Boston Omaha 2025 Q3 Earnings Widening Losses as Net Income Falls 242.3%

Boston Omaha (BOC) reported fiscal 2025 Q3 results on Nov 13, 2025, showing a 3.7% revenue increase but a sharp deterioration in profitability. The stock price has declined across short-term horizons, and while historical post-earnings strategies showed positive returns, recent performance diverges.

Revenue

Revenue climbed to $28.73 million in Q3 2025, up from $27.70 million in Q3 2024, driven by growth in billboard rentals and broadband services. Billboard rentals led with $11.79 million in revenue, while broadband services contributed an additional $10.15 million. Premiums earned added $5.64 million, and insurance commissions totaled $629,982. Investment and other income rounded out the total at $528,320.

Earnings/Net Income

Net losses widened to $4.36 million ($0.08 per share) in Q3 2025, representing a 242.3% increase from the $1.27 million ($0.05 per share) loss in Q3 2024. The EPS indicates a significant deterioration in profitability.

Post-Earnings Price Action Review

The strategy of buying BOC shares on earnings release dates and holding for 30 days historically yielded positive returns over three years, with a 75% total return outperforming the market’s 60%. Quarterly impacts included 5% gains in Q1 2024, 10% in Q2 2024, and 15% in Q3 2024. Annual performance saw 25% gains in 2024 and 20% in 2025. However, recent post-Q3 2025 price action shows an 11.24% month-to-date decline, signaling short-term volatility.

CEO Commentary

CEO Josh Weisenburger highlighted operational challenges, including $2.0 million in losses from real estate funds and $1.5 million from Sky Harbour warrants. Growth in billboard rentals (up 2.5% YoY) and broadband services (up 4.9% YoY) offset some losses. The CEO emphasized disciplined capital allocation and operational efficiency amid market risks like equity volatility.

Guidance

The company provided no explicit guidance but noted $56.2 million in unrestricted cash and a focus on Sky Harbour’s performance, liquidity management, and economic volatility risks.

Additional News

• Board Changes: David S. Graff joined the board as Audit Committee Chair, bringing expertise from Hudl and Nelnet.

• Leadership Transition: Bradford Briner resigned to become North Carolina’s State Treasurer, effective Jan 1, 2025.

• Subsidiary Performance: General Indemnity Group (GIG), a BOC subsidiary, reported a 35% revenue increase in FY 2024, driven by UCS premium growth and agency consolidation.