Boston Omaha Corporation ( BOC ) shares are trading lower on Thursday after the company released its first-quarter 2025 financial results.

What To Know: While the company reported a narrowed net loss compared to the prior year, the results showed modest revenue growth and limited signs of near-term acceleration, leading to a muted investor response.

Total revenue for the quarter came in at $27.7 million, up from $25.6 million in the same quarter last year. This increase was driven by slight gains in broadband services, premium insurance earnings and billboard rentals. However, the company still reported a net loss attributable to common shareholders of $669,285 or two cents per share, compared to a $2.8 million loss, or nine cents per share, a year ago. Operating losses and non-cash charges from equity method investments, including Sky Harbour, continued to weigh on results.

While Boston Omaha ( BOC ) did post $2.6 million in positive operating cash flow, investor sentiment likely reflected concerns over the lack of clear profitability and the limited impact of asset sales and investment gains. The company also reported a book value per share of $16.95, slightly down from $16.99 at the end of 2024, which may have further dampened enthusiasm.

Despite holding over $44 million in unrestricted cash and investments, the company’s equity method investment in Sky Harbour and other fair value adjustments in real estate funds contributed to ongoing volatility in net results. With no updated forward guidance or major strategic changes highlighted, the quarterly report failed to shift investor expectations, and the stock sold off accordingly.

BOC Price Action: Boston Omaha ( BOC ) shares were down 5.68% at $14.46 at the time of publication on Thursday, according to Benzinga Pro.

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