$CMLS

CUMULUS MEDIA INC

CIK:0001058623|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenue	$ 167,907	$ 186,017	$ 332,354	$ 373,366
Operating expenses:
Content costs	55,625	59,426	121,517	138,757
Selling, general and administrative expenses	85,856	93,227	170,260	186,606
Depreciation and amortization	12,305	14,016	24,582	28,790
Corporate expenses	11,876	14,150	40,548	28,767
(Gain) loss on sale or disposal of assets or stations	(82)	100	(458)	122
Impairment of assets held for sale	0	1,420	0	1,420
Total operating expenses	165,580	182,339	356,449	384,462
Operating income (loss)	2,327	3,678	(24,095)	(11,096)
Non-operating expense:
Reorganization items, net	(7,580)	0	14,432	0
Interest expense (excludes contractual interest of $14,098 and $18,324 for the second quarter and first half of 2026, respectively)	(3,044)	(16,307)	(15,088)	(32,329)
Interest income	0	202	184	288
Other expense, net	(32)	(22)	(84)	(32)
Total non-operating expense, net	(10,656)	(16,127)	(556)	(32,073)
Loss before income taxes	(8,329)	(12,449)	(24,651)	(43,169)
Income tax expense	(881)	(372)	(1,421)	(2,019)
Net loss	$ (9,210)	$ (12,821)	$ (26,072)	$ (45,188)
Basic and diluted loss per common share (see "Note 8, Loss Per Share"):
Basic: Loss per share (in dollars per share)	$ (0.52)	$ (0.74)	$ (1.48)	$ (2.61)
Diluted: Loss per share (in dollars per share)	$ (0.52)	$ (0.74)	$ (1.48)	$ (2.61)
Weighted average basic common shares outstanding (in shares)	17,668,032	17,440,084	17,653,823	17,323,130
Weighted average diluted common shares outstanding (in shares)	17,668,032	17,440,084	17,653,823	17,323,130

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (26,072)	$ (45,188)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	24,582	28,790
Amortization of debt issuance costs	303	505
Amortization of debt discount	(1,099)	(2,894)
Provision for doubtful accounts	2,233	1,136
(Gain) loss on sale or disposal of assets or stations	(458)	122
Impairment of assets held for sale	0	1,420
Deferred income taxes	1,165	1,722
Stock-based compensation expense	472	1,423
Non-cash interest expense on financing liabilities	1,283	1,636
Non-cash imputed rental income	(2,481)	(2,510)
Non-cash reorganization items, net	(32,872)	0
Changes in assets and liabilities (excluding acquisitions and dispositions):
Accounts receivable	18,782	13,089
Trade receivable	(256)	(2,600)
Prepaid expenses and other current assets	(8,213)	(2,216)
Operating leases, net	(826)	(719)
Other assets	(3,039)	2,787
Accounts payable and accrued expenses	12,318	(5,365)
Trade payable	856	635
Other liabilities	380	700
Net cash used in operating activities	(12,942)	(7,527)
Cash flows from investing activities:
Proceeds from sale of assets or stations	661	498
Proceeds from insurance reimbursement	276	0
Capital expenditures	(7,093)	(11,068)
Net cash used in investing activities	(6,156)	(10,570)
Cash flows from financing activities:
Borrowings under the 2020 revolving credit facility	2,028	55,000
Adequate protection payments on 2020 revolving credit facility	(458)	0
Shares returned in lieu of tax payments	(24)	(274)
Repayments of financing liabilities	(3,324)	(3,161)
Repayments of finance lease obligations	(568)	(559)
Proceeds from tenant improvement reimbursement	576	0
Net cash used in financing activities	(1,770)	51,006
Decrease in cash, cash equivalents and restricted cash	(20,868)	32,909
Cash, cash equivalents and restricted cash at beginning of period	81,979	63,836
Cash, cash equivalents and restricted cash at end of period	$ 61,111	$ 96,745

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents (includes restricted cash of $4,218 and $0, respectively)	$ 61,111	$ 81,979
Accounts receivable, less allowance for doubtful accounts of $4,705 and $4,097 at June 30, 2026 and December 31, 2025, respectively	113,121	134,136
Trade receivable	7,507	7,251
Prepaid expenses and other current assets	28,165	19,481
Total current assets	209,904	242,847
Property and equipment, net	121,807	120,765
Operating lease right-of-use assets	95,216	102,387
Broadcast licenses	407,151	407,908
Other intangible assets, net	51,578	59,782
Other assets	9,079	7,271
Total assets	894,735	940,960
Current liabilities:
Accounts payable and accrued expenses	54,325	104,133
Current portion of operating lease liabilities	412	27,456
Trade payable	686	2,480
Current portion of debt	2,028	23,870
Total current liabilities not subject to compromise	57,451	157,939
Long-term debt	0	694,808
Operating lease liabilities	1,051	96,104
Financing liabilities, net	0	176,194
Other liabilities	8,187	7,436
Deferred income tax liabilities	1,165	0
Total liabilities not subject to compromise	67,854	1,132,481
Liabilities subject to compromise	1,044,026	0
Total liabilities	1,111,880	1,132,481
Commitments and contingencies (Note 11)
Stockholders’ deficit:
Treasury stock, at cost, 6,028,596 and 5,815,111 shares at June 30, 2026 and December 31, 2025, respectively	(47,131)	(47,107)
Additional paid-in-capital	361,417	360,945
Accumulated deficit	(531,431)	(505,359)
Total stockholders’ deficit	(217,145)	(191,521)
Total liabilities and stockholders’ deficit	894,735	940,960
Class A Common Stock
Stockholders’ deficit:
Common stock	0	0
Class B Common Stock
Stockholders’ deficit:
Common stock	$ 0	$ 0