Boston Omaha Corporation Reports 2024 Full-Year Financial Results

Boston Omaha Corporation Reports 2024 Full-Year Financial Results

Boston Omaha Corporation (NYSE: BOC) (the “Company,” “we,” or “our”) has announced its financial results for the fiscal year ending December 31, 2024, in conjunction with filing its Annual Report on Form 10-K with the Securities and Exchange Commission. Our detailed financial results, along with a supplemental presentation providing further insights into our business performance, are available on our investor relations We encourage shareholders to review these materials, as they provide valuable insights into our three principal business units and investments.

Financial Highlights

Revenue Breakdown

For the years ended December 31, our revenue segments were as follows:

• Billboard Rentals, Net: $45.15 million (2024) vs. $42.94 million (2023)
• Broadband Services: $39.10 million (2024) vs. $35.34 million (2023)
• Premiums Earned: $19.76 million (2024) vs. $13.93 million (2023)
• Insurance Commissions: $1.96 million (2024) vs. $1.88 million (2023)
• Investment and Other Income: $2.30 million (2024) vs. $2.16 million (2023)

Total revenues grew to $108.27 million in 2024, a significant increase from $96.25 million in 2023.

Expenses and Profitability

• Depreciation and Amortization Expense: $22.18 million (2024) vs. $19.57 million (2023)
• Net Loss from Operations: ($8.47 million) (2024) vs. ($8.85 million) (2023)
• Net Other Income (Expense): $11.56 million (2024) vs. ($0.29 million) (2023)
• Net Loss Attributable to Common Stockholders: ($1.29 million) (2024) vs. ($7.00 million) (2023)
• Basic and Diluted Net Loss per Share: ($0.04) (2024) vs. ($0.23) (2023)

While we recorded a net loss, our improved net loss per share and positive net other income reflect strategic business adjustments and investment performance.

Balance Sheet Overview

Key Financial Positions as of December 31:

• Total Unrestricted Cash & Investments: $41.66 million (2024) vs. $71.27 million (2023)
• Total Assets: $728.35 million (2024) vs. $768.21 million (2023)
• Total Liabilities: $165.63 million (2024) vs. $151.75 million (2023)
• Total Equity: $562.72 million (2024) vs. $600.81 million (2023)

Noncontrolling Interests

• Primarily related to third-party capital within our build-for-rent fund and 24th Street commercial real estate funds.
• The decline in noncontrolling interests from $62.61 million (2023) to $29.90 million (2024) was primarily due to capital adjustments in these investments.

Significant Financial Events in 2024

1. Separation and Stock Repurchase Agreement
   • We incurred $4.1 million in one-time employee costs and professional fees related to the departure of our former Co-CEO.
2. Net Other Income Components
   • $29.1 million in investment income, including:
     • $17.0 million unrealized gain on Sky Harbour warrants
     • $7.8 million income from real estate sales and investment changes
     • $2.0 million non-cash gains related to stock transfer to former Co-CEO
     • $1.1 million realized gains from Sky Harbour stock sales
     • $1.4 million interest and dividend income
   • Offset by $17.3 million losses from unconsolidated affiliates and $1.6 million interest expense.

Investment in Sky Harbour

• Our investment in Sky Harbour Class A common stock and warrants was valued at $94.5 million on our balance sheet as of December 31, 2024.
• If accounted for at fair value, the total investment would be $170.5 million.

Cash Flow and Stock Repurchase Program

• Cash inflow from operations: $21.2 million (2024) vs. $16.1 million (2023)
• Stock repurchase: 111,323 shares of Class A common stock were repurchased for $1.6 million.

Shareholder Equity and Book Value

• Book value per share: $16.99 (2024) vs. $17.19 (2023)
• Outstanding Shares:
  • As of December 31, 2024:
    • Class A: 30,832,026
    • Class B: 527,780
  • As of March 27, 2025:
    • Class A: 30,872,876
    • Class B: 580,558

Boston Omaha Corporation continues to see steady revenue growth, particularly in billboard rentals, broadband services, and insurance premiums earned. Our strategic investments, including our stake in Sky Harbour, have contributed to improved financial positioning. Corporation Despite recording a net loss, our operational adjustments, stock Corporation repurchase initiatives, and strengthened investment performance indicate a more stable outlook for the company moving forward.

We remain committed to expanding our business segments, optimizing our investment portfolio, and delivering value to our shareholders in 2025 and beyond. For Corporation a comprehensive review of our financials, investors are encouraged to visit our website and review our Annual Report on Form 10-K along with the supplemental presentation.

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