Beasley Broadcast Group Inc

bbgi.com

What Do They Do?

Sells radio advertising to local and national advertisers, alongside digital ads and event-based marketing.

How Do They Make Money?

Advertisers buy audio commercial spots that air on the stations and generally pay within 30 days, though some pay in advance. Digital advertisers buy streamed spots and other ad products delivered as they are used.

revenue

Segment	Share	Revenue	How money arrives
Audio Sold outright	76% FY2022: 83%		Sold outright
Digital Usage-based	24% FY2022: 16%		Usage-based

Who Are Their Customers?

Local and regional advertisers, including advertising agencies and businesses, are contacted directly by station sales teams. A national representation firm sells to advertisers outside the company’s local markets; digital ads also go to other advertisers across the United States.

Do Revenues Turn Into Profits?

No. It lost $196.5M in FY2025.

Operating income, FY2025

−112% of revenue

▼ Now a loss vs FY2024 ($13.1M, 5%)

Net income, FY2025

−95% of revenue

▲ +3239% (Loss) vs FY2024 (−$5.9M, −2%)

Free cash flow, FY2025

−6% of revenue

▲ +98% (Loss) vs FY2024 (−$6.7M, −3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −17%; vs $53M in Q2 FY2025
Net income: ▲ Now profitable; vs −$154.2K in Q2 FY2025

Audio share of revenue vs 75.1% in Q2 FY2025

Jun 5, 2026 Noteholders could convert debt into shares that may change control A conversion could give noteholders 95% of the shares on a fully diluted basis, subject to required approvals.

Shrinking. Revenue fell 15% in 4 years, from $241.4M in FY2021 to $205.9M in FY2025, about 4% a year.

Station-market footprint The latest report’s station-market list omits Atlanta and Wilmington, which appeared in the older report’s list.

Revenue over time

Audio Digital Other Advertising

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Amazon, Apple, Meta, and Alphabet

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