Monday, November 17, 2025
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Q3 Results. The company reported Q3 revenue of $45.3 million and an adj. EBITDA loss of $1.8 million, both of which were in line with our estimates of $43.8 million and a loss of $1.7 million, respectively, as illustrated in Figure #1 Q3 Results. Notably, Q3 results benefited from a 10.1% increase in broadcasting revenue and a 22.3% increase in affiliate fee revenue, a development we view favorably, given that 2024 was an election year.
Affiliate fee growth. In our view, the company is well positioned to continue growing affiliate fee revenue as audience traction and ratings continue to improve, enhancing the network’s leverage in negotiations. Moreover, we believe the company’s growing reach supports higher per-sub rates during renewal cycles. As such, we believe affiliate fee growth strengthens its long-term outlook.
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