Boston Omaha Corporation reported its financial results for the third quarter and the first nine months of fiscal 2025, revealing a total revenue of $28.7 million for the quarter, a 3.7% increase from $27.7 million in the same period last year. For the nine months ended September 30, 2025, total revenue reached $84.7 million, up 5.4% from $80.3 million in the prior year. The increase in revenue was driven by growth in billboard rentals, broadband services, and insurance premiums, with billboard rentals contributing $11.8 million and broadband services generating $10.2 million in the third quarter.
Despite the revenue growth, Boston Omaha reported a net loss of $2.6 million for the third quarter, compared to a loss of $1.6 million in the same quarter of 2024. The net loss for the first nine months of fiscal 2025 was $5.6 million, an improvement from a loss of $6.6 million in the prior year. The increase in losses was attributed to higher costs in the insurance segment, particularly related to loss and loss adjustment expenses, which rose significantly due to increased claim payments.
Operationally, Boston Omaha's billboard segment saw a slight increase in revenue, while broadband services experienced a 5% growth in revenue, reflecting an increase in subscriber numbers. The company reported approximately 48,900 broadband customers, with 18,700 being fiber subscribers. The insurance segment also showed growth, with premiums earned increasing by 18.4% year-over-year. However, the cost of insurance revenues increased significantly, leading to a decline in the segment's profitability.
In terms of strategic developments, Boston Omaha has been actively acquiring businesses to expand its operations. The company has completed multiple acquisitions in the billboard and broadband sectors, and it continues to explore opportunities for growth in these areas. As of September 30, 2025, the company had approximately $37.1 million in unrestricted cash and $18.2 million in short-term U.S. Treasury securities, positioning it well for future investments and acquisitions. Looking ahead, Boston Omaha aims to continue its expansion in the billboard and broadband markets while managing costs and improving operational efficiency.
About BOSTON OMAHA Corp
Boston Omaha Corporation operates in four main segments: outdoor billboard advertising, broadband services, surety insurance and brokerage, and asset management. It owns approximately 4,000 billboards across the U.S., provides high-speed internet primarily in rural areas, and offers surety bonds nationwide. The company also holds minority investments in real estate, banking, and private aviation infrastructure. Its business model focuses on acquiring durable, cash-generating assets with growth potential in fragmented markets.
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