v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Allowance for Credit Loss The activity in the allowance for credit losses for the years ended December 31, 2025 and 2024, was as follows:
Balance At Beginning Of PeriodAdditions related to Estrella AcquisitionChange in ProvisionWrite Offs Balance At End Of Period
Year ended December 31, 2024$353 $292 $683 $(249)$1,079 
Year ended December 31, 2025$1,079 $— $2,499 $(1,907)$1,671 
Schedule of Cash and Cash Equivalents
The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets to the total amount presented in the consolidation statements of cash flows:
Year ended December 31,
(in thousands)20252024
Cash and cash equivalents$5,109 $4,443 
Restricted cash included in deposits and other noncurrent assets1,986 2,490 
Total cash, cash equivalents, and restricted cash presented on the consolidated statement of cash flows$7,095 $6,933 
Restrictions on Cash and Cash Equivalents
The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets to the total amount presented in the consolidation statements of cash flows:
Year ended December 31,
(in thousands)20252024
Cash and cash equivalents$5,109 $4,443 
Restricted cash included in deposits and other noncurrent assets1,986 2,490 
Total cash, cash equivalents, and restricted cash presented on the consolidated statement of cash flows$7,095 $6,933 
Schedule of Disaggregation of Revenue The makegood liability account activity, barter revenue and barter expense transactions for the years ended December 31, 2025 and 2024 are as follows:
Year Ended December 31,
20252024
Beginning Makegood Liability Balance$9,221 $— 
Assumed Makegood Liability from Estrella Acquisition— 8,077 
Makegood Revenue Recognized3,741 1,746 
New Makegood Obligations2,171 2,890 
Ending Makegood Liability Balance$7,651 $9,221 
Barter Revenue2,000 2,627 
Barter Expenses1,799 2,668 
The following table presents the Company's revenues disaggregated by revenue source:
Year Ended December 31, 2025
AudioVideoConsolidated
Net revenues:
Spot Radio & TV Advertising$43,972 $23,151 $67,123 
Digital3,178 53,907 57,085 
Syndication2,348 — 2,348 
Events and Sponsorships1,051 90 1,141 
Other4,197 1,443 5,640 
Total net revenues$54,746 $78,590 $133,336 
Year Ended December 31, 2024
AudioVideoConsolidated
Net revenues:
Spot Radio & TV Advertising$40,824 $20,334 $61,158 
Digital4,444 15,847 20,291 
Syndication2,571 346 2,917 
Events and Sponsorships3,450 167 3,617 
Other6,245 1,343 7,588 
Total net revenues$57,534 $38,037 $95,571 
Reconciliation of Basic and Diluted Net Loss per Share Attributable to Common Shareholders The following is a reconciliation of basic and diluted net income (loss) per share attributable to Class A and Class B common shareholders:
Year Ended December 31,
20252024
Numerator:
Net Loss$(66,223)$(1,302)
Less: Net income attributable to noncontrolling interests(475)(2,773)
Less: Preferred stock dividends— (851)
Net loss attributable to common shareholders for basic and diluted earnings per share$(66,698)$(4,926)
Denominator:
Weighted-average shares of common stock outstanding — basic and diluted79,392 59,819 
Earnings per share of common stock attributable to common shareholders:
Net loss per share attributable to common shareholders - basic and diluted:$(0.84)$(0.08)
Schedule of Convertible Equity Shares and Restricted Stock Awards Excluded from Calculation of Diluted Net Loss per Share
The following convertible equity shares and restricted stock awards were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive.
Year Ended December 31,
(in thousands)20252024
Convertible Emmis promissory note$— $8,865 
Option agreement shares— 4,971 
Series A convertible preferred stock— 12,251 
Restricted stock awards448 842 
Total anti-dilutive shares$448 $26,929