Ad Sales Relationship LossThe end of an ad sales relationship towards year end is expected to be a $15 million headwind for 2025.
Debt ObligationsThe company has $24 million of principal 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.