Executive Summary

Q1 2025 revenue was $27.73M, up 8.5% YoY and modestly up QoQ, and came in above a light one-estimate consensus by ~$0.59M (+2.2%); EPS was a small loss of $(0.02) vs $(0.09) a year ago as operating loss narrowed materially to $(0.80)M from $(2.06)M, while “Net Other Expense” reflected equity-method losses from Sky Harbour offset by realized/unrealized gains on SKYH securities .
Segment momentum was led by surety insurance (premiums earned +39% YoY; GIG revenue +31.6% YoY; GWP +37.9% YoY), steady broadband growth (new fiber passings and subscribers) and flat billboard revenue (+0.6% YoY) .
Balance sheet remained solid: unrestricted cash & investments $44.19M; book value per share $16.95; operating cash inflow $2.6M; SKYH stake carried at $92.2M GAAP but would be $182.2M if marked to market per company disclosure .
No formal guidance was issued; near-term stock catalysts likely tied to insurance growth durability, broadband build execution/capex efficiency, and clarity around monetization/valuation of SKYH exposure .

What Went Well and What Went Wrong

What Went Well
- Insurance outperformance: premiums earned rose to $5.56M (+39% YoY) and combined insurance revenues advanced, with GIG revenue +31.6% YoY and GWP +37.9% YoY; management highlighted the growth pace and disclosed segment Adjusted EBITDA of ~$0.3M .
- Broadband execution: ~2.3k new fiber passings and ~1.5k new fiber subscribers; segment Adjusted EBITDA of ~~$2.7M (~~$3.6M ex-Fiber Fast Homes) with ~$6.2M capex, and reduced employee/G&A costs vs prior year .
- Loss narrowing and cash generation: net loss to common improved to $(0.67)M and operating cash flow was +$2.6M; book value per share remained stable at $16.95 .
What Went Wrong
- Equity-method drag from SKYH: “Net Other Expense” included ~$2.3M non-cash losses from unconsolidated affiliates mainly related to Sky Harbour .
- Insurance loss ratio ticked higher (21.0% vs 17.0% YoY) due to two larger contract bond claims, compressing segment margins despite strong top-line growth .
- Link Media growth muted: billboard rentals were essentially flat (+0.6% YoY), with land cost intensity highlighted (20.8% of revenue; 18.5% ex-ASC 842 entries), limiting operating leverage in the quarter .

Financial Results

Headline results vs prior periods and estimates

Metric	Q1 2024	Q4 2024	Q1 2025	Q1 2025 Consensus
Revenue ($)	$25,552,731	$27,484,440*	$27,730,494	$27,137,490*
Net Income (Loss) to Common ($)	$(2,808,081)	$5,345,986*	$(669,285)	n/a
Diluted EPS ($)	$(0.09)	$0.17*	$(0.02)	n/a
EBITDA ($)	n/a	$5,204,770*	$5,318,304*	n/a
EBITDA Margin (%)	n/a	18.63%*	19.18%*	n/a

Beat/miss vs revenue consensus: +$593,004 (+2.2%) using revenue actual $27,730,494 and consensus $27,137,490 .
YoY revenue growth: +8.5%; QoQ revenue growth: +0.9% .

Segment revenue breakdown (revenue mix and YoY)

Segment	Q1 2025 ($)	Q1 2024 ($)	YoY Change
Billboard Rentals, Net	$10,764,475	$10,696,660	+0.6%
Broadband Services	$10,320,130	$9,683,429	+6.6%
Premiums Earned	$5,563,773	$4,003,059	+39.0%
Insurance Commissions	$579,293	$502,688	+15.2%
Investment & Other Income	$502,823	$666,895	(24.6%)
Total Revenues	$27,730,494	$25,552,731	+8.5%

KPI and balance sheet snapshot

KPI	Period	Value
Operating cash flow ($)	Q1 2025	$2,600,000
Book value per share ($)	3/31/2025	$16.95
Unrestricted cash & investments ($)	3/31/2025	$44,193,606
SKYH GAAP carrying value ($)	3/31/2025	$92.2M
SKYH “if at market” value ($)	3/31/2025	$182.2M
Broadband new fiber passings (#)	Q1 2025	~2.3k
Broadband new fiber subscribers (#)	Q1 2025	~1.5k
Broadband capex ($)	Q1 2025	~$6.2M
GIG gross written premium ($)	Q1 2025	$6.2M; +37.9% YoY
Insurance loss ratio (%)	Q1 2025	21.0% (vs 17.0% LY)

Notes:

Values retrieved from S&P Global.

Guidance Changes

No formal financial guidance was provided for revenue, margins, OpEx, OI&E, tax, or segment metrics this quarter .

Metric	Period	Previous Guidance	Current Guidance	Change
Company financial guidance	FY/Q1 2025	None	None	Maintained (no formal guidance)

Earnings Call Themes & Trends

No earnings call transcript was available; the company posted a Q1 2025 presentation with key themes. Trend context below references Q3 2024 (Q-2) and FY 2024 release (Q-1 proxy for Q4), then current quarter.

Topic	Previous Mentions (Q-2, Q3’24)	Previous Mentions (Q-1, FY’24)	Current Period (Q1’25)	Trend
SKYH investment exposure/mark-to-market	Warrant MTM +$7.8M; equity-method losses; balance sheet SKYH GAAP $90.2M; “if at market” $154.7M	FY “Net Other” included +$17.0M unrealized warrant gain; realized gains; equity-method losses; SKYH GAAP $94.5M; “if at market” $170.5M	Realized gain ~$1.3M on 220,889 shares; warrant +$1.2M; equity-method loss ~$2.3M; SKYH GAAP $92.2M; “if at market” $182.2M	Continued volatility; higher “if at market” value
Broadband build-out & cost actions	Segment revenue growth and OCF steady	FY highlighted execution; company-wide $4.1M one-time separation costs in 2024	~2.3k passings/~1.5k subs; ~$6.2M capex; Adj. EBITDA ~~$2.7M (~~$3.6M ex FFH); reduced employee/G&A	Improving efficiency; scaling footprint
Surety insurance growth/underwriting	Premiums earned up YoY; total revenue mix rising	FY premiums earned +42% YoY; segment growth emphasized	GIG revenue +31.6% YoY; GWP +37.9% YoY; loss ratio 21.0% (from 17.0%)	Strong top-line; near-term loss ratio headwind
Asset management (BOAM) wind-down	n/a in Q3 PR	FY noted BOAM-related items in “Net Other”	BOAM wind-down and cost cuts referenced in 10-Q MD&A	Cost base normalizing
Capital returns (buybacks)	Repurchased 97,262 shares in Q3’24	Repurchased 111,323 shares in FY’24	No repurchases in Q1’25 per presentation	On hold in Q1’25

Management Commentary

“Net Other Expense included non-cash losses of $2.3 million from unconsolidated affiliates mainly related to our equity method position in Sky Harbour and $0.5 million in interest expense,” partially offset by realized/unrealized gains on SKYH and other items .
“Our investment in Sky Harbour Class A common stock and warrants was valued at $92.2 million on our consolidated balance sheet as of March 31, 2025… [and] would be valued at $182.2 million as of March 31, 2025” if accounted for at fair value based on quoted market price .
“Cash inflow from operations for the three months ended March 31, 2025 was $2.6 million,” and “Our book value per share was $16.95 at March 31, 2025” .
“We believe that it’s important for shareholders to read the supplemental presentation… it provides additional information on business metrics we use in gauging the performance of each of our three principal business units and investments” .

Q&A Highlights

No earnings call transcript or Q&A was posted; the company furnished a Q1 2025 presentation and press release, but no public call materials were found .

Estimates Context

Revenue: Actual $27.73M vs consensus $27.14M (one estimate), a beat of ~$0.59M (+2.2%). No EPS consensus was available for Q1 2025 .
With insurance growing faster than expected and broadband subscriber addition metrics solid, forward revenue estimates may drift modestly higher; EPS modeling remains sensitive to SKYH equity-method losses and warrant mark-to-market dynamics .
Note: Consensus values marked with an asterisk are from S&P Global.

Key Takeaways for Investors

Top line beat with improved loss profile: continued insurance growth and broadband expansion helped offset equity-method losses; operating loss narrowed materially .
Insurance remains the near-term growth engine (GWP +37.9% YoY), though a higher loss ratio warrants monitoring for margin sustainability .
Broadband is scaling efficiently: healthy passings/sub adds, lower employee/G&A, and improving Adjusted EBITDA trajectory; capex discipline will be a key lever for FCF inflection .
SKYH exposure is a double-edged sword: equity-method losses can weigh on GAAP, but warrant/market value tailwinds and selective monetization (realized gains) can offset; disclosure of “if at market” value underscores embedded optionality .
Balance sheet support: meaningful cash/t-bills and stable book value per share provide downside protection and optionality for capital allocation as segment cash generation improves .
Near-term trading setup: absent guidance, prints on insurance growth/loss ratio and broadband KPI cadence likely drive sentiment; any update on SKYH monetization could be a swing factor .

Sources:

Q1 2025 press release and 8-K (Item 2.02; Exhibits 99.1, 99.2) .
Q3 2024 and FY 2024 press releases for trend context .
Q1 2025 presentation (segment KPIs and non-GAAP metrics) .
Q1 2025 10-Q (BOAM wind-down commentary) .
Consensus and certain historical quarterly figures marked with an asterisk are from S&P Global.

BOSTON OMAHA Corp (BOC)·Q1 2025 Earnings Summary