That increase included a 35.5% increase in digital revenue, which now makes up 14% of Beasley’s total revenue. Comparing Q1 revenue to the pre-pandemic year of 2019, revenue was down $2 million, or 3.4%. Total revenue in the quarter was $55.7 million.
Beasley reported an operating loss of $2.7 million in the first quarter of 2022 compared to an operating loss of $2.5 million in the first quarter of 2021. The increase in operating loss is primarily the result of an increase in operating expenses, which reflects additional cost of sales related to the revenue increase, other expenses related to sports and marketing, and additional expenses related to the company’s digital agency build out. Operating loss in the three months ended March 31, 2022 reflects a $1.9 million non-cash impairment loss related to the sale of WWNN-AM in Boca Raton on April 1, 2022.
Beasley CEO Caroline Beasley said, “I am extremely proud of our team members across the Company for everything they have done and are doing to help us move past the challenges presented by the pandemic. We have clearly accomplished a lot and I believe we have many more opportunities ahead to build the Company and enhance stockholder value.”