Friday, August 14, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
George Proost, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 exceeded expectations. Revenue declined 6.5% year over year to $26.4 million, beating our estimate of $25.5 million by 3.5%. Additionally, adj. EBITDA of approximately $1.1 million compared favorably with our $0.1 million estimate. The beat reflected growth in blended digital revenue, which cushioned double-digit declines across the traditional broadcast business.
Digital continues to scale. Blended digital offering grew 60.8% during the quarter and was up 76.4% for the first 6 months of the year. Digital reached 19% of gross revenue in the first half compared with 14% a year ago. Management has brought search capabilities in-house with three dedicated specialists, hired and trained ten digital campaign managers, and migrated digital fulfillment to a new platform. In our view, the pace of blended digital growth is the most encouraging development in the quarter and the clearest evidence that the multi-year platform build is beginning to convert.
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