Advertising HeadwindThe end of an ad sales relationship towards year end is expected to be a $15 million headwind for 2025.
Cash Flow ChallengesThe company has $24 million of principle due next year, and the difficult ad environment is a strain on cash flow trends.
Macro UncertaintyMacro uncertainty, particularly around tariffs and rates were noted as adding to uncertainty and pressuring ad spend, in addition to the shorter-term challenges from the loss of some content relationships.