Company Announcements

Three Months Ended March 31,

(unaudited)

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share data)

NET REVENUE

$                         77,651

$                        92,235

OPERATING EXPENSES

Programming and technical, excluding stock-based
compensation

30,005

30,598

Selling, general and administrative, excluding stock-based
compensation

43,483

50,105

Stock-based compensation

201

676

Depreciation and amortization

6,177

2,315

Impairment of intangible assets

—

6,443

Total operating expenses

79,866

90,137

Operating (loss) income

(2,215)

2,098

INTEREST AND INVESTMENT INCOME

8

966

INTEREST EXPENSE

(4,407)

(10,924)

GAIN ON RETIREMENT OF DEBT

2,080

11,587

OTHER (EXPENSE) INCOME, NET

(8)

192

(Loss) income before benefit from (provision for)
income taxes

(4,542)

3,919

BENEFIT FROM (PROVISION FOR) INCOME TAXES

1,441

(15,658)

NET LOSS

(3,101)

(11,739)

NET (LOSS) INCOME ATTRIBUTABLE TO NON-
CONTROLLING INTERESTS

(22)

3

NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS

$                         (3,079)

$                      (11,742)

Weighted-average shares outstanding - basic^{(3, a)}

4,449,258

4,442,165

Weighted-average shares outstanding - diluted^{(4, a)}

4,449,258

4,442,165

(a) Weighted-average shares outstanding used in the computation of basic and diluted net loss to common stockholders per share have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026.

Three Months Ended
March 31, 2026

(in thousands, unaudited)

Consolidated

Radio
Broadcasting

Reach Media

Digital

Cable
Television

Corporate/
Eliminations/
Other

NET REVENUE

$       77,651

$       30,536

$        4,860

$        6,788

$       36,032

$        (565)

Less (add):

Programming and
technical

30,005

11,606

3,083

3,040

12,446

(170)

Sales and marketing

23,816

10,518

1,643

4,627

7,403

(375)

General and administrative

19,667

6,641

735

488

3,239

8,564

Add back:

Severance-related costs

134

48

72

6

8

Other costs

359

—

—

—

—

359

Adjusted EBITDA⁽²⁾

$       4,656

$       1,819

$        (529)

$      (1,361)

$      12,944

$      (8,217)

Three Months Ended
March 31, 2025

(in thousands, unaudited)

Consolidated

Radio
Broadcasting

Reach Media

Digital

Cable
Television

Corporate/
Eliminations/
Other

NET REVENUE

$      92,235

$      32,610

$       5,853

$      10,212

$      44,193

$        (633)

Less (add):

Programming and technical

30,598

11,293

3,368

3,187

12,909

(159)

Sales and marketing

29,076

11,546

2,125

6,787

9,096

(478)

General and administrative

21,029

7,050

1,026

184

3,595

9,174

Add back/(deduct):

Severance-related costs

219

77

114

3

(1)

26

Other costs

1,106

50

1

1

—

1,054

Adjusted EBITDA⁽²⁾

$       12,857

$        2,848

$        (551)

$            58

$       18,592

$      (8,090)

Three Months Ended March 31,

2026

2025

(unaudited)

PER SHARE DATA - basic and diluted:

(in thousands, except per share data)

Net loss attributable to common stockholders (basic)^(a)

$                         (0.69)

$                          (2.64)

Net loss attributable to common stockholders (diluted)^(a)

$                         (0.69)

$                          (2.64)

Broadcast and digital operating income ⁽¹⁾

$                        14,864

$                         23,016

Broadcast and digital operating income⁽¹⁾ reconciliation:

Net loss attributable to common stockholders

$                       (3,079)

$                       (11,742)

Add back/(deduct) certain non-broadcast and digital
operating income items included in net (loss) income:

Interest and investment income

(8)

(966)

Interest expense

4,407

10,924

(Benefit from) provision for income taxes

(1,441)

15,658

Corporate selling, general and administrative expenses^(b)

10,701

11,484

Stock-based compensation

201

676

Gain on retirement of debt

(2,080)

(11,587)

Other expenses (income), net

8

(192)

Depreciation and amortization

6,177

2,315

Net (loss) income attributable to non-controlling
interests

(22)

3

Impairment of intangible assets

—

6,443

Broadcast and digital operating income ⁽¹⁾

$                        14,864

$                         23,016

Adjusted EBITDA ⁽²⁾

$                         4,656

$                         12,857

Adjusted EBITDA⁽²⁾ reconciliation:

Net loss attributable to common stockholders

$                       (3,079)

$                       (11,742)

Interest and investment income

(8)

(966)

Interest expense

4,407

10,924

(Benefit from) provision for income taxes

(1,441)

15,658

Depreciation and amortization

6,177

2,315

EBITDA⁽²⁾

6,056

16,189

Stock-based compensation

201

676

Gain on retirement of debt

(2,080)

(11,587)

Other expense (income), net

8

(192)

Net (loss) income attributable to non-controlling
interests

(22)

3

Corporate costs

359

747

Severance-related costs

134

219

Impairment of intangible assets

—

6,443

Loss from ceased non-core businesses initiatives

—

359

Adjusted EBITDA ⁽²⁾

$                         4,656

$                         12,857

(a) Weighted-average shares outstanding used in the computation of basic and diluted net loss to common stockholders per share have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026.

(b) Corporate selling, general and administrative expenses consist of expenses associated with our corporate headquarters and facilities, including personnel as well as other corporate overhead functions.

As of

March 31,
2026

As of 

December 31,
2025

(in thousands)

SELECTED CONSOLIDATED BALANCE SHEET DATA:

Cash and cash equivalents and restricted cash

$      28,042

$      26,358

Intangible assets, net^(a)

274,605

279,653

Total assets

573,403

592,994

Total long-term debt, net

412,110

429,742

Total liabilities

550,401

565,760

Total stockholders' equity

23,002

24,603

Redeemable non-controlling interests^(b)

-

2,631

(a) Intangible assets, net include Goodwill, net, Radio Broadcasting Licenses, net, Other Intangible Assets, net, and Current Portion of Launch Assets, net.

(b) On February 25, 2026, Reach Media closed on the Put Interest increasing the Company's interest in Reach Media to 100.0%. Reach Media paid the last of the non-controlling interest shareholders approximately $1.3 million for the 5.4% interest.

As of

March 31,
2026

As of
December 31,
2025

SELECTED LEVERAGE DATA:

(in thousands)

10.500% First Lien Senior Secured Notes due 2030^(a)

$      60,600

$      60,600

7.625% Second Lien Secured Notes due 2031^(a)

258,572

291,020

7.375% senior secured notes due February 2028^(b)

7,516

11,816

Total principal outstanding on long-term debt

326,688

363,436

Less: Unamortized debt issuance costs

(2,634)

(2,868)

Add: Premium^(c)

88,056

69,174

Long-term debt, net

$     412,110

$     429,742

(a) The 2030 First Lien Notes and 2031 Second Lien Notes pay interest semiannually on April 1 and October 1 of each year in arrears.

(b) Subsequent to the effectiveness of the supplemental indenture on December 18, 2025, these notes are no longer secured. While these notes are styled as senior secured notes they are no longer secured by collateral. The 2028 Notes pay interest semiannually on February 1 and August 1 of each year in arrears.

(c) The 2030 First Lien Notes and 2031 Second Lien Notes are accounted for under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors.

Three Months Ended March 31,

$ Change

% Change

Net revenue:

(in thousands, unaudited)

Radio advertising

$       32,124

$       36,217

$      (4,093)

(11.3) %

Political advertising

900

150

750

*NM

Digital advertising

6,784

10,211

(3,427)

(33.6) %

Cable Television advertising

19,095

25,425

(6,330)

(24.9) %

Cable Television affiliate fees

16,877

18,717

(1,840)

(9.8) %

Event revenues & other

1,871

1,515

356

23.5 %

Net revenue

$       77,651

$       92,235

$    (14,584)

(15.8) %

*NM - Not meaningful

Three Months Ended March 31, 2026

(in thousands, unaudited)

Consolidated

Radio

Broadcasting

Reach

Media

Digital

Cable

Television

All Other -

Corporate/

Eliminations

NET REVENUE

$      77,651

$      30,536

$       4,860

$       6,788

$      36,032

$       (565)

OPERATING EXPENSES:

Programming and technical

30,005

11,606

3,083

3,040

12,446

(170)

Selling, general and
administrative

43,483

17,159

2,378

5,115

10,642

8,189

Stock-based compensation

201

43

13

24

—

121

Depreciation and amortization

6,177

4,880

33

396

674

194

Total operating expenses

79,866

33,688

5,507

8,575

23,762

8,334

Operating (loss) income

(2,215)

(3,152)

(647)

(1,787)

12,270

(8,899)

INTEREST AND
INVESTMENT INCOME

8

—

—

—

—

8

INTEREST EXPENSE

(4,407)

(2)

—

—

—

(4,405)

GAIN ON RETIREMENT OF
DEBT

2,080

—

—

—

—

2,080

OTHER (EXPENSE) INCOME,
NET

(8)

(11)

—

—

—

3

(Loss) income before benefit
from (provision for) income
taxes

(4,542)

(3,165)

(647)

(1,787)

12,270

(11,213)

BENEFIT FROM (PROVISION
FOR) INCOME TAXES

1,441

776

142

388

(2,679)

2,814

NET (LOSS) INCOME

(3,101)

(2,389)

(505)

(1,399)

9,591

(8,399)

NET LOSS ATTRIBUTABLE
TO NON-CONTROLLING
INTERESTS

(22)

—

(22)

—

—

—

NET (LOSS) INCOME
ATTRIBUTABLE TO
COMMON STOCKHOLDERS

(3,079)

(2,389)

(483)

(1,399)

9,591

(8,399)

Adjusted EBITDA⁽²⁾

$       4,656

$       1,819

$       (529)

$     (1,362)

$      12,944

$     (8,217)

Three Months Ended March 31, 2025

(in thousands, unaudited)

Consolidated

Radio

Broadcasting

Reach

Media

Digital

Cable

Television

All Other -

Corporate/

Eliminations

NET REVENUE

$      92,235

$      32,610

$       5,853

$      10,212

$      44,193

$       (633)

OPERATING EXPENSES:

Programming and technical

30,598

11,293

3,368

3,187

12,909

(159)

Selling, general and
administrative

50,105

18,596

3,151

6,971

12,691

8,696

Stock-based compensation

676

108

23

85

288

172

Depreciation and amortization

2,315

996

34

386

715

184

Impairment of intangible assets

6,443

6,443

—

—

—

—

Total operating expenses

90,137

37,436

6,576

10,629

26,603

8,893

Operating income (loss)

2,098

(4,826)

(723)

(417)

17,590

(9,526)

INTEREST AND INVESTMENT
INCOME

966

—

—

—

—

966

INTEREST EXPENSE

(10,924)

(2)

—

—

—

(10,922)

GAIN ON RETIREMENT OF
DEBT

11,587

—

—

—

—

11,587

OTHER INCOME, NET

192

—

—

—

—

192

Income (loss) before (provision
for) benefit from income taxes

3,919

(4,828)

(723)

(417)

17,590

(7,703)

(PROVISION FOR) BENEFIT
FROM INCOME TAXES

(15,658)

1,090

(15)

392

(3,881)

(13,244)

NET (LOSS) INCOME

(11,739)

(3,738)

(738)

(25)

13,709

(20,947)

NET INCOME ATTRIBUTABLE
TO NON-CONTROLLING
INTERESTS

3

—

3

—

—

—

NET (LOSS) INCOME
ATTRIBUTABLE TO
COMMON STOCKHOLDERS

(11,742)

(3,738)

(741)

(25)

13,709

(20,947)

Adjusted EBITDA⁽²⁾

$      12,857

$       2,848

$       (551)

$           58

$      18,592

$     (8,090)

Notes:

¹

"Broadcast and digital operating income": The radio broadcasting industry commonly refers to "station operating income" which consists of net loss before depreciation and amortization, income taxes, interest expense, interest and investment income, non-controlling interests in income of subsidiaries, other income, net, loss from unconsolidated joint venture, corporate selling, general and administrative expenses, stock-based compensation, impairment of goodwill and intangible assets, and (gain) loss on retirement of debt. However, given the diverse nature of our business, station operating income is not truly reflective of our multi-media operation and, therefore, we use the term "broadcast and digital operating income." Broadcast and digital operating income is not a measure of financial performance under GAAP. Nevertheless, broadcast and digital operating income is a significant measure used by our management to evaluate the operating performance of our core operating segments. Broadcast and digital operating income provides helpful information about our results of operations, apart from expenses associated with our fixed assets and goodwill and intangible assets, income taxes, investments, impairment charges, debt financings and retirements, corporate overhead and stock-based compensation. Our measure of broadcast and digital operating income is similar to industry use of station operating income; however, it reflects our more diverse business and therefore is not completely analogous to "station operating income" or other similarly titled measures as used by other companies. Broadcast and digital operating income does not represent operating income or loss, or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as an alternative to those measurements as an indicator of our performance.

²

"Adjusted EBITDA": Adjusted EBITDA consists of net (loss) income plus (1) depreciation and amortization, income taxes, interest expense, net income attributable to non-controlling interests, impairment of goodwill and intangible assets, stock-based compensation, (gain) loss on retirement of debt, employment agreement award and other compensation, corporate costs, non-recurring litigation settlement costs, non-recurring debt refinancing costs, severance-related costs, investment income, loss from unconsolidated joint venture, loss from ceased non-core business initiatives less (2) other income, net and interest and investment income. Net (loss) income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as "EBITDA." Adjusted EBITDA and EBITDA are not measures of financial performance under GAAP. We believe Adjusted EBITDA is often a useful measure of a company's operating performance and is a significant measure used by our management to evaluate the operating performance of our business. Accordingly, based on the previous description of Adjusted EBITDA, we believe that it provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and goodwill and intangible assets, or capital structure. Adjusted EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four of our operating segments (Radio Broadcasting, Reach Media, Digital, and Cable Television). Business activities unrelated to these four segments are included in an "all other" category which the Company refers to as "All other - corporate/eliminations." Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as alternatives to those measurements as an indicator of our performance.

³

For the three months ended March 31, 2026 and 2025, Urban One had 4,449,258 and 4,442,165 shares of common stock outstanding on a weighted average basis (basic), respectively.

⁴

For the three months ended March 31, 2026 and 2025, Urban One had 4,449,258 and 4,442,165 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively.