Cumulus Media Reports Operating Results for the Third Quarter 2025
Monday, November 3rd, 2025
Cumulus Media Inc. (OTCQB: CMLS) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three and nine months ended September 30, 2025.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "In an advertising environment that remained challenging for legacy media, we continued to outperform. We once again gained market share in total broadcast spot as well as in digital, where our market share gains reflected the strong growth of our digital marketing services business, which was up 34% in the quarter. Additionally, we remained highly focused on re-engineering the business, reducing annualized fixed costs by $7 million and accelerating our efforts to implement a wide array of AI initiatives to drive efficiencies and enhance growth.”
Berner continued, “These results underscore our disciplined focus on optimizing performance in areas that we can control. While we do not expect the current headwinds to abate in the near-term, we remain confident in our ability to position the Company for long-term success through strong execution and by maximizing value from the Company’s underlying assets.”
Q3 Key Highlights:
-
Posted total net revenue of $180.3 million, a decline of 11.5% year-over-year
-
Generated digital revenue of $39.0 million, a decrease of 2.6% year-over-year, or an increase of 8.4% excluding the $6.9 million impact from discontinuing the Daily Wire and Dan Bongino relationships
-
Digital marketing services grew 34% driven by investments made in our digital sales organization, training, operational execution teams, product capabilities, partnerships, and marketing
-
Digital marketing services revenue now represents approximately 50% of total digital revenue
-
-
Recorded net loss of $20.4 million compared to net loss of $10.3 million in Q3 2024
-
Executed actions resulting in $7 million of annualized fixed cost reductions, bringing year-to-date savings to $20 million and total annualized fixed cost reductions since 2019 to $182 million, or over 30%
-
Recorded Adjusted EBITDA(1) of $16.7 million compared to $24.1 million in Q3 2024
-
Ended quarter with $90.4 million of cash
-
Reported total debt(2)(3) of $722.2 million, total debt at maturity(1)(2)(3) of $697.1 million, and net debt less total unamortized discount(1)(2)(3)of $606.7 million at September 30, 2025, including total debt due in 2026(2) of $23.9 million
Operating Summary (dollars in thousands, except percentages and per share data):
For the three months ended September 30, 2025, the Company reported net revenue of $180.3 million, a decrease of 11.5% from the three months ended September 30, 2024, net loss of $20.4 million and Adjusted EBITDA of $16.7 million.
For the nine months ended September 30, 2025, the Company reported net revenue of $553.6 million, a decrease of 9.0% from the nine months ended September 30, 2024, net loss of $65.6 million and Adjusted EBITDA of $42.5 million.
|
As Reported |
Three Months Ended |
|
Three Months Ended |
|
% Change |
|||||
|
Net revenue |
$ |
180,255 |
|
|
$ |
203,598 |
|
|
(11.5 |
)% |
|
Net loss |
$ |
(20,407 |
) |
|
$ |
(10,321 |
) |
|
(97.7 |
)% |
|
Adjusted EBITDA |
$ |
16,653 |
|
|
$ |
24,051 |
|
|
(30.8 |
)% |
|
Basic loss per share |
$ |
(1.17 |
) |
|
$ |
(0.61 |
) |
|
(91.8 |
)% |
|
Diluted loss per share |
$ |
(1.17 |
) |
|
$ |
(0.61 |
) |
|
(91.8 |
)% |
|
As Reported |
Nine Months Ended |
|
Nine Months Ended |
|
% Change |
|||||
|
Net revenue |
$ |
553,621 |
|
|
$ |
608,500 |
|
|
(9.0 |
)% |
|
Net loss |
$ |
(65,595 |
) |
|
$ |
(52,174 |
) |
|
(25.7 |
)% |
|
Adjusted EBITDA |
$ |
42,530 |
|
|
$ |
57,669 |
|
|
(26.3 |
)% |
|
Basic loss per share |
$ |
(3.78 |
) |
|
$ |
(3.10 |
) |
|
(21.9 |
)% |
|
Diluted loss per share |
$ |
(3.78 |
) |
|
$ |
(3.10 |
) |
|
(21.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Detail Summary (dollars in thousands):
|
As Reported |
Three Months Ended |
|
Three Months Ended |
|
% Change |
||||
|
Broadcast radio revenue: |
|
|
|
|
|
|
|||
|
Spot |
$ |
83,722 |
|
$ |
96,397 |
|
(13.1 |
)% |
|
|
Network |
|
31,271 |
|
|
42,564 |
|
(26.5 |
)% |
|
|
Total broadcast radio revenue |
|
114,993 |
|
|
138,961 |
|
(17.2 |
)% |
|
|
Digital |
|
38,962 |
|
|
40,020 |
|
(2.6 |
)% |
|
|
Other |
|
26,300 |
|
|
24,617 |
|
6.8 |
% |
|
|
Net revenue |
$ |
180,255 |
|
$ |
203,598 |
|
(11.5 |
)% |
|
|
As Reported |
Nine Months Ended |
|
Nine Months Ended |
|
% Change |
|||
|
Broadcast radio revenue: |
|
|
|
|
|
|
||
|
Spot |
$ |
255,837 |
|
$ |
288,776 |
|
(11.4 |
)% |
|
Network |
|
102,490 |
|
|
126,032 |
|
(18.7 |
)% |
|
Total broadcast radio revenue |
|
358,327 |
|
|
414,808 |
|
(13.6 |
)% |
|
Digital |
|
114,359 |
|
|
113,864 |
|
0.4 |
% |
|
Other |
|
80,935 |
|
|
79,828 |
|
1.4 |
% |
|
Net revenue |
$ |
553,621 |
|
$ |
608,500 |
|
(9.0 |
)% |
|
|
|
|
|
|
|
|
|
|
Balance Sheet Summary (dollars in thousands):
|
|
|
September 30, 2025 |
|
December 31, 2024 |
||
|
Cash and cash equivalents |
|
$ |
90,414 |
|
$ |
63,836 |
|
Term Loan due 2026 (2) |
|
$ |
1,203 |
|
$ |
1,203 |
|
Senior Notes due 2026 (2) |
|
$ |
22,697 |
|
$ |
22,697 |
|
Term Loan due 2029 (2) (3) |
|
$ |
324,330 |
|
$ |
326,514 |
|
Senior Notes due 2029 (2) (3) |
|
$ |
318,984 |
|
$ |
321,181 |
|
2020 Revolving credit facility |
|
$ |
55,000 |
|
$ |
— |
|
|
Three Months Ended |
|
Three Months Ended |
||
|
Capital expenditures |
$ |
4,394 |
|
$ |
3,328 |
|
|
Nine Months Ended |
|
Nine Months Ended |
||
|
Capital expenditures |
$ |
15,462 |
|
$ |
15,881 |
|
(1) |
Adjusted EBITDA, total debt at maturity and net debt less total unamortized discount are not financial measures calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see "Non-GAAP Financial Measures." |
|
(2) |
Excludes any debt issuance costs |
|
(3) |
The exchange offer was accounted for as a debt modification resulting in a prospective yield adjustment and the carrying value was not changed. The $33.1 million difference between the principal amounts exchanged and the resulting principal amounts will be amortized to interest expense (thereby reducing interest expense) over the life of the debt. As of September 30, 2025, $12.5 million and $12.6 million of unamortized difference for the Term Loan due 2029 and the Senior Notes due 2029, respectively, remain. |
|
|
|
Earnings Conference Call Details
The Company will host a conference call today at 8:30 AM ET to discuss its third quarter 2025 operating results. NetRoadshow (NRS) is the service provider for this call. They will require email address verification (one-time only) and will provide registration confirmation. To participate in the conference call, please register in advance using the link on the Company's investor relations website at www.cumulusmedia.com/investors. Upon completing registration, a calendar invitation will follow with call access details, including a unique PIN, and replay details.
To join by phone with operator-assisted dial-in, domestic callers should dial 833-470-1428 and international callers should dial 646-844-6383. If prompted, the participant access code is 504399. Please call five to ten minutes in advance to ensure that you are connected prior to the call.
The conference call will also be broadcast live in listen-only mode through a link on the Company’s investor relations website at www.cumulusmedia.com/investors. This link can also be used to access a recording of the call, which will be available shortly following its completion.
Please see an update to the Company’s investor presentation on the Company's investor relations website at www.cumulusmedia.com/investors, which may be referenced on the conference call. Unless otherwise specified, information contained in the investor presentation or on our website is not incorporated into this press release or other documents we file with, or furnish to, the SEC.
Forward-Looking Statements
Certain statements in this release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fact and relate to our intent, belief or current expectations primarily with respect to our future operating, financial, and strategic performance and our plans and objectives. Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to differ from those contained in or implied by the forward-looking statements as a result of various factors. Such factors include, among others, risks and uncertainties related to the implementation of our strategic operating plans, the continued uncertain financial and economic conditions, the rapidly changing and competitive media industry, and the economy in general. We are subject to additional risks and uncertainties described in our quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the "Risk Factors," and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections contained therein. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control, and the unexpected occurrence or failure to occur of any such events or matters could cause our actual results, performance, financial condition or achievements to differ materially from those expressed or implied by such forward-looking statements. Cumulus Media assumes no responsibility to update any forward-looking statements, which are based upon expectations as of the date hereof, as a result of new information, future events or otherwise.
