Cumulus has released the financial results of its first quarter, showing a slight overall revenue decline during the first three months of 2024.
During the first quarter, the company posted net revenue of $200.1 million, which is a decline of 2.7% compared to the same quarter in 2023. While the revenue declined, Cumulus also limited its year-over-year losses in the time period. In 2023, the company saw a net loss of $21.5 million, while that number shrunk to $14.2 million in 2024.
While radio revenue was down, the company saw a 7.3% increase in digital revenue. Broadcast radio revenue stilled 5.6% from $148,010,000 in 2023 to $139,735,000 during the first quarter. Digital grew to nearly $34.5 million.
The company also extended maturities to 2029 and reduced the principal amount of outstanding debt by nearly $33 million during the first quarter
“While our Q1 revenue was in line with guidance and a marked improvement from 2023 trends, it is also reflective of the uncertainty that continues to weigh on advertisers,” said Cumulus President and CEO Mary G. Berner.
“With the advertising environment still unsettled, these new terms provide us additional time and flexibility to execute against our key business priorities – accelerating digital growth, reducing fixed costs, and continuing to de-lever our balance sheet – each of which is foundational to our ability to build long-term shareholder value.”
