Traders should focus on FCC approval timing for the reorganization plan, which is the key catalyst for emergence from Chapter 11. Continued revenue erosion and minimal Adjusted EBITDA suggest no operational turnaround near-term.
Price Chart
Executive Summary
Cumulus Media reported Q1 2026 revenue of $164.4M, down 12.2% YoY, and a net loss of $16.9M (improved from -$32.4M). Adjusted EBITDA fell 23.6% to $2.7M. The company remains in Chapter 11 with a court-confirmed reorganization plan awaiting FCC approval. Continued revenue declines and the bankruptcy overhang dominate the outlook.
Key Financial Metrics
Key Facts
- Q1 2026 net revenue $164.4M, down 12.2% YoY (from $187.3M)
- Net loss of $16.9M vs $32.4M loss in prior year period
- Adjusted EBITDA $2.7M, down 23.6% from $3.5M
- Broadcast radio revenue fell 19.3%, digital down 8.3%
- Chapter 11 plan confirmed by bankruptcy court on April 15, 2026, pending FCC approval
- All debt reclassified to Liabilities Subject to Compromise as of March 31, 2026
Financial Impact
Revenue decline of 12.2% YoY ($187.3M to $164.4M), net loss improved but still material at $16.9M
Risk Factors
- FCC may delay or deny the reorganization plan
- Further revenue declines in broadcast radio and digital segments
- Dilution or cancellation of existing equity upon emergence
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001058623-26-000028 |
| Document: cmls-20260429.htm | 0001058623-26-000028 |
| Document: 0001058623-26-000028-index-headers.html | 0001058623-26-000028 |
| Document: 0001058623-26-000028-index.html | 0001058623-26-000028 |
| Document: 0001058623-26-000028.txt | 0001058623-26-000028 |
| 8-K Data (Synthetic) | 0001058623-26-000028 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Apr 29, 2026 25w ago | 8-K | $0.003000 $0.004000 | ▼ −33.33% | ▼ −29.22% | — |
Apr 17, 2026 27w ago | 8-K | $0.007000 $0.006600 | ▲ +5.71% | ▲ +12.49% | — |
Apr 10, 2026 28w ago | 8-K | $0.003000 $0.005300 | ▼ −76.67% | ▼ −66.34% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers