Research Reports

Prepared Highlights

Consolidated revenue increased 24% to $120 million in Q3 2025 vs Q3 2024 (CEO).
Media segment revenue declined 26% to $44.5 million in Q3 2025 vs Q3 2024, driven by lower political revenue and weaker national TV/radio advertising (CFO).
Advertising Technology & Services (ATS) segment revenue more than doubled, up 104% to $76.1 million in Q3 2025 vs Q3 2024, with higher monthly active accounts and revenue per account (CFO).
Media segment operating loss of $3.5 million in Q3 2025 vs operating profit of $11.7 million in Q3 2024 (CFO).
ATS segment operating profit was $9.8 million, an increase of 378% vs Q3 2024 (CFO).
Consolidated operating loss of $9.1 million in Q3 2025 vs operating income of $7.6 million in Q3 2024; loss included a $5.7 million noncash impairment charge and $3.2 million restructuring costs (CFO).
Media segment total operating expense increased slightly by $140,000 in Q3 2025 vs Q3 2024; a workforce reduction of ~5% and facility abandonments are expected to reduce Media segment operating expense by ~$5 million annually (CFO).
ATS segment total operating expenses increased 58% ( $7.4 million ) in Q3 2025 vs Q3 2024, driven by cloud computing costs, sales commissions, and hiring (CFO).
Corporate expense was $6.3 million in Q3 2025, down 9% ( ~$600,000 ) vs Q3 2024 (CFO).
Cash and marketable securities at quarter-end: over $66 million (CFO).
Total debt payments year-to-date: $15 million; credit facility indebtedness at quarter-end: ~$173 million (CFO).
Dividends paid in Q3: $4.5 million ( $0.05 per share ); Board approved Q4 dividend of $0.05 per share payable December 31 (CFO).

Official Guidance

Q4 2025: Revenue and earnings expected to be comparable to Q3 2025 (CFO). No full-year ranges provided.

Mgmt Quotes

"We're committed to growing our business and earning a profit. So we acknowledge that we have work to do to improve our operating performance and profitability in our Media business." (CEO)
"We believe these investments will help us build a stronger company." (CEO)
"We've seen sequential quarterly improvements as we move through 2025, particularly in local ad sales, and we're seeing momentum and progress on executing our revenue strategies." (CFO)
"We had exceptional performance in Q3 with sequential quarterly revenue growth from second quarter to third quarter of 38%. With that said, we do not expect to repeat this level of quarterly sequential growth in fourth quarter." (CFO)
"Our goal is to be profitable for each segment and generate a consolidated operating profit." (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Consolidated Revenue	$120.6 million (up 24% YoY)	CFO
Media Segment Revenue	$44.5 million (down 26% YoY)	CFO
ATS Segment Revenue	$76.1 million (up 104% YoY)	CFO
Media Segment Operating Profit/(Loss)	($3.5 million) vs $11.7 million profit in Q3 2024	CFO
ATS Segment Operating Profit	$9.8 million (up 378% YoY)	CFO
Consolidated Operating Profit/(Loss)	($9.1 million) vs $7.6 million income in Q3 2024	CFO
Corporate Expense	$6.3 million (down 9% YoY)	CFO
Cash & Marketable Securities	>$66 million	CFO
Credit Facility Indebtedness	~$173 million	CFO
Dividends Paid (Q3)	$4.5 million ($0.05/share)	CFO

Q&A Batch (1-1 of 1)

Q1 — Michael Christenson

Topic: 2026 political advertising outlook and TelevisaUnivision affiliation renewal
Key points:
- Company positioning for strong political spending in 2026; Latino vote deemed critical in six Southwestern states.
- Cook Political Report lists 16 critical toss-up congressional races in 2026; company has TV and radio in 6 of those 16 markets.
- Key races include U.S. Senate (Texas), governors (California, Colorado, Nevada, New Mexico, Texas), plus smaller opportunities in Connecticut and Massachusetts.
- Affiliation agreement with TelevisaUnivision runs through December 31, 2026; company has been partners for nearly three decades.
Mgmt stance: Bullish — cites unique channel for reaching Latino voters and strong positioning for consequential elections; plans to renew affiliation agreement and is in discussions.