URBAN ONE, INC. REPORTS SECOND QUARTER 2025 RESULTS

, /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the three months ended June 30, 2025. For the three months ended June 30, 2025, net revenue was approximately $91.6 million, a decrease of 22.2% from the same period in 2024. The Company reported operating loss of approximately $120.7 million for the three months ended June 30, 2025, compared to operating loss of approximately $60.4 million for the three months ended June 30, 2024. Broadcast and digital operating income1 was approximately $25.7 million for the three months ended June 30, 2025, a decrease of 25.0% from the same period in 2024. Net loss was approximately $77.9 million or $(1.74) per share (basic) for the three months ended June 30, 2025 compared to net loss of $45.4 million or $(0.94) per share (basic) for the same period in 2024. Adjusted EBITDA2 was approximately $14.0 million for the three months ended June 30, 2025, compared to approximately $28.9 million for the same period in 2024. Alfred C. Liggins, III, Urban One's CEO and President stated, "Second quarter results were impacted by weaker than expected performance in our Reach Media and Digital segments. Some of this is due to the timing of our annual Tom Joyner Fantastic Voyage, which generated $9.6 million of revenue in the second quarter of 2024 and will take place in fourth quarter this year. Additionally, client attrition and lower CPM's at Reach Media meant the segment was loss-making for the quarter. Our Digital business experienced a combination of lower advertising demand and reduced streaming CPM's compared to the second quarter of 2024. Core radio advertising finished down 11.8% excluding digital, as we continue to experience double-digit declines in national radio advertising demand. Core radio pacings for the third quarter are currently (8.3)% or (5.6)% excluding political, with local pacing flat year-over-year, so we are seeing some sequential improvement in radio. Cable TV advertising was down 4.2% and affiliate revenue was down 11.7% driven by continuing subscriber churn. Based on the broad economic headwinds being experienced, we are reducing our full year guidance to $60.0 million in Adjusted EBITDA2. In a challenging marketplace, our focus remains on controlling costs, managing leverage and retaining our strong liquidity position. During the second quarter of 2025, we repurchased $64.0 million of our 2028 Notes at an average price of approximately 51.8% of par, reducing our outstanding debt balance to $492.3 million." Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (unaudited) (unaudited) CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share data) (in thousands, except share data) NET REVENUE $ 91,631 $ 117,744 $ 183,866 $ 222,154 OPERATING EXPENSES Programming and technical, excluding stock-based compensation 28,647 33,256 59,245 65,915 Selling, general and administrative, excluding stock-based compensation(a) 49,493 60,079 99,598 115,708 Stock-based compensation 574 1,079 1,250 2,463 Depreciation and amortization 3,523 2,993 5,838 4,843 Impairment of goodwill and intangible assets 130,078 80,758 136,521 80,758 Total operating expenses 212,315 178,165 302,452 269,687 Operating loss (120,684) (60,421) (118,586) (47,533) INTEREST AND INVESTMENT INCOME 616 1,777 1,582 3,775 INTEREST EXPENSE (9,704) (12,404) (20,628) (25,402) GAIN ON RETIREMENT OF DEBT 30,297 7,425 41,884 15,299 OTHER INCOME, NET 124 14 316 900 Loss from consolidated operations before benefit from income taxes (99,351) (63,609) (95,432) (52,961) BENEFIT FROM INCOME TAXES 21,382 18,512 5,724 16,010 NET LOSS FROM CONSOLIDATED OPERATIONS (77,969) (45,097) (89,708) (36,951) LOSS FROM UNCONSOLIDATED JOINT VENTURE — — — (411) NET LOSS (77,969) (45,097) (89,708) (37,362) NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (67) 334 (64) 576 NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (77,902) $ (45,431) (89,644) (37,938) ‌ Weighted-average shares outstanding - basic3 44,738,306 48,483,639 44,768,280 48,434,513 Weighted-average shares outstanding - diluted4 44,738,306 48,483,639 44,768,280 48,434,513 (a) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations. 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 six months ended June 30, 2025 and 2024 is presented in the following tables: Three Months Ended June 30, 2025 (in thousands) Consolidated RadioBroadcasting Reach Media Digital CableTelevision Corporate/Eliminations/Other NET REVENUE $ 91,631 $ 36,693 $ 5,315 $ 10,254 $ 40,070 $ (701) OPERATING EXPENSES: Programming and technical 28,647 9,993 3,178 3,267 12,372 (163) Sales and marketing 28,310 13,389 3,053 6,572 5,831 (535) General and administrative 21,183 6,373 735 561 3,811 9,703 Other segment income (expenses) 469 — — — — 469 Adjusted EBITDA2 $ 13,960 $ 6,938 $ (1,651) $ (146) $ 18,056 $ (9,237) ‌ Three Months Ended June 30, 2024 (in thousands) Consolidated RadioBroadcasting Reach Media Digital (a) CableTelevision (a) Corporate/Eliminations/Other NET REVENUE $ 117,744 $ 41,999 $ 18,929 $ 14,072 $ 43,312 $ (568) OPERATING EXPENSES: Programming and technical 33,256 11,436 3,641 3,520 14,913 (254) Sales and marketing (b) 39,601 13,161 11,046 7,491 8,308 (405) General and administrative (b) 20,479 7,661 793 347 4,158 7,520 Other segment income (expenses) 4,514 (246) 8 — 89 4,663 Adjusted EBITDA2 $ 28,922 $ 9,495 $ 3,457 $ 2,714 $ 16,022 $ (2,766) ‌ Six Months Ended June 30, 2025 (in thousands) Consolidated RadioBroadcasting Reach Media Digital CableTelevision Corporate/Eliminations/Other NET REVENUE $ 183,866 $ 69,303 $ 11,168 $ 20,466 $ 84,263 $ (1,334) OPERATING EXPENSES: Programming and technical 59,245 21,286 6,546 6,454 25,281 (322) Sales and marketing 57,386 24,935 5,178 13,359 14,927 (1,013) General and administrative 42,212 13,423 1,761 745 7,406 18,877 Other segment income (expenses) 1,794 127 115 4 (1) 1,549 Adjusted EBITDA2 $ 26,817 $ 9,786 $ (2,202) $ (88) $ 36,648 $ (17,327) ‌ Six Months Ended June 30, 2024 (in thousands) Consolidated RadioBroadcasting Reach Media Digital (a) CableTelevision (a) Corporate/Eliminations/Other NET REVENUE $ 222,154 $ 78,350 $ 27,401 $ 26,260 $ 91,317 $ (1,174) OPERATING EXPENSES: Programming and technical 65,915 22,765 7,125 7,023 29,513 (511) Sales and marketing (b) 68,480 24,555 13,225 13,195 18,447 (942) General and administrative (b) 47,228 15,727 1,763 981 8,123 20,634 Other segment income (expenses) 10,648 (174) (1) — 89 10,734 Adjusted EBITDA2 $ 51,179 $ 15,129 $ 5,287 $ 5,061 $ 35,323 $ (9,621) (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. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 PER SHARE DATA - basic and diluted: (in thousands, except per sharedata) (in thousands, except per sharedata) Net loss attributable to common stockholders (basic) (1.74) (0.94) (2.00) (0.78) Net loss attributable to common stockholders (diluted) (1.74) (0.94) (2.00) (0.78) ‌ Broadcast and digital operating income $ 25,664 $ 34,196 $ 48,680 $ 66,210 ‌ Broadcast and digital operating income reconciliation: Net loss attributable to common stockholders $ (77,902) $ (45,431) $ (89,644) $ (37,938) Add back/(deduct) certain non-broadcast and digital operating income items included in net loss: Interest and investment income (616) (1,777) (1,582) (3,775) Interest expense 9,704 12,404 20,628 25,402 Benefit from income taxes (21,382) (18,512) (5,724) (16,010) Corporate selling, general and administrative expenses, excluding stock-based compensation 12,173 9,787 23,657 25,679 Stock-based compensation 574 1,079 1,250 2,463 Gain on retirement of debt (30,297) (7,425) (41,884) (15,299) Other income, net (124) (14) (316) (900) Loss from unconsolidated joint venture — — — 411 Depreciation and amortization 3,523 2,993 5,838 4,843 Net (loss) income attributable to non-controlling interests (67) 334 (64) 576 Impairment of goodwill and intangible assets 130,078 80,758 136,521 80,758 Broadcast and digital operating income $ 25,664 $ 34,196 $ 48,680 $ 66,210 ‌ Adjusted EBITDA2 $ 13,960 $ 28,922 $ 26,817 $ 51,179 ‌ Adjusted EBITDA2 reconciliation: Net loss attributable to common stockholders $ (77,902) $ (45,431) $ (89,644) $ (37,938) Interest and investment income (616) (1,777) (1,582) (3,775) Interest expense 9,704 12,404 20,628 25,402 Benefit from income taxes (21,382) (18,512) (5,724) (16,010) Depreciation and amortization 3,523 2,993 5,838 4,843 EBITDA $ (86,673) $ (50,323) $ (70,484) $ (27,478) Stock-based compensation 574 1,079 1,250 2,463 Gain on retirement of debt (30,297) (7,425) (41,884) (15,299) Other income, net (124) (14) (316) (900) Loss from unconsolidated joint venture — — — 411 Net (loss) income attributable to non-controlling interests (67) 334 (64) 576 Corporate costs(a) 362 3,488 1,109 8,847 Severance-related costs — 516 219 580 Impairment of goodwill and intangible assets 130,078 80,758 136,521 80,758 Loss from ceased non-core businesses initiatives(b) 107 509 466 1,221 Adjusted EBITDA2 $ 13,960 $ 28,922 $ 26,817 $ 51,179 (a)Corporate costs include professional fees related to the material weakness remediation efforts. (b)In 2024, we made an immaterial change to the definition of Adjusted EBITDA2 by adding back the loss from ceased non-core operations. All historical periods were recast to reflect this immaterial change. June 30, 2025 December 31,2024 (in thousands) SELECTED CONSOLIDATED BALANCE SHEET DATA: (Unaudited) Cash and cash equivalents and restricted cash $ 86,217 $ 137,574 Intangible assets, net(a) 345,524 490,024 Total assets 729,227 944,790 Total debt (including current portion, net of issuance costs) 488,396 579,069 Total liabilities 644,468 765,857 Total stockholders' equity 82,182 170,945 Redeemable non-controlling interests 2,577 7,988 (a) Intangible assets, net include Goodwill, Radio Broadcasting Licenses, net, Other Intangible Assets, net, and Launch Assets. June 30, 2025 ApplicableInterest Rate SELECTED LEVERAGE DATA: (in thousands) 7.375% senior secured notes due February 2028, net of issuance costs of approximately $3.9 million (fixed rate) $ 488,396 7.375 % 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 June 30, 2025, we recognized approximately $91.6 million in net revenue compared to approximately $117.7 million during the three months ended June 30, 2024. These amounts are net of agency commissions. We recognized approximately $36.7 million of revenue from our Radio Broadcasting segment during the three months ended June 30, 2025, compared to approximately $42.0 million for the three months ended June 30, 2024, a decrease of approximately $5.3 million, primarily driven by weaker overall market demand from the national advertisers and lower event revenues. We recognized approximately $5.3 million of revenue from our Reach Media segment during the three months ended June 30, 2025, compared to approximately $18.9 million for the three months ended June 30, 2024, a decrease of approximately $13.6 million. The decrease was primarily driven by the decrease in overall demand and the timing of the Fantastic Voyage cruise sailing that took place in May 2024. The 2025 Fantastic Voyage cruise is scheduled to take place in October 2025. We recognized approximately $10.3 million of revenue from our Digital segment during the three months ended June 30, 2025, compared to approximately $14.1 million during the three months ended June 30, 2024, a decrease of approximately $3.8 million. The decrease was primarily driven by the decrease in national digital sales and direct revenue streams. We recognized approximately $40.1 million of revenue from our Cable Television segment during the three months ended June 30, 2025, compared to approximately $43.3 million during the three months ended June 30, 2024, a decrease of approximately $3.2 million. The decrease was primarily driven by the churn of subscribers. The following charts indicate the sources of our net revenues for the three months and year ended June 30, 2025: Three Months Ended June 30, 2025 2024 $ Change % Change ‌ Net revenue: (in thousands) Radio advertising $ 38,627 $ 45,421 $ (6,794) (15.0) % Political advertising 254 2,152 (1,898) (88.2) % Digital advertising(a) 10,241 13,714 (3,473) (25.3) % Cable Television advertising(a) 22,977 23,985 (1,008) (4.2) % Cable Television affiliate fees 17,061 19,315 (2,254) (11.7) % Event revenues & other 2,471 13,157 (10,686) (81.2) % Net revenue $ 91,631 $ 117,744 $ (26,113) (22.2) % ‌ Six Months Ended June 30, 2025 2024 $ Change % Change ‌ Net revenue: (in thousands) Radio advertising $ 74,844 $ 86,761 $ (11,917) (13.7) % Political advertising 404 3,388 (2,984) (88.1) % Digital advertising(a) 20,452 25,881 (5,429) (21.0) % Cable Television advertising(a) 48,402 51,129 (2,727) (5.3) % Cable Television affiliate fees 35,778 40,103 (4,325) (10.8) % Event revenues & other 3,986 14,892 (10,906) (73.2) % Net revenue (as reported) $ 183,866 $ 222,154 $ (38,288) (17.2) % (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. Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill and intangible assets, were approximately $78.1 million for the three months ended June 30, 2025, compared to approximately $93.3 million for the comparable period in 2024. The overall decrease in operating expenses was primarily due to lower expenses across most segments and lower third-party professional fees. Impairment of goodwill and intangible assets was approximately $130.1 million during the three months ended June 30, 2025, compared to $80.8 million for the three months ended June 30, 2024. The impairment loss of $130.1 million during the three months ended June 30, 2025 was driven by approximately $121.3 million of impairment of radio broadcasting licenses within the Radio Broadcasting segment, impairment loss of $4.9 million within the Digital reporting unit, and impairment loss of $3.9 million in the Radio Broadcasting reporting units. The primary factors leading to the impairment was a continued decline of projected gross market revenues and a decline in operating profit margin. Due to industry and macro-economic conditions along with ongoing declines in national and local radio listenership, the Company reassessed the useful life of our Radio Broadcasting licenses. On June 1, 2025, the Company prospectively changed the useful life of these broadcasting licenses from indefinite-lived to finite-lived intangible assets and recorded amortization expense of $1.3 million for the three months ended June 30, 2025. Depreciation and amortization expense was approximately $3.5 million for the three months ended June 30, 2025, compared to approximately $3.0 million for the three months ended June 30, 2024, an increase of approximately $0.5 million due to the TV One Trade Name amortization and radio broadcasting license amortization as a result of the Company's change from indefinite-lived to a finite-lived intangible asset, offset by additional depreciation on leasehold improvements during the three months ended June 30, 2024. Interest and investment income was approximately $0.6 million for the three months ended June 30, 2025, compared to approximately $1.8 million for the three months ended June 30, 2024. The decrease was driven by lower cash and cash equivalents balances during the three months ended June 30, 2025, than in the corresponding period in 2024. Interest expense was approximately $9.7 million for the three months ended June 30, 2025, compared to approximately $12.4 million for the three months ended June 30, 2024, a decrease of approximately $2.7 million. During the three months ended June 30, 2025, the Company repurchased approximately $64.0 million of its 2028 Notes at a weighted average price of approximately 51.8% of par, resulting in a net gain on retirement of debt of approximately $30.3 million. For the three months ended June 30, 2025, we recorded a benefit from income taxes of approximately $21.4 million on the pre-tax loss of approximately $99.4 million resulting with an annual effective tax rate of 21.5%. This rate includes $6.4 million of discrete tax expense related to the change of accounting estimate for radio broadcasting licenses that impacted our valuation allowance. For the three months ended June 30, 2024, we recorded a benefit from income taxes of approximately $18.5 million on pre-tax loss of approximately $63.6 million resulting with an annual effective tax rate of 29.1%. This rate includes $0.1 million of discrete tax benefits primarily related to deferred rate changes. Other pertinent financial information includes capital expenditures of approximately $1.2 million and $2.2 million for the three months ended June 30, 2025 and 2024, respectively. During the three months ended June 30, 2025, the Company repurchased 226,041 shares of Class A Common Stock of approximately $0.4 million at an average price of $1.63 per share. During the three months ended June 30, 2025, the Company repurchased 200,549 shares of Class D Common Stock in the amount of approximately $0.1 million at an average price of $0.59 per share. During the three months ended June 30, 2024, the Company repurchased 449,277 shares of Class A Common Stock in the amount of approximately $0.9 million at an average price of $2.06 per share and repurchased 113,283 shares of Class D Common Stock in the amount of approximately $0.2 million at an average price of $1.57 per share. Supplemental Financial Information: For comparative purposes, the following more detailed statements of operations for the three months June 30, 2025 are included. Three Months Ended June 30, 2025 (in thousands) Consolidated Radio Broadcasting Reach Media Digital Cable Television All Other - Corporate/ Eliminations NET REVENUE $ 91,631 $ 36,693 $ 5,315 $ 10,254 $ 40,070 $ (701) OPERATING EXPENSES: Programming and technical 28,647 9,993 3,178 3,267 12,372 (163) Selling, general and administrative (a) 49,493 19,762 3,788 7,133 9,642 9,168 Stock-based compensation 574 133 23 73 201 144 Depreciation and amortization 3,523 2,278 33 393 675 144 Impairment of goodwill and intangible assets 130,078 125,187 — 4,891 — — Total operating expenses 212,315 157,353 7,022 15,757 22,890 9,293 Operating (loss) income (120,684) (120,660) (1,707) (5,503) 17,180 (9,994) INTEREST AND INVESTMENT INCOME 616 — — — — 616 INTEREST EXPENSE (9,704) (2) (145) — — (9,557) GAIN ON RETIREMENT OF DEBT 30,297 — — — — 30,297 OTHER INCOME, NET 124 108 — — — 16 (Loss) income from consolidated operations before benefit from (provision for) income taxes (99,351) (120,554) (1,852) (5,503) 17,180 11,378 BENEFIT FROM (PROVISION FOR) INCOME TAXES 21,382 28,579 13 1,792 (3,693) (5,309) NET (LOSS) INCOME (77,969) (91,975) (1,839) (3,711) 13,487 6,069 NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (67) — (67) — — — NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (77,902) $ (91,975) $ (1,772) $ (3,711) $ 13,487 $ 6,069 Adjusted EBITDA2 $ 13,960 $ 6,938 $ (1,651) $ (146) $ 18,056 $ (9,237) (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 June 30, 2024 (in thousands) Consolidated Radio Broadcasting Reach Media Digital (a) Cable Television (a) All Other - Corporate/ Eliminations NET REVENUE $ 117,744 $ 41,999 $ 18,929 $ 14,072 $ 43,312 $ (568) OPERATING EXPENSES: Programming and technical 33,256 11,436 3,641 3,520 14,913 (254) Selling, general and administrative (b, c) 60,079 20,822 11,839 7,838 12,466 7,114 Stock-based compensation 1,079 115 21 41 228 674 Depreciation and amortization 2,993 2,079 40 397 176 301 Impairment of goodwill and intangible assets 80,758 80,758 — — — — Total operating expenses 178,165 115,210 15,541 11,796 27,783 7,835 Operating (loss) income (60,421) (73,211) 3,388 2,276 15,529 (8,403) INTEREST AND INVESTMENT INCOME 1,777 — — — — 1,777 INTEREST EXPENSE (12,404) (58) — — — (12,346) GAIN ON RETIREMENT OF DEBT 7,425 — — — — 7,425 OTHER INCOME, NET 14 1 — — — 13 (Loss) income from consolidated operations before benefit from (provision for) income taxes (63,609) (73,268) 3,388 2,276 15,529 (11,534) BENEFIT FROM (PROVISION FOR) INCOME TAXES 18,512 18,057 (624) 652 (2,766) 3,193 NET (LOSS) INCOME (45,097) (55,211) 2,764 2,928 12,763 (8,341) NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 334 — — — — 334 NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (45,431) $ (55,211) $ 2,764 $ 2,928 $ 12,763 $ (8,675) Adjusted EBITDA2 $ 28,922 $ 9,495 $ 3,457 $ 2,714 $ 16,022 $ (2,766) (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 in this Quarterly Report on Form 10-Q. This provides the CODM with a more appropriate alignment of significant segment expenses used to evaluate segment performance. Six Months Ended June 30, 2025 (in thousands) Consolidated Radio Broadcasting Reach Media Digital Cable Television All Other - Corporate/ Eliminations NET REVENUE $ 183,866 $ 69,303 $ 11,168 $ 20,466 $ 84,263 $ (1,334) OPERATING EXPENSES: Programming and technical 59,245 21,286 6,546 6,454 25,281 (322) Selling, general and administrative (a) 99,598 38,358 6,939 14,104 22,333 17,864 Stock-based compensation 1,250 241 46 158 489 316 Depreciation and amortization 5,838 3,274 67 779 1,390 328 Impairment of goodwill and intangible assets 136,521 131,630 — 4,891 — — Total operating expenses 302,452 194,789 13,598 26,386 49,493 18,186 Operating (loss) income (118,586) (125,486) (2,430) (5,920) 34,770 (19,520) INTEREST AND INVESTMENT INCOME 1,582 — — — — 1,582 INTEREST EXPENSE (20,628) (4) (145) — — (20,479) GAIN ON RETIREMENT OF DEBT 41,884 — — — — 41,884 OTHER INCOME, NET 316 108 — — — 208 (Loss) income from consolidated operations before benefit from (provision for) income taxes (95,432) (125,382) (2,575) (5,920) 34,770 3,675 BENEFIT FROM (PROVISION FOR) INCOME TAXES 5,724 29,669 (2) 2,184 (7,574) (18,553) NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS (89,708) (95,713) (2,577) (3,736) 27,196 (14,878) NET (LOSS) INCOME (89,708) (95,713) (2,577) (3,736) 27,196 (14,878) NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (64) — (64) — — — NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (89,644) $ (95,713) $ (2,513) $ (3,736) $ 27,196 $ (14,878) Adjusted EBITDA2 $ 26,817 $ 9,786 $ (2,202) $ (88) $ 36,648 $ (17,327) ‌ Six Months Ended June 30, 2024 (in thousands) Consolidated Radio Broadcasting Reach Media Digital (a) Cable Television (a) All Other - Corporate/ Eliminations NET REVENUE $ 222,154 $ 78,350 $ 27,401 $ 26,260 $ 91,317 $ (1,174) OPERATING EXPENSES: Programming and technical 65,915 22,765 7,125 7,023 29,513 (511) Selling, general and administrative (b, c) 115,708 40,282 14,988 14,176 26,570 19,692 Stock-based compensation 2,463 237 50 83 787 1,306 Depreciation and amortization 4,843 2,962 82 814 301 684 Impairment of goodwill and intangible assets 80,758 80,758 — — — — Total operating expenses 269,687 147,004 22,245 22,096 57,171 21,171 Operating (loss) income (47,533) (68,654) 5,156 4,164 34,146 (22,345) INTEREST AND INVESTMENT INCOME 3,775 — — — — 3,775 INTEREST EXPENSE (25,402) (117) — — — (25,285) GAIN ON RETIREMENT OF DEBT 15,299 — — — — 15,299 OTHER INCOME, NET 900 1 — — — 899 (Loss) income from consolidated operations before benefit from (provision for) income taxes (52,961) (68,770) 5,156 4,164 34,146 (27,657) BENEFIT FROM (PROVISION FOR) INCOME TAXES 16,010 20,079 (1,172) 1,222 (6,864) 2,745 NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS (36,951) (48,691) 3,984 5,386 27,282 (24,912) LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax (411) — — — — (411) NET (LOSS) INCOME (37,362) (48,691) 3,984 5,386 27,282 (25,323) NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 576 — — — — 576 NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (37,938) $ (48,691) $ 3,984 $ 5,386 $ 27,282 $ (25,899) Adjusted EBITDA2 $ 51,179 $ 15,129 $ 5,287 $ 5,061 $ 35,323 $ (9,621) (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 in this Quarterly Report on Form 10-Q. This provides the CODM with a more appropriate alignment of significant segment expenses used to evaluate segment performance. Urban One, Inc. will hold a conference call to discuss its results for the second fiscal quarter of 2025. The conference call is scheduled for Wednesday August 13, 2025 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 3660282. A replay of the conference call will be available from 2:00 p.m. EDT August 13, 2025 until 11:59 p.m. EDT August 20, 2025. 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 3660282. 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 35 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 June 30, 2025, the Company owned and/or operated 74 independently formatted, revenue producing broadcast stations (including 57 FM or AM stations, 15 HD stations, and the 2 low power television stations the Company operates), 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: ‌ 1 "Broadcast and digital operating income": The radio broadcasting industry commonly refers to "station operating income" which consists of net (loss) income 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 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. ‌ 2 "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 intangible assets, stock-based compensation, (gain) loss on retirement of debt, employment agreement award and other compensation, corporate development 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. ‌ 3 For the three months ended June 30, 2025 and 2024, Urban One had 44,738,306 and 48,483,639 shares of common stock outstanding on a weighted average basis (basic), respectively. For the six months ended June 30, 2025 and 2024, Urban One had 44,768,280 and 48,434,513 shares of common stock outstanding on a weighted average basis (basic), respectively. ‌ 4 For the three months ended June 30, 2025 and 2024, Urban One had 44,738,306 and 48,483,639 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. For the six months ended June 30, 2025 and 2024, Urban One had 44,768,280 and 48,434,513 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. SOURCE Urban One, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

URBAN ONE, INC. REPORTS SECOND QUARTER 2025 RESULTS

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