URBAN ONE, INC. REPORTS THIRD QUARTER 2026 RESULTS
URBAN ONE, INC. (UONE) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 NEWS RELEASE November 10, 2026 Contact: Peter D. Thompson, EVP and CFO FOR IMMEDIATE RELEASE (301) 429-4638 Silver Spring, MD URBAN ONE, INC. REPORTS THIRD QUARTER 2026 RESULTS Silver Spring, MD : - Urban One, Inc. (NASDAQ: UONEK and UONE, referred to as, “Urban One,
How this was made
The 30-second read
Why it matters
The earnings release shows a sharp decline in revenue and profitability, prompting a likely sell‑off.
Market read
The earnings miss and lowered guidance are material for investors in the media sector.
What to watch
Net political revenue of $0.8M and recent Dallas station acquisition could provide incremental upside.
Urban One Q3 2026 net revenue fell 5.0% to $88.0 million, a $126.6 million operating loss reflects $128.9 million of impairments, and Adjusted EBITDA guidance for 2026 was revised to $40.0 million
Net revenue declined 5.0% year over year and Adjusted EBITDA fell to $12.3 million from $14.2 million. The quarter included a $128.9 million impairment charge, which produced a $(126,559) thousand operating loss and a $(26.39) per share net loss. The company revised its 2026 Adjusted EBITDA guidance to $40.0 million and reported a total stockholders' equity deficit of $(102,958) thousand. Political revenue and the Dallas station acquisition helped the top line, while digital, cable and reach media revenue declined.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenue, Q3 2026GAAP | $88M | – | decrease of 5.0% |
| Radio advertising revenue, Q3 2026GAAP | $38.06M | – | (0.2)% |
| Political advertising revenue, Q3 2026GAAP | $843K | – | *NM (not meaningful, as printed) |
| Digital advertising revenue, Q3 2026GAAP | $9.53M | – | (24.9)% |
| Cable Television advertising revenue, Q3 2026GAAP | $21.43M | – | (5.5)% |
| Cable Television affiliate fees, Q3 2026GAAP | $15.88M | – | (7.1)% |
| Event revenues and other, Q3 2026GAAP | $2.26M | – | 18.7% |
| Programming and technical expense (excluding stock-based compensation), Q3 2026GAAP | $31.89M | – | – |
| Selling, general and administrative expense (excluding stock-based compensation), Q3 2026GAAP | $46.34M | – | – |
| Stock-based compensation, Q3 2026GAAP | $798K | – | – |
| Depreciation and amortization, Q3 2026GAAP | $6.6 million ($6,648 thousand) | – | increase of approximately $0.5 million |
| Impairment of goodwill, intangible assets and long-lived assets, Q3 2026GAAP | $128.9M | – | – |
| Total operating expenses, Q3 2026GAAP | $214.6M | – | – |
| Operating (loss) income, Q3 2026GAAP | −$126.6M | – | – |
| Interest expense, Q3 2026GAAP | −$2.00M | – | decrease of approximately $7.4 million |
| Gain on sale of business, Q3 2026GAAP | $3.22M | – | – |
| Benefit from income taxes, Q3 2026GAAP | $6.25M | – | – |
| Actual effective tax rate, Q3 2026GAAP | 5.0% | – | – |
| Net loss attributable to common stockholders, Q3 2026GAAP | −$119.2M | – | – |
| Net loss per share attributable to common stockholders (basic), Q3 2026GAAP | $(26.39) per share | – | – |
| Net loss per share attributable to common stockholders (diluted), Q3 2026GAAP | $(26.39) per share | – | – |
| Broadcast and digital operating income, Q3 2026non-GAAP | $19.4 million ($19,424 thousand) | – | decrease of $0.5 million |
| Adjusted EBITDA, Q3 2026non-GAAP | $12.3 million ($12,269 thousand) | – | – |
| Operating expenses excluding depreciation and amortization, stock-based compensation and impairment, Q3 2026other | approximately $78.2 million | – | down approximately 6.5% |
| Net revenue, nine months 2026GAAP | $251.4M | – | (9.1)% |
| Radio advertising revenue, nine months 2026GAAP | $104.9M | – | (7.1)% |
| Political advertising revenue, nine months 2026GAAP | $2.99M | – | *NM (not meaningful, as printed) |
| Digital advertising revenue, nine months 2026GAAP | $25.70M | – | (22.5)% |
| Cable Television advertising revenue, nine months 2026GAAP | $61.30M | – | (13.8)% |
| Cable Television affiliate fees, nine months 2026GAAP | $49.04M | – | (7.2)% |
| Event revenues and other, nine months 2026GAAP | $7.47M | – | 26.8% |
| Operating (loss) income, nine months 2026GAAP | −$140.0M | – | – |
| Impairment of goodwill, intangible assets and long-lived assets, nine months 2026GAAP | $143.0M | – | – |
| Depreciation and amortization, nine months 2026GAAP | $19.01M | – | – |
| Interest expense, nine months 2026GAAP | −$8.47M | – | – |
| Gain on retirement of debt, nine months 2026GAAP | $2.08M | – | – |
| Net loss attributable to common stockholders, nine months 2026GAAP | −$129.4M | – | – |
| Net loss per share attributable to common stockholders (basic and diluted), nine months 2026GAAP | $(28.88) per share | – | – |
| Broadcast and digital operating income, nine months 2026non-GAAP | $56.44M | – | – |
| Adjusted EBITDA, nine months 2026non-GAAP | $28.65M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Radio BroadcastingCompany explanation: increased revenue from acquired stations and political campaigns, partially offset by weaker overall market demand from national and local advertisers. | $36.7 million ($36,740 thousand) for Q3 2026, versus $34.7 million ($34,725 thousand) for Q3 2025. Segment Adjusted EBITDA $6,414 thousand versus $7,118 thousand. | – | increase of approximately $2.0 million |
| Reach MediaCompany explanation: lower demand and overall network audio market decline. | $5.1 million ($5,057 thousand) for Q3 2026, versus $6.1 million ($6,147 thousand) for Q3 2025. Segment Adjusted EBITDA $(1,073) thousand versus $(209) thousand. | – | decrease of approximately $1.0 million |
| DigitalCompany explanation: reduced demand for diversity, equity and inclusion-focused spend and lower effective rates on campaigns. The CEO also cited large client attrition and suppressed rates in national direct digital revenue, and local digital revenue increased in radio markets. | $9.6 million ($9,578 thousand) for Q3 2026, versus $12.7 million ($12,696 thousand) for Q3 2025. Segment Adjusted EBITDA $(147) thousand versus $764 thousand. | – | decrease of approximately $3.1 million |
| Cable TelevisionCompany explanation: churn of subscribers and lower advertising rates. The CEO also cited weak demand in the Cable TV scatter market, which shifted more inventory to the direct response category at lower rates in the third quarter. | $37.3 million ($37,320 thousand) for Q3 2026, versus $39.8 million ($39,790 thousand) for Q3 2025. Segment Adjusted EBITDA $13,540 thousand versus $14,516 thousand. | – | decrease of approximately $2.5 million |
| Corporate/Eliminations/OtherNo explanation of the change is given in the filing. | $(690) thousand for Q3 2026, versus $(681) thousand for Q3 2025. Segment Adjusted EBITDA $(6,465) thousand versus $(7,988) thousand. | – | – |
FY2026 outlook
- NoteRevised Adjusted EBITDA guide for 2026: $40.0 million, as printed in the CEO statement
- NoteNet political revenue for the full year: $8.8 million across all divisions
- NoteAnnualized cost savings: at least $20.0 million, identified for heading into next year (stated by the CEO, not dated to a fiscal period)
Capital returns
- Q3 2026: repurchased $0.2 million, or 55,073 shares, of Class D Common Stock at an average price of $4.39 per share.
- Q3 2025: repurchased $0.3 million, or 17,659 shares, of Class A Common Stock at an average price of $17.49 per share.
- Q3 2025: repurchased $0.5 million, or 69,049 shares, of Class D Common Stock at an average price of $7.22 per share.
- No dividend is mentioned in the filing.
What drove it
- Company explanation for the Radio Broadcasting revenue increase: acquired stations and political campaigns, partially offset by weaker market demand.
- Company explanation for the Reach Media revenue decrease: lower demand and network audio market decline.
- Company explanation for the Digital revenue decrease: reduced demand for diversity, equity and inclusion-focused spend and lower effective rates.
- Company explanation for the Cable Television revenue decrease: subscriber churn and lower advertising rates.
- Political revenue: net political revenue of over $0.8 million in the quarter, according to the CEO.
- Acquired Dallas stations (closed July 17, 2026) contributed an additional $1.9 million of net revenue in the quarter, according to the CEO.
- Impairment charges in Q3 2026: approximately $62.5 million on radio broadcasting licenses, $25.4 million on the Radio Broadcasting reporting unit, and $40.9 million on the Cable Television reporting unit.
- Interest expense decrease: the company attributes it to lower overall debt balances and lower effective interest rates.
- Depreciation and amortization increase: the company attributes it primarily to amortization of intangible assets acquired in the 2026 station acquisitions.
- Operating expenses decreased about 6.5% excluding D&A, stock-based compensation and impairment. The company attributes the decline mainly to non-recurring music license settlement costs recorded in Q3 2025, with station acquisitions adding to expense categories.
Concerns
- Operating loss of $(126,559) thousand and net loss attributable to common stockholders of $(119,218) thousand in Q3 2026, driven by $128.9 million of impairment charges.
- Net revenue fell 5.0% year over year, and nine-month net revenue fell 9.1%.
- Adjusted EBITDA declined to $12.3 million from $14.2 million, and nine-month Adjusted EBITDA declined to $28,648 thousand from $41,018 thousand.
- Digital advertising revenue declined 24.9% in Q3 2026 and 22.5% for the nine months.
- Total stockholders' equity was $(102,958) thousand at September 30, 2026, compared with $24,603 thousand at December 31, 2025.
- Asset-backed facility borrowings increased to $22,000 thousand from $10,000 thousand, against about $21.2 million of borrowing capacity.
- Cash fell to $18,022 thousand from $26,358 thousand at December 31, 2025.
- The filing states that the 2028 senior secured notes are no longer secured by collateral.
- The filing describes the Cable Television and Radio Broadcasting reporting units as subject to impairment. The Cable Television impairment of $40.9 million is a new charge in the quarter.
What to watch
- Delivery of at least $20.0 million of annualized cost savings that management says it has identified.
- Whether the revised 2026 Adjusted EBITDA guidance of $40.0 million is reached, given nine-month Adjusted EBITDA of $28,648 thousand.
- Full-year net political revenue of $8.8 million against nine-month political revenue of $2,986 thousand.
- Trend in digital advertising revenue, including the client attrition and rate pressure the CEO described.
- Cable Television subscriber churn and advertising rates after the $40.9 million impairment.
- Borrowing base and availability under the asset-backed facility, given about $21.2 million of capacity.
- Stockholders' equity deficit and the debt maturities and restructuring accounting described in the leverage data.
Balance sheet and cash flow
- Cash and cash equivalents and restricted cash: $18,022 thousand as of September 30, 2026, versus $26,358 thousand as of December 31, 2025.
- Total principal outstanding on long-term debt: $303,229 thousand as of September 30, 2026, versus $363,436 thousand as of December 31, 2025.
- Long-term debt, net: $399,453 thousand as of September 30, 2026, versus $429,742 thousand as of December 31, 2025.
- Short-term borrowings under the asset-backed facility: $22,000 thousand as of September 30, 2026, versus $10,000 thousand as of December 31, 2025.
- Borrowing capacity under the current asset-backed lending facility: approximately $21.2 million as of September 30, 2026.
- Total assets: $437,563 thousand as of September 30, 2026, versus $592,994 thousand as of December 31, 2025.
- Intangible assets, net: $146,248 thousand as of September 30, 2026, versus $279,653 thousand as of December 31, 2025.
- Total liabilities: $537,721 thousand as of September 30, 2026, versus $565,760 thousand as of December 31, 2025.
- Total stockholders' equity: $(102,958) thousand as of September 30, 2026, versus $24,603 thousand as of December 31, 2025.
- Capital expenditures: approximately $1.1 million in Q3 2026, versus approximately $3.1 million in Q3 2025. The company attributes the decrease primarily to the prior-year build-out of a studio in the Indianapolis radio market.
- Cash paid for income taxes: approximately $34 thousand in Q3 2026 and $72 thousand in Q3 2025.
- Acquisition: Service Broadcasting Group (stations KKDA and KRNB, Dallas) closed July 17, 2026, with a total cost of $22.2 million including $0.5 million of transaction costs. It was accounted for as an asset acquisition with no goodwill recognized.
- Disposition: station KZMJ sold to Fuzion Dallas, LLC for $6.0 million, closed July 6, 2026, with a gain of $3.2 million recognized in Q3 2026.
Analysis
Urban One reported third quarter 2026 net revenue of $88.0 million, down 5.0% from $92.7 million a year earlier. Radio Broadcasting revenue rose to $36.7 million from $34.7 million, which the company attributes to acquired stations and political campaigns, partly offset by weaker national and local advertiser demand. Reach Media ($5.1 million, down about $1.0 million), Digital ($9.6 million, down about $3.1 million) and Cable Television ($37.3 million, down about $2.5 million) all declined. Within the consolidated revenue lines, digital advertising fell 24.9% to $9,532 thousand and Cable Television advertising fell 5.5%, while affiliate fees fell 7.1%. Political advertising rose to $843 thousand from $201 thousand, and event revenues and other rose 18.7%.
Profitability weakened on both a GAAP and non-GAAP basis. The company recorded $128,882 thousand of impairment charges in the quarter, including $62.5 million on radio broadcasting licenses, $25.4 million on the Radio Broadcasting reporting unit and $40.9 million on the Cable Television reporting unit. This produced an operating loss of $(126,559) thousand, against operating income of $2,510 thousand a year earlier, and a net loss attributable to common stockholders of $(119,218) thousand, or $(26.39) per basic share. Adjusted EBITDA was $12.3 million, down from $14.2 million, and broadcast and digital operating income was $19.4 million, down $0.5 million. Operating expenses excluding D&A, stock-based compensation and impairment fell about 6.5% to approximately $78.2 million. The company attributes that decline mainly to music license settlement costs recorded in the prior-year quarter. Interest expense fell to $1,996 thousand from $9,448 thousand, and the effective tax rate was 5.0% versus 28.4%.
For the nine months, net revenue was $251,413 thousand against $276,543 thousand, Adjusted EBITDA was $28,648 thousand against $41,018 thousand, and the net loss attributable to common stockholders was $(129,370) thousand. The balance sheet reflects the impairments: total assets were $437,563 thousand compared with $592,994 thousand at December 31, 2025, and total stockholders' equity was $(102,958) thousand compared with $24,603 thousand. Total principal outstanding on long-term debt fell to $303,229 thousand from $363,436 thousand, while asset-backed facility borrowings rose to $22,000 thousand from $10,000 thousand. Cash and restricted cash declined to $18,022 thousand from $26,358 thousand. The filing does not print an operating or free cash flow figure.
Guidance was revised. The company states that the 2026 Adjusted EBITDA guide is now $40.0 million, given what the CEO describes as the current advertising marketplace, and that full-year net political revenue is expected to be $8.8 million. The filing does not print the prior guidance, so it does not state the size or direction of the change beyond the word 'revised'. Management says it has identified at least $20.0 million of annualized savings for next year. Capital returns in the quarter were small, with a $0.2 million repurchase of Class D shares at $4.39 on average. Capital expenditures fell to about $1.1 million from $3.1 million, which the company attributes to a prior-year studio build-out. The acquisition of Service Broadcasting Group for $22.2 million and the sale of KZMJ for $6.0 million (gain of $3.2 million) were completed in July.
The figures that deserve attention are the gap between nine-month Adjusted EBITDA of $28,648 thousand and the revised full-year guide of $40.0 million, the continued decline in digital and cable advertising, and the equity deficit alongside a shrinking cash balance and facility borrowings. The filing gives no prior-quarter (Q2 2026) comparison and no cash flow statement, so trends across quarters and cash generation cannot be assessed from this document alone.
Management, verbatim
Market conditions in radio continued to adversely impact revenue in the third quarter. We were helped by net political revenue of over $0.8 million in the quarter and the acquisition of stations in our Dallas market, effective July 17 th , which contributed an additional $1.9 million of net revenue in the quarter.
Alfred C. Liggins, III, CEO and President
Revised Adjusted EBITDA (2) guide for 2026 is now $40.0 million given the realities of the current advertising marketplace.
Alfred C. Liggins, III, CEO and President
Management is hyper-focused on cost reductions heading into next year and has identified at least $20.0 million of annualized savings.
Alfred C. Liggins, III, CEO and President
Not in the filing
stated, not guessed- Prior-quarter (Q2 2026) figures for every line; the filing presents only Q3 2026 against Q3 2025 and the nine-month periods.
- Prior guidance: the filing states the 2026 Adjusted EBITDA guide was revised but does not print the earlier figure, so vs_prior_guidance is empty.
- Full-year 2026 revenue, operating expense, tax rate and gross margin guidance: not printed.
- Operating cash flow, free cash flow and a cash flow statement: not printed.
- Year-over-year percentage change for operating loss, net loss, Adjusted EBITDA and EPS: not printed as a percentage.
- Gross margin and cost of sales: the filing does not print these lines.
- Prior-year comparisons for Q3 2026 impairment and the Q3 2026 gain on sale of business are shown as dashes in the table, with no amount printed.
- Explanation for the change in Corporate/Eliminations/Other revenue: not given.
- Share price reaction and analyst consensus estimates: not part of the filing.
- Basic and diluted weighted-average share counts and dividends: share counts are excluded from key metrics; no dividend is mentioned.
- Q3 2026 Adjusted EBITDA percentage change and nine-month percentage changes for Adjusted EBITDA and EPS: not printed.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Urban One is a radio broadcasting and digital media company listed on NASDAQ.
Ticker impact
Urban One reported Q3 2026 results with a net loss of $119.2M and lowered 2026 Adjusted EBITDA guidance to $40M.
downward pressure as market prices in weaker revenue and lower EBITDA outlook
The company posted a sizable operating loss versus prior year profit and cut its EBITDA guidance, which typically triggers sell‑offs.
Market effects
Signals weakness in radio broadcasting and digital ad revenue, potentially affecting peers in media.
Limited to U.S. small‑cap media sector.
Low global impact.
Counterpoint
If the company can execute cost cuts and capture political advertising, the stock may rebound.
Key entities
- ExecutiveAlfred C. Liggins III
CEO and President of Urban One, provided commentary on results.
