URBAN ONE, INC. REPORTS THIRD QUARTER 2023 RESULTS

WASHINGTON, Jan. 11, 2024 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the quarter ended September 30, 2023. For the quarter ended September 30, 2023 net revenue was approximately $117.8 million, a decrease of 2.8% from the same period in 2022. The Company reported an operating loss of approximately $56.1 million for the quarter ended September 30, 2023, compared to an operating loss of approximately $18.0 million for the quarter ended September 30, 2022. Broadcast and digital operating income¹ was approximately $43.8 million, a decrease of 13.9% from the same period in 2022. Net loss was approximately $54.4 million or $1.14 per share (basic) compared to a net income of approximately $3.5 million or $0.07 per share (basic) for the same period in 2022. Adjusted EBITDA² was approximately $34.1 million for the quarter ended September 30, 2023, compared to approximately $44.3 million for the same period in 2022.

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