Beasley Reports Revenue Off For Year, 4Q Increased

Beasley Broadcast Group, Inc. (Nasdaq: BBGI), a multi-platform media company, released its earnings report for the fourth quarter (4Q) and the full year of 2024 on March 20, 2025, providing a detailed look at its financial performance. 

Here’s a breakdown based on the available information:

➤Fourth Quarter 2024 (4Q 2024)

• Net Revenue: Beasley reported net revenue of $67.3 million for the three months ended December 31, 2024, marking a 2.3% increase from $65.7 million in 4Q 2023. This growth was primarily driven by an $8.3 million surge in political advertising revenue, which offset ongoing softness in the commercial advertising market and revenue declines from divestitures (e.g., the Wilmington station) and closures (e.g., esports and Guarantee Digital).
• Operating Income: Operating income remained steady at $7.6 million, identical to 4Q 2023. This stability persisted despite the absence of a one-time $6.0 million gain from the extinguishment of franchise fees related to the sale of the Outlaws esports division, which had bolstered 4Q 2023 results. The company attributed this to operational efficiencies and cost management.
• Net Income/Loss: Beasley recorded a net loss of $2.1 million, or $1.17 per diluted share, in 4Q 2024, compared to a net income of $6.4 million, or $4.25 per diluted share, in 4Q 2023. The shift to a loss was largely due to significant one-time costs from a September 2024 debt exchange offer and October refinancing, coupled with substantial severance expenses in the quarter.
• EBITDA per Indenture: This non-GAAP measure, used by Beasley’s creditors, rose to $12.5 million in 4Q 2024 from $6.2 million in 4Q 2023, reflecting disciplined expense management and strategic streamlining efforts.

➤Full Year 2024

• Net Revenue: For the full year ended December 31, 2024, Beasley’s net revenue totaled $246.3 million, a slight decrease of 0.3% from $247.1 million in 2023. This modest decline reflects challenges in traditional audio advertising, partially mitigated by growth in digital and political revenue streams. Political advertising, particularly strong in the second half of the year, contributed significantly, with the company expecting $11 million for the year (though exact full-year figures beyond 4Q’s $8.3 million boost were not detailed in the quarterly breakdown).
• Operating Income/Loss: The full-year operating loss was not explicitly stated in the 4Q report, but it included a $6.0 million gain from the sale of an investment in Broadcast Music, Inc. (BMI). In contrast, 2023’s operating loss was $82.0 million, heavily impacted by $98.8 million in non-cash impairment losses. The absence of such large impairments in 2024 suggests an improvement, though exact figures await further disclosure.
• Net Income/Loss: The full-year net loss was not fully detailed in the 4Q release, but the nine months ended September 30, 2024, showed a net loss of $0.268 million (including the BMI gain), a significant improvement from $13.97 million in the first nine months of 2023 (with $98.8 million in impairments). The 4Q loss of $2.1 million suggests a full-year net loss likely in the low single-digit millions, factoring in one-time costs.
• Digital Revenue: Digital revenue grew to nearly 20% of total revenue for the year, up from 18.4% in 2023, aligning with Beasley’s target range of 20% to 25%. This growth, driven by a 10.4% same-station increase in Q2 and 11.7% in Q3, underscores the company’s digital transformation strategy.
• Expense Management: Beasley achieved approximately $20.0 million in annualized expense reductions through workforce realignment and operational efficiencies, bolstering its balance sheet and reducing leverage.

"2024 was a transformative year for Beasley as we took decisive actions to strengthen our balance sheet, streamline our operations, and position the company for long-term success,” CEO Caroline Beasley said in a release. 

“Through disciplined cost management and strategic capital initiatives, we achieved approximately $20.0 million in annualized expense reductions, improved our leverage profile, and enhanced our financial flexibility. These efforts, combined with the continued momentum of our digital business—now representing nearly 20% of total revenue—have reinforced our ability to navigate industry challenges while capitalizing on new growth opportunities in audio and digital media."