Boston Omaha 2025 Q3 Earnings Revenue Grows 3.7% as Net Loss Widens 242.3%

Boston Omaha (BOC) reported Q3 2025 earnings with revenue rising 3.7% year-over-year but a net loss widening significantly. The results missed expectations, with EPS at -$0.08 versus a forecast of -$0.03. The company provided no forward guidance, maintaining cautious risk disclosures.

Revenue

Total revenue climbed to $28.73 million, driven by robust performance in billboard rentals and broadband services. Billboard rentals led with $11.79 million, while broadband services contributed $10.15 million. Premiums earned added $5.64 million, and investment income totaled $528,320. Insurance commissions and other segments rounded out the revenue mix at $629,982.

Earnings/Net Income

Net losses deepened to $4.36 million ($0.08 per share) in Q3 2025, a 242.3% increase from $1.27 million ($0.05 per share) in Q3 2024. The EPS decline reflects heightened operational and investment-related expenses, including a $1.5 million unrealized loss on Sky Harbour warrants.

Post-Earnings Price Action Review

The strategy of buying BOC shares post-earnings and holding for 30 days showed mixed results over three years. While a 10.23% gain in Q3 2023 outperformed the market, the three-year compound annual growth rate (CAGR) of 2.47% lagged behind the S&P 500’s 11.25%. Performance was closely tied to BOC’s stock volatility, with underperformance during market downturns and overperformance in positive quarters. The strategy’s high drawdowns suggest it suits short-term traders rather than long-term investors.

CEO Commentary

Leadership emphasized growth in billboard rentals and broadband services but acknowledged challenges in profitability amid market volatility. Strategic priorities include leveraging the Build for Rent Fund and 24th Street commercial real estate, while cautioning about Sky Harbour’s valuation risks.

Guidance

The company avoided explicit future guidance, citing uncertainties in reinsurance counterparties and market conditions. Historical cash flow stability ($12.1 million inflow for nine months 2025) was noted, but forward-looking statements emphasized risks to earnings from economic and operational factors.

Additional News

Recent non-earnings updates include the appointment of David S. Graff to the Board of Directors, effective immediately, and the resignation of Bradford Briner following his election as North Carolina’s Treasurer. Graff, founder of Hudl, brings extensive board experience in technology and finance. Additionally, Boston Omaha’s stock price dipped 11.24% month-to-date as of Nov 13, 2025, reflecting broader market volatility.