Revenue growth has been substantial, yet the company remains unable to achieve profitability, reporting a -12.5% operating margin and a -29.8% net margin as of 2026Q1.
MediaCo Holding Inc. (MDIA) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Feb'19 | Feb'18 |
|---|
| Sales/Revenue | 139.42M | 133.34M | 95.57M | 32.39M | 38.59M | 41.73M | 39.26M | 43.09M | 43.09M |
| Revenue Growth % | 14.33% | 39.52% | 195.05% | -16.07% | -7.51% | 6.28% | -8.89% | 0% | - |
| Cost of Goods Sold | 112.53M | 0 | 106.65M | 32.63M | 32.85M | 28.67M | 32.34M | 33.83M | 33.83M |
| COGS % of Revenue | - | - | 111.59% | 100.75% | 85.11% | 68.7% | 82.38% | 78.51% | 78.51% |
| Gross Profit | 26.89M | 133.34M | -11.08M | -242K | 5.75M | 13.06M | 6.92M | 9.26M | 9.26M |
| Gross Margin % | 19.28% | 100% | -11.59% | -0.75% | 14.89% | 31.3% | 17.62% | 21.49% | 21.49% |
| Gross Profit Growth % | - | 1303.62% | -4477.69% | -104.21% | -55.99% | 88.81% | -25.31% | 0% | - |
| Operating Expenses | 46.12M | 157.96M | 17.12M | 6.02M | 7.13M | 9.12M | 8.62M | 1.32M | 1.37M |
| OpEx % of Revenue | - | 118.46% | 17.91% | 18.58% | 18.47% | 21.86% | 21.95% | 3.06% | 3.19% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 6.46M | 8.43M | 4.34M | 31.13M | 0 |
| SG&A % of Revenue | - | - | - | - | 16.75% | 20.21% | 11.05% | 72.23% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 413K | 157.96M | 17.12M | 6.02M | 666K | 688K | 4.28M | -29.81M | 1.37M |
| Operating Income | -19.23M | -24.62M | -28.2M | -6.26M | -1.38M | 3.94M | -1.7M | 7.89M | 7.89M |
| Operating Margin % | -13.8% | -18.46% | -29.5% | -19.33% | -3.58% | 9.44% | -4.33% | 18.3% | 18.3% |
| Operating Income Growth % | - | 12.69% | -350.34% | -353.37% | -135.07% | 331.78% | -121.54% | 0% | - |
| EBITDA | -12.84M | -17.78M | -22.94M | -5.69M | -715K | 7.86M | 2.38M | 9.22M | 9.21M |
| EBITDA Margin % | -9.21% | -13.33% | -24% | -17.58% | -1.85% | 18.84% | 6.07% | 21.4% | 21.36% |
| EBITDA Growth % | 17.55% | 22.5% | -302.92% | -696.22% | -109.09% | 230.1% | -74.17% | 0.19% | - |
| D&A (Non-Cash Add-back) | 6.4M | 6.84M | 5.26M | 568K | 666K | 3.92M | 4.08M | 1.34M | 1.32M |
| EBIT | -48.12M | -49.83M | 10.15M | -6.69M | -2.48M | 3.86M | -1.7M | 5.15M | 7.89M |
| Net Interest Income | -15.86M | -15.49M | -11.14M | -426K | -6.98M | -7.71M | -9.49M | 164.2K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 985.2K | 0 |
| Interest Expense | 15.86M | 15.49M | 11.14M | 426K | 6.98M | 7.71M | 9.49M | 821K | 15K |
| Other Income/Expense | -47.47M | -40.71M | 27.21M | -852K | -8.08M | -7.79M | -9.49M | -2.43M | 0 |
| Pretax Income | -66.7M | -65.33M | -982K | -7.11M | -9.46M | -3.85M | -11.19M | 7.89M | 7.89M |
| Pretax Margin % | -47.84% | -48.99% | -1.03% | -21.96% | -24.51% | -9.23% | -28.51% | 18.3% | 18.3% |
| Income Tax | 1.51M | 895K | 320K | 308K | 336K | 348K | 15.56M | 2.52M | 2.52M |
| Effective Tax Rate % | -2.26% | -1.37% | -32.59% | -4.33% | -3.55% | -9.04% | -139.04% | 31.93% | 31.93% |
| Net Income | -68.21M | -66.7M | -4.08M | -7.63M | 30.91M | -6.08M | -26.75M | 5.37M | 5.37M |
| Net Margin % | -48.92% | -50.02% | -4.26% | -23.56% | 80.1% | -14.58% | -68.14% | 12.46% | 12.46% |
| Net Income Growth % | -321.05% | -1536.76% | 46.6% | -124.68% | 608.29% | 77.27% | -598.29% | 0% | - |
| Net Income (Continuing) | -68.21M | -66.22M | -1.3M | -7.42M | -9.79M | -4.2M | -26.75M | 2.34M | 5.37M |
| Discontinued Operations | 0 | 0 | 0 | -210K | 40.71M | -1.88M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 20.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.83 | -0.84 | -0.08 | -0.40 | 2.06 | -1.22 | -4.01 | 0.76 | 0.28 |
| EPS Growth % | -364.52% | -919.42% | 79.4% | -119.42% | 268.85% | 69.58% | -627.63% | 171.43% | - |
| EPS (Basic) | - | -0.84 | -0.08 | -0.40 | 2.06 | -1.22 | -4.01 | 0.76 | 0.28 |
| Diluted Shares Outstanding | 82.59M | 79.39M | 59.82M | 24.88M | 13.38M | 7.22M | 7.2M | 7.1M | 7.03M |
| Basic Shares Outstanding | 82.59M | 79.39M | 59.82M | 24.88M | 13.38M | 7.22M | 7.2M | 7.1M | 7.03M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MDIA stock.
For fiscal year 2025, MediaCo Holding Inc. (MDIA) reported total revenue of $133.3M. This represents a 209.4% increase compared to $43.1M in 2018.
MediaCo Holding Inc. (MDIA) reported a net loss of $66.7M for the fiscal year ending 2025.
MediaCo Holding Inc. (MDIA) reported an operating income of $-24.6M, resulting in an operating profit margin of -18.5%. This margin reflects the operational efficiency of the business before interest and taxes.
MediaCo Holding Inc. (MDIA) generated $133.3M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Aggressive Expansion Masks Structural Challenges
As evidenced by the recent quarterly data, MediaCo Holding has achieved significant top-line expansion, with revenue climbing from $6.5 million in 2023Q4 to $31.4 million in 2026Q1, though this growth appears heavily reliant on inorganic asset integration rather than organic demand for legacy radio broadcasting services.
The rapid revenue trajectory suggests an aggressive roll-up strategy, likely aimed at achieving scale in a fragmented market. However, investors should monitor whether this growth is sustainable, as the company has yet to demonstrate an ability to convert these top-line gains into positive operating income.
Gross Margin Volatility Reflects Instability
Based on reported financial statements, MediaCo's gross margins have exhibited extreme volatility, swinging from a 100% peak in 2025Q4 to a negative 16.3% in 2026Q1, which highlights the difficulty in managing direct costs within a high-fixed-cost broadcasting and outdoor advertising business model.
The erratic nature of these margins suggests that the company's cost structure is not yet optimized to handle fluctuations in advertising demand. This inconsistency warrants further investigation into the underlying variable cost components, which appear to be scaling disproportionately to revenue.
Operating Leverage Remains Elusive Currently
According to recent SEC filings, MediaCo's operating income remains consistently negative, with the 2026Q1 operating margin of -12.5% indicating that the company has failed to achieve the necessary scale to cover its substantial fixed overheads despite the significant revenue growth observed over the last ten quarters.
The lack of positive operating leverage suggests that management's current strategy of aggressive expansion is not yet yielding the expected economies of scale. Investors should remain cautious, as the persistent operating losses imply that the company's cost base may be structurally misaligned with its current revenue generation capacity.
Sustainability of Current Growth Model
While the company reports strong revenue growth, the persistent net losses, including a -29.8% net margin in 2026Q1, suggest that the current business model may be burning through capital at an unsustainable rate to maintain its market position in the competitive New York media landscape.
Short-sellers would likely focus on the disconnect between the company's top-line expansion and its inability to reach profitability. This trend suggests that the company may face significant liquidity risks if it cannot demonstrate a clear path to positive cash flow in the near term.