Saga Communications (NASDAQ:SGA) reported a net loss for the fourth quarter of 2025, primarily driven by a multi-million dollar non-cash impairment charge that wiped out the company's remaining goodwill.
The Grosse Pointe Farms, Michigan-based broadcaster posted a net loss of $6.9 million, or $1.07 per share, for the quarter ended Dec. 31, 2025.
This compares to a net income of $1.3 million in the same period a year ago.
The reversal was triggered by a $20.4 million impairment of goodwill and FCC licenses, a move management attributed to softer-than-anticipated radio advertising growth and updated market projections.
Excluding these charges, the company reported adjusted earnings of $1.27 per share.
Net operating revenue for the quarter fell 9.3% to $26.5 million, reflecting broader headwinds in the traditional radio market.
However, the company’s digital segment remained a bright spot, with digital revenue climbing 25.8% to $4.3 million.
For the full year, Saga reported a net loss of $7.9 million on total revenue of $107.1 million.
The financial results come at a period of transition for the company's leadership.
Chief Executive Officer Christopher S. Forgy recently began a temporary medical leave of absence, with Chief Operating Officer Wayne Leland and Chief Financial Officer Samuel D. Bush managing his responsibilities in the interim.