BEASLEY BROADCAST GROUP INC

For the period ended Sep 30, 2025. Filed Nov 10, 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.

Sep 30, 2025 · Filed Nov 10, 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.		15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.		22
Item 4.	Controls and Procedures.		22
Item 1.	Legal Proceedings.		23
Item 1A.	Risk Factors.		23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		23
Item 3.	Defaults Upon Senior Securities.		23
Item 4.	Mine Safety Disclosures.		23
Item 5.	Other Information.		23
Item 6.	Exhibits.		24
SIGNATURES		25

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	December 31,	September 30,
	2024	2025
ASSETS
Current assets:
Cash and cash equivalents	$13,772,720	$14,336,639
Accounts receivable, less allowance for credit losses of $1,698,285 in 2024 and $2,125,531 in 2025	51,551,945	47,830,667
Prepaid expenses	3,139,678	5,037,242
Other current assets	825,794	2,231,375
Total current assets	69,290,137	69,435,923
Property and equipment, net	47,000,978	43,774,996
Operating lease right-of-use assets	33,233,714	28,587,882
FCC licenses	392,259,831	379,526,349
Other intangibles, net	2,082,098	1,446,174
Assets held for sale	—	6,183,987
Other assets	5,340,067	5,615,981
Total assets	$549,206,825	$534,571,292
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$21,037,797	$22,355,470
Operating lease liabilities	8,688,874	7,870,465
Other current liabilities	23,260,496	27,348,598
Current portion of long-term debt	—	2,795,000
Total current liabilities	52,987,167	60,369,533
Due to related parties	24,307	1,273
Long-term debt	247,117,717	237,171,194
Operating lease liabilities	31,402,424	27,512,529
Deferred tax liabilities	63,747,937	61,789,824
Other long-term liabilities	6,707,566	6,707,566
Total liabilities	401,987,118	393,551,919
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	156,823,224
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	12,754,969
Accumulated other comprehensive income	771,249	771,249
Total stockholders' equity	147,219,707	141,019,373
Total liabilities and stockholders' equity	$549,206,825	$534,571,292

CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS (UNAUDITED)

	Three Months Ended September 30,
	2024	2025
Net revenue	$58,190,116	$50,977,046
Operating expenses:
Operating expenses (including stock-based compensation of $19,995 in 2024 and $21,967 in 2025 and excluding depreciation and amortization shown separately below)	49,946,133	46,084,806
Corporate expenses (including stock-based compensation of $338,211 in 2024 and $30,212 in 2025)	4,296,615	2,161,204
Depreciation and amortization	1,788,126	1,530,090
Goodwill impairment loss	922,000	—
Other operating expenses	—	1,737,622
Total operating expenses	56,952,874	51,513,722
Operating income (loss)	1,237,242	(536,676)
Non-operating income (expense):
Interest expense	(6,092,820)	(3,279,031)
Other expense, net	(75,120)	(108,078)
Loss before income taxes	(4,930,698)	(3,923,785)
Income tax benefit	(1,309,803)	(315,153)
Loss before equity in earnings of unconsolidated affiliates	(3,620,895)	(3,608,632)
Equity in earnings of unconsolidated affiliates, net of tax	60,320	51,929
Net loss	(3,560,575)	(3,556,703)
Net loss per Class A and Class B common share:
Basic and diluted	$(2.33)	$(1.97)
Weighted-average shares outstanding:
Basic and diluted	1,529,521	1,804,027

CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS (UNAUDITED)

	Nine Months Ended September 30,
	2024	2025
Net revenue	$173,006,119	$152,889,222
Operating expenses:
Operating expenses (including stock-based compensation of $55,912 in 2024 and $70,032 in 2025 and excluding depreciation and amortization shown separately below)	148,534,924	136,076,265
Corporate expenses (including stock-based compensation of $717,346 in 2024 and $157,375 in 2025)	12,584,218	9,949,909
Depreciation and amortization	5,455,622	4,771,435
Goodwill impairment loss	922,000	—
Other operating expenses	—	1,737,622
Total operating expenses	167,496,764	152,535,231
Operating income	5,509,355	353,991
Non-operating income (expense):
Interest expense	(17,772,957)	(9,954,445)
Gain on repurchase of long-term debt	—	525,000
Gain on sale of investment	6,026,776	—
Other income, net	552,145	1,065,294
Loss before income taxes	(5,684,681)	(8,010,160)
Income tax benefit	(1,796,019)	(1,598,890)
Loss before equity in earnings of unconsolidated affiliates	(3,888,662)	(6,411,270)
Equity in earnings of unconsolidated affiliates, net of tax	60,036	10,571
Net loss	(3,828,626)	(6,400,699)
Net loss per Class A and Class B common share:
Basic and diluted	$(2.52)	$(3.56)
Weighted-average shares outstanding:
Basic and diluted	1,521,204	1,796,981

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Nine Months Ended September 30,
	2024	2025
Cash flows from operating activities:
Net loss	$(3,828,626)	$(6,400,699)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	773,258	227,407
Provision for credit losses	742,185	1,476,740
Depreciation and amortization	5,455,622	4,771,435
FCC license termination loss	—	356,162
Gain on dispositions	—	(2,116,709)
Goodwill impairment loss	922,000	—
Amortization of premium and debt issuance costs	1,006,916	(5,651,523)
Gain on repurchase of long-term debt	—	(525,000)
Gain on sale of investment	(6,026,776)	—
Deferred income taxes	(3,253,871)	(1,958,113)
Equity in earnings of unconsolidated affiliates	(60,036)	(10,571)
Change in operating assets and liabilities:
Accounts receivable	3,570,476	2,244,538
Prepaid expenses	(4,395,972)	(1,897,564)
Other assets	(3,939,082)	(1,615,493)
Accounts payable	4,838,615	1,317,673
Other liabilities	1,120,813	3,992,905
Other operating activities	833,136	476,401
Net cash used in operating activities	(2,241,342)	(5,312,411)
Cash flows from investing activities:
Capital expenditures	(2,627,040)	(3,594,841)
Proceeds from dispositions	—	10,473,213
Proceeds from sale of investment	6,026,776	—
Net cash provided by investing activities	3,399,736	6,878,372
Cash flows from financing activities:
Repurchase of long-term debt	—	(975,000)
Purchase of treasury stock	(90,136)	(27,042)
Net cash used in financing activities	(90,136)	(1,002,042)
Net increase in cash and cash equivalents	1,068,258	563,919
Cash and cash equivalents at beginning of period	26,733,921	13,772,720
Cash and cash equivalents at end of period	$27,802,179	$14,336,639
Cash paid for interest	$23,028,749	$16,955,280
Cash paid for income taxes	$351,975	$1,170,800

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.