BEASLEY BROADCAST GROUP REPORTS FIRST QUARTER REVENUE OF $48.9 MILLION

NAPLES, Florida, May 7, 2025 – Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“Beasley” or the “Company”), a multi-platform media company, today announced operating results for the three-month period ended March 31, 2025. For further information, the Company has posted a presentation to its website regarding the first quarter highlights and accomplishments that management will review on today’s conference call.

First Quarter Financial Highlights

First Quarter 2025 Highlights

Net revenue during the three months ended March 31, 2025 decreased 10.1%, or 8.5% on a same-station basis, to $48.9 million, driven by declines in agency revenue due to ongoing softness in the advertising market, as well as revenue declines related to the closures of Guarantee Digital and our esports division.

Beasley reported an operating loss of $2.0 million in the first quarter of 2025, compared to an operating loss of $1.1 million in the first quarter of 2024. Operating loss increased as the $5.5 million year-over-year reduction in net revenue exceeded the $4.6 million decrease in total operating expenses, corporate expenses and depreciation and amortization. Although core operating and corporate expenses declined due to continued cost management efforts, these savings were insufficient to fully offset the impact of lower agency revenue.

Beasley reported a net loss of approximately $2.7 million, or $1.50 per diluted share, in the three months ended March 31, 2025, compared to a net income of $8 thousand, or $0.01 per diluted share, in the three months ended March 31, 2024. The year-over-year decline was primarily attributable to a $6.0 million gain on the sale of an investment in Broadcast Music, Inc. in the first quarter of 2024 and to the macroeconomic softness that impacted agency revenue performance.

Adjusted EBITDA was $1.1 million in the first quarter of 2025, compared to $0.9 million in the first quarter of 2024. Despite a meaningful shortfall in revenue, the increase in Adjusted EBITDA reflects the benefits of strategic streamlining initiatives implemented across the organization.

Please refer to the “Reconciliation of Net Income (Loss) to Adjusted EBITDA” table at the end of this release.

Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said, “Our first quarter results reflect the strength of our ongoing transformation and the resilience of our core strategy. While revenue was impacted by persistent macroeconomic headwinds, we mitigated this through disciplined cost management, operational streamlining, and continued momentum in our digital business, resulting in an Operating Loss of $2.0 million and year-over-year Adjusted EBITDA growth. Digital revenue now represents over 20% of total revenue, and the meaningful expansion in digital segment operating income underscores the scalability of our platform and the impact of our strategic investments. As we look ahead, we remain focused on unlocking margin expansion, accelerating our digital evolution, and driving long-term value for our stockholders through thoughtful execution and innovation.”

“We are particularly encouraged by the continued growth in our high-margin digital offerings and the early success of new digital and content initiatives,” continued Caroline Beasley. “With a more agile operating structure, a differentiated content portfolio, and deepened advertiser engagement, we believe Beasley is well-positioned to navigate short-term market challenges while building a more durable and diversified revenue base.”

Conference Call and Webcast Information

The Company will host a conference call and webcast today, May 7, 2025 at 11:00 a.m. ET to discuss its financial results and operations. To access the conference call, interested parties may dial (888) 672-2415, or +1 (646) 307-1952 conference ID 1613596 (domestic and international callers). Participants can also listen to a live webcast of the call at the Company’s website at www.bbgi.com. Please allow 15 minutes to register and download and install any necessary software. Following its completion, a replay of the webcast can be accessed for five days on the Company’s website, www.bbgi.com.

Questions from analysts, institutional investors and debt holders may be e-mailed to ir@bbgi.com at any time up until 9:00 a.m. ET on Wednesday, May 7, 2025. Management will answer as many questions as possible during the conference call and webcast (provided the questions are not addressed in their prepared remarks).

About Beasley Broadcast Group

The Company is a multi-platform media company whose primary business is operating radio stations throughout the United States. The Company offers local and national advertisers integrated marketing solutions across audio, digital and event platforms. The Company owns and operates 57 AM and FM stations in the following large- and mid-size markets in the United States: Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. Approximately 18 million consumers listen to the Company’s radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, X, text, apps and email. For more information, please visit www.bbgi.com.

For further information, or to receive future Beasley Broadcast Group news announcements via e-mail, please contact Beasley Broadcast Group, at 239-263-5000 or ir@bbgi.com.

Definitions

EBITDA is defined as net income (loss) before interest income or expense, income tax expense or benefit, depreciation, and amortization.

Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain, non-operating or other items that we believe are not indicative of the performance of our ongoing operations, such as impairment losses, other income or expense, one-time severance expense, stock-based compensation or equity in earnings of unconsolidated affiliates. See “Reconciliation of Net Income (Loss) to Adjusted EBITDA” for additional information.

Adjusted EBITDA is a measure widely used in the media industry. The Company recognizes that because Adjusted EBITDA is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures employed by other companies. However, management believes that Adjusted EBITDA provides meaningful information to investors because it is an important measure of how effectively we operate our business and assists investors in comparing our operating performance with that of other media companies.

Same station revenue excludes revenue from all divestitures and other operations that were exited in the prior 12 months. This metric provides investors with a clearer view of core business performance by eliminating the impact of portfolio changes and enabling more meaningful year-over-year comparisons. By isolating the performance of continuing operations, same station results offer greater transparency into underlying trends, operational execution, and the effectiveness of strategic initiatives.

New business revenue is defined as revenue from an advertiser that has not advertised in the prior 13 months before the start of the current quarter.

Note Regarding Forward-Looking Statements

Statements in this release that are “forward-looking statements” are based upon current expectations and assumptions and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as “looking ahead,” “intends,” “believes,” “expects,” “seek,” “will,” “should” or variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, address matters that are, to different degrees, uncertain. Key risks are described in the Company’s reports filed with the Securities and Exchange Commission (“SEC”) including its annual report on Form 10-K and quarterly reports on Form 10-Q. Readers should note that forward-looking statements are subject to change and to inherent risks and uncertainties and may be impacted by several factors, including:

Our actual performance and results could differ materially because of these factors and other factors discussed in our SEC filings, including but not limited to our annual reports on Form 10-K or quarterly reports on Form 10-Q, copies of which can be obtained from the SEC, www.sec.gov, or our website, www.bbgi.com. All information in this release is as of May 7, 2025, and we undertake no obligation to update the information contained herein to actual results or changes to our expectations, except as required by law.

BEASLEY BROADCAST GROUP, INC.

Condensed Consolidated Statements of Net Income (Loss) - Unaudited

Selected Balance Sheet Data - Unaudited

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Selected Statement of Cash Flows Data – Unaudited

Reconciliation of Net Income (Loss) to Adjusted EBITDA – Unaudited

Calculation of Same Station Net Revenue and Operating Expenses – Unaudited

Calculation of Same Station Audio Net Revenue and Audio Operating Expenses – Unaudited

Calculation of Same Station Digital Net Revenue and Digital Operating Expenses – Unaudited