Gray Media Q1 revenue $782M, down 5% YoY; net loss $22M vs net income $75M

GRAY MEDIA, INC

2025-Q1 EPS reported -$0.23 revenue$782,000,000

Net loss attributable to common stockholders $22M ($0.23 loss per share) vs net income $75M ($0.80) in Q1 2024.
Adjusted EBITDA $160M (down 19% YoY); total revenue $782M (down 5%), above high end of guidance.
Retransmission consent revenue $379M (flat YoY); core advertising $344M (down 8% due to Super Bowl and Leap Day).
Political advertising $13M (down 52% YoY, but 225% above guidance high end, driven by Wisconsin).
Q2 2025 guidance: core ad down mid-single digits, political $2-3M vs $47M; cost savings exceeding $60M annualized.

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