Boston Omaha Corporation Announces Third Quarter 2025 Financial Results
MWN-AI** Summary
Boston Omaha Corporation (NYSE: BOC) has reported its financial results for the third quarter ending September 30, 2025. The company, which operates in sectors including outdoor advertising, broadband telecommunications, surety insurance, and asset management, disclosed total revenues of $28.73 million, reflecting a slight increase from $27.70 million in the same quarter of 2024. Revenue streams include billboard rentals, broadband services, and insurance premiums, with billboard rentals yielding $11.79 million and broadband services contributing $10.15 million.
Despite the revenue growth, Boston Omaha reported a net loss attributable to common stockholders of $2.59 million, or $0.08 per share, compared to a loss of $1.60 million, or $0.05 per share, in Q3 2024. The increase in losses was influenced by significant "Net Other Expense," which included an unrealized loss on Sky Harbour warrants and other investment-related losses.
Financial metrics showed the company possessing $56.20 million in unrestricted cash and investments and total assets amounting to $721.35 million as of September 30, 2025. Over the nine months ending September 30, 2025, cash inflow from operations remained stable at $12.1 million, consistent with the prior year.
The company’s book value per share dipped to $16.80, down from $16.99 at year-end 2024, alongside a total equity of $547.93 million. Shareholders are encouraged to review the supplemental presentation available on the investor relations website for deeper insights into operational performance across its three principal business units.
In summary, while Boston Omaha Corporation experienced revenue growth in Q3 2025, it faced increased operational losses that warrant scrutiny from investors looking for future performance indicators.
MWN-AI** Analysis
Boston Omaha Corporation's third quarter financial results for 2025 reveal a mixed bag of performance metrics that warrant careful consideration for investors. The company reported total revenues of $28.73 million, which reflects a year-over-year increase of approximately 3.7%. Notably, the billboard rentals and broadband services segments showed positive trends, with both areas generating higher net revenues compared to the same period last year. This signals resilience in its core business lines despite broader economic pressures.
However, the report also highlighted a net loss attributable to common stockholders of $2.59 million, up from $1.60 million in the prior year, leading to a basic and diluted net loss per share of $0.08. Although the company managed to maintain a relatively stable cash inflow from operations, investor sentiment may be impacted by the increasing net losses. An examination of the "Net Other Expense" section shows significant unrealized losses tied to investments in marketable securities, particularly the Sky Harbour warrants, which could be a red flag regarding investment volatility.
With total assets showing a slight decline to $721.35 million, and a drop in book value per share to $16.80, investors should weigh potential profitability against current operational losses. The company’s equity and cash reserves do appear robust at $547.93 million, providing a solid foundation for future growth.
Looking ahead, it is crucial for shareholders to monitor Boston Omaha's ongoing investment strategies and market conditions, especially with the company's ambitions tied to potential investments and acquisitions in the lucrative outdoor advertising and broadband sectors. Investors may want to adopt a cautious approach, remaining vigilant on how management addresses these losses and positions the company for a rebound in earnings.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Boston Omaha Corporation (NYSE: BOC) (the “Company,” “we,” or “our”) announced its financial results for the third quarter ended September 30, 2025, in connection with filing its Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
We show summary financial data below for the third quarter of 2025 and 2024. Our Quarterly Report on Form 10-Q can be found at www.bostonomaha.com . A supplemental presentation providing additional financial information for the third quarter of 2025 can be found on our investor relations website at https://investor.bostonomaha.com . We believe that it is important for shareholders to read the supplemental presentation as, in management’s opinion, it provides additional information on business metrics we use in gauging the performance of each of our three principal business units and investments.
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
| Billboard Rentals, Net | $ | 11,788,400 | $ | 11,503,915 | $ | 33,992,908 | $ | 33,638,043 | |||||||
| Broadband Services | 10,150,921 | 9,664,074 | 30,704,514 | 29,135,486 | |||||||||||
| Premiums Earned | 5,636,732 | 5,425,052 | 16,765,865 | 14,165,167 | |||||||||||
| Insurance Commissions | 629,982 | 520,657 | 1,657,467 | 1,550,400 | |||||||||||
| Investment and Other Income | 528,320 | 587,238 | 1,547,765 | 1,852,354 | |||||||||||
| Total Revenues | 28,734,355 | 27,700,936 | 84,668,519 | 80,341,450 | |||||||||||
| Depreciation and Amortization Expense | 6,275,246 | 5,673,662 | 18,323,329 | 16,467,929 | |||||||||||
| Net Loss from Operations | (1,052,152 | ) | (740,022 | ) | (2,670,045 | ) | (7,194,918 | ) | |||||||
| Net Other Expense | (4,113,722 | ) | (1,065,883 | ) | (10,423,439 | ) | (834,439 | ) | |||||||
| Net Loss Attributable to Common Stockholders | $ | (2,587,905 | ) | $ | (1,595,136 | ) | $ | (5,577,273 | ) | $ | (6,638,436 | ) | |||
| Basic and Diluted Net Loss per Share | $ | (0.08 | ) | $ | (0.05 | ) | $ | (0.18 | ) | $ | (0.21 | ) | |||
September 30, | December 31, | ||||||||||||||
2025 | 2024 | ||||||||||||||
| Total Unrestricted Cash and Investments (1) | $ | 56,203,902 | $ | 41,659,941 | |||||||||||
| Total Assets | 721,354,111 | 728,345,729 | |||||||||||||
| Total Liabilities | 173,429,102 | 165,626,276 | |||||||||||||
| Total Boston Omaha Stockholders' Equity | 528,378,789 | 532,819,509 | |||||||||||||
| Noncontrolling Interests (2) | 19,546,220 | 29,899,944 | |||||||||||||
| Total Equity | $ | 547,925,009 | $ | 562,719,453 |
(1) | Investments consist of U.S. Treasury securities classified as trading securities and marketable equity securities, of which $997,447 is held by our insurance entities at September 30, 2025. Marketable equity securities excludes Sky Harbour Group Corporation (“Sky Harbour”) Class A common stock as we account for our 15.4% stake (as measured at September 30, 2025) under the equity method. |
(2) | Noncontrolling interests are primarily related to third party capital raised within our Build for Rent Fund as well as within our 24 th Street commercial real estate funds. |
During the third quarter of fiscal 2025, “Net Other Expense” included an unrealized loss of $1.5 million on the Sky Harbour warrants held by Boston Omaha, losses of $2.0 million within BOAM primarily related to the changes in the fair value of the underlying assets within the 24th Street Funds, $0.6 million in losses from unconsolidated affiliates mainly related to our equity method position in Sky Harbour, and $0.7 million in interest expense. These items were partially offset by interest and dividend income of $0.3 million.
Our investment in Sky Harbour Class A common stock and warrants was valued at $82.7 million on our condensed consolidated balance sheet as of September 30, 2025. If our investment in Sky Harbour Class A common stock was accounted for at fair value based on its quoted market price (currently valued using equity method accounting), then our total investment in Sky Harbour Class A common stock and warrants would be valued at $126.9 million as of September 30, 2025.
Cash inflow from operations for the nine months ended September 30, 2025 was $12.1 million, compared to a cash inflow of $12.1 million for the nine months ended September 30, 2024.
Our book value per share was $16.80 at September 30, 2025, compared to $16.99 at December 31, 2024.
As of September 30, 2025, we had 30,872,876 shares of Class A common stock and 580,558 shares of Class B common stock outstanding.
As of November 12, 2025, we had 30,872,876 shares of Class A common stock and 580,558 shares of Class B common stock outstanding.
About Boston Omaha Corporation
Boston Omaha Corporation is a public holding company with four majority owned businesses engaged in outdoor advertising, broadband telecommunications services, surety insurance, and asset management.
Forward-Looking Statements
Any statements in this press release about the Company’s future expectations, plans and prospects, including statements about our financing strategy, future operations, future financial position and results, market growth, total revenue, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the Company’s forward-looking statements, and you should not place undue reliance on the Company’s forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company makes as a result of a variety of risks and uncertainties, including risks related to the Company’s estimates regarding the potential market opportunity for the Company’s current and future products and services, the competitive nature of the industries in which we conduct our business, general business and economic conditions, our ability to acquire suitable businesses, our ability to successfully integrate acquired businesses, the effect of a loss of, or financial distress of, any reinsurance company which reinsures the Company’s insurance operations, the risks associated with our investments in both publicly traded securities and privately held businesses, our history of losses and ability to maintain profitability in the future,
the Company’s expectations regarding the Company’s sales, expenses, gross margins and other results of operations, and the other risks and uncertainties described in the “Risk Factors” sections of the Company’s public filings with the Securities and Exchange Commission (the “SEC”) on Form 10-K for the year ended December 31, 2024, as well as other risks and uncertainties which may be described in any subsequent quarterly report on Form 10-Q filed by the Company, and the other reports the Company files with the SEC. Copies of our SEC filings are available on our website at www.bostonomaha.com . In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof. The Company anticipates that general economic conditions and subsequent events and developments may cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.
Our investor relations website, https://investor.bostonomaha.com , serves as a comprehensive resource for investors. We strongly encourage its use for easy access to information about the Company. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, corporate governance information, and select press releases, which may contain material information about us, and you may subscribe to be notified of new information posted to this site.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251113463659/en/
Boston Omaha Corporation
Josh Weisenburger, 402-210-2633
contact@bostonomaha.com
FAQ**
How does Boston Omaha Corporation Class A BOC plan to address the increase in net loss from operations reported in Q3 2025 compared to the same period in 2024?
Given the reduction in book value per share of Boston Omaha Corporation Class A BOC from $16.99 to $16.80, what strategies is the company considering to enhance shareholder value moving forward?
What impact does the unrealized loss on Sky Harbour warrants have on Boston Omaha Corporation Class A BOC's overall financial strategy and investment decisions for the upcoming quarters?
How is Boston Omaha Corporation Class A BOC responding to changing economic conditions, especially in light of their fluctuating total equity and liabilities reported in the latest financial results?
**MWN-AI FAQ is based on asking OpenAI questions about Boston Omaha Corporation Class A (NYSE: BOC).
NASDAQ: BOC
BOC Trading
10.58% G/L:
$12.23 Last:
363,050 Volume:
$11.35 Open:
