Boston Omaha Corporation — Second Quarter 2026 Earnings Summary

Financial Performance

• Total revenues for the three months ended June 30, 2026, were $22.2 million, an increase from $21.679 million in the same period in 2025.
• Total revenues for the six months ended June 30, 2026, were $43.924 million, up from $42.776 million in the same period in 2025.
• Billboard Rentals net revenue was $11.723 million for the quarter (vs. $11.441 million in 2025) and $22.696 million for the six months (vs. $22.205 million in 2025).
• Broadband Services revenue was $10.477 million for the quarter (vs. $10.234 million in 2025) and $21.227 million for the six months (vs. $20.554 million in 2025).
• Investment and Other Income was $0 for the quarter (vs. $4,000 in 2025) and $1,000 for the six months (vs. $17,000 in 2025).
• Net Loss from Operations was $(603,000) for the quarter (vs. $(512,000) in 2025) and $(1.159 million) for the six months (vs. $(1.534 million) in 2025).
• Net Other Expense was $(2.5 million) for the quarter (vs. $(4.531 million) in 2025) and $(4.493 million) for the six months (vs. $(6.631 million) in 2025).
• Income Tax Benefit on Continuing Operations was $448,000 for the quarter (vs. $803,000 in 2025) and $1.117 million for the six months (vs. $990,000 in 2025).
• Net Loss Attributable to Common Stockholders was $(1.612 million) for the quarter (vs. $(2.319 million) in 2025) and $(3.760 million) for the six months (vs. $(2.989 million) in 2025).
• Basic and Diluted Net Loss per Share was $(0.05) for the quarter (vs. $(0.07) in 2025) and $(0.12) for the six months (vs. $(0.10) in 2025).
• Depreciation and Amortization Expense was $6.382 million for the quarter (vs. $6.016 million in 2025) and $12.635 million for the six months (vs. $11.871 million in 2025).
• Cash inflow from continuing operations was $10.1 million for the six months ended June 30, 2026, compared to $8.2 million for the same period in 2025.
• Total Unrestricted Cash and Investments were $31.75 million as of June 30, 2026, down from $36.726 million as of December 31, 2025.
• Total Assets were $683.052 million as of June 30, 2026, down from $713.073 million as of December 31, 2025.
• Total Liabilities were $167.771 million as of June 30, 2026, down from $177 million as of December 31, 2025.
• Total Boston Omaha Stockholders' Equity was $501.852 million as of June 30, 2026, down from $516.137 million as of December 31, 2025.
• Book value per share was $16.61 at June 30, 2026, compared to $16.63 at December 31, 2025.

Business Segments and Product Lines

• The Company operates four majority-owned businesses: outdoor advertising, broadband telecommunications services, surety insurance, and asset management.
• General Indemnity Group (GIG), the insurance subsidiary, is reported as held for sale and as discontinued operations starting in the second quarter of fiscal 2026.
• The 24th Street commercial real estate funds and Build for Rent Fund are noted as sources of noncontrolling interests.

Other Key Points

• On May 18, 2026, the Company announced an agreement with CopperPoint Insurance Company to acquire 100% of the equity interests in GIG for approximately $84.3 million. The transaction is expected to close in the second half of 2026, subject to regulatory approvals and other conditions.
• Net Other Expense for the quarter included an unrealized loss of $1.9 million on Sky Harbour warrants, $0.8 million in losses within BOAM related to fair value changes in 24th Street Funds and BFR Fund underlying assets, $0.6 million in interest expense, and $0.4 million in losses from unconsolidated affiliates (primarily the equity method position in Sky Harbour). These were partially offset by $1.0 million in realized gains from the sale of 331,500 shares of Sky Harbour Class A common stock and $0.3 million in interest and dividend income.
• The investment in Sky Harbour Class A common stock and warrants was valued at $73.5 million on the balance sheet as of June 30, 2026. If accounted for at fair value based on quoted market price, the total investment would be valued at $115.1 million.
• The Company repurchased 451,281 shares of Class A common stock for a total cost of $5.8 million during the second quarter of fiscal 2026.
• As of June 30, 2026, there were 29,634,239 shares of Class A common stock and 580,558 shares of Class B common stock outstanding.
• As of August 12, 2026, there were 29,546,008 shares of Class A common stock and 580,558 shares of Class B common stock outstanding.
• Marketable equity securities in Total Unrestricted Cash and Investments exclude the Company's 14.8% stake in Sky Harbour Group Corporation, which is accounted for under the equity method.