Cumulus Media Reports Operating Results for 2025 (Form 8-K)

Cumulus Media Reports Operating Results for 2025

ATLANTA, GA - April 10, 2026: Cumulus Media Inc. (OTC: CMLS.Q) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three months and year ended December 31, 2025.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "The Company's recently announced financial restructuring marks an important step toward meaningfully reducing the debt burden that has constrained the business. Looking ahead, we remain focused on building on the core strengths of the Company to maximize value."

Operating Summary (dollars in thousands, except percentages and per share data):

For the three months ended December 31, 2025, the Company reported net revenue of $188.1 million, a decrease of 14.0% from the three months ended December 31, 2024, net loss of $135.1 million and Adjusted EBITDA of $9.5 million.

For the year ended December 31, 2025, the Company reported net revenue of $741.7 million, a decrease of 10.3% from the year ended December 31, 2024, net loss of $200.7 million and Adjusted EBITDA of $52.0 million.

As Reported			Three Months Ended December 31, 2025						Three Months Ended December 31, 2024						% Change
Net revenue			$	188,074					$	218,576					(14.0)		%
Net loss			$	(135,107)					$	(231,080)					41.5		%
Adjusted EBITDA(1)			$	9,476					$	25,039					(62.2)		%
Basic loss per share			$	(7.75)					$	(13.60)					43.0		%
Diluted loss per share			$	(7.75)					$	(13.60)					43.0		%

As Reported			Year Ended December 31, 2025						Year Ended December 31, 2024						% Change
Net revenue			$	741,695					$	827,076					(10.3)		%
Net loss			$	(200,702)					$	(283,254)					29.1		%
Adjusted EBITDA(1)			$	52,006					$	82,708					(37.1)		%
Basic loss per share			$	(11.55)					$	(16.79)					31.2		%
Diluted loss per share			$	(11.55)					$	(16.79)					31.2		%

(1)Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). For additional information, see "Non-GAAP Financial Measures."

Revenue Detail Summary (dollars in thousands):

As Reported			Three Months Ended December 31, 2025						Three Months Ended December 31, 2024						% Change
Broadcast radio revenue:
Spot			$	82,806					$	100,054					(17.2)		%
Network			33,372						49,253						(32.2)		%
Total broadcast radio revenue			116,178						149,307						(22.2)		%
Digital			36,918						40,334						(8.5)		%
Other			34,978						28,935						20.9		%
Net revenue			$	188,074					$	218,576					(14.0)		%

As Reported			Year Ended December 31, 2025						Year Ended December 31, 2024						% Change
Broadcast radio revenue:
Spot			$	338,643					$	388,830					(12.9)		%
Network			135,862						175,285						(22.5)		%
Total broadcast radio revenue			474,505						564,115						(15.9)		%
Digital			151,277						154,198						(1.9)		%
Other			115,913						108,763						6.6		%
Net revenue			$	741,695					$	827,076					(10.3)		%

Balance Sheet Summary (dollars in thousands):

						December 31, 2025						December 31, 2024
Cash and cash equivalents						$	81,979					$	63,836
Term Loan due 2026 (2)						$	1,203					$	1,203
Senior Notes due 2026 (2)						$	22,697					$	22,697
Term Loan due 2029 (2) (3)						$	323,569					$	326,514
Senior Notes due 2029 (2) (3)						$	318,225					$	321,181
2020 Revolving Credit Facility						$	55,000					$	-

			Year Ended December 31, 2025						Year Ended December 31, 2024
Capital expenditures			$	20,237					$	19,464

			Three Months Ended December 31, 2025						Three Months Ended December 31, 2024
Capital expenditures			$	4,775					$	3,583

(2) Excludes any debt issuance costs.

(3) The exchange offer was accounted for as a debt modification resulting in a prospective yield adjustment and the carrying value was not changed. The $33.1 million difference between the principal amounts exchanged and the resulting principal amounts will be amortized to interest expense (thereby reducing interest expense) over the life of the debt. As of December 31, 2025, $11.7 million and $11.9 million of unamortized difference for the Term Loan due 2029 and the Senior Notes due 2029, respectively, remain.

Pending Chapter 11 Reorganization

As previously announced, on March 5, 2026, the Company and certain of its subsidiaries filed voluntary petitions to commence prepackaged Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas (the "Chapter 11 Cases"). The Chapter 11 Cases are being jointly administered under the caption In re Cumulus Media, et al., Case No. 26-90346. Additional information regarding the restructuring is available at www.cumulus.com/restructuring.