BEASLEY BROADCAST GROUP INC

For the period ended Jun 30, 2025. Filed Aug 13, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 13, 2025

BBGI$5.89+5.9%Stored close · as of Nov 10, 2026

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Contents

Item 1. Condensed Consolidated Financial Statements

PART II OTHER INFORMATION
	Notes to Condensed Consolidated Financial Statements.		7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.		14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.		21
Item 4.	Controls and Procedures.		21
Item 1.	Legal Proceedings.		22
Item 1A.	Risk Factors.		22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		22
Item 3.	Defaults Upon Senior Securities.		22
Item 4.	Mine Safety Disclosures.		22
Item 5.	Other Information.		22
Item 6.	Exhibits.		23
SIGNATURES		24

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	December 31,	June 30,
	2024	2025
ASSETS
Current assets:
Cash and cash equivalents	$13,772,720	$13,723,924
Accounts receivable, less allowance for credit losses of $1,698,285 in 2024 and $1,723,043 in 2025	51,551,945	51,280,045
Prepaid expenses	3,139,678	5,255,801
Other current assets	825,794	2,479,647
Total current assets	69,290,137	72,739,417
Property and equipment, net	47,000,978	44,067,245
Operating lease right-of-use assets	33,233,714	31,395,558
FCC licenses	392,259,831	385,074,211
Other intangibles, net	2,082,098	1,968,468
Assets held for sale	—	7,316,486
Other assets	5,340,067	5,476,590
Total assets	$549,206,825	$548,037,975
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$21,037,797	$26,029,302
Operating lease liabilities	8,688,874	8,438,422
Other current liabilities	23,260,496	28,098,948
Current portion of long-term debt	—	2,795,000
Total current liabilities	52,987,167	65,361,672
Due to related parties	24,307	8,951
Long-term debt	247,117,717	239,055,035
Operating lease liabilities	31,402,424	29,929,186
Deferred tax liabilities	63,747,937	62,451,668
Other long-term liabilities	6,707,566	6,707,566
Total liabilities	401,987,118	403,514,078
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued	—	—
Class A common stock, $0.001 par value; 150,000,000 shares authorized; 1,152,366 issued and 957,876 outstanding in 2024; 1,170,419 issued and 970,857 outstanding in 2025	18,173	18,191
Class B common stock, $0.001 par value; 75,000,000 shares authorized; 833,137 issued and outstanding in 2024 and 2025	16,662	16,662
Additional paid-in capital	156,595,835	156,771,045
Treasury stock, Class A common stock; 194,490 shares in 2024; 199,562 shares in 2025	(29,337,880)	(29,364,922)
Retained earnings	19,155,668	16,311,672
Accumulated other comprehensive income	771,249	771,249
Total stockholders' equity	147,219,707	144,523,897
Total liabilities and stockholders' equity	$549,206,825	$548,037,975

CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS (UNAUDITED)

	Three Months Ended June 30,
	2024	2025
Net revenue	$60,435,657	$52,999,711
Operating expenses:
Operating expenses (including stock-based compensation of $13,679 in 2024 and $19,897 in 2025 and excluding depreciation and amortization shown separately below)	49,347,793	44,750,198
Corporate expenses (including stock-based compensation of $248,012 in 2024 and $56,712 in 2025)	3,879,771	3,769,243
Depreciation and amortization	1,832,894	1,589,014
Total operating expenses	55,060,458	50,108,455
Operating income	5,375,199	2,891,256
Non-operating income (expense):
Interest expense	(6,092,829)	(3,294,772)
Gain on repurchase of long-term debt	—	525,000
Other income, net	357,260	75,887
Income (loss) before income taxes	(360,370)	197,371
Income tax expense (benefit)	(75,986)	283,990
Loss before equity in earnings of unconsolidated affiliates	(284,384)	(86,619)
Equity in earnings of unconsolidated affiliates, net of tax	8,363	(67,556)
Net loss	(276,021)	(154,175)
Net loss per Class A and Class B common share:
Basic and diluted	$(0.18)	$(0.09)
Weighted-average shares outstanding:
Basic and diluted	1,517,710	1,794,754

CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS (UNAUDITED)

	Six Months Ended June 30,
	2024	2025
Net revenue	$114,816,003	$101,912,176
Operating expenses:
Operating expenses (including stock-based compensation of $35,917 in 2024 and $48,065 in 2025 and excluding depreciation and amortization shown separately below)	98,588,791	89,991,459
Corporate expenses (including stock-based compensation of $379,135 in 2024 and $127,163 in 2025)	8,287,603	7,788,705
Depreciation and amortization	3,667,496	3,241,345
Total operating expenses	110,543,890	101,021,509
Operating income	4,272,113	890,667
Non-operating income (expense):
Interest expense	(11,680,137)	(6,675,414)
Gain on repurchase of long-term debt	—	525,000
Gain on sale of investment	6,026,776	—
Other income, net	627,265	1,173,372
Loss before income taxes	(753,983)	(4,086,375)
Income tax benefit	(486,216)	(1,283,737)
Loss before equity in earnings of unconsolidated affiliates	(267,767)	(2,802,638)
Equity in earnings of unconsolidated affiliates, net of tax	(284)	(41,358)
Net loss	(268,051)	(2,843,996)
Net loss per Class A and Class B common share:
Basic and diluted	$(0.18)	$(1.59)
Weighted-average shares outstanding:
Basic and diluted	1,517,001	1,793,399

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six Months Ended June 30,
	2024	2025
Cash flows from operating activities:
Net loss	$(268,051)	$(2,843,996)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation	415,052	175,228
Provision for credit losses	291,000	24,758
Depreciation and amortization	3,667,496	3,241,345
Amortization of premium and debt issuance costs	671,278	(3,767,682)
Gain on repurchase of long-term debt	—	(525,000)
Gain on disposition	—	(1,698,228)
Gain on sale of investment	(6,026,776)	—
Deferred income taxes	(1,671,970)	(1,296,269)
Equity in earnings of unconsolidated affiliates	284	41,358
Change in operating assets and liabilities:
Accounts receivable	5,957,880	247,142
Prepaid expenses	(1,480,053)	(2,116,123)
Other assets	(351,853)	(1,565,380)
Accounts payable	(561,485)	4,991,505
Other liabilities	1,656,819	4,825,927
Other operating activities	256,205	(154,508)
Net cash provided by (used in) operating activities	2,555,826	(419,923)
Cash flows from investing activities:
Capital expenditures	(1,984,851)	(1,373,338)
Proceeds from disposition	—	2,746,507
Proceeds from sale of investment	6,026,776	—
Net cash provided by investing activities	4,041,925	1,373,169
Cash flows from financing activities:
Repurchase of long-term debt	—	(975,000)
Purchase of treasury stock	(37,485)	(27,042)
Net cash used in financing activities	(37,485)	(1,002,042)
Net increase (decrease) in cash and cash equivalents	6,560,266	(48,796)
Cash and cash equivalents at beginning of period	26,733,921	13,772,720
Cash and cash equivalents at end of period	$33,294,187	$13,723,924
Cash paid for interest	$11,514,380	$6,628,990
Cash paid for income taxes	$351,975	$1,170,800

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