Friday, August 07, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 exceeded expectations. Revenue of $115.4 million and Adjusted EBITDA of $24.8 million were within management’s guidance, while Digital Advertising accelerated to 11% year-over-year growth, driven by continued strength in programmatic advertising, owned-and-operated digital properties, and Media Partnerships.
Digital transformation gaining traction. Townsquare’s Digital First strategy continues to differentiate the company from traditional radio peers. During the first half of 2026, digital businesses generated 57% of total revenue and 59% of total segment profit, while the Media Partnerships platform expanded to 16 partners, creating a scalable, capital-light growth opportunity beyond the company’s owned markets.
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