Cumulus Media Inc. (OTC: CMLS.Q) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three and six months ended June 30, 2026.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "We are pleased to report our second quarter earnings. With our plan of reorganization confirmed by the court and the FCC approval process well underway, we are positioned to emerge from Chapter 11 with a stronger balance sheet to capitalize on future market opportunities."

Operating Summary (dollars in thousands, except percentages and per share data):

For the three months ended June 30, 2026, the Company reported net revenue of $167.9 million, a decrease of 9.7% from the three months ended June 30, 2025, net loss of $9.2 million and Adjusted EBITDA of $16.0 million.

For the six months ended June 30, 2026, the Company reported net revenue of $332.4 million, a decrease of 11.0% from the six months ended June 30, 2025, net loss of $26.1 million and Adjusted EBITDA of $18.7 million.

(1) Adjusted EBITDA is not a financial measure 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) In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote off the remaining balance of unamortized debt issuance costs of $1.9 million to Reorganization items, net within the Condensed Consolidated Statement of Operations during the first quarter of 2026. Debt issuance costs were excluded as of December 31, 2025.

(3) In connection with the Chapter 11 Bankruptcy filing, certain debt has been reclassified to Liabilities Subject to Compromise in the Company's Condensed Consolidated Balance Sheet as of June 30, 2026.

(4) 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 was being amortized to interest expense (thereby reducing interest expense) over the life of the debt. In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote off the remaining balance of $22.5 million to Reorganization items, net within the Condensed Consolidated Statement of Operations during the first quarter of 2026.

(5) In the second quarter of 2026, a lessor drew $2.0 million on an outstanding letter of credit to partially satisfy its outstanding damages claim in connection with the rejection of its lease in the Chapter 11 Cases.