v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
(11)
Segment Information

The Company currently operates two operating and reportable segments (Audio and Digital). The identification of segments is consistent with how the segments report to and are managed by the Company’s Chief Executive Officer (the Company’s Chief Operating Decision Maker). The Audio segment generates revenue primarily from the sale of commercial advertising to customers of the Company’s stations in the following markets: Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. The Digital segment generates revenue primarily from the sale of digital advertising to customers of the Company’s stations and other advertisers throughout the United States. Corporate expenses include general and administrative expenses and certain other income and expense items not allocated to the operating segments. Non-operating corporate items, including interest expense and income taxes, are reported in the accompanying condensed consolidated statements of net income (loss).

Reportable segment information for the three months ended June 30, 2026 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

32,470,043

 

 

$

11,655,659

 

 

$

—

 

 

$

44,125,702

 

Operating expenses

 

 

28,950,275

 

 

 

9,857,895

 

 

 

—

 

 

 

38,808,170

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

2,360,974

 

 

 

2,360,974

 

Depreciation and amortization

 

 

1,367,491

 

 

 

—

 

 

 

257,492

 

 

 

1,624,983

 

Operating income (loss)

 

$

2,152,277

 

 

$

1,797,764

 

 

$

(2,618,466

)

 

$

1,331,575

 

 

 

Audio

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

210,061

 

 

$

593,614

 

 

$

803,675

 

 

 

Reportable segment information for the three months ended June 30, 2025 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

39,818,870

 

 

$

13,180,841

 

 

$

—

 

 

$

52,999,711

 

Operating expenses

 

 

35,095,319

 

 

 

9,654,879

 

 

 

—

 

 

 

44,750,198

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

3,769,243

 

 

 

3,769,243

 

Depreciation and amortization

 

 

1,436,332

 

 

 

31,488

 

 

 

121,194

 

 

 

1,589,014

 

Operating income (loss)

 

$

3,287,219

 

 

$

3,494,474

 

 

$

(3,890,437

)

 

$

2,891,256

 

 

 

Audio

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

351,269

 

 

$

221,904

 

 

$

573,173

 

Reportable segment information for the six months ended June 30, 2026 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

64,354,495

 

 

$

22,359,942

 

 

$

—

 

 

$

86,714,437

 

Operating expenses

 

 

62,077,192

 

 

 

18,901,609

 

 

 

—

 

 

 

80,978,801

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

5,888,544

 

 

 

5,888,544

 

Depreciation and amortization

 

 

2,766,765

 

 

 

—

 

 

 

515,509

 

 

 

3,282,274

 

Gain on dispositions

 

 

(12,461,477

)

 

 

—

 

 

 

—

 

 

 

(12,461,477

)

Operating income (loss)

 

$

11,972,015

 

 

$

3,458,333

 

 

$

(6,404,053

)

 

$

9,026,295

 

 

 

Audio

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

787,873

 

 

$

666,580

 

 

$

1,454,453

 

 

Reportable segment information for the six months ended June 30, 2025 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

77,972,240

 

 

$

23,939,936

 

 

$

—

 

 

$

101,912,176

 

Operating expenses

 

 

71,490,295

 

 

 

18,501,164

 

 

 

—

 

 

 

89,991,459

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

7,788,705

 

 

 

7,788,705

 

Depreciation and amortization

 

 

2,930,295

 

 

 

62,976

 

 

 

248,074

 

 

 

3,241,345

 

Gain on disposition

 

 

(1,698,228

)

 

 

—

 

 

 

—

 

 

 

(1,698,228

)

Operating income (loss)

 

$

5,249,878

 

 

$

5,375,796

 

 

$

(8,036,779

)

 

$

2,588,895

 

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

812,861

 

 

$

1,713

 

 

$

558,764

 

 

$

1,373,338

 

 

Reportable segment information as of June 30, 2026 is as follows:

 

 

Audio

 

 

Corporate

 

 

Total

 

Property and equipment, net

 

$

35,889,554

 

 

$

4,357,749

 

 

$

40,247,303

 

FCC licenses

 

 

154,711,200

 

 

—

 

 

 

154,711,200

 

Other intangibles, net

 

 

1,346,355

 

 

 

—

 

 

 

1,346,355

 

 

Reportable segment information as of December 31, 2025 is as follows:

 

 

Audio

 

 

Corporate

 

 

Total

 

Property and equipment, net

 

$

38,894,643

 

 

$

4,206,678

 

 

$

43,101,321

 

FCC licenses

 

 

154,711,200

 

 

—

 

 

 

154,711,200

 

Other intangibles, net

 

 

1,412,901

 

 

 

—

 

 

 

1,412,901

 

Net assets held for sale

 

 

5,734,281

 

 

—

 

 

 

5,734,281