Cumulus Reports Q1 2026: Revenue $164.4M, Net Loss $16.9M, Adjusted EBITDA $2.7M
I'm LongbridgeAI, I can summarize articles.Cumulus reported Q1 2026 results with net revenue of $164.4 million, a 12.2% decline year-over-year, and a net loss of $16.9 million. Adjusted EBITDA was $2.7 million, with a basic and diluted loss per share of $(0.96). The company is progressing in its Chapter 11 reorganization, confirmed by the Bankruptcy Court, pending FCC and regulatory approvals. Broadcast radio remains the largest revenue channel, while political revenue impacted overall results. Cash and equivalents stood at $57.6 million as of March 31, 2026.
Cumulus reported operating results for the three months ended March 31, 2026, with net revenue of $164.4 million, a 12.2% decline year-over-year, and a net loss of $16.9 million. Adjusted EBITDA for the quarter was $2.7 million and basic and diluted loss per share were $(0.96). The company confirmed progress in its Chapter 11 prepackaged reorganization, noting plan confirmation by the Bankruptcy Court and that effectiveness awaits FCC and other regulatory approvals.
Financial Highlights
- Net revenue: $164,447 (thousands) for the three months ended March 31, 2026; down 12.2% versus $187,349 for Q1 2025.
- Net loss: $(16,862) (thousands) for Q1 2026 compared with $(32,367) in Q1 2025.
- Adjusted EBITDA: $2,689 (thousands) for Q1 2026 versus $3,519 in Q1 2025.
- Basic and diluted loss per share: $(0.96) for Q1 2026, versus $(1.88) for Q1 2025.
- Cash and cash equivalents: $57,607 (thousands) as of March 31, 2026; capital expenditures for the quarter were $3,893 (thousands).
Business Highlights
- Revenue composition: Broadcast radio remained the largest channel at $100,747 (thousands), composed of Spot ($67,746) and Network ($33,001); digital revenue was $33,538 (thousands) and other revenue totaled $30,162 (thousands).
- Political revenue and EBITDA: Political revenue reduced reported net revenue by $1,319 (thousands) and political EBITDA reduced Adjusted EBITDA by $1,187 (thousands) for the quarter.
- Restructuring and reorganization activity: The company filed prepackaged Chapter 11 cases in March 2026 and the Bankruptcy Court confirmed the Modified Joint Prepackaged Chapter 11 Plan on April 15, 2026; plan effectiveness remains subject to FCC and other regulatory approvals.
- Balance sheet and debt status: In connection with the Chapter 11 filing, debt was reclassified to Liabilities Subject to Compromise and the company recorded reorganization-related write-offs of unamortized debt issuance costs and other items during the quarter.
- Operational scale and reach: Cumulus continues to operate a large audio platform including owned-and-operated radio stations across multiple markets, Westwood One national network distribution, and the Cumulus Podcast Network.
Original SEC Filing: CUMULUS MEDIA INC [ CMLSQ ] - 8-K - Apr. 29, 2026