Tuesday, May 12, 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 Meets Expectations. Net revenue of $96.8 million and adjusted EBITDA of $16.4 million were in line, while digital advertising accelerated to 6.8% growth and programmatic advertising increased an impressive 21% year-over-year.
Digital remains the key growth driver. Its differentiated digital platform separates it from traditional radio peers, with digital businesses generating a record 59% of total revenue and 63% of total segment profit. Programmatic advertising, media partnerships, and direct sales digital assets are all performing strongly, while the rapidly scaling white-label media partnership initiative could become a meaningful long-term contributor to growth.
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