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
six continents
Latest quarterly results
Highlights for the quarter
First quarter highlights
- Total revenues increased 1.1% to $79.0 million from $78.1 million;
- Organic growth of -2.0% year-over-year in Broadcast and Recurring Commercial Music Revenues due to timing in Stingray Advertising Q1 campaigns. Current advertising revenues in Q2 at +45% year-over-year;
- 795,000 streaming subscribers, up 8.9% over Q1 2023;
- Adjusted EBITDA(3) improved 8.4% to $28.3 million from $26.1 million. Adjusted EBITDA(3) by segment was $20.0 million or 42.3% of revenues for Broadcasting and Commercial Music, $9.9 million or 31.1% of revenues for Radio, and $(1.6) million for Corporate;
- Net income reached $14.1 million ($0.20 per share) compared to $9.4 million ($0.13 per share);
- Adjusted Net income(3) was $11.9 million ($0.17 per share) compared to $13.2 million ($0.19 per share);
- Cash flow from operating activities grew 48.4% to $24.3 million ($0.35 per share) from $16.3 million ($0.23 per share);
- Adjusted free cash flow(3) increased 17.9% to $18.5 million ($0.27 per share) from $15.7 million ($0.22 per share);
- Net debt to Pro Forma Adjusted EBITDA(3) ratio of 3.28x compared to 3.25x.
Highlights for the quarter
Adjusted EBITDA for the Broadcasting and Commercial Music Division up by 40.6% in the fourth quarter.
Fourth quarter highlights
- Organic growth of 3.3% year-over-year in Broadcast and Recurring Commercial Music Revenues(1),
including 7.6% in the United States; - Revenues increased 8.7% to $78.9 million from $72.6 million;
- Adjusted EBITDA(2) increased 26.4% to $26.6 million from $21.0 million. Adjusted EBITDA(2) by segment was $20.4 million or 40.8% of revenues for Broadcasting and Commercial Music, $7.7 million or 26.6% of revenues for Radio and $(1.5) million for Corporate;
- Net income was $4.4 million ($0.06 per share) compared to $4.5 million ($0.06 per share);
- Adjusted Net income(2) increased 24.5% to $14.7 million ($0.21 per share) from $11.8 million ($0.17 per share);
- Cash flow from operating activities increased 24.5% to $27.6 million ($0.40 per share) from $22.1 million ($0.31 per share);
- Adjusted free cash flow(2) increased 26.0% to $14.9 million ($0.21 per share) from $11.8 million ($0.17 per
share); - Net debt to Pro Forma Adjusted EBITDA(2) ratio of 3.19x, compared to 3.16x; and
- 53,300 shares were repurchased and cancelled for a total of $0.3 million compared to 80,200 shares for
a total of $0.6 million.
Highlights for the quarter
Adjusted EBITDA(2) for the broadcasting and commercial music division up by 54.8%
- Organic growth of 8.5% year-over-year in Broadcast and Recurring Commercial Music Revenues(1) including 18.1% in the United States;
- Revenues increased 18.9% to $89.2 million from $75.0 million;
- 805,000 streaming subscribers, up 16.4% over Q3 2022;
- Adjusted EBITDA(2) increased 20.9% to $34.5 million from $28.5 million. Adjusted EBITDA by segment was $22.6 million or 41.7% of revenues for Broadcasting and Commercial Music, $13.3 million or 37.9% of revenues for Radio and $(1.4) million for Corporate;
- Net income was $12.9 million ($0.19 per share(2)) compared with $12.5 million ($0.18 per share(2));
- Adjusted Net income(2) of $16.5 million ($0.24 per share(2)) compared with $17.0 million ($0.24 per share(2));
- Cash flow from operating activities decreased 0.6% to $24.6 million ($0.35 per share(2)) compared to $24.8 million ($0.35 per share(2));
- Adjusted free cash flow(2) increased 22.8% to $18.1 million ($0.26 per share(2)) compared to $14.7 million ($0.21 per share(2));
- Net debt to Pro Forma Adjusted EBITDA(2) ratio of 3.34x, compared to 3.44x in Q2 2023 and to 3.01x in Q3 2022;
- 340,900 shares repurchased and cancelled for a total of $1.6 million, compared with 927,800 shares repurchased and cancelled for a total of $6.4 million.
Highlights for the quarter
Stingray reports second quarter results for fiscal 2023 with good momentum in Stingray Advertising
- Organic growth of 8.6% year-over-year in Broadcast and Recurring Commercial Music Revenues(1) including 69.2% in the United States;
- Revenues increased 9.8% to $77.6 million from $70.7 million, including $7 million from Stingray Advertising operations;
- 760,000 streaming subscribers, up 24.4% over Q2 2022;
- Adjusted EBITDA(2) improved 5.6% to $27.0 million from $25.6 million. Adjusted EBITDA by segment amounted to $16.9 million or 37.7% of revenues for Broadcasting and Commercial Music, $11.3 million or 34.6% of revenues for Radio, and $(1.2) million for Corporate;
- Net income totaled $3.3 million ($0.05 per share) compared with $12.1 million ($0.17 per share);
- Adjusted Net income(3) reached $10.8 million ($0.15 per share) compared to $16.3 million ($0.23 per share);
- Cash flow from operating activities decreased 9.7% to $18.4 million ($0.26 per share) from $20.4 million ($0.28 per share);
- Adjusted free cash flow(4) was $15.0 million ($0.21 per share), compared to$15.4 million ($0.21 per share); and
- Net debt to Pro Forma Adjusted EBITDA(5) ratio of 3.44x.
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Stingray’s headquarters are located in the Old Port of Montreal at 730 Wellington.
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