URBAN ONE, INC. REPORTS SECOND QUARTER 2024 RESULTS

SILVER SPRING, Md., Aug. 8, 2024 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the quarter ended June 30, 2024. For the three months ended June 30, 2024, net revenues were approximately $117.7 million, a decrease of 9.2% from the same period in 2023. The Company reported operating loss of approximately $60.4 million for the three months ended June 30, 2024, compared to operating income of approximately $9.7 million for the three months ended June 30, 2023. Broadcast and digital operating income¹ was approximately $34.2 million, a decrease of 27.7% from the same period in 2023. Net loss was approximately $45.4 million or $(0.94) per share (basic) compared to income of $70.4 million or $1.48 per share (basic) for the same period in 2023. Adjusted EBITDA² was approximately $28.4 million for the three months ended June 30, 2024, compared to approximately $37.5 million for the same period in 2023.

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