URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS

NEWS RELEASE November 4, 2025 Contact: Peter D. Thompson, EVP and CFO FOR IMMEDIATE RELEASE (301) 429-4638 Silver Spring, MD URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS Silver Spring, MD: - Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the three months ended September 30, 2025. For the three months ended September 30, 2025, net revenue was approximately $92.7 million, a decrease of 16.0% from the same period in 2024. The Company reported operating income of approximately $2.5 million for the three months ended September 30, 2025, compared to an operating loss of approximately $26.2 million for the three months ended September 30, 2024. Broadcast and digital operating income1 was approximately $20.0 million for the three months ended September 30, 2025, a decrease of 43.6% from the same period in 2024. Net loss was approximately $2.8 million or $(0.06) per share (basic) for the three months ended September 30, 2025 compared to net loss of approximately $31.8 million or $(0.68) per share (basic) for the same period in 2024. Adjusted EBITDA2 was approximately $14.2 million for the three months ended September 30, 2025, compared to approximately $25.4 million for the same period in 2024. Alfred C. Liggins, III, Urban One’s CEO and President stated, "Third quarter results came in slightly softer than expected across the board. Core radio, excluding political, finished down 8.1%, and our Radio segment is currently pacing down 30.2% all-in and 6.4% ex political for the fourth quarter of 2025. Revenues at our Reach Media and Digital segments were down 40.0% and 30.0% respectively, which was on the lower end of expectations. Cable TV advertising was down 5.4% and affiliate revenue was down 9.1% driven by continuing subscriber churn. In light of the soft overall market conditions, we are reducing our full year guidance from $60.0 million of Adjusted EBITDA2 to $56.0 to $58.0 million. Our focus remains on controlling costs, managing debt, leverage and liquidity. During the third quarter of 2025, we repurchased $4.5 million of our 2028 Notes at an average price of approximately 52.0% of par, reducing our outstanding debt balance to $487.8 million." PAGE 2-- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (unaudited) (unaudited) CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share data) (in thousands, except share data) NET REVENUE $ 92,677 $ 110,393 $ 276,543 $ 332,547 OPERATING EXPENSES Programming and technical, excluding stock-based compensation 34,705 33,911 93,950 99,826 Selling, general and administrative, excluding stock-based compensation(a) 48,993 53,466 148,591 169,174 Stock-based compensation 365 1,152 1,615 3,615 Depreciation and amortization 6,104 1,238 11,942 6,081 Impairment of goodwill and intangible assets — 46,823 136,521 127,581 Total operating expenses 90,167 136,590 392,619 406,277 Operating income (loss) 2,510 (26,197) (116,076) (73,730) INTEREST AND INVESTMENT INCOME 512 1,088 2,094 4,863 INTEREST EXPENSE (9,448) (11,649) (30,076) (37,051) GAIN ON RETIREMENT OF DEBT 2,125 3,472 44,009 18,771 OTHER INCOME, NET 359 74 675 974 Loss from consolidated operations before benefit from income taxes (3,942) (33,212) (99,374) (86,173) BENEFIT FROM INCOME TAXES 1,121 1,814 6,845 17,824 NET LOSS FROM CONSOLIDATED OPERATIONS (2,821) (31,398) (92,529) (68,349) LOSS FROM UNCONSOLIDATED JOINT VENTURE — — — (411) NET LOSS (2,821) (31,398) (92,529) (68,760) NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 9 400 (55) 976 NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (2,830) $ (31,798) $ (92,474) $ (69,736) Weighted-average shares outstanding - basic3 44,366,979 47,105,290 44,631,511 48,614,438 Weighted-average shares outstanding - diluted4 44,366,979 47,105,290 44,631,511 48,614,438 (a) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations. PAGE 3 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS Effective January 1, 2025, the Company modified the composition of two of our reportable segments to reflect changes in how they operate their business. The Company transferred the connected television ("CTV") offering within our Digital segment to our Cable Television segment. This change aligns the CTV offering with the results of operations within our Cable Television segment. Prior period Cable Television and Digital segment information has been reclassified to conform to the current period presentation. In addition, prior period segment information has been recast between the Sales and marketing and the General and administrative to conform the presentation of significant segment expenses used to evaluate performance by the Chief Operating Decision Maker ("CODM"). Detailed segment data for the three and nine months ended September 30, 2025 and 2024 is presented in the following tables: Three Months Ended September 30, 2025 (in thousands) Consolidated Radio Broadcasting Reach Media Digital Cable Television Corporate/ Eliminations/ Other NET REVENUE $ 92,677 $ 34,725 $ 6,147 $ 12,696 $ 39,790 $ (681) Less: Programming and technical 34,705 14,275 3,089 3,238 14,267 (164) Sales and marketing 28,234 10,699 2,624 8,245 7,161 (495) General and administrative 20,759 7,011 726 484 3,852 8,686 Add back: Severance-related costs 1,620 1,223 83 35 6 273 Litigation settlement costs (c) 3,078 3,078 — — — — Other costs(d) 524 77 — — — 447 Adjusted EBITDA2 $ 14,201 $ 7,118 $ (209) $ 764 $ 14,516 $ (7,988) Three Months Ended September 30, 2024 (in thousands) Consolidated Radio Broadcasting Reach Media Digital (a) Cable Television (a) Corporate/ Eliminations/ Other NET REVENUE $ 110,393 $ 39,716 $ 10,247 $ 18,291 $ 42,797 $ (658) Less: Programming and technical 33,911 11,779 3,700 3,481 15,177 (226) Sales and marketing (b) 29,758 13,896 1,346 8,147 6,800 (431) General and administrative (b) 23,708 8,006 916 660 3,933 10,193 Add back/(deduct): Severance-related costs 251 145 — — — 106 Other costs (income)(d) 2,147 1,215 (742) (720) — 2,394 Adjusted EBITDA2 $ 25,414 $ 7,395 $ 3,543 $ 5,283 $ 16,887 $ (7,694) PAGE 4 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS Nine Months Ended September 30, 2025 (in thousands) Consolidated Radio Broadcasting Reach Media Digital Cable Television Corporate/ Eliminations/ Other NET REVENUE $ 276,543 $ 104,028 $ 17,315 $ 33,162 $ 124,053 $ (2,015) OPERATING EXPENSES: Programming and technical 93,950 35,561 9,635 9,692 39,548 (486) Sales and marketing 85,620 35,634 7,802 21,604 22,088 (1,508) General and administrative 62,971 20,434 2,487 1,229 11,258 27,563 Add back/(deduct): Severance-related costs 1,839 1,300 198 37 6 298 Litigation settlement costs (c) 3,078 3,078 — — — — Other costs (income)(d) 2,099 127 — 2 (1) 1,971 Adjusted EBITDA2 $ 41,018 $ 16,904 $ (2,411) $ 676 $ 51,164 $ (25,315) Nine Months Ended September 30, 2024 (in thousands) Consolidated Radio Broadcasting Reach Media Digital (a) Cable Television (a) Corporate/ Eliminations/ Other NET REVENUE $ 332,547 $ 118,066 $ 37,648 $ 44,551 $ 134,113 $ (1,831) Less: Programming and technical 99,826 34,543 10,824 10,504 44,690 (735) Sales and marketing (b) 98,238 38,451 14,571 21,342 25,247 (1,373) General and administrative (b) 70,936 23,733 2,679 1,641 12,056 30,827 Add back/(deduct): Severance-related costs 831 264 — — 89 478 Other costs (income)(d) 12,215 922 (743) (720) — 12,756 Adjusted EBITDA2 $ 76,593 $ 22,525 $ 8,831 $ 10,344 $ 52,209 $ (17,316) (a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from the Digital segment to the Cable Television segment. (b) Effective January 1, 2025, prior period segment information has been recast between Sales and marketing and General and administrative to conform the presentation of significant expenses used to evaluate performance by the CODM. (c) Non-recurring litigation settlement costs include an approximately $3.1 million charge related to the rate increase for royalties for historical periods due to the Radio Music Licensing Committee's settled litigation with Broadcast Music, Inc. and the American Society of Composers Authors and Publishers in August 2025. (d) Other costs (income) include the remaining non-recurring costs (income) used to arrive at Adjusted EBITDA. PAGE 5 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 PER SHARE DATA - basic and diluted: (in thousands, except per share data) (in thousands, except per share data) Net loss attributable to common stockholders (basic) $ (0.06) $ (0.68) $ (2.07) $ (1.43) Net loss attributable to common stockholders (diluted) $ (0.06) $ (0.68) $ (2.07) $ (1.43) Broadcast and digital operating income $ 19,958 $ 35,370 $ 68,638 $ 101,580 Broadcast and digital operating income reconciliation: Net loss attributable to common stockholders $ (2,830) $ (31,798) $ (92,474) $ (69,736) Add back/(deduct) certain non-broadcast and digital operating income items included in net loss: Interest and investment income (512) (1,088) (2,094) (4,863) Interest expense 9,448 11,649 30,076 37,051 Benefit from income taxes (1,121) (1,814) (6,845) (17,824) Corporate selling, general and administrative expenses, excluding stock-based compensation 10,979 12,354 34,636 38,033 Stock-based compensation 365 1,152 1,615 3,615 Gain on retirement of debt (2,125) (3,472) (44,009) (18,771) Other income, net (359) (74) (675) (974) Loss from unconsolidated joint venture — — — 411 Depreciation and amortization 6,104 1,238 11,942 6,081 Net income (loss) attributable to non-controlling interests 9 400 (55) 976 Impairment of goodwill and intangible assets — 46,823 136,521 127,581 Broadcast and digital operating income $ 19,958 $ 35,370 $ 68,638 $ 101,580 Adjusted EBITDA2 $ 14,201 $ 25,414 $ 41,018 $ 76,593 Adjusted EBITDA2 reconciliation: Net loss attributable to common stockholders $ (2,830) $ (31,798) $ (92,474) $ (69,736) Interest and investment income (512) (1,088) (2,094) (4,863) Interest expense 9,448 11,649 30,076 37,051 Benefit from income taxes (1,121) (1,814) (6,845) (17,824) Depreciation and amortization 6,104 1,238 11,942 6,081 EBITDA $ 11,089 $ (21,813) $ (59,395) $ (49,291) Stock-based compensation 365 1,152 1,615 3,615 Gain on retirement of debt (2,125) (3,472) (44,009) (18,771) Other income, net (359) (74) (675) (974) Loss from unconsolidated joint venture — — — 411 Net income (loss) attributable to non-controlling interests 9 400 (55) 976 Corporate costs(a) 524 1,385 1,633 10,232 Litigation settlement costs(b) 3,078 — 3,078 — Severance-related costs 1,620 251 1,839 831 Impairment of goodwill and intangible assets — 46,823 136,521 127,581 Loss from ceased non-core businesses initiatives(c) — 762 466 1,983 Adjusted EBITDA2 $ 14,201 $ 25,414 $ 41,018 $ 76,593 (a) Corporate costs primarily include professional fees related to the material weakness remediation efforts. (b) Non-recurring litigation settlement costs include an approximately $3.1 million charge related to the rate increase for royalties for historical periods due to the Radio Music Licensing Committee's settled litigation with Broadcast Music, Inc. and the American Society of Composers Authors and Publishers in August 2025. (c) In 2024, we made an immaterial change to the definition of Adjusted EBITDA2 by adding back the loss from ceased non-core operations. All historical periods were recast to reflect this immaterial change. PAGE 6 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS September 30, 2025 December 31, 2024 (in thousands) SELECTED CONSOLIDATED BALANCE SHEET DATA: (Unaudited) Cash and cash equivalents and restricted cash $ 79,810 $ 137,574 Intangible assets, net(a) 340,185 490,024 Total assets 723,476 944,790 Total debt (including current portion, net of issuance costs) 484,278 579,069 Total liabilities 642,058 765,857 Total stockholders' equity 78,832 170,945 Redeemable non-controlling interests 2,586 7,988 (a) Intangible assets, net include Goodwill, Radio Broadcasting Licenses, net, Other Intangible Assets, net, and Launch Assets. September 30, 2025 Applicable Interest Rate SELECTED LEVERAGE DATA: (in thousands) 7.375% senior secured notes due February 2028, net of issuance costs of approximately $3.6 million (fixed rate) $ 484,278 7.375 % Cautionary Note Regarding Forward-Looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, some of which are beyond Urban One's control, which may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One’s reports on Forms 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the “SEC”). Urban One does not undertake any duty to update any forward-looking statements. PAGE 7 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS For the three months ended September 30, 2025, we recognized approximately $92.7 million in net revenue compared to approximately $110.4 million during the three months ended September 30, 2024. These amounts are net of agency commissions. We recognized approximately $34.7 million of revenue from our Radio Broadcasting segment during the three months ended September 30, 2025, compared to approximately $39.7 million for the three months ended September 30, 2024, a decrease of approximately $5.0 million primarily driven by weaker overall market demand from the national and local advertisers and non-returning political revenues. We recognized approximately $6.1 million of revenue from our Reach Media segment during the three months ended September 30, 2025, compared to approximately $10.2 million for the three months ended September 30, 2024, a decrease of approximately $4.1 million. The decrease was primarily driven by a decrease in national sales. We recognized approximately $12.7 million of revenue from our Digital segment during the three months ended September 30, 2025, compared to approximately $18.3 million during the three months ended September 30, 2024, a decrease of approximately $5.6 million. This decrease was primarily driven by the decrease in direct revenue streams and political revenue. We recognized approximately $39.8 million of revenue from our Cable Television segment during the three months ended September 30, 2025, compared to approximately $42.8 million during the three months ended September 30, 2024, a decrease of approximately $3.0 million. The decrease was primarily driven by the churn of subscribers and lower advertising sales. The following charts indicate the sources of our net revenue for the three months and year ended September 30, 2025: Three Months Ended September 30, 2025 2024 $ Change % Change Net revenue: (in thousands) Radio advertising $ 38,123 $ 44,991 $ (6,868) (15.3) % Political advertising 201 3,547 (3,346) (94.3)% Digital advertising(a) 12,685 17,327 (4,642) (26.8)% Cable Television advertising(a) 22,674 23,975 (1,301) (5.4)% Cable Television affiliate fees 17,089 18,808 (1,719) (9.1)% Event revenues & other 1,905 1,745 160 9.2% Net revenue $ 92,677 $ 110,393 $ (17,716) (16.0) % Nine Months Ended September 30, 2025 2024 $ Change % Change Net revenue: (in thousands) Radio advertising $ 112,967 $ 131,753 $ (18,786) (14.3) % Political advertising 594 6,935 (6,341) (91.4)% Digital advertising(a) 33,148 43,209 (10,061) (23.3)% Cable Television advertising(a) 71,076 75,104 (4,028) (5.4)% Cable Television affiliate fees 52,867 58,910 (6,043) (10.3)% Event revenues & other 5,891 16,636 (10,745) (64.6)% Net revenue $ 276,543 $ 332,547 $ (56,004) (16.8) % (a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from the Digital segment to the Cable Television segment. PAGE 8 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill and intangible assets, were approximately $83.7 million for the three months ended September 30, 2025, compared to approximately $87.4 million for the comparable period in 2024. The overall decrease in operating expenses was primarily due to lower expenses across most segments and lower third-party professional fees. There was no impairment of goodwill and intangible assets during the three months ended September 30, 2025. The Company recorded impairment of goodwill and intangible assets of approximately $46.8 million for the three months ended September 30, 2024. The impairment loss of approximately $46.8 million during the three months ended September 30, 2024 was associated with the impairment of broadcasting licenses within the Radio Broadcasting segment and the TV One Trade Name. The primary factors leading to the impairments were an increase in discount rate, continued decline of projected gross market revenues for Radio Broadcasting, projected revenues for TV One and a decline in operating profit margin. Depreciation and amortization expense was approximately $6.1 million for the three months ended September 30, 2025, compared to approximately $1.2 million for the three months ended September 30, 2024, an increase of approximately $4.9 million due to the TV One Trade Name amortization and radio broadcasting license amortization as a result of the Company's change from indefinite-lived to a finite-lived intangible asset in 2025. Interest and investment income was approximately $0.5 million for the three months ended September 30, 2025, compared to approximately $1.1 million for the three months ended September 30, 2024. The decrease was driven by lower cash and cash equivalents balances during the three months ended September 30, 2025, than in the corresponding period in 2024. Interest expense was approximately $9.4 million for the three months ended September 30, 2025, compared to approximately $11.6 million for the three months ended September 30, 2024, a decrease of approximately $2.2 million. During the three months ended September 30, 2025, the Company repurchased approximately $4.5 million of its 2028 Notes at a weighted average price of approximately 52.0% of par, resulting in a net gain on retirement of debt of approximately $2.1 million. For the three months ended September 30, 2025, we recorded a benefit from income taxes of approximately $1.1 million on the pre-tax loss of approximately $3.9 million resulting with an annual effective tax rate of 28.4%. For the three months ended September 30, 2024, we recorded a benefit from income taxes of approximately $1.8 million on pre-tax loss of approximately $33.2 million resulting with an annual effective tax rate of 5.5%. This rate includes $2.9 million of discrete tax expense primarily related to return to provision adjustments, changes in valuation allowance for certain of our state net operation losses, and stock-based compensation. Other pertinent financial information includes capital expenditures of approximately $3.1 million and $1.6 million for the three months ended September 30, 2025 and 2024, respectively. During the three months ended September 30, 2025, the Company repurchased 176,591 shares of Class A Common Stock of approximately $0.3 million at an average price of $1.75 per share. During the three months ended September 30, 2025, the Company repurchased 592,822 shares of Class D Common Stock in the amount of approximately $0.4 million at an average price of $0.73 per share. During the three months ended September 30, 2024, the Company repurchased 1,015,023 shares of Class A Common Stock in the amount of approximately $2.0 million at an average price of $2.01 per share and repurchased 586,989 shares of Class D Common Stock in the amount of approximately $0.8 million at an average price of $1.31 per share. Supplemental Financial Information: For comparative purposes, the following more detailed statements of operations for the three months September 30, 2025 are included. PAGE 9 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS Three Months Ended September 30, 2025 (in thousands) Consolidated Radio Broadcasting Reach Media Digital Cable Television All Other - Corporate/ Eliminations NET REVENUE $ 92,677 $ 34,725 $ 6,147 $ 12,696 $ 39,790 $ (681) OPERATING EXPENSES: Programming and technical 34,705 14,275 3,089 3,238 14,267 (164) Selling, general and administrative (a) 48,993 17,710 3,350 8,729 11,013 8,191 Stock-based compensation 365 141 23 48 7 146 Depreciation and amortization 6,104 4,807 37 393 689 178 Total operating expenses 90,167 36,933 6,499 12,408 25,976 8,351 Operating income (loss) 2,510 (2,208) (352) 288 13,814 (9,032) INTEREST AND INVESTMENT INCOME 512 — — — — 512 INTEREST EXPENSE (9,448) (2) — — — (9,446) GAIN ON RETIREMENT OF DEBT 2,125 — — — — 2,125 OTHER INCOME, NET 359 350 — — — 9 (Loss) income from consolidated operations before benefit from (provision for) income taxes (3,942) (1,860) (352) 288 13,814 (15,832) BENEFIT FROM (PROVISION FOR) INCOME TAXES 1,121 5,314 245 314 (3,021) (1,731) NET (LOSS) INCOME (2,821) 3,454 (107) 602 10,793 (17,563) NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 9 — 9 — — — NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (2,830) $ 3,454 $ (116) $ 602 $ 10,793 $ (17,563) Adjusted EBITDA2 $ 14,201 $ 7,118 $ (209) $ 764 $ 14,516 $ (7,988) (a) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations. PAGE 10 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS Three Months Ended September 30, 2024 (in thousands) Consolidated Radio Broadcasting Reach Media Digital (a) Cable Television (a) All Other - Corporate/ Eliminations NET REVENUE $ 110,393 $ 39,716 $ 10,247 $ 18,291 $ 42,797 $ (658) OPERATING EXPENSES: Programming and technical 33,911 11,779 3,700 3,481 15,177 (226) Selling, general and administrative (b, c) 53,466 21,902 2,263 8,806 10,733 9,762 Stock-based compensation 1,152 125 28 56 21 922 Depreciation and amortization 1,238 509 39 401 47 242 Impairment of goodwill and intangible assets 46,823 37,734 — — 9,089 — Total operating expenses 136,590 72,049 6,030 12,744 35,067 10,700 Operating (loss) income (26,197) (32,333) 4,217 5,547 7,730 (11,358) INTEREST AND INVESTMENT INCOME 1,088 — — — — 1,088 INTEREST EXPENSE (11,649) (58) — — — (11,591) GAIN ON RETIREMENT OF DEBT 3,472 — — — — 3,472 OTHER INCOME (LOSS), NET 74 (12) — — — 86 (Loss) income from consolidated operations before benefit from (provision for) income taxes (33,212) (32,403) 4,217 5,547 7,730 (18,303) BENEFIT FROM (PROVISION FOR) INCOME TAXES 1,814 2,344 (941) (380) (1,218) 2,009 NET (LOSS) INCOME (31,398) (30,059) 3,276 5,167 6,512 (16,294) NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 400 — — — — 400 NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (31,798) $ (30,059) $ 3,276 $ 5,167 $ 6,512 $ (16,694) Adjusted EBITDA2 $ 25,414 $ 7,395 $ 3,543 $ 5,283 $ 16,887 $ (7,694) (a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from Digital to Cable Television. (b) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations. (c) Effective January 1, 2025, prior period segment information has been realigned between the Sales and marketing and the General and administrative significant segment expenses in this Quarterly Report on Form 10-Q. This provides the CODM with a more appropriate alignment of significant segment expenses used to evaluate segment performance. PAGE 11 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS Nine Months Ended September 30, 2025 (in thousands) Consolidated Radio Broadcasting Reach Media Digital Cable Television All Other - Corporate/ Eliminations NET REVENUE $ 276,543 $ 104,028 $ 17,315 $ 33,162 $ 124,053 $ (2,015) OPERATING EXPENSES: Programming and technical 93,950 35,561 9,635 9,692 39,548 (486) Selling, general and administrative (a) 148,591 56,068 10,289 22,833 33,346 26,055 Stock-based compensation 1,615 382 69 206 496 462 Depreciation and amortization 11,942 8,081 104 1,172 2,079 506 Impairment of goodwill and intangible assets 136,521 131,630 — 4,891 — — Total operating expenses 392,619 231,722 20,097 38,794 75,469 26,537 Operating (loss) income (116,076) (127,694) (2,782) (5,632) 48,584 (28,552) INTEREST AND INVESTMENT INCOME 2,094 — — — — 2,094 INTEREST EXPENSE (30,076) (6) (145) — — (29,925) GAIN ON RETIREMENT OF DEBT 44,009 — — — — 44,009 OTHER INCOME, NET 675 458 — — — 217 (Loss) income from consolidated operations before benefit from (provision for) income taxes (99,374) (127,242) (2,927) (5,632) 48,584 (12,157) BENEFIT FROM (PROVISION FOR) INCOME TAXES 6,845 34,983 243 2,498 (10,595) (20,284) NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS (92,529) (92,259) (2,684) (3,134) 37,989 (32,441) NET (LOSS) INCOME (92,529) (92,259) (2,684) (3,134) 37,989 (32,441) NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (55) — (55) — — — NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (92,474) $ (92,259) $ (2,629) $ (3,134) $ 37,989 $ (32,441) Adjusted EBITDA2 $ 41,018 $ 16,904 $ (2,411) $ 676 $ 51,164 $ (25,315) (a) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations. PAGE 12 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS Nine Months Ended September 30, 2024 (in thousands) Consolidated Radio Broadcasting Reach Media Digital (a) Cable Television (a) All Other - Corporate/ Eliminations NET REVENUE $ 332,547 $ 118,066 $ 37,648 $ 44,551 $ 134,113 $ (1,831) OPERATING EXPENSES: Programming and technical 99,826 34,543 10,824 10,504 44,690 (735) Selling, general and administrative (b, c) 169,174 62,184 17,251 22,982 37,304 29,453 Stock-based compensation 3,615 362 78 138 811 2,226 Depreciation and amortization 6,081 3,470 121 1,215 348 927 Impairment of goodwill and intangible assets 127,581 118,492 — — 9,089 — Total operating expenses 406,277 219,051 28,274 34,839 92,242 31,871 Operating (loss) income (73,730) (100,985) 9,374 9,712 41,871 (33,702) INTEREST AND INVESTMENT INCOME 4,863 — — — — 4,863 INTEREST EXPENSE (37,051) (175) — — — (36,876) GAIN ON RETIREMENT OF DEBT 18,771 — — — — 18,771 OTHER INCOME (LOSS), NET 974 (11) — — — 985 (Loss) income from consolidated operations before benefit from (provision for) income taxes (86,173) (101,171) 9,374 9,712 41,871 (45,959) BENEFIT FROM (PROVISION FOR) INCOME TAXES 17,824 22,423 (2,114) 843 (8,082) 4,754 NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS (68,349) (78,748) 7,260 10,555 33,789 (41,205) LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax (411) — — — — (411) NET (LOSS) INCOME (68,760) (78,748) 7,260 10,555 33,789 (41,616) NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 976 — — — — 976 NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (69,736) $ (78,748) $ 7,260 $ 10,555 $ 33,789 $ (42,592) Adjusted EBITDA2 $ 76,593 $ 22,525 $ 8,831 $ 10,344 $ 52,209 $ (17,316) (a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from Digital to Cable Television. (b) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations. (c) Effective January 1, 2025, prior period segment information has been realigned between the Sales and marketing and the General and administrative significant segment expenses in this Quarterly Report on Form 10-Q. This provides the CODM with a more appropriate alignment of significant segment expenses used to evaluate segment performance. PAGE 13 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS Urban One, Inc. will hold a conference call to discuss its results for the third fiscal quarter of 2025. The conference call is scheduled for Tuesday November 4, 2025 at 10:00 a.m. EST. To participate on this call, U.S. callers may dial toll-free (+1) 888-596-4144; international callers may dial direct (+1) 646-968-2525. The Access Code is 7822067. A replay of the conference call will be available from 2:00 p.m. EST November 4, 2025 until 11:59 p.m. EST November 14, 2025. Callers may access the replay by calling (+1) 800-770-2030; international callers may dial direct (+1) 609-800-9909. The replay Access Code is 7822067. Access to live audio and a replay of the conference call will also be available on Urban One's corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call. Urban One Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 35 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform, and inspire a diverse audience of adult Black viewers. As of September 30, 2025, the Company owned and/or operated 74 independently formatted, revenue producing broadcast stations (including 57 FM or AM stations, 15 HD stations, and the 2 low power television stations the Company operates), located in 13 of the most populous African-American markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African American and urban audiences. Notes: 1“Broadcast and digital operating income”: The Radio Broadcasting industry commonly refers to “station operating income” which consists of net (loss) income before depreciation and amortization, income taxes, interest expense, interest and investment income, non-controlling interests in income of subsidiaries, other income, net, loss from unconsolidated joint venture, corporate selling, general and administrative expenses, stock-based compensation, impairment of intangible assets, and (gain) loss on retirement of debt. However, given the diverse nature of our business, station operating income is not truly reflective of our multi-media operation and, therefore, we use the term “broadcast and digital operating income.” Broadcast and digital operating income is not a measure of financial performance under GAAP. Nevertheless, broadcast and digital operating income is a significant measure used by our management to evaluate the operating performance of our core operating segments. Broadcast and digital operating income provides helpful information about our results of operations, apart from expenses associated with our fixed assets and goodwill and intangible assets, income taxes, investments, impairment charges, debt financings and retirements, corporate overhead, and stock-based compensation. Our measure of broadcast and digital operating income is similar to industry use of station operating income; however, it reflects our more diverse business and therefore is not completely analogous to “station operating income” or other similarly titled measures as used by other companies. Broadcast and digital operating income does not represent operating income or loss, or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as an alternative to those measurements as an indicator of our performance. 2“Adjusted EBITDA": Adjusted EBITDA consists of net loss plus (1) depreciation and amortization, income taxes, interest expense, net income (loss) attributable to non-controlling interests, impairment of goodwill and intangible assets, stock-based compensation, (gain) loss on retirement of debt, corporate costs, non-recurring litigation settlement costs, severance-related costs, investment income, loss from unconsolidated joint venture, loss from ceased non-core business initiatives less (2) other income, net and interest and investment income. Net loss before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as “EBITDA.” Adjusted EBITDA and EBITDA are not measures of financial performance under GAAP. We believe Adjusted EBITDA is often a useful measure of a company’s operating performance and is a significant measure used by our management to evaluate the operating performance of our business. Accordingly, based on the previous description of Adjusted EBITDA, we believe that it provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and goodwill and intangible assets, or capital structure. Adjusted EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four of our operating segments (Radio Broadcasting, Reach Media, Digital, and Cable Television). Business activities unrelated to these four segments are included in "Corporate/Eliminations/ Other" line item in the reconciliation to the pre-tax income. Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as alternatives to those measurements as an indicator of our performance. We also present Adjusted EBITDA as net revenue less (1) programming and technical, (2) sales and marketing, (3) general and administrative operating expenses, plus (4) severance-related costs, (5) non-recurring litigation settlement costs, and (6) other costs (income). 3For the three months ended September 30, 2025 and 2024, Urban One had 44,366,979 and 47,105,290 shares of common stock outstanding on a weighted average basis (basic), respectively. For the nine months ended September 30, 2025 and 2024, Urban One had 44,631,511 and 48,614,438 shares of common stock outstanding on a weighted average basis (basic), respectively. 4For the three months ended September 30, 2025 and 2024, Urban One had 44,366,979 and 47,105,290 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. For the nine months ended September 30, 2025 and 2024, Urban One had 44,631,511 and 48,614,438 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively.