Cumulus Media Reports Operating Results for the First Quarter 2025

Core Insights - Cumulus Media reported a net revenue of $187.3 million for Q1 2025, reflecting a 6.4% decrease compared to Q1 2024, alongside a net loss of$ 32.4 million, which is a significant increase in losses from $14.2 million in the previous year [4][7][25] - The company emphasized its focus on mitigating macroeconomic impacts, including a 30% growth in digital marketing services and$ 7.5 million in annualized cost reductions [2][4] Financial Performance - Net revenue for Q1 2025 was $187.3 million, down from$ 200.1 million in Q1 2024, marking a 6.4% decline [4][8] - The net loss increased to $32.4 million in Q1 2025 from$ 14.2 million in Q1 2024, representing a 128.7% increase in losses [4][7] - Adjusted EBITDA for the quarter was $3.5 million, down 58.1% from$ 8.4 million in Q1 2024 [4][7] Revenue Breakdown - Digital revenue reached $36.6 million, a 6.1% increase year-over-year, and represented 20% of total revenue [7][8] - Broadcast radio revenue decreased by 10.6%, with spot revenue at$ 80.9 million and network revenue at $43.9 million [8] - Podcasting revenue decreased by 13%, but increased by 39% when excluding the impact of the Daily Wire relationship [7] Cost Management - The company executed actions resulting in$ 7.5 million of annualized fixed cost reductions [2][7] - Total operating expenses for Q1 2025 were $202.1 million, down from$ 210.5 million in Q1 2024 [25] Balance Sheet and Debt - As of March 31, 2025, total debt was reported at $670.2 million, with net debt less total unamortized discount at$ 589.4 million [7][9] - The company ended the quarter with $52.7 million in cash [7][9]