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BEASLEY BROADCAST GROUP REPORTS THIRD QUARTER REVENUE OF $51.0 MILLION

1. BBGI's Q3 2025 net revenue fell to $51.0 million, down 12.4%. 2. Operating loss of $0.3 million compared to a profit of $1.2 million last year. 3. Digital revenue increased 14.6%, now constituting 25% of total revenue. 4. Cost-reduction efforts yielded $15 million in savings year-to-date. 5. Asset sales ongoing to strengthen balance sheet amid challenging advertising conditions.

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Why Bearish?

BBGI's significant revenue decline and operating loss suggest financial instability. Historically, consistent losses lead to lower stock valuations.

How important is it?

The article details critical financial performance metrics affecting investor confidence and stock value. The emphasis on revenue decline and losses significantly impacts BBGI's perceived market position.

Why Short Term?

Immediate financial results may weigh on investor sentiment in the short term. Continued operational challenges affect market perception directly.

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, /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 EndedSeptember 30, Nine Months EndedSeptember 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) (3.6) (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  Closed the sale of WPBB-FM on September 29, 2025 for $8.0 million and entered into agreements for the sale of our Ft. Myers market assets, which are pending FCC approval  Revenue from new business accounted for 14% of net revenue, remaining flat from Q3 2024 Local revenue, including digital packages sold locally, accounted for 79% of net revenue Digital revenue increased 14.6% year-over-year to $13.0 million, or 28.5% on a same-station basis Digital revenue accounted for 25% of net revenue Digital segment operating margin was 21%, or 28% on a same-station basis 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 [email protected] 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 [email protected].  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 ability to comply with the continued listing standards of Nasdaq, remain listing on Nasdaq and make periodic filings with the SEC; risks from health epidemics, natural disasters, terrorism, and other catastrophic events; adverse effects of inflation; external economic forces and conditions that could have a material adverse impact on our advertising revenues and results of operations; the ability of our stations to compete effectively in their respective markets for advertising revenues; our ability to develop compelling and differentiated digital content, products and services; audience acceptance of our content, particularly our audio programs; our ability to adapt or respond to changes in technology, standards and services that affect the audio industry; our dependence on federally issued licenses subject to extensive federal regulation; actions by the Federal Communications Commission ("FCC") or new legislation affecting the audio industry; increases in royalties we pay to copyright owners or the adoption of legislation requiring royalties to be paid to record labels and recording artists; our dependence on selected market clusters of stations for a material portion of our net revenue; credit risk on our accounts receivable;     the risk that our FCC licenses could become impaired; our substantial debt levels and the potential effect of restrictive debt covenants on our operational flexibility and ability to pay dividends; the potential effects of hurricanes, extreme weather and other climate change conditions on our corporate offices and stations; the failure or destruction of the internet, satellite systems and transmitter facilities that we depend upon to distribute our programming; modifications or interruptions of our information technology infrastructure and information systems; the loss of key executives and other key employees; our ability to identify, consummate and integrate acquired businesses and stations; the fact that our Company is controlled by the Beasley family, which creates difficulties for any attempt to gain control of our Company; and other economic, business, competitive, and regulatory factors, such as the ongoing U.S. government shutdown, affecting our businesses, including those set forth in our filings with the SEC. 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, 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, 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, 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, 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, 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, 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, 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, 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.

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