Boston Omaha Corporation (NYSE: BOC) has released its financial results for the third quarter ending September 30, 2025. The company reported total revenues of $28.73 million, marking an increase from $27.70 million in the same quarter of 2024. However, despite this revenue growth, Boston Omaha recorded a net loss attributable to common stockholders of $2.59 million, compared to a loss of $1.60 million in Q3 2024.

Revenue Breakdown

A closer examination of revenue streams reveals the following performance by business segments:

Billboard Rentals generated $11.79 million, slightly up from $11.50 million year-over-year.

Broadband Services saw an increase to $10.15 million, compared to $9.66 million in the previous year.

Premiums Earned from the insurance segment rose to $5.64 million, up from $5.43 million in 2024.

Insurance Commissions increased to $630,000, compared to $520,000 in the same quarter last year.

Investment and Other Income totaled $528,000, down from $587,000 in Q3 2024.

Expense Analysis

Total expenses mounted to $29.79 million, up from $28.44 million in Q3 2024. A significant contributor to this rise was a notable increase in depreciation and amortization costs, which surged to $6.28 million from $5.67 million year-over-year. The company also experienced a net loss from operations of $1.05 million, compared to $740,000 for the same period in 2024.

2. Notable Losses and Adjustments

The third quarter's “Net Other Expense” included substantial unrealized losses totaling $4.11 million, primarily stemming from:

An unrealized loss of $1.5 million on Sky Harbour warrants.

Losses of $2.0 million related to the fair value of underlying assets within the 24th Street Funds.

$0.6 million in losses from unconsolidated affiliates, mainly linked to the equity method position in Sky Harbour.

These losses were partially offset by $0.3 million in interest and dividend income.

3. Balance Sheet Highlights

As of September 30, 2025, Boston Omaha’s total assets stood at $721.35 million, a slight decrease from $728.35 million at the end of 2024. The company’s total liabilities increased to $173.43 million, up from $165.63 million. Notably, total unrestricted cash and investments reached $56.20 million, a significant increase from $41.66 million recorded at the end of 2024.

Equity and Shareholder Value

The company's total equity reached $547.93 million, compared to $562.72 million at the close of 2024. The book value per share was reported at $16.80, down from $16.99 at the end of the previous year. As of September 30, 2025, Boston Omaha had 30,872,876 shares of Class A common stock and 580,558 shares of Class B common stock outstanding.

4. Investment Insights: Sky Harbour

Boston Omaha's investment in Sky Harbour Class A common stock and warrants was reported at $82.7 million as of September 30, 2025. If accounted for at fair value, this investment would be valued at $126.9 million, highlighting potential growth in the company's asset portfolio.

5. Conclusion

While Boston Omaha Corporation's revenue growth in Q3 2025 reflects resilience amid a challenging economic landscape, the ongoing financial losses and increased expenses warrant close monitoring by investors. The company continues to diversify its revenue streams through its various business segments, which include outdoor advertising, broadband services, and insurance. However, strategic adjustments may be necessary to navigate the losses recorded this quarter effectively. As the company positions itself for future growth, stakeholders will be keenly watching how these dynamics unfold in the coming quarters.

Original press release