations that were exited in the prior 12 months. These measures provide investors with a clearer view of core business performance by eliminating the impact of portfolio changes and enabling more meaningful year-over-year comparisons. By isolating the performance of continuing operations, same station results offer greater transparency into underlying trends, operational execution, and the effectiveness of strategic initiatives.

New business revenue is defined as revenue from an advertiser that has not advertised in the prior 13 months before the start of the current quarter.

Note Regarding Forward-Looking Statements

Statements in this release that are "forward-looking statements" are based upon current expectations and assumptions and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "looking ahead," "intends," "believes," "expects," "seek," "will," "should" or variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, address matters that are, to different degrees, uncertain. Key risks are described in the Company's reports filed with the Securities and Exchange Commission ("SEC") including its annual report on Form 10-K and quarterly reports on Form 10-Q. Readers should note that forward-looking statements are subject to change and to inherent risks and uncertainties and may be impacted by several factors, including:

Our actual performance and results could differ materially because of these factors and other factors discussed in our SEC filings, including but not limited to our annual reports on Form 10-K or quarterly reports on Form 10-Q, copies of which can be obtained from the SEC at www.sec.gov, or our website at www.bbgi.com. All information in this release is as of November 10, 2025, and we undertake no obligation to update the information contained herein to actual results or changes to our expectations, except as required by law.

BEASLEY BROADCAST GROUP, INC.

Condensed Consolidated Statements of Net Loss - Unaudited

Three months ended

Nine months ended

September 30,

2024

2025

2024

2025

Net revenue

58,190,116

50,977,046

173,006,119

152,889,222

Operating expenses:

Operating expenses (including stock-based compensation and

excluding depreciation and amortization shown separately below)

49,946,133

46,084,806

148,534,924

136,076,265

Corporate expenses (including stock-based compensation)

4,296,615

2,161,204

12,584,218

9,949,909

Depreciation and amortization

1,788,126

1,530,090

5,455,622

4,771,435

Goodwill impairment loss

922,000

—

922,000

—

Other operating expenses

—

1,737,622

—

1,737,622

Total operating expenses

56,952,874

51,513,722

167,496,764

152,535,231

Operating income (loss)

1,237,242

(536,676)

5,509,355

353,991

Non-operating income (expense):

Interest expense

(6,092,820)

(3,279,031)

(17,773,957)

(9,954,445)

Gain on repurchase of long-term debt

—

525,000

Gain on sale of investment

—

6,026,776

—

Other income (expense), net

(75,120)

(108,078)

552,145

1,065,294

Loss before income taxes

(4,930,698)

(3,923,785)

(5,685,681)

(8,010,160)

Income tax benefit

(1,309,803)

(315,153)

(1,796,019)

(1,598,890)

Loss before equity in earnings of unconsolidated affiliates

(3,620,895)

(3,608,632)

(3,889,662)

(6,411,270)

Equity in earnings of unconsolidated affiliates, net of tax

60,320

51,929

60,036

10,571

Net loss

(3,560,575)

(3,556,703)

(3,829,626)

(6,400,699)

Basic and diluted net loss per Class A and Class B common share

(2.33)

(1.97)

(2.52)

(3.56)

Basic and diluted weighted-average common shares outstanding

1,529,521

1,804,027

1,521,204

1,796,981

Selected Balance Sheet Data - Unaudited

(in thousands)

December 31,

September 30,

2024

2025

Cash and cash equivalents

13,773

14,337

Working capital

16,303

9,066

Total assets

549,207

534,571

Long-term debt, net of unamortized debt issuance costs

247,118

237,171

Stockholders' equity

147,220

141,019

Selected Statement of Cash Flows Data – Unaudited

Nine months ended

September 30,

2024

2025

Net cash used in operating activities

(2,241,342)

(5,312,411)

Net cash provided by investing activities

3,399,736

6,878,372

Net cash used in financing activities

(90,136)

(1,002,042)

Net increase in cash and cash equivalents

1,068,258

563,919

Reconciliation of Net Loss to Adjusted EBITDA and EBITDA per Indenture – Unaudited

Three months ended

Nine months ended

September 30,

2024

2025

2024

2025

Net loss

(3,560,575)

(3,556,703)

(3,829,626)

(6,400,699)

Interest expense

6,092,820

3,279,031

17,773,957

9,954,445

Income tax benefit

(1,309,803)

(315,153)

(1,796,019)

(1,598,890)

Depreciation and amortization

1,788,126

1,530,090

5,455,622

4,771,435

EBITDA

3,010,568

937,265

17,603,934

6,726,291

Severance expenses

1,247,305

975,623

2,501,502

2,014,736

Non-recurring expenses

924,802

97,432

924,802

592,393

Stock-based compensation expenses

358,206

52,179

773,258

227,407

Goodwill impairment loss

922,000

—

922,000

—

Other operating expenses

—

1,737,622

—

1,737,622

Gain on repurchase of long-term debt

—

(525,000)

Gain on sale of investment

—

(6,026,776)

—

Other income, net

75,120

108,078

(552,145)

(1,065,294)

Equity in earnings of unconsolidated affiliates, net of tax

(60,320)

(51,929)

(60,036)

(10,571)

Adjusted EBITDA

6,477,681

3,856,270

16,086,539

9,697,584

Non-cash trade agreements

371,610

(45,740)

630,388

(349,504)

Property and franchise taxes

194,458

298,739

1,136,479

1,401,007

Pro-forma cost savings

1,789,198

410,927

1,789,198

1,091,940

EBITDA per Indenture

8,832,947

4,520,196

19,642,604

11,841,027

Calculation of Same Station Net Revenue and Operating Expenses – Unaudited

Three months ended

Nine months ended

September 30,

2024

2025

2024

2025

Net revenue

58,190,116

50,977,046

173,006,119

152,889,222

Atlanta

(965)

—

(965)

—

Augusta (WGUS-FM)

(45,071)

—

(137,408)

(1,612)

Tampa (WPBB-FM)

(318,251)

(302,842)

(932,003)

(968,963)

Wilmington

—

(55,117)

—

Guarantee Digital

(2,245,597)

(1,320,453)

(7,639,947)

(4,917,984)

Outlaws

(7,732)

(4,579)

(202,958)

(4,579)

Same station net revenue

55,572,500

49,349,172

164,037,721

146,996,084

Three months ended

Nine months ended

September 30,

2024

2025

2024

2025

Operating expenses

49,946,133

46,084,806

148,534,924

136,076,265

Atlanta

(17,109)

—

(93,144)

—

Wilmington

(8,077)

—

(58,060)

—

Guarantee Digital

(2,956,385)

(1,887,771)

(9,171,270)

(5,902,306)

Outlaws

(289,124)

(6,712)

(903,897)

(6,712)

Same station operating expenses

46,675,438

44,190,323

138,308,553

130,167,247

Calculation of Same Station Audio Net Revenue and Audio Operating Expenses – Unaudited

Three months ended

Nine months ended

September 30,

2024

2025

2024

2025

Audio net revenue

46,889,920

38,030,320

137,748,127

116,002,560

Atlanta

(965)

—

(965)

—

Augusta (WGUS-FM)

(45,071)

—

(137,408)

(1,612)

Tampa (WPBB-FM)

(318,251)

(302,842)

(932,003)

(968,963)

Wilmington

—

(55,117)

—

Same station audio net revenue

46,525,633

37,727,478

136,622,634

115,031,985

Three months ended

Nine months ended

September 30,

2024

2025

2024

2025

Audio operating expenses

39,516,786

35,863,262

117,418,596

107,353,557

Atlanta

(17,109)

—

(93,144)

—

Wilmington

(8,077)

—

(58,060)

—

Same station audio operating expenses

39,491,600

35,863,262

117,267,392

107,353,557

Calculation of Same Station Digital Net Revenue and Digital Operating Expenses – Unaudited

Three months ended

Nine months ended

September 30,

2024

2025

2024

2025

Digital net revenue

11,300,196

12,946,726

35,257,992

36,886,662

Guarantee Digital

(2,245,597)

(1,320,453)

(7,639,947)

(4,917,984)

Outlaws

(7,732)

(4,579)

(202,958)

(4,579)

Same station digital net revenue

9,046,867

11,621,694

27,415,087

31,964,099

Three months ended

Nine months ended

September 30,

2024

2025

2024

2025

Digital operating expenses

10,429,347

10,221,544

31,116,328

28,722,708

Guarantee Digital

(2,956,385)

(1,887,771)

(9,171,270)

(5,902,306)

Outlaws

(289,124)

(6,712)

(903,897)

(6,712)

Same station digital operating expenses

7,183,838

8,327,061

21,041,161

22,813,690

SOURCE Beasley Media Group, Inc.