Mediaco Holding Inc. (MDIA)·Q2 2025 Earnings Summary

Executive Summary

• Q2 2025 delivered solid top-line growth and sharp year-over-year loss reduction: Net Revenue $31.25M (+19% YoY), Net Loss $(8.8)M (margin −28%, a large improvement from −184% YoY), and Adjusted EBITDA turned positive to $1.79M (6% margin) from $(5.22)M last year .
• Results were driven by the Estrella acquisition (April 2024) and accelerating digital monetization; first-half 2025 net revenue reached $59.3M (+80% YoY) with digital revenue reaching 33% of ad income YTD .
• No formal numeric guidance was issued; management emphasized integration synergies, disciplined expense management, and expanding FAST/CTV distribution and ad inventory as key second-half drivers .
• Potential stock catalysts: continued ratings momentum at EstrellaTV, launch/scale of HOT 97 TV FAST, expanding FAST footprint and CTV monetization, and realization of synergy benefits in H2 2025 -.

What Went Well and What Went Wrong

• What Went Well
  • Revenue and profitability trends: Net Revenue +19% YoY to $31.25M; Adjusted EBITDA swung to +$1.79M (6% margin) from $(5.22)M (−20% margin) in Q2 2024, reflecting higher revenue and improved operations .
  • Digital acceleration: First-half digital revenue up 345% YoY, now 33% of ad income; Q2 FAST monthly watch time exceeded 310M minutes; monetized premium CTV ad inventory +290% YoY; management highlighted strong CTV/FAST demand .
  • Ratings momentum: EstrellaTV prime time grew YoY, with P18–49 prime averaging 15.3k (+23% YoY) and local O&O stations delivering double/triple-digit gains; radio primetime A25–54 audiences +24% vs prior four months -.
• What Went Wrong
  • GAAP losses continue: Q2 Net Loss was $(8.8)M (−28% margin) despite improvement; GAAP EBITDA remained negative (−$2.69M), highlighting residual cost pressure and interest drag .
  • Expense headwinds: Higher operating and D&A tied to the Estrella acquisition weighed on results, partially offsetting corporate cost reductions .
  • No formal guidance: Lack of quantitative guidance limits near-term visibility for investors and reduces the ability to frame beats/misses against Street expectations .

Financial Results

Sequential and YoY comparison

YoY comparison

Estimates vs Actuals (Q2 2025)

Notes:

• Adjusted EBITDA excludes taxes, interest, D&A, change in fair value of warrant shares liability, other income, and other adjustments; see company’s non-GAAP definitions and reconciliations -.
• Segment breakdown not disclosed in the press release; commentary cites Audio and Video contributions and digital/streaming momentum -.
• • Values retrieved from S&P Global.

KPIs and Operating Indicators (Q2 2025)

Guidance Changes

No formal quantitative guidance was provided in the Q2 2025 materials.

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript was available in our document system; aggregator pages list the event but do not provide a transcript at this time .

Management Commentary

• CEO Albert Rodriguez: “We’re proud to report a 19% year-over-year revenue increase this quarter… a 345% surge in first half digital revenue, which now accounts for 33.0% of our total ad income… It’s a powerful validation of our strategy and indicates that MediaCo is leading the charge in today’s digital-first economy.”
• “This quarter delivered record revenue… EstrellaTV was the only Spanish-language broadcast network to post year-over-year prime-time growth for the full quarter—proof of our consistent performance and enduring audience connection.”
• CFO Debra DeFelice: “MediaCo delivered a record second quarter… Growth was driven by increases in radio and TV advertising revenue, record-breaking digital performance, and disciplined expense management… [and] progressive realization of synergies across markets and multiple delivery platforms.”

Q&A Highlights

No public Q2 2025 earnings call transcript was available to review; therefore, Q&A themes and any guidance clarifications are not accessible at this time .

Estimates Context

• S&P Global consensus estimates for Q2 2025 were not available for revenue or EPS; therefore, beats/misses vs Street cannot be determined. Actuals: Revenue $31.25M; Diluted EPS approximately −$0.10* .
• Given the operating momentum and positive Adjusted EBITDA, Street models (where they exist) may need to reflect stronger digital monetization and rating gains, but continued GAAP losses and interest expense remain headwinds to near-term profitability inflection .
• • Values retrieved from S&P Global.

Key Takeaways for Investors

• Revenue momentum is real and broad-based (audio, video, digital), underpinned by the Estrella acquisition and tangible audience/rating gains; first-half revenue +80% YoY and digital now 33% of ad income are notable structural shifts .
• Profitability mix is improving: positive Adjusted EBITDA and a large YoY loss reduction, though GAAP EBITDA remained negative and interest expense is significant, implying leverage sensitivity to rates and cash flow timing .
• The digital flywheel (FAST/CTV) is scaling quickly with 310M+ monthly watch minutes and 290% YoY growth in monetized CTV inventory; if sustained, it can compound yield and inventory depth into H2 .
• EstrellaTV ratings traction and local O&O gains enhance pricing power and ad share potential into political and holiday cycles; sports rights (Liga MX) and original formats bolster prime-time -.
• Execution risk: integration costs/D&A and overall operating scale remain headwinds; without formal guidance, visibility is limited and investors must track run-rate expense discipline closely .
• Near-term trading setup: watch for incremental disclosure on synergies, the HOT 97 TV FAST launch impact, and continued CTV/FAST monetization; these can serve as upside catalysts versus concerns on GAAP losses .
• Medium-term thesis: if digital/CTV scale and audience growth persist, MDIA’s revenue mix shift and synergy realization could drive sustained positive adjusted EBITDA, setting the stage for improving cash conversion as cost of capital moderates .