Total Revenue

–1% (Q1 2025: USD 98.7M vs Q1 2024: USD 99.6M)

Flat revenue performance resulted from digital growth being offset by a decline in traditional broadcast revenue, reflecting market shifts and persistent challenges in the legacy business model. " "

Subscription Digital Marketing Solutions

+4% (from USD 18.3M to USD 19.0M)

Incremental revenue gains were driven by increased purchases of new advertising within the segment, suggesting that initiatives to boost subscriber numbers are taking effect compared to prior periods. " "

Digital Advertising

+7.7% (from USD 34.2M to USD 36.8M)

Robust digital ad spending and the continued strength of the programmatic advertising platform spurred this growth, building on the momentum observed in Q4 FY2024 and favorable market conditions. " "

Broadcast Advertising

–9% (from USD 45.5M to USD 41.3M)

Weakening demand in traditional broadcast advertising—likely due to advertisers shifting budgets to digital channels—contributed to this decline, aligning with broader trends noted in previous periods. " "

Operating Income

+7.4% (from USD 6,640K to USD 7,133K)

Improved operating efficiency resulted from effective cost management and a positive segment mix, demonstrating that the company’s expense-control measures are beginning to offset revenue volatility. " "

Net Income

Swing from a profit of USD 1,553K to a loss of USD 1,511K

The reversal in bottom-line performance is attributed to increased non-operating expenses—such as rising interest and stock-based compensation costs—that negated the operating gains seen in the period. " "

Basic Income Per Share

Shift from USD 0.07 to –USD 0.12

The decline in per-share earnings mirrors the swing in net income, highlighting the impact of non-operating costs on shareholder returns despite operational improvements. " "

Stock‑Based Compensation Expenses

+46% (from USD 2,870K to USD 4,188K)

A significant rise in expense was driven by higher costs associated with the stock bonus program and additional grants issued, continuing an upward trend in equity-based compensation from previous periods. " "

Interest Expense

+13.5% (from USD 9,031K to USD 10,239K)

Higher interest expenses likely result from increased borrowing levels or elevated market rates, further stressing the balance sheet as seen in earlier trends. " "

Net Cash Provided by Operating Activities

Fell from +USD 1,671K to –USD 66K

A decline into negative operating cash flow is mainly due to adverse changes in working capital—particularly accrued expenses and receivables—indicating emerging liquidity concerns relative to the prior period. " "

Balance Sheet (Cash, Assets, Stockholders’ Equity)

Q1 2025: Cash at USD 5,528K; Total Assets at USD 544,516K; Total Liabilities at USD 571,342K; Stockholders’ Equity at –USD 26,826K

The marked deterioration in balance sheet metrics is driven by a steep drop in cash, falling assets, and rising liabilities, culminating in negative equity and signaling potential financial risk that builds upon prior period trends. "

Net Revenue

Q1 2025

Expected to be between $98M and $100M "

no current guidance

no current guidance

Adjusted EBITDA

Q1 2025

Expected to be between $17M and $18M "

no current guidance

no current guidance

Townsquare Ignite (Digital Advertising)

Q1 2025

Expected growth in high single digits "

no current guidance

no current guidance

Townsquare Interactive (Digital Subscription Marketing Solutions)

Q1 2025

Expected revenue growth of 4% "

no current guidance

no current guidance

Broadcast Advertising (Excluding Political)

Q1 2025

Expected to decline more moderately than Q4 2024 "

no current guidance

no current guidance

Net Revenue

FY 2025

Expected to be between $435M and $455M "

no current guidance

no current guidance

Adjusted EBITDA

FY 2025

Expected to be between $90M and $98M "

no current guidance

no current guidance

Townsquare Ignite (Digital Advertising)

FY 2025

Expected to grow in high single digits "

no current guidance

no current guidance

Townsquare Interactive (Digital Subscription Marketing Solutions)

FY 2025

Expected to deliver both revenue and profit growth "

no current guidance

no current guidance

Broadcast Advertising (Excluding Political)

FY 2025

Expected to decline by approximately 6% "

no current guidance

no current guidance

Digital Advertising Growth

In Q2 2024, digital revenue grew modestly (1% YoY) " and in Q3 2024, revenue grew by 5% YoY with expectations of accelerated Q4 growth (up to 15% forecast). " " " Q4 2024 showed strong performance with 15.5% YoY growth and a continued expectation for high single‐digit growth in 2025. " "

In Q1 2025, digital advertising net revenue increased 8% YoY (“high single digits”) and the segment maintained a solid profit margin improvement, with expectations for continued growth in Q2 2025. " " "

Recurring with sustained positive sentiment: Although the growth rate has moderated relative to Q4’s record highs, digital advertising remains a consistent and key growth engine for the company.

Programmatic Expansion

Q2 2024 highlighted a 9% YoY increase in programmatic revenue. " " Q3 2024 emphasized that programmatic advertising, constituting about 60% of the digital segment, grew robustly (10% YoY) and was forecast to drive accelerated Q4 growth through initiatives like the Media Partnership trial. " " " " Q4 2024 reiterated programmatic advertising as the largest growth driver, with white-label solutions starting to be deployed. " "

In Q1 2025, programmatic digital advertising remained a key driver, contributing about 60% of the segment’s revenue. The company emphasized its in-house proprietary trading desk, integrated across multiple platforms, and highlighted the media partnership model contributing $1 million in revenue with ambitious multi-year revenue targets. " " " "

Recurring with increasing emphasis: The focus on programmatic expansion continues to intensify, leveraging proprietary technology and strategic media partnerships to drive further growth.

Declining Broadcast Advertising Revenue

In Q2 2024, broadcast revenue was essentially flat with slight improvements in profit thanks to rising political revenue. " " In Q3 2024, although local broadcast revenue experienced modest sequential improvements, national broadcast was expected to decline over 20% in Q4 due to longstanding trends. " " " Q4 2024 reported a decline of 4.1% YoY (or 6% when excluding political revenue) despite improved profit margins. " "

In Q1 2025, broadcast advertising net revenue declined 8.3% YoY (9.1% in total) while profit margins dipped due to seasonality. The company reiterated that broadcast is a “mature cash cow” that will continue to decline as advertisers shift to digital solutions. " "

Recurring with mixed sentiment: While the decline is acknowledged as a structural issue due to media transition, improved market share and margin management temper the negative impact.

Townsquare Interactive Performance and Transformation

In Q2 2024, the segment was in recovery mode, adding net subscribers and showing sequential revenue improvements despite a 13% YoY decline. " " Q3 2024 reported a rebound with sequential revenue growth and a return to stability in subscriber numbers (24,000 subscribers, 59% from outside traditional markets). " " Q4 2024 marked a turnaround with year-over-year revenue growth resuming and turnaround initiatives (like a new SaaS platform and sales team realignment) underway. " "

In Q1 2025, Townsquare Interactive delivered a strong performance with revenue growing 4.2% YoY and profit up by 22% YoY, with margins expanding to 32%. The strategic transformation—including sales team adjustments and a renewed focus on the large addressable market—is highlighted as setting up the business for long-term profitable growth. " " " "

Recurring with a clear upward trend: The transformation efforts are paying off, marking a continuous and accelerating recovery and positive shift in performance metrics.

Regulatory Environment & Acquisition Opportunities

In Q4 2024, Bill Wilson expressed optimism about deregulation and the potential for lifting ownership caps, positioning Townsquare as the best‐positioned acquirer in smaller markets with successful examples like Cherry Creek. " There was no discussion of these topics in Q2 or Q3 2024.

In Q1 2025, the CEO reiterated excitement about potential deregulation in broadcast, emphasizing that outdated rules and the possibility of acquiring markets outside the top 50 provide dual paths for growth. He cited previous successes and projected significant revenue (up to $50 million) and profit contributions from these initiatives in the coming years. "

Emerging with growing clarity: Although not consistently discussed every quarter, there is increasing focus and detailed forward-looking optimism around leveraging regulatory changes and strategic acquisitions.

Debt Burden & Interest Rate Risk

Q2 2024 discussed active debt reduction (repurchasing bonds below par) and noted a net leverage of 4.82x, along with sensitivity to rising yields impacting FCC license valuations. " Q3 2024 focused on refinancing plans before bond maturities and reported a net leverage of 4.86x with a plan to benefit from declining short-term rates. " " " In Q4 2024, the refinancing was formalized with a $490 million credit agreement, reducing the net leverage to 4.33x and outlining the new interest expense profile. "

In Q1 2025, the company reported $477 million in debt with a net leverage of 4.67x after completing refinancing transactions. Focus was placed on using excess free cash flow for debt reduction, with a detailed exposition of recent refinancing efforts and ongoing management of interest expenses (noting an $18 million interest payment in the quarter). "

Recurring with proactive management: Consistent attention is given to managing debt levels and interest rate exposure through refinancing strategies, with sentiment remaining cautious but positive about gradual improvements.

Media Partnerships & White‐label Collaborations

Q2 2024 discussed initial white-label tests with broadcasters and local agencies, targeting untapped markets and leveraging the company’s Ignite platform. " In Q3 2024, a trial initiative in Nevada led to a strategic partnership with SummitMedia, with onboarding expected to complete by year-end. " " " Q4 2024 further formalized the Media Partnership division through announced partnerships and revenue/profit projections, underscoring its strategic role in the digital agenda. " " "

In Q1 2025, the model expanded with the addition of two new media partners (in Sioux City and Salt Lake City), bringing the total to five. The division generated nearly $1 million in Q1 revenue and is projected to reach $6–$8 million for 2025, with ambitious long-term targets of $50 million in revenue and 20% profit margins. " " "

Recurring with accelerating momentum: The media partnership initiative is evolving rapidly, expanding geographically and in revenue potential, becoming a key component of the company's digital strategy.

Local and Regional Advertising Environment

Q2 2024 featured strong optimism about the local/regional ad environment, as improved economic conditions, easing inflation, and anticipated interest rate cuts buoyed sentiment. " Q3 2024 indicated that local advertising was “a little suppressed” by election-related clutter but was expected to rebound post-election. " Q4 2024 did not specifically focus on local/regional trends but implied a healthy market within the backdrop of strong digital performance and resilient business models. " "

In Q1 2025, executives reiterated optimism for local and regional markets, emphasizing the company’s competitive advantage outside top 50 markets, robust digital advertising growth, and market share gains in broadcast despite short-term tariff-related uncertainty. " " " "

Recurring with overall optimism amid short-term disruptions: While minor headwinds (e.g., tariff uncertainty) occasionally emerge, the long-term outlook for local and regional advertising remains positive and strategically important.

Cross‐selling Opportunities & Margin Synergies

There is no documented discussion of cross‐selling or margin synergies in Q2, Q3, or Q4 2024 earnings calls.

In Q1 2025, the topic was explicitly not mentioned.

No longer mentioned: This topic has not been raised in any recent period, indicating it is not a current strategic focus.