Urban One, Inc. (NASDAQ: UONEK) reported fourth‑quarter 2025 financial results on March 12 2026, showing net revenue of $97.8 million—a 16.5% year‑over‑year decline. The company posted an operating loss of $54.0 million and a net loss of $54.4 million, or $12.24 per share, compared with a net loss of $35.7 million ($7.81 per share) in Q4 2024. Adjusted EBITDA fell to $15.6 million from $26.9 million a year earlier, underscoring the impact of revenue erosion and higher operating costs.
The revenue decline was driven by weakness across Urban One’s core segments. Radio broadcasting revenue dropped to $35.1 million, down 26.5% YoY, while cable television revenue fell to $34.9 million, a 16.8% decline. Digital revenue was $14.7 million, down 19.6%, but Reach Media revenue rose to $13.8 million, up 43.9% YoY. The mix shift toward the higher‑margin Reach Media segment partially offset losses in legacy businesses, but overall revenue pressure remains a key challenge.
On December 18 2025, Urban One completed a debt‑refinancing that cancelled more than 97% of its 2028 senior secured notes. The company tendered $185 million of principal for $111 million in cash and a $1.1 million consent fee, and issued $60.6 million of 10.5% first‑lien notes due 2030 and $291 million of 7.625% second‑lien notes due 2031. Only $11.8 million of the 2028 notes remain outstanding. The restructuring extends maturities, reduces overall debt levels, and supports the company’s deleveraging strategy.
Management highlighted the persistent headwinds that contributed to the quarter’s results. CEO Alfred C. Liggins III said, “As expected, we had a tough fourth quarter due to a combination of non‑recurring political advertising, soft radio markets and declining audience delivery in our cable television business.” He added that “Q1 started off a bit slower than we’d hoped. Current radio pacings are down about 5%.” Liggins also noted that the refinancing “put the company in a much more stabilized position in terms of its capital structure, to allow us to continue to focus on delivering the business and to try to take advantage of any offensive opportunities, particularly as it relates to regulation in the radio business.”
The company’s full‑year 2025 adjusted EBITDA guidance of $56.7 million was met, indicating that the debt‑refinancing and cost‑control measures are beginning to translate into improved profitability. While revenue continues to decline, the company is focusing on stabilizing its capital structure and managing operating costs to support future free cash flow. Investors will monitor whether the company can reverse the revenue trend and achieve the guidance for the remainder of the year.
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