Financial Analysis

"(18) Commitments and Contingencies On August 19, 2025, the Radio Music Licensing Committee (""RMLC"") announced that they had entered into settlement agreements with American Society of Composers, Authors, and Publishers (""ASCAP"") and BMI concerning licensing arrangements. The settlements established final license fee rates, which apply retrospectively for the period January 1, 2022 through December 31, 2029. The rate increase results in additional royalties to be paid by the Company to ASCAP and BMI for periods dating back to January 1, 2022. The Company recorded an accrual of $ 1.5 million related to the ASCAP settlement in the other operating expenses during the third quarter of 2025. In December 2025, the Company was provided with the information necessary to reasonably estimate the additional royalties payable under the BMI settlement and recorded an accrual of $ 1.4 million in other operating expenses during the fourth quarter of 2025. The Company has various commitments for rating services and on-air programming including sports broadcast rights for the Boston Bruins, Boston Celtics, and New England Patriots. As of December 31, 2025, future minimum payments for the next five years and thereafter are summarized as follows: 2026 $ 22,850,000 2027 23,250,000 2028 7,287,500 2029 7,525,000 2030 7,525,000 Thereafter 22,200,000 Total $ 90,637,500 In the normal course of business, the Company is party to various legal matters. The ultimate disposition of these matters will …

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(11) Employee Benefit Plans Defined Contribution Plan The Company has a defined contribution plan that conforms to Section 401(k) of the Internal Revenue Code. Under this plan, employees may contribute a minimum of 1 % of their compensation (no maximum) to the Plan. However, the Internal Revenue Code limited contributions to $ 23,000 and $ 23,500 (or $ 30,500 and $ 31,000 if a ged 50 years or older) in 2024 and 2025 , respectively. No employer matching contributions were made to the defined contribution plan in 2024 and 2025. Supplemental Employee Retirement Plan The benefit obligations related to the frozen SERP of $ 7.3 million are reported in other long-term liabilities, of wh ich $ 0.6 mi llion was reclassified to other current liabilities, in the consolidated balance sheets as of December 31, 2024 and 2025. The Company contri buted $ 0.5 m illion to the SERP in both 2024 and 2025. The SERP is summarized as follows: Year ended December 31, 2024 2025 Change in Projected Benefit Obligation Benefit obligation at beginning of year $ 8,006,835 $ 7,311,259 Interest cost 355,194 375,780 Actuarial (gain) loss ( 567,611 ) 168,352 Benefits paid ( 483,159 ) ( 506,208 ) Benefit obligation at end of year $ 7,311,259 $ 7,349,183 Change in Plan Assets Fair value of plan assets at beginning of year $ $ Employer contribution 483,159 506,208 Benefits paid ( 483,159 ) ( 506,208 ) Fair value of plan assets at end of year $ $ Funded status $ ( 7,311,259 ) $ ( 7,349,183 ) Unrecognized net actu …

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Revenue is comprised of the following: Year ended December 31, 2024 2025 Audio $ 193,561,279 $ 156,467,315 Digital 46,730,332 49,472,312 $ 240,291,611 $ 205,939,627

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(14) Stock-Based Compensation On June 25, 2025, the Company's stockholders approved the adoption of the Beasley Broadcast Group, Inc. 2025 Equity Incentive Award Plan (the 2025 Plan). The 2025 Plan, among other things, permits the Company to issue up to 300,000 shares of Class A common stock in the form of equity-based awards, including restricted stock units, shares of restricted stock and stock options, to employees, consultants and non-employee directors. The restricted stock units that will be granted under the 2025 Plan will generally vest over one to five years of service. The 2025 Plan replaced the Beasley Broadcast Group, Inc. 2007 Equity Incentive Plan, as amended and restated (the 2007 Plan), and no further awards will be granted under the 2007 Plan. However, the terms and conditions of the 2007 Plan will continue to govern any outstanding awards granted thereunder. A summary of restricted stock unit activity under the 2025 Plan is presented below: Units Weighted-Average Grant-Date Fair Value Unvested as of June 25, 2025 $ Granted 46,250 4.05 Unvested as of December 31, 2025 46,250 $ 4.05 As of December 31, 2025, there was $ 0.2 million of total unrecognized compensation cost for restricted stock units granted under the 2025 Plan. That cost is expected to be recognized over a weighted-average period of 3.0 yea rs. A summary of restricted stock unit activity under the 2007 Plan is presented below: Units Weighted-Average Grant-Date Fair Value Unvested as of January 1, …

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(15) Income Taxes Income tax benefit for the year ended December 31, 2025 is as follows: Current: Federal $ State Foreign Deferred: Federal ( 34,589,736 ) State ( 8,428,170 ) Foreign Benefits of operating loss carryforwards ( 1,637,851 ) ( 44,655,757 ) $ ( 44,655,757 ) Income tax benefit for the year ended December 31, 2025 differs from the amounts that would result from applying the federal statutory rate of 21 % to the Companys pre-tax loss as follows: Percentage of Amount Pre-Tax Loss Expected tax benefit $ ( 50,656,689 ) 21 % State income taxes, net of federal benefit ( 7,258,604 ) 3 % Change in valuation allowance 12,576,428 - 5 % Non-deductible items 323,188 0 % Other 359,920 0 % $ ( 44,655,757 ) 19 % Income tax benefit for the year ended December 31, 2024 is as follows: Current: Federal $ 6,205,464 State 914,465 7,119,929 Deferred: Federal ( 6,646,568 ) State ( 1,818,322 ) ( 8,464,890 ) $ ( 1,344,961 ) Income tax benefit for the year ended December 31, 2024 differs from the amounts that would result from applying the federal statutory rate of 21% to the Companys loss before taxes as follows: Expected tax benefit $ ( 1,532,372 ) State income taxes, net of federal benefit ( 310,137 ) Tax rate adjustments ( 258,484 ) Change in valuation allowance ( 296,180 ) Non-deductible items 560,477 Other 491,735 $ ( 1,344,961 ) Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows: December 31, 2024 2025 Deferred tax assets: Allo …

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(10) Leases The Company leases office space, towers and office equipment. Discount rates are based on the Companys incremental borrowing rate due to the rate implicit in the leases being not readily determinable. The Company used the current borrowing rate on its credit facility, adjusted for the effects of collateralization, to determine the various rates it would pay to finance similar transactions over similar time periods. The following table summarizes lease information: Year ended December 31, 2024 2025 Lease cost Operating lease cost $ 11,452,668 $ 11,250,941 Short-term lease cost 20,760 Total lease cost $ 11,473,428 $ 11,250,941 Other information Operating cash flows from operating leases $ 12,015,198 $ 12,027,376 Right-of-use assets obtained in exchange for new operating lease liabilities 6,685,102 3,982,997 December 31, 2025 Weighted-average remaining lease term operating leases 6.3 Weighted-average discount rate operating leases 9.3 % As of December 31, 2025, future minimum payments for operating leases for the next five years and thereafter are summarized as follows: 2026 $ 11,736,001 2027 10,129,167 2028 8,640,392 2029 7,329,624 2030 5,205,295 Thereafter 15,044,028 Total lease payments 58,084,507 Less imputed interest ( 25,476,362 ) Present value of operating lease liabilities 32,608,145 Operating lease liabilities - current ( 6,972,790 ) Operating lease liabilities - long-term $ 25,635,355 …

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(9) Long-Term Debt Long-term debt is comprised of the following: December 31, December 31, 2024 2025 Current portion of long-term debt: 8.625 % secured notes due February 1, 2026 $ $ 2,795,000 Long-term debt: 8.625 % secured notes due February 1, 2026 4,295,000 11.000 % senior secured first lien notes due August 1, 2028 30,899,000 30,899,000 9.200 % senior secured second lien notes due August 1, 2028 184,922,000 184,922,000 Unamortized premium 27,001,717 19,466,353 $ 247,117,717 $ 235,287,353 On February 2, 2021, the Company issued $ 300.0 million aggregate principal amount of 8.625 % senior secured notes due on February 1, 2026 (the Prior Notes) under an indenture dated February 2, 2021 (the Prior Notes Indenture). Interest on the Prior Notes accrued at the rate of 8.625 % per annum and was payable semiannually in arrears on February 1 and August 1 of each year. The Prior Notes were redeemed in full on January 31, 2026. . On October 8, 2024 (the Settlement Date), Beasley Mezzanine Holdings, LLC (the Issuer), a wholly owned subsidiary of the Company, and certain other of the Companys subsidiaries, completed: (i) the exchange (the Prior Exchange Offer) of $ 194.7 million aggregate principal amount of the Prior Notes (representing 72.9 % of the aggregate principal amount outstanding of the Prior Notes) for (a) $ 184.9 million aggregate principal amount of the Issuers newly issued 9.200 % Senior Secured Second Lien Notes due August 1, 2028 (the Existing Second Lien Notes) at an …

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Recent Accounting Pronouncements In December 2025, the Financial Accounting Standards Board (FASB) issued several updates to the codification. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and early adoption is permitted. The Company is currently in the process of reviewing the new guidance. In December 2025, the FASB issued amendments intended to improve the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments are effective for the annual reporting periods after December 15, 2027, and interim periods within those fiscal year reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently in the process of reviewing the new guidance. In July 2025, the FASB issued guidance that provides the option to elect a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. These amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting period …

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"(17) Related Party Transactions The Company leases certain office space and towers from related parties as described below. As a result, the Company has recorded operating lease right-of-use assets of $ 3.7 million an d $ 2.4 million for the years ended December 31, 2024 and 2025 , respectively, and operating lease liabilities of $ 3.8 million and $ 2.6 million for the years ended December 31, 2024 and 2025. The operating lease right-of-use assets and operating lease liabilities for the related party leases are reported in the accompanying consolidated balance sheets for the years ended December 31, 2024 and 2025. Beasley Broadcasting Management, LLC The Company leases its principal executive offices in Naples, FL from Beasley Broadcasting Management, LLC, which is held by a trust for the benefit of Caroline Beasley, Bruce G. Beasley, Brian E. Beasley and other members of the Beasley family. The lease agreement expires on December 31, 2031 . Rental expense w as $ 0.3 million and $ 0.2 m illion for the years ended December 31, 2024 and 2025, respectively. Beasley Family Properties, LLC The Company leased office space for its stations in Fort Myers, FL from Beasley Family Properties, LLC, which is held by a trust for the benefit of Caroline Beasley, Bruce G. Beasley, Brian E. Beasley, and other members of the Beasley family. The lease agreement was terminated on February 6, 2026. For more information, see Note 22 to the consolidated financial statements. Rental expense w as $ …

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(13) Revenue Revenue is comprised of the following: Year ended December 31, 2024 2025 Audio $ 193,561,279 $ 156,467,315 Digital 46,730,332 49,472,312 $ 240,291,611 $ 205,939,627 The Company recognizes revenue when it satisfies a performance obligation under a contract with an advertiser. The transaction price is allocated to performance obligations based on executed contracts which represent relative standalone selling prices. Payment is generally due within 30 days, although certain advertisers are required to pay in advance. Revenues are reported at the amount the Company expects to be entitled to receive under the contract. The Company has elected to use the practical expedient to expense sales commissions as incurred. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue in the balance sheet. Substantially all deferred revenue is recognized within 12 months of the payment date. December 31, December 31, 2024 2025 Deferred revenue $ 3,794,481 $ 3,451,922 Audio revenue includes revenue from the sale or trade of aired commercial spots to advertisers directly or through national, regional or local advertising agencies. Each commercial spot is considered a performance obligation. Revenue is recognized when the commercial spots have aired. Trade sales are recorded at the estimated fair value of the goods or services received. If commercial spots are aired before the goods or services are received, then a trade sales r …

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(20) Segment Information The Company currently operates two operating and reportable segments (Audio and Digital). The identification of segments is consistent with how the segments report to and are managed by the Companys Chief Executive Officer (the Companys Chief Operating Decision Maker). The Audio segment generates revenue primarily from the sale of commercial advertising to customers of the Companys stations in the following markets: Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayette ville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. The Digital segment generates revenue primarily from the sale of digital advertising to customers of the Companys stations and other advertisers throughout the United States. Corporate expenses include general and administrative expenses and certain other income and expense items not allocated to the operating segments. Non-operating corporate items, including interest expense and income taxes, are reported in the accompanying consolidated statements of comprehensive loss. Reportable segment information for the year ended December 31, 2025 is as follows: Audio Digital Corporate Total Net revenue $ 156,467,315 $ 49,472,312 $ $ 205,939,627 Operating expenses 148,954,220 37,661,036 186,615,256 Corporate expenses 14,364,287 14,364,287 Depreciation and amortization 5,736,078 77,395 518,379 6,331,852 FCC licenses impairment losses 224,815,149 2 …

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"(2) Summary of Significant Accounting Policies Principles of Consolidation The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiaries, including OutlawsXP, Inc. All significant inter-company transactions and balances have been eliminated. Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include: (i) the amount of allowance for credit losses; (ii) future cash flows used for testing recoverability of property and equipment; (iii) fair values used for testing Federal Communications Commission (""FCC"") licenses and other intangibles for impairment; (iv) estimates used to determine the incremental borrowing rate to record operating lease liabilities and right-of-use assets (v) the realization of deferred tax assets; and (vi) actuarial assumptions related to the Supplemental Employee Retirement Plan (""SERP""). Actual results and outcomes may differ from managements estimates and assumptions. Cash and Cash Equivalents All short-term investments with an original maturity of three months or less …

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(12) Stockholders Equity The Company has two classes of common stock: Class A common stock and Class B common stock. In the election of directors, the holders of Class A common stock are entitled by class vote, exclusive of other stockholders, to elect two of the Companys directors, with each Class A share being entitled to one vote. In the election of the other four directors and all other matters submitted to the stockholders for a vote, the holders of Class A shares and Class B shares shall vote as a single class, with each Class A share being entitled to one vote and each Class B share entitled to ten votes. From time to time, the Company repurchases sufficient shares of its common stock to fund withholding taxes in connection with the vesting of restricted stock units. The Company pa id $ 29,531 to repurchase 5,561 shares in 2025. The board of directors has suspended future quarterly dividend payments until it is determined that resumption of dividend payments is in the best interest of the Companys stockholders. In addition, the Indenture governing the Notes limits the ability of the Company to pay dividends. …

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(22) Subsequent Events Transaction Support Agreement and Exchange Offer On March 20, 2026, the Company and Beasley Mezzanine Holdings, LLC (the Issuer), an indirect subsidiary of the Company, entered into a transaction support agreement (the Transaction Support Agreement) with certain holders of the Existing Notes (the Supporting Holders) representing a majority of the aggregate outstanding principal amount of the Existing First Lien Notes and a majority of the aggregate outstanding principal amount of the Existing Second Lien Notes. The Transaction Support Agreement provides for support of certain refinancing transactions (the Refinancing Transactions), to be undertaken by the following: (i) an exchange offer (the Exchange Offer) to exchange any and all of the Existing Second Lien Notes for newly issued 10.000 % Senior Secured Second Lien PIK Notes due 2027 (2027 PIK Notes) at an exchange ratio of 50.0 % of the aggregate principal amount (or $ 500 per $ 1,000 of principal amount) of the Existing Second Lien Notes tendered for exchange, to be issued subsequent to the issuance of this Annual Report, (ii) an offer to purchase (the Tender Offer and, together with the Exchange Offer, the Offers) up to $ 15.9 million of the Existing First Lien Notes for purchase at a price equal to 100 % of the par value thereof and (iii) related consent solicitations (the Consent Solicitations) to proposed amendments to the existing indentures governing the Existing Notes (the Existing Indentures …

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