Cumulus Media Inc. Reports 2025 Financial Results: Significant Revenue Declines and Large Net Losses

ATLANTA, GA, April 10, 2026 – Cumulus Media Inc. (OTC: CMLS) has released its operating results for the three months and year ended December 31, 2025, marking a challenging year for the company with substantial declines in revenues and significant net losses. The results were published in a press release attached to the company’s Form 8-K filing.

Key Financial Highlights

• Q4 2025 Results:
  • Net revenue: \$188.1 million (down 14.0% from Q4 2024)
  • Net loss: \$135.1 million
  • Adjusted EBITDA: \$9.5 million
• Full-Year 2025 Results:
  • Net revenue: \$741.7 million (down 10.3% from 2024’s \$827.1 million)
  • Net loss: \$200.7 million
  • Adjusted EBITDA: \$52.0 million
• Basic loss per share:
  • Q4 2025: \$(7.75) vs. \$(13.60) in Q4 2024
  • Full-year 2025: \$(11.55) vs. \$(16.79) in 2024
• Diluted loss per share:
  • Q4 2025: \$(7.75)
  • Full-year 2025: \$(11.55)
• Capital Expenditures:
  • 2025: \$20.2 million (up from \$14.9 million in 2024)
  • Q4 2025: \$4.8 million (up from \$3.9 million in Q4 2024)

Price-Sensitive and Shareholder-Relevant Information

• Revenue Declines: Both quarterly and annual revenues decreased by double-digit percentages. This sharp contraction in top-line growth signals ongoing challenges in market conditions and competitive pressures—potentially impacting share value and investor sentiment.
• Large Net Losses and Impairments: The company posted a substantial net loss for both the quarter and the year, with asset impairments and restructuring costs contributing to the results. These losses are likely to weigh heavily on share price and may indicate further financial distress or a need for strategic realignment.
• Adjusted EBITDA Decline: Adjusted EBITDA—a key metric for media companies—fell markedly, especially in Q4, suggesting weaker operational performance. The company also reports Non-GAAP financial measures, adjusting for political advertising revenue and expenses, but these still show substantial declines.
• Increase in Capital Expenditures: Despite falling revenues, capital expenditures increased, suggesting ongoing investment in operations or technology. This may be viewed as a risk or an attempt to stabilize or grow future business.
• Legal and Restructuring Costs: The report details costs related to non-routine legal expenses and restructuring, including asset impairments. These costs reduce profitability and signal that management is actively responding to operational challenges.
• No Securities Registered on Major Exchanges: The company confirms it does not have securities registered under Section 12(b) of the Act, meaning shares are not traded on major exchanges—a note of caution for investors regarding liquidity and visibility.
• Forward-Looking Statements: Management notes ongoing risks, including competitive industry dynamics and uncertain economic conditions. There is no guarantee of future performance, and caution is advised.
• Non-GAAP Measures: Management highlights Adjusted EBITDA and net revenue excluding political revenue, but warns these are not GAAP measures and may differ from similar metrics used by other companies.

Reconciliation of Net Loss to Adjusted EBITDA

The company provides detailed reconciliations between GAAP net loss and Adjusted EBITDA, factoring in:

• Depreciation and amortization
• Stock-based compensation
• Loss on sale/disposal of assets
• Impairment of assets (both intangible and held for sale)
• Restructuring costs
• Non-routine legal expenses
• Debt exchange costs
• Interest income/expense
• Other (expense) income

This provides investors with a transparent view of underlying operational performance, but the Adjusted EBITDA is still sharply lower than prior periods.

Risks and Forward-Looking Statements

Cumulus Media’s management emphasizes that the media industry is rapidly changing and highly competitive. The company faces uncertain financial and economic conditions, and additional risks are outlined in their filings with the SEC. Investors are cautioned not to rely solely on forward-looking statements, as actual results may differ materially due to factors beyond management’s control.

Contact Information

For further information, investors are encouraged to contact Cumulus Media Inc. Investor Relations at [email protected].

Disclaimer: This article is based on publicly released financial statements and regulatory filings. It does not constitute investment advice. Investors should read full SEC filings and consult professional advisors before making any investment decisions. Past performance is not indicative of future results. The company’s shares are not registered on major exchanges, which may limit liquidity and increase risk.

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