Mediaco Holding Inc.
For the period ended Mar 31, 2026. Filed May 15, 2026.
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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.
Mar 31, 2026 · Filed May 15, 2026
MDIA$1.04+4.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-19.
0001784254-25-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001784254-26-000025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 108 previous paragraphs and 101 current paragraphs.
57 unchanged; 31 reworded; 12 added; 20 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
•Our ability to continue as a going concern.
Current report
MediaCo is a multimedia company focused on radio, television, digital advertising, premium programming, and events. Our portfolio includes a national network, as well as digital and commercial operations. Our broadcasting assets consist of thirteen radio stations, including two located in New York City, WQHT(FM) and WBLS(FM) (the “Stations”), which serve the New York City demographic market area and primarily target Black, Hispanic, and multicultural consumers. The remaining eleven radio stations serve Los Angeles, CA, Houston, TX, and Dallas, TX. Our assets also include nine television stations serving Los Angeles, CA, Houston, TX, Denver, CO, New York, NY, Chicago, IL, and Miami, FL.
Current report
•Net loss of $9.4 million increased $0.8 million, or 9%, during the three months ended March 31, 2026 compared to net loss of $8.6 million during the three months ended March 31, 2025.
Current report
Corporate expenses increased for the three months ended March 31, 2026 primarily due to an increase in employee related costs, and corporate insurance charges.
Current report
Interest expense increased during the three months ended March 31, 2026 primarily due to higher outstanding debt balances, due to PIK and accretion on loans, partially offset by lower interest rates.
Current report
Equity loss in investments:
Current report
Equity loss in investments increased during the three months ended March 31, 2026 due to the investment in unconsolidated affiliates as of January 1, 2026.
Current report
Our primary sources of liquidity are cash flows generated from operations. Our primary uses of capital have been, and are expected to continue to be, capital expenditures, working capital requirements, and strategic acquisitions. As of March 31, 2026, the Company’s liquidity position is constrained by its working capital deficit and upcoming debt maturities. While management is actively implementing plans to improve liquidity, including enhancing operating performance, managing working capital, and pursuing refinancing and additional capital, there can be no assurance that these efforts will be successful.
Current report
Despite net losses, management continues to actively manage liquidity through close monitoring of working capital and disciplined cash management practices. These efforts include extending payment terms with vendor partners, enhancing collection efforts to accelerate cash inflows, and maintaining a focus on expense control. As a result of these actions, the Company has reduced its cash burn during the period.
Current report
In addition to its short-term liquidity constraints, the Company expects to have ongoing cash requirements beyond the next twelve months. These longer-term liquidity needs relate primarily to capital expenditures required to maintain and upgrade broadcasting and digital infrastructure, contractual commitments for content and programming, and potential strategic investments or acquisitions that support long-term growth. The Company may seek to fund these longer-term requirements through a combination of cash flows from operations, existing cash and cash equivalents, and access to external financing sources, including potential borrowings under existing or future credit facilities or other capital-raising alternatives. However, given the Company’s current liquidity position and the conditions described above, there can be no assurance that sufficient cash flows will be generated or that external financing will be available on acceptable terms, or at all.
Current report
The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. Based on current operating plans and assumptions, management is pursuing various initiatives to improve the Company’s liquidity position, including enhancing operating performance, managing working capital, refinancing existing debt, and raising additional capital. However, these plans are subject to inherent risks and uncertainties, and there can be no assurance that they will be successfully implemented or will generate sufficient liquidity to meet the Company’s obligations as they become due. Accordingly, substantial doubt about the Company’s ability to continue as a going concern remains. Subsequent to year-end, the Company entered into amendments to its First Lien Credit Agreement and Second Lien Credit Agreement that waived certain covenant requirements. As of March 31, 2026, the Company was in compliance with all applicable financial covenants. Future liquidity and capital requirements will depend on a number of factors, including operating performance, macroeconomic conditions, changes in working capital, and the timing and extent of discretionary investments. The Company will continue to evaluate its liquidity position and capital structure and may adjust its financing strategy as conditions warrant.
Current report
Cash flows provided by investing activities were $0.2 million for the three months ended March 31, 2026, primarily attributable to the proceeds from the sale of land. Cash flows used in investing activities were $0.1 million for the three months ended March 31, 2025, primarily attributable to the purchases of equipment.
Removed paragraphs (20)
Previous report
MediaCo has been impacted by the rising interest rate environment in the financial markets, driving the interest accrued and paid on the Emmis Convertible Promissory Note to increase prior to its maturity in November 2024 as well as providing uncertainty on our First Lien Term Loan and Second Lien Term Loan, which have variable interest rates. Although the Federal Reserve cut its benchmark rate several times in 2024, it has indicated a slower pace of rate reductions in 2025 due to persistent inflationary pressures. While the Federal Reserve has signaled a bias toward eventually lowering rates further it has also indicated that additional rate increases in the future may be necessary if inflation remains elevated, and there can be no assurance that the Federal Reserve will not make upwards adjustments to the federal funds rate, or that it will reduce the current rate, in the future.
Previous report
•Net revenues of $94.7 million increased $31.9 million, or 51%, during the nine months ended September 30, 2025 compared to net revenues of $62.8 million during the nine months ended September 30, 2024.
Previous report
•Operating loss of $18.6 million decreased $5.1 million, or 22%, during the nine months ended September 30, 2025 compared to operating loss of $23.7 million during the nine months ended September 30, 2024.
Previous report
•Net loss of $17.9 million increased $72.8 million, or 133%, during the three months ended September 30, 2025 compared to net income of $54.9 million during the three months ended September 30, 2024.
Previous report
•Net loss of $33.9 million decreased $36.8 million, or 1252%, during the nine months ended September 30, 2025 compared to net income of $2.9 million during the nine months ended September 30, 2024.
Previous report
•Adjusted EBITDA for the nine months ended September 30, 2025 was $5.0 million increasing 209% compared to Adjusted EBITDA of $(4.6) million for the nine months ended September 30, 2024.
Previous report
Net revenues increased during the nine months ended September 30, 2025 primarily due to the new assets acquired in the Audio and Video segments as part of the Estrella Acquisition in April 2024 and due to increased Digital revenue.
Previous report
Operating expenses increased during the nine months ended September 30, 2025 primarily due to the new assets acquired in the Audio and Video segments as part of the Estrella Acquisition and higher digital platform costs.
Previous report
Corporate expenses decreased for the three and nine months ended September 30, 2025 primarily due to lower professional service fees driven by work related to the Estrella Acquisition in the prior year.
Previous report
Depreciation and amortization expense increased during the nine months ended September 30, 2025 primarily related to the Estrella Acquisition. Depreciation and amortization expenses excluding expenses related to the Estrella Acquisition, remained relatively flat due to certain assets becoming fully depreciated in the prior year offset by new assets placed into service in 2025.
Previous report
Interest expense increased during the three and nine months ended September 30, 2025 due to the additional long-term debt related to the Estrella Acquisition.
Previous report
Change in fair value of warrant shares liability:
Previous report
Warrant shares liability decreased during the three and nine months ended September 30, 2025 due to stock price changes during the respective periods.
Previous report
Provision for income taxes increased during the nine months ended September 30, 2025 compared to the prior year due to tax amortization of the Company’s historical and newly acquired indefinite-lived intangibles, along with the impact of filing in additional state jurisdictions as a result of the Estrella Acquisition. See Note 10 — Income Taxes in our condensed consolidated financial statements included elsewhere in this report for additional details.
Previous report
Revenue and operating expenses from our Audio Segment increased $1.8 million and $2.3 million, respectively, during the nine months ended September 30, 2025 compared to the same period in 2024, driven primarily as a result of the new assets acquired in the Audio segment as part of the Estrella Acquisition.
Previous report
Revenue and operating expenses from our Video Segment increased $30.1 million and $29.2 million, respectively, during the nine months ended September 30, 2025 compared to the same period in 2024, were due to the new assets acquired as part of the Estrella Acquisition, increases in digital revenue and increases in digital impression expense.
Previous report
Operating expenses related to Corporate and other decreased to $4.5 million for the nine months ended September 30, 2025 compared to $9.2 million for the nine months ended September 30, 2024, primarily due to lower professional service fees driven by work related to the Estrella Acquisition in the prior year.
Previous report
Our primary sources of liquidity are cash provided by operations. Our primary uses of capital have been, and are expected to continue to be, capital expenditures, working capital, and acquisitions. Management anticipates the Company will be able to meet its liquidity needs for the next twelve months with cash and cash equivalents on hand, and projected cash flows from operations.
Previous report
Despite net losses, management is actively managing liquidity by closely monitoring working capital and implementing disciplined payment practices, including deferring certain payments where appropriate to support business growth. The Company is also increasing efforts on collections to accelerate cash inflows and further enhance liquidity. Our focus on working capital optimization and expense control has reduced cash burn for the period. Importantly, the Company maintains a positive equity position.
Previous report
Cash flows used in investing activities were $0.3 million for the nine months ended September 30, 2025, primarily attributable to cash paid for various capital projects. Cash flows used in investing activities were $7.6 million for the nine months ended September 30, 2024, primarily attributable to the Estrella acquisition, capital expenditures related to a new digital platform project, and the build out of our new space for corporate offices.
Reworded paragraphs (31)
Previous wording
•Potential conflicts of interest with SG Broadcasting and our status as a “controlled company”;
Current wording
•Potential conflicts of interest with SG Broadcasting LLC (“SG Broadcasting”) and our status as a “controlled company”;
Previous wording
We own and operate two radio stations located in New York City, which serve the New York City demographic market area that primarily target Black, Hispanic, and multi-cultural consumers and as a result of the Estrella Acquisition, Estrella’s network, content, digital, and commercial operations, including network affiliation and program supply agreements with Estrella for its 11 radio stations serving Los Angeles, CA, Houston, TX, and Dallas, TX and nine television stations serving Los Angeles, CA, Houston, TX, Denver, CO, New York, NY, Chicago, IL and Miami, FL. Among the Estrella brands that joined MediaCo are the EstrellaTV network, its influential linear and digital video content business, Estrella’s expansive digital channels, including its eight free ad-supported television (“FAST”) channels - EstrellaTV, Estrella News, Cine EstrellaTV, Estrella Games, EstrellaTV Mexico, Curiosity Explora, Curiosity Motores, and Curiosity Animales. See Note 4 — Business Combinations in our condensed consolidated financial statements included elsewhere in this report for additional information on the Estrella Acquisition.
Current wording
Our portfolio includes the Estrella brands, including the EstrellaTV network, its linear and digital video content business, and its digital channels, including eight free ad-supported television (“FAST”) channels: EstrellaTV, Estrella News, Cine EstrellaTV, Estrella Games, EstrellaTV Mexico, Curiosity Explora, Curiosity Motores, and Curiosity Animales.
Previous wording
We derive our revenues primarily from radio, television and digital advertising sales, but we also generate revenues from events, including sponsorships and ticket sales, licensing, and syndication. Our revenues are mostly affected by the advertising rates our entities charge, as advertising sales are the primary component of our consolidated revenues. These rates are in large part based on our stations’ ability to attract audiences in demographic groups targeted by their advertisers. The Nielsen Company generally measures radio station ratings weekly for markets measured by the Portable People Meter™ as well as providing television programming ratings services for the EstrellaTV network and the Estrella variable interest entity (“VIE”) local television stations. Because audience ratings in a station’s local market are critical to the station’s financial success, our strategy is to use market research, advertising and promotion to attract and retain audiences in each station’s chosen demographic target group.
Current wording
We derive our revenues primarily from radio, television, and digital advertising sales. We also generate revenues from events, including sponsorships and ticket sales, as well as from licensing and syndication. Advertising sales represent the primary component of our consolidated revenues, and our results are largely influenced by the advertising rates we are able to charge. These rates depend significantly on our ability to attract audiences within demographic groups targeted by advertisers. Audience measurement services, such as those provided by Nielsen, supply radio and television ratings that are critical to our performance. Accordingly, our strategy emphasizes market research, programming, promotion, and branding initiatives designed to attract and retain audiences in our target demographics.
Previous wording
Our revenues vary throughout the year. Revenue and operating income are usually lowest in the first calendar quarter, partly because retailers cut back their advertising spending immediately following the holiday shopping season.
Current wording
Our revenues fluctuate throughout the year, with revenue and operating income typically lowest in the first calendar quarter, in part due to reduced advertising spending following the holiday season.
Previous wording
In addition to the sale of advertising time for cash, stations typically exchange advertising time for goods or services, which can be used by the station in its business operations. These barter transactions are recorded at the estimated fair value of the product or service received. We generally confine the use of such trade transactions to promotional items or services for which we would otherwise have paid cash. In addition, it is our general policy not to preempt advertising spots paid for in cash with advertising spots paid for in trade.
Current wording
In addition to cash advertising sales, we enter into barter transactions in which advertising time is exchanged for goods or services. These transactions are recorded at the estimated fair value of the goods or services received. We generally limit barter activity to items or services that we would otherwise purchase for cash and maintain a policy of not preempting paid advertising spots with barter advertising.
Previous wording
The following table summarizes the sources of our revenues for the three and nine months ended September 30, 2025 and 2024. The category “Other” includes, among other items, revenues related to network revenues and barter.
Current wording
The following table summarizes the sources of our revenues for the three months ended March 31, 2026 and 2025. The category “Other” includes, among other items, revenues related to network revenues and barter.
Previous wording
Roughly 20% of our expenses vary in connection with changes in revenue. These variable expenses primarily relate to costs in our sales department, such as salaries, commissions and bad debt. Our costs that do not vary as much in relation to revenue are mostly in our programming and general and administrative departments, such as talent costs, rating fees, rents, utilities and salaries. Lastly, our costs that are highly discretionary are costs in our marketing and promotions department, which we primarily incur to maintain and/or increase our audience and market share.
Current wording
Roughly 20% of our expenses vary in connection with changes in revenue. These variable expenses primarily relate to costs in our sales department, such as salaries, commissions, and bad debt, as well as certain technical and engineering costs that fluctuate with operational activity. Our costs that do not vary significantly with revenue are primarily in our programming and general and administrative departments, including talent costs, ratings fees, rent, utilities, engineering-related maintenance, and salaries. Lastly, our costs that are highly discretionary are incurred in our marketing and promotions department, which we primarily use to maintain and/or increase our audience and market share.
Previous wording
As part of our business strategy, we continually evaluate potential acquisitions of businesses that we believe hold promise for long-term appreciation in value and leverage our strengths. We also regularly review our portfolio of assets and may opportunistically dispose of or otherwise monetize assets when we believe it is appropriate to do so. As part of the Estrella Acquisition integration, we developed a plan to close and relocate certain studio and marketing operations. In fulfilling this plan, we incurred involuntary termination costs of $0.2 million and $0.7 million in the three and nine months ended September 30, 2025, respectively, included in operating expenses on our condensed consolidated statements of operations included elsewhere in this report.
Current wording
As part of our business strategy, we continually evaluate potential acquisitions of businesses that we believe hold promise for long-term appreciation in value and leverage our strengths. We also regularly review our portfolio of assets and may opportunistically dispose of or otherwise monetize assets when we believe it is appropriate to do so. As part of the Estrella Acquisition integration, we developed a plan to close and relocate certain studio and marketing operations. In fulfilling this plan, we incurred no involuntary termination costs in the three months ended March 31, 2026 and 2025, included in operating expenses on our condensed consolidated statements of operations included elsewhere in this report.
Previous wording
During the nine months ended September 30, 2025, there were no material changes to our critical accounting policies and estimates from those described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Critical Accounting Estimates” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on April 15, 2025.
Current wording
During the three months ended March 31, 2026, there were no material changes to our critical accounting policies and estimates from those described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Critical Accounting Estimates” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026.
Previous wording
The key developments in our business for the three and nine months ended September 30, 2025 are summarized below:
Current wording
The key developments in our business for the three months ended March 31, 2026 are summarized below:
Previous wording
•Net revenues of $35.4 million increased $5.5 million, or 19%, during the three months ended September 30, 2025 compared to net revenues of $29.9 million during the three months ended September 30, 2024.
Current wording
•Net revenues of $31.4 million increased $3.4 million, or 12%, during the three months ended March 31, 2026 compared to net revenues of $28.0 million during the three months ended March 31, 2025.
Previous wording
•Operating loss of $7.1 million increased $0.2 million, or 3%, during the three months ended September 30, 2025 compared to operating loss of $6.9 million during the three months ended September 30, 2024.
Current wording
•Operating loss of $7.5 million increased $2.8 million, or 61%, during the three months ended March 31, 2026 compared to operating loss of $4.7 million during the three months ended March 31, 2025.
Previous wording
•Cash flows provided by operating activities increased by $32.7 million, or 106%, during the nine months ended September 30, 2025 to $1.9 million compared to cash flows used in operating activities of $30.7 million during the nine months ended September 30, 2024.
Current wording
•Cash flows used in operating activities of $2.0 million, represent a decrease of $4.1 million, or 199%, during the three months ended March 31, 2026 compared to cash flows provided by operating activities of $2.1 million during the three months ended March 31, 2025.
Previous wording
•Adjusted EBITDA for the three months ended September 30, 2025 was $2.1 million increasing 1971% compared to Adjusted EBITDA of $(0.1) million for the three months ended September 30, 2024.
Current wording
•Adjusted EBITDA for the three months ended March 31, 2026 was $0.2 million decreasing 86% compared to Adjusted EBITDA of $1.4 million for the three months ended March 31, 2025.
Previous wording
The following table sets forth a summary of each of the Company’s components of operating expense as a percentage of net revenue for the three months and nine months ended September 30, 2025 and 2024:
Current wording
The following table sets forth a summary of each of the Company’s components of operating expense as a percentage of net revenue for the three months ended March 31, 2026 and 2025:
Previous wording
Three-Month and Nine-Month Periods Ended September 30, 2025 compared to September 30, 2024
Current wording
Three-Month Periods Ended March 31, 2026 compared to March 31, 2025
Previous wording
Net revenues increased during the three months ended September 30, 2025 primarily due to increased Digital revenue, partially offset by a decrease in Spot revenue.
Current wording
Net revenues increased during the three months ended March 31, 2026 primarily due to increased digital revenue, partially offset by a decrease in spot revenue as the Company increased its focus on digital offerings.
Previous wording
Operating expenses increased during the three months ended September 30, 2025 primarily due to higher digital platform costs, which rose in line with growth in digital revenue. These increases were partially offset by reductions in employee-related expenses, advertising and promotional spending, and professional services fees.
Current wording
Operating expenses increased during the three months ended March 31, 2026 primarily due to higher digital platform costs, which rose in line with growth in digital revenue. These increases were partially offset by reductions in repairs and maintenance, utilities and rent.
Previous wording
Depreciation and amortization expense decreased during the three months ended September 30, 2025 as certain assets became fully depreciated in the prior year, offset by new assets placed into service in 2025.
Current wording
Depreciation and amortization expense decreased during the three months ended March 31, 2026 as certain assets became fully depreciated in the prior year, partially offset by new assets placed into service.
Previous wording
Loss on disposal of assets increased for the nine months ended September 30, 2025 primarily due to the disposal of certain fixed assets, while there were no such disposals in 2024.
Current wording
Loss on disposal of assets increased for the three months ended March 31, 2026 primarily due to the disposal of certain fixed assets due to the amendment for an existing lease agreement, while there were no such disposals in 2025.
Previous wording
Other income increased during the three and nine months ended September 30, 2025 compared to the prior year primarily because of a one-time employee retention tax credit received, income from managed services agreements where the Company is providing accounting and other services, and subleasing income from one of our facilities which began in the first quarter of 2025.
Current wording
Other income increased during the three months ended March 31, 2026 compared to the prior year primarily driven by a gain on a lease modification, interest and penalty income related to an equity clawback, income from managed services agreements under which the Company began providing accounting and other services on April 17, 2025, and sublease income from one of the Company’s facilities that commenced in the first quarter of 2025.
Previous wording
Provision for income taxes decreased during the three months ended September 30, 2025 compared to the prior year due to changes in the deferred tax liability.
Current wording
Provision for income taxes decreased during the three months ended March 31, 2026 compared to the prior year due to changes in the deferred tax liability and additional interest and penalties accrued.
Previous wording
The decrease in consolidated net (loss) income was primarily due to the Estrella Acquisition. See“Net revenues,” “Operating expenses,”, “Corporate expenses,” “Depreciation and amortization,” “Loss on disposal of assets,” “Interest expense, net,”“Provision for income taxes,” and “Other income” above for additional details.
Current wording
The increase in consolidated net loss was primarily due to the increase in digital platform costs partially offset by the increase in digital revenue. See“Net revenues,” “Operating expenses,”, “Corporate expenses,” “Depreciation and amortization,” “Loss on disposal of assets,” “Interest expense, net,” “Equity loss in investments,” “Other income” and “Provision for income taxes,” above for additional details.
Previous wording
Revenue and operating expenses from our Audio Segment decreased $3.2 million and $1.2 million, respectively, during the three months ended September 30, 2025 compared to the same period in 2024, driven primarily as a result of the decrease in Spot revenue and decreases in employee related expenses.
Current wording
Revenue from our Audio Segment decreased $3.9 million and operating expenses increased $1.5 million, respectively, during the three months ended March 31, 2026 compared to the same period in 2025, driven primarily as a result of the decrease in spot revenue and increases in operating expenses such as loss on disposal of assets and other departmental costs.
Previous wording
Revenue and operating expenses from our Video Segment increased $8.7 million and $8.0 million, respectively, during the three months ended September 30, 2025 compared to the same period in 2024. These increases were primarily in digital revenue and increases in impression expense, partially offset by decreases in employee related expenses.
Current wording
Revenue and operating expenses from our Video Segment increased $7.3 million and $4.6 million, respectively, during the three months ended March 31, 2026 compared to the same period in 2025. These increases were primarily in digital revenue and increases in impression expense, partially offset by decreases in employee related expenses.
Previous wording
Operating expenses related to Corporate and other decreased to $1.3 million for the three months ended September 30, 2025 compared to $2.3 million for the three months ended September 30, 2024, primarily due to lower professional service fees driven by work related to the Estrella Acquisition in the prior year.
Current wording
Operating expenses related to Corporate and other increased to $1.7 million for the three months ended March 31, 2026 compared to $1.6 million for the three months ended March 31, 2025, primarily due to an increase in employee related costs, and corporate insurance charges.
Previous wording
Reconciliations of Net Loss to EBITDA and Adjusted EBITDA(1)
Current wording
Reconciliations of Net Loss to Adjusted EBITDA(1)
Previous wording
At September 30, 2025, the Company had cash, cash equivalents and restricted cash of $8.2 million and negative working capital of $43.3 million. At December 31, 2024, the Company had cash, cash equivalents and restricted cash of $6.9 million and negative working capital of $18.0 million. The increase in negative working capital was driven by the cancellation of certain programming rights contracts reducing the current portion of programming rights as well as increased accounts payable and accrued expenses, partially offset by increased accounts receivable.
Current wording
At March 31, 2026, the Company had cash, cash equivalents and restricted cash of $5.1 million and negative working capital of $54.5 million. At December 31, 2025, the Company had cash, cash equivalents and restricted cash of $7.1 million and negative working capital of $49.0 million. The increase in negative working capital was driven by the cancellation of certain programming rights contracts reducing the current portion of programming rights as well as increased accounts payable.
Previous wording
Additionally, regarding the $5.0 million in Delayed Draw Term Loans due May 2026 and $5.0 million Delayed Draw Term Loans due July 2026, the Company intends to refinance on a long term basis, pay down using cash flow from operations, or receive additional investment from the support letter obtained. As part of its business strategy, the Company continually evaluates potential acquisitions of businesses it believes hold promise for long-term appreciation and that can leverage our strengths. While any such acquisitions could impact our liquidity position, management is committed to maintaining appropriate liquidity levels and managing cash resources prudently as the business grows.
Current wording
As part of its business strategy, the Company continually evaluates potential acquisitions of businesses it believes hold promise for long-term appreciation and that can leverage our strengths. While any such acquisitions could impact our liquidity position, management is committed to maintaining appropriate liquidity levels and managing cash resources prudently as the business grows.
Previous wording
Cash flows provided in operating activities were $1.9 million for the nine months ended September 30, 2025, compared to cash flows used in of $30.7 million for the nine months ended September 30, 2024. The increase in cash from operating activities was mainly attributable to increases in accounts payable, partially offset by better collections.
Current wording
Cash flows used in operating activities were $2.0 million for the three months ended March 31, 2026, compared to cash flows provided by operating activities of $2.1 million for the three months ended March 31, 2025. The decline in operating cash flow was primarily driven by a higher net loss and unfavorable changes in working capital, including decreases in deferred revenue and other liabilities and smaller increases in accounts payable, partially offset by improved collections on accounts receivable.
Previous wording
Cash flows used in financing activities were$0.4 million for the nine months ended September 30, 2025, attributable to finance lease principal payments and settlement of tax withholding obligations. Cash flows provided by financing activities were $41.4 million for the nine months ended September 30, 2024, attributable to proceeds from the First Lien Term Loan, partially offset by payments of debt issuance costs and settlement of tax withholding obligations.
Current wording
Cash flows used in financing activities were $0.1 million for the three months ended March 31, 2026, attributable to finance lease principal payments. Cash flows provided by financing activities were $0.2 million for the three months ended March 31, 2025, attributable to finance lease principal payments and settlement of tax withholding obligations.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Additionally, regarding the $10.0 million in Delayed Draw Term Loans due July 2026, the Company intends to refinance on a long term basis, pay down using cash flow from operations, or receive additional investments.