10-Q · May 14, 2026
Urban One reported a significant decline in net revenue during Q1 2026, down 15.8% year-over-year to $77.7 million. The company experienced lower income across its segments, particularly in radio and cable television,…
Earnings analysis · 10-Q
UONEK earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Urban One's Q2 revenue fell 6.4% year over year to $85.757 million, with declines across Radio, Reach Media, Digital and Cable Television due to softer advertising demand, reduced DEI-focused spending, lower viewership…
Read full summary
Urban One's Q2 revenue fell 6.4% year over year to $85.757 million, with declines across Radio, Reach Media, Digital and Cable Television due to softer advertising demand, reduced DEI-focused spending, lower viewership and subscriber churn. The net loss attributable to common stockholders improved to $7.073 million, or $(1.58) per share, from $77.902 million, principally because impairment charges dropped to $14.157 million from $130.078 million; underlying broadcast and digital operating income still declined 13.7% to $22.152 million. Liquidity is supported by $14.771 million of six-month operating cash flow, but the $20.0 million ABL draw, $26.1 million of available borrowing capacity, ongoing impairment, and newly disclosed Nasdaq listing risk keep the overall setup negative.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.58
- Operating margin
- -13.1%
What stood out
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Revenue declined 6.4% in Q2
Q2 net revenue was $85.757 million, down $5.874 million, or 6.4%, from $91.631 million in Q2 2025. The six-month revenue decline was steeper at $20.458 million, or 11.1%, to $163.408 million.
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Reported operating loss narrowed sharply
The operating loss narrowed to $11.239 million from $120.684 million a year earlier, largely because impairment expense fell $115.921 million to $14.157 million. Operating margin was negative 13.1%, versus negative 131.7% in Q2 2025.
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Interest burden fell materially
Interest expense declined 78.7% to $2.070 million from $9.704 million, reflecting lower debt balances and lower effective interest rates. The company had $16.2 million of cash, cash equivalents and restricted cash at June 30, 2026.
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Operating cash flow improved
Operating cash flow increased to $14.771 million for the first six months of 2026 from $8.290 million in the prior-year period. Investing cash outflow was $3.474 million, though the filing does not separately disclose capital expenditures needed to calculate free cash flow.
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Station dispositions generated $4.7M gain
The company completed sales of WMXG and WLNK-FM on June 1, 2026 and recorded a $4.671 million gain on sale of business in Q2.
What to watch
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Broad-based segment revenue contraction
All four operating segments declined in Q2: Cable Television revenue fell about $3.0 million to $37.1 million, Radio Broadcasting fell about $1.4 million to $35.3 million, Digital fell about $0.9 million to $9.4 million, and Reach Media fell about $0.5 million to $4.8 million.
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Reach Media impairment signals weaker outlook
The company recorded $14.157 million of impairment expense in Q2, including $13.9 million for Reach Media goodwill and $0.3 million for Reach Media long-lived assets. Management cited additional revenue decline and reduced forecast revenue and operating margins; its May 2026 model used projected revenue growth of negative 11.4% to positive 0.1%.
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ABL usage constrains liquidity flexibility
At June 30, 2026, the company had $20.0 million drawn under its ABL facility and only approximately $26.1 million of borrowing capacity after borrowing-base adjustments. It subsequently drew another $7.0 million in Q3, while repaying a $5.0 million May draw on August 2, 2026.
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New Nasdaq delisting-rule exposure
The updated risk factor notes that Nasdaq's proposed $5.0 million minimum market value of listed securities requirement has no cure period: after 30 consecutive business days below the threshold, Nasdaq could immediately issue a delisting determination. The SEC stay of implementation was in place as of July 29, 2026, but could be lifted or resolved without assurance of a rule change.
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Material weaknesses remain unresolved
Management concluded disclosure controls were ineffective as of June 30, 2026 because of material weaknesses in entity-level controls, close and review controls, and IT general controls. The weaknesses contributed to revisions of fiscal 2022 statements and immaterial errors in the 2025 annual financial statements.
Management's outlook
The 10-Q provides no explicit quantitative revenue or EPS outlook. Management states that operating cash flow, cash and other liquidity sources are expected to be sufficient for foreseeable cash requirements, while citing tariff uncertainty, inflation, interest rates and banking volatility as potential revenue headwinds.
Earlier filings 4
10-K · March 20, 2026
Urban One completed a material refinancing on December 18, 2025 (issuing $291.02 million of 7.625% second lien notes due 2031 and $60.6 million of 10.50% first lien notes due 2030) while remaining a highly leveraged,…
10-Q · November 12, 2024
Urban One reported Q3 net revenues of $110,393,000 and a net loss to common stockholders of $(31,798,000) (loss per share $0.68). Revenue declined versus Q3 2023 ($117,825,000) while operating loss narrowed to…
10-Q · August 9, 2024
Urban One reported Q2 net revenue of $117,744,000, down from $129,652,000 a year ago, producing an operating loss of $60,421,000 and a net loss to common stockholders of $45,431,000 (EPS $(0.94)). Management recorded a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.