Beasley Broadcast Group Reports $240.3 Million Revenue for Fiscal Year 2024, Net Loss Improves

Beasley Broadcast Group, Inc. reported a net revenue of $240.3 million for the fiscal year ending December 31, 2024, a decrease of 2.8% from $247.1 million in 2023. The decline in revenue was primarily attributed to a $5.9 million drop in audio revenue, which was impacted by reduced local agency revenue and the sale of WJBR-FM in Wilmington, DE, partially offset by increased political advertising related to the 2024 elections. In contrast, digital revenue saw a modest increase of 2.9%, rising to $46.7 million, reflecting ongoing growth in the digital segment.

Operating expenses also decreased by 3.1% to $201.8 million, down from $208.2 million in the previous year. This reduction was driven by lower audio operating expenses, which fell by $3.0 million due to the aforementioned station sale and workforce reductions. The company did not record any impairment losses related to FCC licenses in 2024, a significant change from the previous year when it recognized $89.2 million in impairment losses. The net loss for 2024 was reported at $5.9 million, a substantial improvement compared to a net loss of $75.1 million in 2023.

Strategically, Beasley Broadcast Group executed a 1-for-20 reverse stock split on September 23, 2024, aimed at enhancing the marketability of its shares. Following this split, the company’s Class A Common Stock continued trading on the Nasdaq Capital Market under the symbol "BBGI." The company also completed a significant debt restructuring in October 2024, exchanging $194.7 million of existing notes for new second-lien notes and shares of Class A Common Stock, which is expected to improve its financial flexibility.

As of December 31, 2024, Beasley Broadcast Group employed 542 full-time and 270 part-time employees, maintaining a stable workforce. The company operates radio stations in key markets including Boston, Philadelphia, and Detroit, which collectively contributed 58% of its net revenue. The company continues to focus on enhancing its digital offerings and audience engagement to adapt to the competitive landscape of the media industry, which includes challenges from digital audio streaming and other media platforms.

Looking ahead, Beasley Broadcast Group anticipates ongoing challenges due to economic conditions and competition for advertising revenues. The company remains committed to leveraging its market position and enhancing its digital capabilities to drive future growth. However, it acknowledges the potential impact of external factors, including inflation and regulatory changes, on its operations and financial performance.