Cumulus Media (CMLS) investor relations material

Executive summary

• Entered Chapter 11 bankruptcy on March 4, 2026, to implement a prepackaged restructuring plan supported by major creditors, aiming to comprehensively restructure debt and emerge as a reorganized entity.

• Bankruptcy court confirmed the restructuring plan on April 15, 2026; existing equity will be canceled, and new equity and convertible notes will be issued to debt holders.

• Operations continue as debtor-in-possession, with vendor and employee payments maintained and critical vendor relationships preserved.

• The company is awaiting FCC approval for its court-confirmed Chapter 11 reorganization plan.

• Net revenue for Q1 2026 was $164.4 million, down 12.2% year-over-year from Q1 2025.

Financial highlights

• Net revenue for Q1 2026 was $164.4 million, down 12.2% year-over-year, primarily due to declines in spot, network, and digital revenues.

• Net loss for Q1 2026 was $16.9 million, an improvement from a $32.4 million loss in Q1 2025.

• Adjusted EBITDA for Q1 2026 was $2.7 million, down from $3.5 million in Q1 2025, a 23.6% decrease year-over-year.

• Operating loss increased to $26.4 million from $14.8 million year-over-year.

• Cash and cash equivalents at March 31, 2026, were $57.6 million.

Outlook and guidance

• The company’s ability to continue as a going concern is contingent on successful implementation of the restructuring plan; substantial doubt exists regarding its ability to meet obligations over the next 12 months.

• Upon emergence, new debt and equity structure will be in place, with no plans to relist equity on major exchanges.

• Management remains focused on leveraging core strengths and driving long-term value creation while awaiting regulatory approvals for the reorganization plan.