BuzzFeed Inc. (NASDAQ: BZFD) reported fourth quarter 2025 revenue of $56.5 million, a slight increase of 0.6% compared to the same period in 2024, according to a company press release. Full year revenue declined 2.4% to $185.3 million.

The digital media company posted a net loss from continuing operations of $26.8 million for the fourth quarter, compared to a loss of $4.1 million in the prior year period. The larger loss included a $30.2 million non-cash goodwill impairment charge driven by declining share price.

BuzzFeed showed improvement in adjusted EBITDA, reporting $8.8 million positive for the full year, a 61.4% increase from 2024. Fourth quarter adjusted EBITDA was $12.0 million compared to $10.9 million in the prior year period.

The company's studio business expanded significantly, delivering three feature films during 2025, with studio revenue nearly tripling to $16.1 million. Programmatic advertising grew 7.4% year-over-year to $69.6 million for the full year.

However, BuzzFeed disclosed substantial doubt about its ability to continue as a going concern. The company reported unrestricted cash of $8.5 million as of December 31, 2025, and stated it anticipates insufficient resources to fund cash obligations for the next 12 months without additional capital.

BuzzFeed has $45 million in outstanding debt under a credit agreement, with $5 million that was due in February 2026 now extended through April 30, 2026. The company is exploring strategic options to address its liquidity challenges and value gap between individual assets and market capitalization.

Management withheld 2026 financial guidance while evaluating strategic opportunities, stating they expect to provide updates on direction and outlook in coming quarters.