Wed, May 15, 8:07 PM (418 days ago)
MediaCo Holding Inc.'s Form 10-Q for Q1 2024 reports a net revenue decline of 8.6% YoY to $6.7 million, primarily due to reduced spending in media and financial sectors. Operating expenses decreased by 8.1%, but corporate expenses surged by 79.9% due to higher professional service fees related to the Estrella transaction. The company posted a net loss of $3.7 million, up from $2.1 million in Q1 2023, driven by increased operating losses and interest expenses. Cash flow from operations was $0.4 million, down from $0.8 million, while cash and equivalents stood at $7.2 million. MediaCo's recent acquisition of Estrella assets and related financing have alleviated prior going concern issues.