Boston Omaha Corporation
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsBoston Omaha Corporation is a NYSE-listed holding company operating outdoor billboard advertising and broadband services in the U.S., with a pending sale of its surety insurance subsidiary.
What they do
BOC operates outdoor billboard advertising through its Link subsidiary and broadband services, and until recently ran surety insurance through its General Indemnity Group (GIG) subsidiary. It also holds minority investments in commercial real estate management and brokerage, a bank focused on automotive loans, and a private aviation hangar developer. On May 18, 2026, the company agreed to sell 100% of GIG to CopperPoint Insurance Company for approximately $84.3 million, and GIG is now reported as discontinued operations.
Revenue drivers
- Broadband Services — The larger of the two continuing reporting lines, generating $10.5 million in Q2 2026 revenue versus $10.2 million in Q2 2025.
- Billboard Rentals, Net — The outdoor advertising line through the Link subsidiary, producing $11.7 million in Q2 2026 revenue versus $11.4 million in the prior-year quarter.
- Investment and Other Income — A negligible revenue line, posting no revenue in Q2 2026 and $4 thousand in Q2 2025.
- Surety Insurance (GIG, discontinued) — The GIG insurance and brokerage operations are being held for sale and reported as discontinued operations, not in continuing revenue.
Recent performance
Q2 2026 total revenues were $22.2 million versus $21.7 million in Q2 2025, with billboard rentals up to $11.7 million and broadband services up to $10.5 million. The company reported a net loss from operations of $0.6 million and net other expense of $2.5 million, which included a $1.9 million unrealized loss on Sky Harbour warrants. The net loss attributable to common stockholders was $1.6 million, or $0.05 per share, versus a $2.3 million loss, or $0.07 per share, in Q2 2025. For the first half of 2026, revenue was $43.9 million and the net loss attributable to common stockholders was $3.8 million, or $0.12 per share.
Strategy
The company is narrowing its focus to two continuing operating businesses, billboard advertising and broadband services, following the agreement to sell GIG for approximately $84.3 million. It retains minority investments in commercial real estate management and brokerage, a bank serving the automotive loan market, and a private aviation hangar developer. It also holds a 14.8% equity-method stake in Sky Harbour Group Corporation, and its noncontrolling interests relate to third-party capital in its Build for Rent Fund and 24th Street commercial real estate funds. Management directs investors to a supplemental presentation for additional business metrics across the three principal business units and investments.
Risks
- Persistent operating losses — BOC reported a net loss from operations of $0.6 million in Q2 2026 and a $1.2 million operating loss for the first half of 2026.
- GIG sale execution — The roughly $84.3 million sale of GIG to CopperPoint requires regulatory and other approvals and is expected to close in the second half of 2026.
- Investment losses — Q2 2026 net other expense included a $1.9 million unrealized loss on Sky Harbour warrants held by Boston Omaha.
- SEC filer status change — BOC became a non-accelerated filer for 2026 and became ineligible for smaller reporting company requirements starting with its Q1 2026 Form 10-Q.
Outlook
Management expects the GIG sale to close in the second half of 2026, subject to regulatory and other approvals. Following the transaction, the continuing business would consist primarily of billboard advertising and broadband services. The company points shareholders to its supplemental presentation for additional metrics on its business units and investments.