Consolidated Revenue Growth
Consolidated revenue increased 26% in Q4 2025 to $134.4 million (Q4 '24) and grew 23% for full year 2025 to $447.6 million versus full year 2024.
ATS Segment Rapid Expansion
Advertising Technology & Services (ATS) revenue more than doubled in Q4 2025 to $88.6 million, up 123% YoY; full year ATS revenue was $270.9 million, up 90% YoY. ATS operating profit was $12.3 million in Q4 (up 464% YoY) and $33.8 million for full year 2025 (up 317% YoY).
Sequential Momentum in ATS
ATS showed sequential improvement with Q4 revenue up 16% vs Q3 2025 and Q4 operating profit up 26% sequentially, driven by more monthly active accounts and higher spend per account.
Investments to Strengthen ATS (AI, Talent, M&A)
Company invested in engineering/AI capabilities and sales capacity in ATS during 2025; acquired Playback Rewards technology/IP to accelerate entry into rewards/loyalty market.
Media Digital/Local Revenue Resilience (Excluding Political)
Excluding political revenue, Q4 2025 Media results included a 4% increase in local advertising revenue and an 8% increase in revenue per monthly active advertiser despite a 3% decline in monthly active advertisers; national advertising declined 5% (ex-political context).
Cost and Efficiency Improvements
Media total operating expenses were down 6% in Q4 2025 vs Q4 2024. Corporate expenses fell 13% in Q4 2025 and 28% for full year 2025 vs prior year; corporate expense in 2025 was about half of 2023 levels.
Workforce and Facility Optimization
Ongoing organizational redesign reduced ~5% of Media workforce (primarily back-office) and abandoned several leases; expected Media operating expense reduction of ~ $5 million annually with $2.8 million of restructuring charges recorded in Q3/Q4 2025.
Strong Balance Sheet and Capital Returns
Year-end cash and marketable securities over $63 million; $20 million of debt paid in 2025 reducing credit facility indebtedness to ~$168 million; returned $18 million in dividends in 2025 and declared a $0.05/share dividend for Q1 2026.