Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "We are pleased to report first quarter earnings. The Court's recent approval of our reorganization plan marks a pivotal milestone in strengthening our financial foundation and positioning the Company to compete in the evolving media landscape. While we await FCC approval of the plan, we remain focused on leveraging our core strengths to drive long-term value creation."
Operating Summary (dollars in thousands, except percentages and per share data):
For the three months ended March 31, 2026, the Company reported net revenue of $164.4 million, a decrease of 12.2% from the three months ended March 31, 2025, net loss of $16.9 million and Adjusted EBITDA of $2.7 million.
As Reported
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
% Change
Net revenue
$
164,447
$
187,349
(12.2
)%
Net loss
$
(16,862
)
$
(32,367
)
47.9
%
Adjusted EBITDA(1)
$
2,689
$
3,519
(23.6
)%
Basic loss per share
$
(0.96
)
$
(1.88
)
48.9
%
Diluted loss per share
$
(0.96
)
$
(1.88
)
48.9
%
(1) Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). For additional information, see "Non-GAAP Financial Measures."
Revenue Detail Summary (dollars in thousands):
As Reported
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
% Change
Broadcast radio revenue:
Spot
$
67,746
$
80,964
(16.3
)%
Network
33,001
43,933
(24.9
)%
Total broadcast radio revenue
100,747
124,897
(19.3
)%
Digital
33,538
36,565
(8.3
)%
Other
30,162
25,887
16.5
%
Net revenue
$
164,447
$
187,349
(12.2
)%
Balance Sheet Summary (dollars in thousands):
March 31, 2026
December 31, 2025
Cash and cash equivalents
$
57,607
$
81,979
Term Loan due 2026 (2)(3)
$
1,203
$
1,203
Senior Notes due 2026 (2)(3)
$
22,697
$
22,697
Term Loan due 2029 (2)(3)(4)
$
311,845
$
323,569
Senior Notes due 2029 (2)(3)(4)
$
306,375
$
318,225
2020 Revolving credit facility (3)
$
55,000
$
55,000
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
Capital expenditures
$
3,893
$
5,540
(2) In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote off the remaining balance of unamortized debt issuance costs of $1.9 million to Reorganization items, net within the Condensed Consolidated Statement of ...
