Monday, May 11, 2026
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.
Q1 results. Q1 revenue of $22.9 million and an adj. EBITDA loss of $1.6 million came in below our estimates of $24 million and $0.8 million loss, respectively, driven by softness in traditional broadcast revenue, partially offset by 25% YoY growth in digital Interactive revenue.
Digital transformation remains the key driver. Digital revenue increased 25.2% year over year to $4.4 million, driven by significant growth in search, targeted display, social media, and blended advertising campaigns. Management indicated that blended radio and digital campaigns continue to drive larger client relationships and stronger advertiser retention. A $1.5 million digital infrastructure buildout is compressing margins and adj. EBITDA.
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