Cumulus Media ( (CMLSQ) ) has released a notification of late filing.
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Cumulus Media Inc. has filed a Form 12b-25 to notify investors that it will delay its Form 10-K (Yearly Report) for the year ended December 31, 2025. The company says the delay only affects this Annual Report and not other required SEC filings, which it states are up to date.
The primary reason for the delay is the company’s ongoing Chapter 11 bankruptcy process in the U.S. Bankruptcy Court for the Southern District of Texas. Because of the Chapter 11 Cases, Cumulus must obtain court approval to retain PricewaterhouseCoopers LLP as its independent auditor before the audit can be completed.
Cumulus has already filed a court motion to approve procedures for retaining ordinary course professionals, including PwC as its auditor. If no objections are filed by the April 7, 2026 deadline, the company expects the court could approve the motion as early as April 8, 2026, or shortly afterwards.
The company currently expects to submit its Form 10-K (Yearly Report) within the 15-day extension window allowed under SEC Rule 12b-25. However, Cumulus notes that the exact filing date ultimately depends on when the bankruptcy court enters an order approving PwC’s retention.
Preliminary figures indicate a notable decline in top-line performance but a narrower net loss compared with 2024. Cumulus expects to report 2025 consolidated net revenue of about $741.7 million versus $827.1 million in 2024, and a net loss of about $200.7 million versus a net loss of $283.3 million a year earlier.
The company also discloses that there is substantial doubt about its ability to continue as a going concern, reflecting the pressure of the Chapter 11 Cases and broader industry and operating risks. Management cautions that all expectations in the filing are forward-looking statements subject to significant uncertainties, including the outcome and timing of the restructuring process.
Cumulus says it is working through the court process to complete its audit, file the overdue Form 10-K (Yearly Report), and implement its restructuring plan. The notification is signed on behalf of the company by Executive Vice President and Chief Financial Officer Francisco J. Lopez-Balboa on March 31, 2026, underscoring the formal commitment to ongoing regulatory compliance.
The most recent analyst rating on (CMLSQ) stock is a Sell with a $0.08 price target. To see the full list of analyst forecasts on Cumulus Media stock, see the CMLSQ Stock Forecast page.
Spark’s Take on CMLSQ Stock
According to Spark, TipRanks’ AI Analyst, CMLSQ is a Neutral.
The score is primarily constrained by weak financial performance, including declining revenue, materially negative profitability, and a high-risk balance sheet with negative equity. Technicals are only modestly supportive with neutral momentum but a weak longer-term trend, while valuation provides limited help because earnings are negative and no dividend yield is available.
To see Spark’s full report on CMLSQ stock, click here.
More about Cumulus Media
Cumulus Media Inc. is a U.S. radio and audio media company headquartered in Atlanta, Georgia. The group operates broadcast radio stations and related media assets across multiple markets, generating revenue primarily from advertising and related services.
Average Trading Volume: 49,227
Technical Sentiment Signal: Sell
Current Market Cap: $12.59M
For a thorough assessment of CMLSQ stock, go to TipRanks’ Stock Analysis page.