Stingray is an industry leader in music and video content distribution, business services, and advertising solutions.

We deliver the best audio and video experiences to consumers, businesses, retailers, and advertisers alike, ensuring that we contribute to the success of partners and clients.

Company milestones and achievements

400M
viewers and listeners across all services
788K
SVOD subscribers around the world
2.5M
cars with our entertainment content on board
140K
commercial locations across 13K clients
100+
radio stations with 7.4M weekly listeners
160
countries across
six continents

Latest quarterly results

Q3 2025 Quarter ended December 31, 2024 Q2 2025 Quarter ended September 30, 2024 Q1 2025 Quarter ended June 30, 2024 Q4 2024 Quarter ended March 31, 2024
Q3 2025 Quarter ended December 31, 2024

Highlights for the quarter

Full press release and highlights Quarterly report

Exceeds expectations with strong adjusted EBITDA1 and reaches record revenues

  • Revenues increased 7.9% to $108.2 million in the third quarter of 2025 from $100.3 million in the third quarter of 2024;
  • Organic growth of 3.5% year-over-year in Broadcast and Recurring Commercial Music Revenues largely driven by FAST channel sales;
  • Adjusted EBITDA(1) improved 9.0% to $42.1 million in the third quarter of 2025 from $38.6 million in the third quarter of 2024. Adjusted EBITDA by segment was $31.6 million or 43.7% of revenues for Broadcasting and Commercial Music, $12.5 million or 34.8% of revenues for Radio, and $(2.0) million for Corporate;
  • Net income totaled $15.7 million, or $0.23 per share(1), in the third quarter of 2025 compared to $9.1 million, or $0.13 per share(1), in the third quarter of 2024;
  • Adjusted Net income(1) amounted to $23.4 million, or $0.34 per share(1), in the third quarter of 2025 compared to $18.5 million, or $0.27 per share(1), in the same period last year;
  • Cash flow from operating activities increased 14.5% to $35.4 million, or $0.51 per share(1), in the third quarter of 2025 from $30.9 million, or $0.45 per share(1), in the third quarter of 2024;
  • Adjusted free cash flow(1) decreased 10.9% to $28.6 million, or $0.42 per share(1), in the third quarter of 2025 from $32.1 million, or $0.47 per share(1), in the third quarter of 2024;
  • Net debt to Pro Forma Adjusted EBITDA(1) ratio dropped at 2.54x in the third quarter of 2025 compared to 2.99x in the same period in 2024; and
  • Repurchased and cancelled 271,200 shares for a total of $2.0 million in the third quarter of 2025 compared to 372,400 shares for a total of $1.9 million in the third quarter of 2024.
Q2 2025 Quarter ended September 30, 2024

Highlights for the quarter

Full press release and highlights Quarterly report

Broadcast and Commercial Music Revenues Achieve Fourth Consecutive Quarter of Double-Digit Organic Growth

  • Organic growth of 15.6% year-over-year in Broadcast and Recurring Commercial Music Revenues largely driven by FAST channel sales;
  • Revenues increased 13.4% to $93.6 million in the second quarter of fiscal 2025 from $82.5 million in the second quarter of 2024;
  • Adjusted EBITDA(1) grew 15.2% to $34.0 million in the second quarter of 2025 from $29.5 million in the second quarter of 2024. Adjusted EBITDA by segment was $25.0 million or 41.0% of revenues for Broadcasting and Commercial Music, $11.0 million or 33.7% of revenues for Radio, and $(2.0) million for Corporate;
  • Net income decreased to $5.8 million, or $0.08 per share, in the second quarter of 2025 from $9.4 million, or $0.14 per share, in the second quarter of 2024;
  • Adjusted Net income(1) improved to $16.7 million, or $0.24 per share, in the second quarter of 2025 from $14.6 million, or $0.21 per share, in the same period of 2024;
  • Cash flow from operating activities totaled $19.2 million, or $0.28 per share, in the second quarter of 2025 compared to $19.1 million, or $0.28 per share, in the second quarter of 2024;
  • Adjusted free cash flow(1) reached $21.1 million, or $0.31 per share, in the second quarter of 2025 compared to $14.6 million, or $0.21 per share, in the same period of 2024;
  • Net debt to Pro Forma Adjusted EBITDA(1) ratio attained 2.72x in the second quarter of 2025 compared to 3.19x in the second quarter of 2024; and
  • Repurchased and cancelled 333,400 shares for a total of $2.5 million in the second quarter of 2025 compared to 119,800 shares for a total of $0.6 million in the second quarter of 2024.
Q1 2025 Quarter ended June 30, 2024

Highlights for the quarter

Full press release and highlights Quarterly report Sustainability
First quarter highlights
    • Revenues increased 12.8% to $89.1 million in the first quarter of fiscal 2025 from $79.0 million in the first quarter of 2024;
    • Adjusted EBITDA(1) improved 9.9% to $31.1 million in the first quarter of 2025 from $28.3 million in the first quarter of 2024.

Adjusted EBITDA(1) by segment was $23.0 million or 40.4% of revenues for Broadcasting and Commercial Music, $9.9 million or 30.8% of revenues for Radio, and $(1.8) million for Corporate;

  • Net income totaled $7.3 million, or $0.11 per share, in the first quarter of 2025 compared to $14.1 million, or $0.20 per share, in the first quarter of 2024;
  • Adjusted net income(1) increased 17.2% to $13.9 million, or $0.20 per share, in the first quarter of 2025 from $11.9 million, or $0.17 per share, in the same period of 2024;
  • Cash flow from operating activities amounted to $10.8 million, or $0.16 per share, in the first quarter of 2025 compared to $24.3 million, or $0.35 per share, in the first quarter of 2024;
  • Adjusted free cash flow(1) reached $15.5 million, or $0.22 per share, in the first quarter of 2025 compared to $18.5 million, or $0.27 per share, in the same period last year;
  • Net debt to Pro Forma Adjusted EBITDA(1) ratio attained 2.77x in the first quarter of 2025 compared to 3.28x in the first quarter of 2024; and
  • Repurchased and cancelled 307,200 shares for a total of $2.3 million in the first quarter of 2025.

 

Q4 2024 Quarter ended March 31, 2024

Highlights for the quarter

Full press release and highlights Annual report
Adjusted EBITDA up 10.7% and significant improvement to the Net debt to EBITDA Ratio
Fourth quarter highlights
  • Organic growth of 9.4% year-over-year in Broadcast and Recurring Commercial Music Revenues;
  • Revenues improved 6.0% to $83.7 million from $78.9 million;
  • Strong performance of the Radio Division with a revenue growth of 4.7% compared to last year, outperforming peers in the Canadian market;
  • Adjusted EBITDA(1) increased 10.7% to $29.4 million from $26.6 million. Adjusted EBITDA(1) by segment was $22.7 million, or 42.5% of revenues, for Broadcasting and Commercial Music, $8.2 million, or 27.1% of revenues, for Radio and $(1.5) million for Corporate;
  • Net loss totaled $46.3 million due to a one-time non-cash impairment of $56.1 million of the goodwill related to the Radio segment ($0.67 per share) compared to Net income of $4.4 million ($0.06 per share);
  • Adjusted Net income(1) rose to $15.4 million ($0.22 per share) from $14.7 million ($0.21 per share);
  • Cash flow from operating activities grew 60.7% to $44.3 million ($0.64 per share(1)) from $27.6 million ($0.40 per share(1));
  • Adjusted free cash flow(1) increased 2.4% to $15.3 million ($0.22 per share) from $14.9 million ($0.21 per share);
  • Net debt to Pro Forma Adjusted EBITDA(1) ratio of 2.76x compared to 3.19x last year;
  • 784,423 streaming subscribers, down 3.9% over Q4 2023; and
  • Repurchased and cancelled 57,600 shares for a total of $0.4 million compared to 53,300 shares for a total of $0.3 million.
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leadership team

All leadership and corporate governance

Latest press releases

Financial information | 2025-03-25
Stingray Declares Quarterly Dividend to Shareholders
Business solutions | 2025-02-27
Stingray Advertising Matches Campaign Investments for Businesses Supporting Canada
Business solutions | 2025-02-20
Stingray Advertising: Leading the Future of In-Store Audio Advertising in Canada
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FAQ

General
Q: Where is Stingray's headquarters? A:

Stingray’s headquarters are located in the Old Port of Montreal at 730 Wellington.
Q: How can I submit my music to Stingray? A:

You can send your demo to [email protected].
Q: How can I contact customer service? A:

If you are a consumer, consult the help center to find the right product or solution. If you are a business, visit the Stingray Business website, or if you are using Chatter services, visit Chatter by Stingray .
Investors
Q: What is Stingray's fiscal year? A:

Stingray’s fiscal year starts on April 1 and ends on March 31.
Q: What is Stingray's ticker symbol? A:

Our ticker symbol is RAY.A.
Q: Where can I find corporate governance materials? A:

Visit the corporate governance section of the website for documents related to corporate governance.
Press
Q: How can I get a specific press kit? A:

Visit the media center to learn more about our press information. If you cannot find what you were looking for, contact [email protected].
Q: How can I get notified about the latest press releases? A:

Email us at [email protected] to add your info to our notification list.
Q: Where should I go for a press inquiry? A:

Members of the press can contact us at contact [email protected].
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