Stingray is the 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.

Stingray to release its financial results for the fourth quarter of fiscal 2023

07/06/2023 10:00 am | Via telephone: (+1) 888-886-7786 or (+1) 416-764-8658
Follow the call online

Company milestones and achievements

400M
viewers and listeners across all services
806K
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

Q4 2023 Quarter ended March 31, 2023 Q3 2023 Quarter ended December 31, 2022 Q2 2023 Quarter ended September 30, 2022 Q1 2023 Quarter ended June 30, 2022
Q4 2023 Quarter ended March 31, 2023

Highlights for the quarter

Full press release and highlights Annual report
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.
Q3 2023 Quarter ended December 31, 2022

Highlights for the quarter

Full press release and highlights Quarterly report
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.
Q2 2023 Quarter ended September 30, 2022

Highlights for the quarter

Full press release and highlights Quarterly report
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.
Q1 2023 Quarter ended June 30, 2022

Highlights for the quarter

Full press release and highlights Quarterly report
First quarter highlights
  • Organic growth of 9.9% year-over-year in Broadcast and Recurring Commercial Music Revenues(1), including 29.0% in the United States and 58.5% for Stingray Advertising
  • Revenues increased 21.6% year-over-year to $78.1 million
  • Adjusted EBITDA(2) improved 8.0% year-over-year to $26.1 million. Adjusted EBITDA(2) by segment amounted to $16.8 million or 36.3% of revenues for Broadcasting and Commercial Music, $10.6 million or 33.2% of revenues for Radio, and ($1.3) million for Corporate
  • Net income reached $9.4 million, $0.13 per share, compared to $4.2 million, $0.06 per share, in Q1 2022
  • Adjusted Net income(3) totaled $13.2 million, $0.19 per share, compared to $11.2 million, $0.16 per share, in Q1 2022
  • Cash flow from operating activities remained stable at $16.3 million
  • Adjusted free cash flow(4) increased 4.3% to $15.7 million, $0.22 per share, from $15.0 million, $0.21 per share, in Q1 2022
  • Net debt to Pro Forma Adjusted EBITDA(5) ratio of 3.25x compared to 2.88x in Q1 2022
  • 345,800 shares repurchased and cancelled for a total of $2.2 million
  • 730,000 streaming subscribers, up 27.6% over Q1 2022
See all financial results

Meet our
leadership team

All leadership & corporate gouvernance

Latest press releases

Financial information | 2023-06-07
Stingray Reports Fourth Quarter and Full Year Results for Fiscal 2023
Financial information | 2023-04-27
Stingray to Release its Financial Results for the Fourth Quarter of Fiscal 2023
Financial information | 2023-03-22
Stingray Declares Quarterly Dividend to Shareholders
Visit our media center

Careers

Keen on joining a team of tech-savvy music lovers in a stimulating and fun work environment?

Visit our jobs site

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 musicsubmissions@stingray.com.
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 the Chatter by Stingray website.

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 press@stingray.com.
Q: How can I get notified about the latest press releases? A:

Email us at press@stingray.com 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 press@stingray.com.
See all frequently asked questions