Boston Omaha Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenues for the three months ended September 30, 2026, were $22.178 million, compared to $21.944 million in the same period in 2025.
• Total revenues for the nine months ended September 30, 2026, were $66.102 million, compared to $64.720 million in the same period in 2025.
• Billboard Rentals, Net revenue was $12.076 million for the three months ended September 30, 2026, up from $11.788 million in 2025; for the nine months, it was $34.772 million versus $33.993 million in 2025.
• Broadband Services revenue was $10.101 million for the three months ended September 30, 2026, down slightly from $10.151 million in 2025; for the nine months, it was $31.328 million versus $30.705 million in 2025.
• Investment and Other Income was $1 million for the three months ended September 30, 2026, down from $5 million in 2025; for the nine months, it was $2 million versus $22 million in 2025.
• Depreciation and Amortization Expense was $6.538 million for the three months ended September 30, 2026, compared to $6.193 million in 2025; for the nine months, it was $19.173 million versus $18.064 million in 2025.
• Net Loss from Operations was $0.997 million for the three months ended September 30, 2026, compared to a loss of $0.689 million in 2025; for the nine months, the loss was $2.156 million versus $2.223 million in 2025.
• Net Other Expense was $3.611 million for the three months ended September 30, 2026, compared to $4.224 million in 2025; for the nine months, it was $8.104 million versus $10.855 million in 2025.
• Income Tax Benefit on Continuing Operations was $0.194 million for the three months ended September 30, 2026, compared to $0.756 million in 2025; for the nine months, it was $1.311 million versus $1.746 million in 2025.
• Noncontrolling Interest in Subsidiary Loss was $3.830 million for the three months ended September 30, 2026, compared to $1.768 million in 2025; for the nine months, it was $4.790 million versus $5.776 million in 2025.
• Income from Discontinued Operations was $0.392 million for the three months ended September 30, 2026, compared to a loss of $0.199 million in 2025; for the nine months, it was $0.207 million versus a loss of $0.021 million in 2025.
• Net Loss Attributable to Common Stockholders was $0.192 million for the three months ended September 30, 2026, compared to a loss of $2.588 million in 2025; for the nine months, the loss was $3.952 million versus $5.577 million in 2025.
• Basic and Diluted Net Loss per Share was $0.01 for the three months ended September 30, 2026, compared to $0.08 in 2025; for the nine months, it was $0.13 versus $0.18 in 2025.
• Cash inflow from continuing operations for the nine months ended September 30, 2026, was $16.6 million, compared to $13.0 million for the nine months ended September 30, 2025.
• Total Unrestricted Cash and Investments were $29.743 million as of September 30, 2026, down from $36.726 million as of December 31, 2025.
• Total Assets were $672.162 million as of September 30, 2026, down from $713.073 million as of December 31, 2025.
• Total Liabilities were $166.830 million as of September 30, 2026, down from $177.000 million as of December 31, 2025.
• Total Boston Omaha Stockholders' Equity was $495.733 million as of September 30, 2026, down from $516.137 million as of December 31, 2025.
• Book value per share was $16.64 at September 30, 2026, compared to $16.63 at December 31, 2025.
• Net Other Expense for the quarter included $5.0 million in losses within BOAM related to fair value changes in the 24th Street Funds and BFR Fund, an unrealized loss of $2.2 million on Sky Harbour warrants, and $0.6 million in interest expense, partially offset by $2.6 million in income from unconsolidated affiliates (primarily Sky Harbour equity method position), $1.4 million in realized gains on the sale of 360,000 shares of Sky Harbour Class A common stock, and $0.2 million in interest and dividend income.
• The investment in Sky Harbour Class A common stock and warrants was valued at $71.6 million on the condensed consolidated balance sheet as of September 30, 2026; if accounted for at fair value based on quoted market price, the total investment would be $105.3 million.

Other Key Points:

• The Company repurchased 457,308 shares of Class A common stock for a total cost of $6.4 million during the third quarter of fiscal 2026.
• On November 11, 2026, the Board increased the Share Repurchase Program authorization from $30 million to $85 million.
• The Share Repurchase Program expires on the earlier of December 31, 2027, or when $85 million of Class A common stock has been repurchased.
• As of September 30, 2026, there were 29,208,443 shares of Class A common stock and 580,558 shares of Class B common stock outstanding.
• As of November 13, 2026, there were 28,999,265 shares of Class A common stock and 580,558 shares of Class B common stock outstanding.
• The Company intends to finance the repurchase program using available cash and cash equivalents.
• Investments consist of U.S. Treasury securities classified as trading securities and marketable equity securities, excluding the 13.4% stake in Sky Harbour Group Corporation which is accounted for under the equity method.
• Noncontrolling interests are primarily related to third-party capital raised within the Build for Rent Fund and 24th Street commercial real estate funds.