Shares fell 14.4% following the earnings release as investors reacted negatively to continued margin compression and softer programmatic advertising revenue, coupled with a cautious outlook on local advertising recovery despite stable overall revenue.

• Total revenue came in at $34 million, within prior guidance, but showed only modest year-over-year growth after adjusting for calendar shifts.
• Adjusted OIBDA was a negative $10.5 million, indicating ongoing profitability challenges and margin pressure.
• Programmatic advertising revenue declined in the quarter due to fewer large advertisers returning amid the Winter Olympics, though second quarter pacing shows improvement.
• Local advertising revenue was $4.4 million, reflecting ongoing efforts to rebuild the segment, but growth remains tentative and longer-term.
• Operational restructuring targeting $11 million in annualized cost savings aims to improve efficiency amid evolving business needs but has yet to significantly impact profitability.