BOC · Boston Omaha Corporation

Boston Omaha Corporation reported Q1 2026 results showing modest revenue growth to $28.2 million from $27.7 million in the prior year, primarily driven by increases in Billboard Rentals (up to $11.0 million from $10.8 million) and Broadband Services ($10.8 million from $10.3 million), partially offset by declines in Premiums Earned ($5.5 million from $5.6 million) and Investment and Other Income ($0.4 million from $0.5 million). Operating losses expanded to $2.2 million from $0.8 million, reflecting higher Depreciation and Amortization of $6.3 million versus $5.9 million. Net other expense improved to $1.0 million from $1.8 million, including a $1.7 million non-cash loss from unconsolidated affiliates (mainly Sky Harbour equity method position), offset by a $1.0 million realized gain from GIG investments and $0.4 million unrealized gain on Sky Harbour warrants. The company generated $3.9 million in operating cash flow, up from $2.6 million year-over-year, while deploying $4.8 million to repurchase 375,286 Class A shares. Balance sheet remains solid with $48.4 million in unrestricted cash and investments, total equity of $523.2 million, and book value per share at $16.61. The 15.3% Sky Harbour stake, valued at $77.8 million under equity method, could reach $117.8 million at quoted fair value. Shares outstanding decreased to 30.1 million Class A as of March 31, 2026, and further to 29.8 million by May 13. No forward guidance provided; investors should review the full 10-Q and supplemental presentation on the IR site for segment metrics.