BuzzFeed Issues Going Concern Warning, Lacks Liquidity For Coming Year

The digital media company said it has broadly operated at a loss since its conception and is burdened by legacy commitments

BuzzFeed warned that it lacks the resources to fund its cash obligations during the next year without a plan to address its capital needs.

The digital media company has broadly operated at a loss since its conception and is burdened by legacy commitments, Chief Financial Officer Matt Omer said Thursday. The company has engaged in strategic conversations to unlock the value of its assets and address liquidity issues, and is exploring strategic options to position itself for profitability, he said.

“We believe there is a gap between the value of our individual assets and our market capitalization that suggests significant unrecognized upside,” Chief Executive Jonah Peretti said.

Shares tumbled 16% to 60 cents a share in post-market trading following the statement. The company received a noncompliance warning from Nasdaq that it failed to meet the exchange’s minimum bid requirement earlier this month.

BuzzFeed ended 2025 with unrestricted cash and cash equivalents of $8.5 million and an accumulated deficit of $679.6 million.

BuzzFeed previously issued a warning about its ability to continue as a going concern in May, and took out a $40 million loan to fully repay its obligations to certain debtholders. That concern was resolved by September, the company said in a filing with the Securities and Exchange Commission.

The company borrowed an incremental $5 million following the loan, and said Thursday it pushed back a $5 million payment initially due in February to the end of April.

BuzzFeed reported a fourth-quarter loss of $26.8 million, or 72 cents a share. A year earlier, the company had reported a profit of $31 million, including $35.2 million in income from discontinued operations, and logged an 11 cent loss per share.

Revenue was $56.5 million, compared with $56.2 million a year earlier.

The company said it is withholding its full-year guidance is it evaluates strategic opportunities.

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Elias Schisgall covers breaking corporate news for The Wall Street Journal. A New York native, he recently covered labor and employment law for Bloomberg Law in Arlington, Va. Prior to that, he was a fellow at the Provincetown Independent in Cape Cod, Mass.

Elias is a graduate of Harvard University, where he served as associate managing editor of the Harvard Crimson, steering the paper’s coverage of local news in Cambridge and Boston, campus tensions over Israel and the 2024 election. He was a writer for the Crimson’s Fifteen Minutes magazine, where he wrote cover stories on Harvard’s admissions practices and its campus conservative movement. His articles have also appeared in New York Focus and Nieman Reports.

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