Executive Summary

Q2 2025 net revenue was $53.0M, down 12.3% year-over-year (same-station -11.1%), but up sequentially from $48.9M in Q1 2025 (+8.4% QoQ) . Adjusted EBITDA was $4.7M vs $8.8M in Q2 2024 and $1.1M in Q1 2025 .
Diluted EPS was $(0.09) vs $(0.18) in Q2 2024 and $(1.50) in Q1 2025, with net loss narrowing to $0.2M as interest expense fell by ~$2.8M YoY and a $0.5M gain on debt repurchase partially offset lower operating income .
Digital revenue increased 1.3% YoY to $13.2M, reaching 25% of total revenue; digital segment operating margin was 27%, reflecting mix shift toward owned-and-operated and direct sales .
Portfolio actions: pending sale of WPBB (Tampa) and, subsequent to quarter-end, five stations in Ft. Myers; these divestitures aim to streamline operations and support balance sheet strengthening, a potential catalyst as proceeds and cost reductions are realized .

What Went Well and What Went Wrong

Digital mix and profitability: Digital revenue rose to $13.2M (25% of revenue) with a 27% segment margin; owned-and-operated focus and direct sales are scaling higher-margin growth .
Cost discipline and interest expense: Operating, corporate, and D&A fell by ~$5.0M YoY; interest expense decreased by ~$2.8M YoY; net loss improved despite lower operating income .
Strategic portfolio management: Announced pending asset sales (WPBB and five Ft. Myers stations) to streamline and strengthen balance sheet; CEO emphasized “leaner operating structure” and “self-serve platform launching in Q3” .
- “Digital revenue now accounts for over 25% of total revenue, and our focus on owned-and-operated platforms and direct sales continues to drive scalable, higher-margin growth.” — CEO Caroline Beasley

Advertising softness: Net revenue declined 12.3% YoY (same-station -11.1%) due to persistent weakness in traditional audio advertising and agency-driven channels .
EBITDA compression: Adjusted EBITDA fell to $4.7M from $8.8M YoY; savings did not fully offset the $7.4M YoY revenue decline .
New business deceleration: New business contribution fell to 14% of net revenue from 17% in Q2 2024, signaling tougher acquisition dynamics amid macro caution .

Metric	Q2 2024	Q4 2024	Q1 2025	Q2 2025
Net revenue ($USD Millions)	$60.4	$67.3	$48.9	$53.0
Operating income ($USD Millions)	$5.4	$7.6	$(2.0)	$2.9
Adjusted EBITDA ($USD Millions)	$8.8	$10.7	$1.1	$4.7
Net income (loss) ($USD Millions)	$(0.3)	$(2.1)	$(2.7)	$(0.2)
Diluted EPS ($USD)	$(0.18)	$(1.17)	$(1.50)	$(0.09)

Segment breakdown

Segment Metric	Q2 2024	Q2 2025
Audio net revenue ($USD Millions)	$47.43	$39.82
Audio operating expenses ($USD Millions)	$39.47	$35.10
Digital net revenue ($USD Millions)	$13.01	$13.18
Digital operating expenses ($USD Millions)	$9.88	$9.65
Digital segment operating margin (%)	—	27%

KPIs

KPI	Q2 2024	Q2 2025
New business revenue (% of net revenue)	17%	14%
Local revenue (% of net revenue)	—	76%
Digital revenue (% of net revenue)	—	25%
Same-station net revenue YoY (%)	—	-11.1%
Interest expense ($USD Millions)	$6.09	$3.29

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue pacing	Q2 2025	Down ~10% (from Q1 call)	No formal guidance provided in Q2 materials	N/A
Product rollout	Q3 2025	—	Self-serve digital platform launch targeted in Q3	New initiative

No formal quantitative guidance (revenue, margins, OpEx, OI&E, tax rate) was provided in the Q2 press release/8-K .

Topic	Previous Mentions (Q4 2024 and Q1 2025)	Current Period (Q2 2025)	Trend
Digital optimization/O&O mix	Unified streaming “Audio Plus,” O&O prioritization; same-station digital margin expansion; CPMs up; focus on premium inventory	Digital at 25% of revenue, segment margin 27%; continued direct/O&O emphasis	Improving mix/margin
Agency softness/macroadvertising	Persistent pullback; national weakness; pacing down ~10% into Q1/Q2	Continued softness in traditional audio/agency channels; same-station -11.1%	Ongoing headwind
Auto/tariffs	Auto caution; potential tariffs impacting budgets	Not specifically updated in Q2 PR; softness cited broadly	Uncertain; cautious
Portfolio streamlining	Wilmington divestiture; esports/Guarantee Digital closures	Pending sale of WPBB and five Ft. Myers stations	Accelerating divestitures
Balance sheet/interest expense	Debt reduction; interest expense down; lender EBITDA focus	Interest expense down ~$2.8M YoY; gain on debt repurchase	Improving finance costs

“Our second quarter results reflect continued progress in reshaping our business for long-term profitability… Digital revenue now accounts for over 25% of total revenue… owned-and-operated platforms and direct sales continues to drive scalable, higher-margin growth.” — CEO Caroline Beasley
“The year-over-year improvement [in net loss] was primarily attributable to a $2.8 million reduction in interest expense and a $0.5 million gain on repurchase of long-term debt…” — Q2 press release narrative

The Q2 2025 earnings call transcript could not be retrieved due to a document inconsistency. Management conducted a call and accepted pre-submitted questions per the press release .
Prior quarter Q&A focused on realizing full cost reductions and additional cuts flowing into Q2: “We made $1.3 million in incremental cuts in Q1… roughly $200,000 showed up… we’ll see the balance… in Q2” — CFO Lauren Burrows Coleman .

Wall Street consensus via S&P Global was unavailable for BBGI in Q2 2025 (EPS, revenue, EBITDA). Actuals are shown for context.

Metric	Period	Consensus	Actual
Revenue Consensus Mean	Q2 2025	N/A*	$53.0M
Primary EPS Consensus Mean	Q2 2025	N/A*	$(0.09)
EBITDA (Adjusted) Consensus Mean	Q2 2025	N/A*	$4.7M

*Values retrieved from S&P Global.

Given lack of coverage, estimate-driven beat/miss assessment is not determinable for this quarter.

Sequential stabilization: Revenue improved QoQ to $53.0M (from $48.9M), and Adjusted EBITDA rose to $4.7M (from $1.1M), signaling early benefits from cost actions despite YoY headwinds .
Digital scaling: With 25% revenue share and a 27% segment margin, digital continues to offset audio softness and should support margin resilience as O&O/direct mix expands .
Balance sheet progress: Interest expense fell materially (~$2.8M YoY), aided by debt repurchases; further deleveraging via asset sales could be a catalyst as proceeds redeploy or reduce debt .
Core audio pressure persists: Same-station revenue down 11.1% and audio net revenue decline underscore industry-wide ad softness; local remains a focus (76% of net revenue) .
Near-term trading: Headlines around portfolio sales and digital margin strength may support sentiment; lack of consensus estimates limits beat/miss narratives. Monitor execution on Q3 self-serve launch .
Medium-term thesis: Continued cost discipline, digital monetization, and portfolio optimization are key levers; recovery in agency spend and macro clarity would improve revenue quality and operating leverage .
Watch for updates: Await Q2 call transcript to confirm commentary on pacing, cost actions, and monetization initiatives; assess any guidance or color on H2 trajectory .