Urban One Reports 16.7% Revenue Decline and Widened Operating Loss for Fiscal Year 2025

Urban One, Inc. reported a significant decline in its financial performance for the fiscal year ended December 31, 2025, with consolidated net revenue decreasing by approximately 16.7% to $374.4 million, down from $449.7 million in 2024. The company's operating loss widened to $170.1 million compared to a loss of $75.6 million in the previous year. The decline in revenue was primarily attributed to weaker demand from national and local advertisers, particularly in the radio broadcasting segment, which saw a revenue drop of 14.6% to $150.0 million. Additionally, political advertising revenue plummeted by 93% to $1.4 million, reflecting a lack of significant political campaigns during the year.

In terms of strategic developments, Urban One completed a refinancing of its debt on December 18, 2025, which included the issuance of $291.0 million in 7.625% Second Lien Senior Secured Notes due 2031 and $60.6 million in 10.500% First Lien Senior Secured Notes due 2030. This refinancing was part of a broader effort to manage the company's debt load, which included repurchasing approximately $96.7 million of its 2028 Notes at a significant discount. The company also executed a reverse stock split at a ratio of 1-for-10 to comply with Nasdaq's minimum bid price requirement, which became effective on January 22, 2026.

Operationally, Urban One's workforce consisted of 864 full-time and 408 part-time employees as of December 31, 2025. The company operates 76 radio stations across 13 major markets, with a focus on targeting African-American and urban consumers. The company reported that approximately 35% of its net revenue was generated from its core radio business, with seven key markets accounting for 78.6% of radio station net revenue. However, the company faced challenges in audience retention and advertising revenue, which were impacted by economic conditions and increased competition.

Looking ahead, Urban One's management has outlined a strategy for 2026 that focuses on growing market share, improving audience engagement, and diversifying revenue streams through multimedia initiatives. The company is also addressing material weaknesses in its internal controls over financial reporting, which were identified in its recent filings. These efforts are expected to enhance operational efficiency and financial reporting accuracy, although the company acknowledges that economic volatility and competition in the media landscape may pose ongoing risks to its performance.