Wed, Sep 18, 8:14 PM (293 days ago)
For the quarter ended June 30, 2024, MediaCo Holding Inc. reported significant growth in net revenues, reaching $26,202,000, a 116.9% increase from $12,080,000 in the same period last year, primarily due to the Estrella Acquisition. However, the company experienced an operating loss of $13,326,000, compared to a loss of $116,000 the previous year, driven by increased operating expenses totaling $39,528,000, up from $12,196,000. The loss from continuing operations before income taxes was $48,125,000, heavily impacted by a $31,027,000 change in the fair value of warrant shares liability. Cash flow from operations showed a significant outflow of $24,711,000, up from $3,671,000, reflecting the company's liquidity challenges. As of June 30, 2024, MediaCo's total assets increased to $338,645,000 from $95,491,000 at year-end 2023, primarily due to the acquisition. The company holds $6.5 million in current debt obligations and anticipates meeting liquidity needs through operational cash flows and a new financing agreement. However, uncertainties remain regarding revenue stability and market conditions, especially in the competitive media landscape.