Beasley Broadcast Group Reports Q4 and Full Year 2025 Results: Major Impairment, Strategic Transformation, and Debt Exchange Announced

Key Financial Highlights

• Q4 2025 net revenue: \$53.1 million (down 21% YoY)
• Full Year 2025 net revenue: \$205.9 million (down from \$240.3 million in 2024)
• Q4 2025 operating loss: \$(230.0) million (compared to operating income of \$7.6 million in Q4 2024)
• Full Year 2025 net loss: \$(196.5) million (net loss per share of \$(109.27))
• Massive non-cash impairment: \$224.8 million impairment loss on FCC licenses recorded in Q4 2025
• Adjusted EBITDA: \$0.8 million for Q4 2025 (down from \$10.7 million in Q4 2024); \$10.5 million for FY 2025
• Annualized cost reductions: Over \$30 million executed in past 18 months
• Debt exchange announced: Plans to halve second lien debt and repay \$15 million of first lien debt, reducing total debt from \$220 million to approximately \$110 million

Strategic and Operational Highlights

• Closed the sale of WPBB-FM in Tampa for \$8 million and Fort Myers market assets for \$18 million, generating \$26 million in proceeds
• Ongoing portfolio optimization and focus on high-performing assets
• Digital revenue grew to \$49.5 million (up 5.9% YoY), now 24% of net revenue, with digital segment operating margin at 23.9% (28.8% on a same-station basis)
• Revenue from new business reached 13% of net revenue for the year
• Local revenue (including digital packages) accounted for 72% of net revenue

Detailed Performance Review

Beasley Broadcast Group, Inc. (Nasdaq: BBGI), a leading multi-platform media company, reported a challenging Q4 and full year 2025, shaped by secular pressures in traditional radio and a strategic transformation toward digital and local revenue streams.

The company’s Q4 2025 net revenue was \$53.1 million, a sharp 21.1% decrease from \$67.3 million in Q4 2024. On a same-station basis and excluding political revenue, the decrease was 6.8%. Overall, full-year net revenue dropped to \$205.9 million, down from \$240.3 million in 2024. This decline was mainly attributed to persistent weakness in traditional agency advertising, partially offset by continued growth in high-margin, owned-and-operated digital revenues.

A headline item for investors is the significant non-cash impairment charge of \$224.8 million against FCC licenses in Q4 2025, reflecting the company’s updated assessment of the fair value of its broadcast licenses in light of ongoing industry headwinds. This drove the company to report an operating loss of \$(230.0) million in Q4 2025, compared to a \$7.6 million operating profit in Q4 2024. The full-year net loss was \$(196.5) million, or \$(109.27) per diluted share, compared to \$(5.9) million, or \$(3.73) per diluted share, the previous year.

Excluding non-cash and non-recurring items, the adjusted operating loss in Q4 2025 was approximately \$(3.4) million, compared to adjusted operating income of \$7.6 million a year earlier. Management highlighted that this decline was partially offset by expense reductions exceeding \$30 million on an annualized basis over the past 18 months.

Adjusted EBITDA, a key metric for the company and industry, plummeted to \$0.8 million in Q4 2025 (from \$10.7 million in Q4 2024), and to \$10.5 million for the full year (from \$25.8 million in 2024).

Balance Sheet and Liquidity

• Cash and equivalents at year-end 2025: \$9.9 million (down from \$13.8 million at year-end 2024)
• Working capital: \$0.2 million at year-end 2025
• Total assets: \$299.3 million (down from \$549.2 million)
• Long-term debt: \$235.3 million (down from \$247.1 million)
• Stockholders’ equity: \$(49.3) million (a swing from +\$147.2 million in 2024, largely due to the impairment charges)

Debt Exchange Transaction – Major Price-Sensitive Update

In a move that could significantly impact the company’s share price and long-term viability, Beasley Broadcast announced a debt exchange transaction with its second lien bondholders. This deal, expected to close by the end of April 2026, aims to:

• Reduce second lien debt by approximately 50%
• Repay roughly \$15 million of first lien debt
• Reduce total outstanding debt from \$220 million to about \$110 million

Management believes this will meaningfully strengthen the balance sheet, enhance financial flexibility, and better position Beasley to execute its strategic priorities, including further deleveraging via EBITDA growth and additional portfolio optimization.

Digital and Local Revenue Growth

• Digital revenue rose 5.9% year-over-year to \$49.5 million (21% growth on a same-station basis), now representing 24% of total net revenue (up from 19% in 2024)
• Digital segment operating margin hit a record 23.9% (28.8% on a same-station basis)
• Local revenue, including digital, made up 72% of net revenue for the year
• New business revenue contributed 13% of net revenue

Management Commentary

CEO Caroline Beasley described 2025 as a year of “meaningful transformation.” She emphasized the company’s focus on cost containment, digital migration, and portfolio optimization, noting that the company had executed over \$30 million in annualized cost reductions and generated \$26 million in proceeds from recent asset sales. The company’s digital business delivered “record performance,” and the management remains focused on controlling costs, growing digital and direct local revenue, and strengthening its brands.

She also highlighted the importance of the announced debt exchange as a crucial step in enhancing the company’s financial health and flexibility.

Risks and Forward-Looking Statements

Investors should be aware that the company faces substantial risks, including:

• Continued secular pressures on traditional radio advertising
• Potential further impairment of FCC licenses
• Substantial debt levels and restrictive covenants
• Ability to comply with Nasdaq listing requirements
• General economic, regulatory, and operational risks

The company’s future performance remains subject to various uncertainties as detailed in its filings with the SEC.

Conclusion: Price-Sensitive Developments

The results and announcements in this report are highly price-sensitive. The massive impairment charge, deep net losses, shift to a negative equity position, and the upcoming debt exchange transaction all have significant implications for shareholder value and the company’s future prospects. Investors should monitor developments closely over the coming weeks, especially regarding the completion and terms of the debt exchange, as well as ongoing trends in the company’s digital and local revenue performance.

Disclaimer: This article is based on Beasley Broadcast Group’s public filings and earnings release dated April 8, 2026. It is intended for informational purposes only and does not constitute investment advice. Readers should review the company’s official filings and consult with their financial advisors before making investment decisions. The company’s results and forward-looking statements are subject to risks and uncertainties that could cause actual outcomes to differ materially from those indicated herein.

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