Beasley Broadcast Group, Inc. reported its financial results for the three and nine months ended September 30, 2024, reflecting significant improvements in profitability despite a decline in net revenue. For the three months ended September 30, 2024, net revenue was $58.2 million, a decrease of 3.2% from $60.1 million in the same period of 2023. The decline was primarily attributed to a 3.0% drop in audio revenue, which fell to $46.9 million, influenced by reduced local agency revenue and the sale of WJBR-FM. Conversely, digital revenue increased by 1.1% to $11.3 million.

Operating expenses for the third quarter of 2024 were $49.9 million, a slight decrease of 0.3% from $50.1 million in 2023. This reduction in expenses contributed to an operating income of $1.2 million, a notable turnaround from an operating loss of $85.5 million in the prior year, which included substantial impairment losses on FCC licenses and goodwill.

The net loss for the third quarter of 2024 was $3.6 million, a dramatic reduction of 94.7% compared to a net loss of $67.5 million in the same quarter of 2023. This improvement was supported by a decrease in impairment losses, with goodwill impairment dropping to $922,000 from $10.6 million in the previous year.

For the nine months ended September 30, 2024, net revenue totaled $173.0 million, down 4.6% from $181.4 million in 2023. Audio revenue decreased by 5.8% to $137.7 million, while digital revenue rose by 5.4% to $35.3 million. Operating expenses for the nine-month period also decreased by 2.3% to $148.5 million, leading to an operating income of $5.5 million, a significant recovery from an operating loss of $89.6 million in the prior year.

The company recorded a net loss of $3.8 million for the nine months ended September 30, 2024, compared to a net loss of $81.5 million in the same period of 2023. The reduction in losses was aided by a gain of $6.0 million from the sale of an investment in Broadcast Music, Inc. and a decrease in interest expenses due to debt restructuring efforts.

As of September 30, 2024, Beasley Broadcast Group had total assets of $571.5 million and total liabilities of $425.6 million, resulting in stockholders' equity of $145.8 million. The company executed a reverse stock split on September 23, 2024, converting every 20 shares into one share, and continues to trade on Nasdaq under the symbol "BBGI."