MediaCo Holding Inc. reported third‑quarter 2025 revenue of $35.4 million, a 19% increase from $29.9 million in the same period last year. The growth was largely driven by the Estrella acquisition assets, with the Video segment generating $21.8 million and the Audio segment $13.6 million, together accounting for more than half of total revenue. Digital advertising revenue rose to $17 million, representing 49.2% of total ad sales and underscoring the company’s shift toward high‑margin digital platforms.
The company posted a net loss of $17.9 million for Q3 2025, compared with a net income of $54.9 million in Q3 2024. The loss is largely attributable to a $33.9 million fair‑value revaluation of warrant‑share liability that applies to the nine‑month period ending September 30. Operating loss narrowed to $6.8 million from $13.3 million a year earlier, reflecting disciplined cost control and integration efficiencies following the Estrella deal.
Management highlighted the operational gains: CEO Albert Rodriguez noted that “we continued to execute at a high level during the third quarter, driving tangible gains across virtually every facet of our strategic plan.” CFO Debra DeFelice added that the quarter “further validates the strategic value of the Estrella acquisition and the strength of our operating model,” citing a positive swing to adjusted EBITDA for the year‑to‑date period.
The company did not provide forward guidance for Q4 2025 or beyond. Investors are directed to the investor relations website for any additional context, but the absence of guidance signals management’s caution amid the accounting‑driven loss and ongoing internal‑control remediation efforts.
Investors have expressed caution, focusing on the net‑loss figure and the lack of guidance. The market reaction reflects concerns about translating revenue growth into sustainable profitability, especially given the accounting adjustment that drove the quarterly loss and the material weakness in internal controls related to the Estrella transaction.
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