BOC · Boston Omaha Corporation

Boston Omaha Corporation released its full year 2025 financial results via press release (Exhibit 99.1) and presentation (Exhibit 99.2), coinciding with its 10-K filing. Revenues grew 5.6% to $114.4 million, driven by increases in Broadband Services (+5.4% to $41.2 million), Premiums Earned (+17.3% to $23.2 million), and Insurance Commissions (+4.8% to $2.1 million), offset by flat Billboard Rentals at $45.9 million and slightly lower Investment and Other Income. Despite revenue growth, the company reported a net loss from operations of $3.9 million, improved from $8.5 million in 2024, but swung to a $14.5 million net other expense, primarily from a $17.6 million unrealized loss on Sky Harbour warrants, $6.9 million fair value losses in 24th Street and BFR Funds, and $2.3 million interest expense. These were partially offset by $6.5 million from unconsolidated affiliates (mainly Sky Harbour equity method income), $4.1 million realized gains on selling 730,095 Sky Harbour shares, and $1.2 million interest/dividend income. The Sky Harbour investment stands at $79.3 million on the balance sheet (equity method), but would be $109.7 million at fair value. Balance sheet remains solid with unrestricted cash and investments up 20% to $50.2 million, though total assets dipped to $713.1 million and equity to $536.1 million. Operating cash flow was $17.9 million, down from $21.2 million, while the company returned capital by repurchasing 444,753 Class A shares for $5.8 million. Book value per share declined slightly to $16.63 from $16.99, with 30.5 million Class A shares outstanding at year-end (30.1 million as of March 27, 2026). Management emphasizes the supplemental presentation for business unit metrics across outdoor advertising, broadband, insurance, and asset management.