Boston Omaha Corporation reported a total revenue of $27.7 million for the third quarter of 2024, marking a 12.8% increase from $24.5 million in the same quarter of 2023. For the nine months ended September 30, 2024, total revenues reached $80.3 million, up 12.2% from $71.6 million in the prior year. The growth in revenue was driven by increases in billboard rentals, broadband services, and insurance premiums. Billboard rentals for Q3 2024 were $11.5 million, a 5.6% increase from $10.9 million in Q3 2023. Broadband services generated $9.7 million, reflecting a 7.4% increase from $9.0 million, while premiums earned from the insurance segment surged 45.6% to $5.4 million.

Despite the revenue growth, Boston Omaha reported a net loss of $1.6 million attributable to common stockholders for Q3 2024, slightly improved from a loss of $1.6 million in Q3 2023. For the nine-month period, the net loss attributable to common stockholders was $6.6 million, compared to a loss of $2.9 million in the same period of 2023. The increase in losses was attributed to rising operational costs, which totaled $28.4 million in Q3 2024, up from $26.5 million in Q3 2023. Employee costs rose significantly, primarily due to one-time severance and bonus payments.

Capital expenditures for the nine months ended September 30, 2024, were $23.7 million, a decrease from $43.1 million in the same period of 2023. The company reported net cash provided by investing activities of $29.9 million, a significant turnaround from net cash used in investing activities of $49.0 million in the prior year. Financing activities saw a net cash outflow of $48.9 million, compared to a net inflow of $34.1 million in the previous year, largely due to stock repurchases and distributions to noncontrolling interests.

Strategically, Boston Omaha did not complete any acquisitions during the nine months ended September 30, 2024, following a series of acquisitions in previous years. The company continues to focus on expanding its outdoor advertising and broadband services while managing its operational costs. As of September 30, 2024, Boston Omaha had approximately $19.4 million in unrestricted cash and $15.3 million in short-term treasury securities, indicating a solid liquidity position to support its ongoing operations and potential future investments.