Cumulus Media 10-Q: Revenue $164.4M, EPS loss $(0.96)
I'm LongbridgeAI, I can summarize articles.Cumulus Media reported a quarterly net revenue of $164.4 million, down 12.2% year-over-year, with a net loss of $(16.9) million, partially offset by a $22.0 million reorganization gain. The basic and diluted loss per share was $(0.96), an improvement from $(1.88) in the previous year. Adjusted EBITDA was $2.7 million, reflecting margin pressure from lower advertising revenues. The company continues normal operations under bankruptcy proceedings, with efforts to diversify revenue streams and optimize costs.
Cumulus Media reported quarterly net revenue of $164.4 million and a basic and diluted loss per common share of $(0.96). Revenue declined 12.2% year‑over‑year, while the company recorded a net loss of $(16.9) million that was partly offset by a $22.0 million reorganization gain. Adjusted EBITDA was $2.7 million, reflecting margin pressure from lower advertising revenues.
Financial Highlights
- Net revenue: $164.4 million, down $22.9 million (12.2%) year‑over‑year, driven by lower spot, network and digital revenues.
- Operating loss: $(26.4) million, worsened by $11.6 million year‑over‑year; operating expenses were $190.9 million versus revenue of $164.4 million.
- Net loss: $(16.9) million, an improvement of $15.5 million (47.9%) year‑over‑year, after recognition of a $22.0 million reorganization gain.
- Basic and diluted loss per common share: $(0.96), compared with $(1.88) in the prior year period.
- Adjusted EBITDA: $2.7 million, down $0.8 million (23.6%) year‑over‑year, reflecting lower revenues and margin pressure.
Business Highlights
- Bankruptcy proceedings and continuity: The company is operating as debtor‑in‑possession and continues normal operations, including payroll and vendor payments, under Bankruptcy Court orders.
- Revenue mix shifts: Declines in spot and network advertising drove the revenue decrease; digital marketing services increased, while podcasting and streaming revenues fell.
- Cost and programming adjustments: Content costs decreased by 16.9% and SG&A decreased by 9.6% through renegotiated rights, lower revenue‑share arrangements and staffing reductions.
- Leases and footprint optimization: The company rejected non‑viable leases, recorded lease write‑offs and related statutory damages to preserve its core station portfolio.
- Diversification efforts: Growth in digital marketing services and increased trade/barter revenue helped offset declines in traditional audio segments.
Original SEC Filing: CUMULUS MEDIA INC [ CMLSQ ] - 10-Q - Apr. 29, 2026