Latest quarterly results
Highlights for the quarter
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.
- 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.
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;
Highlights for the quarter
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.
Highlights for the quarter
Revenues reach $100M fueled by organic growth of 23.9% in Broadcast and Recurring Commercial Music
- Organic growth of 23.9% year-over-year in Broadcast and Recurring Commercial Music Revenues mainly due to strength in retail media advertising;
- Revenues increased 12.4% to $100.3 million from $89.2 million;
- Adjusted EBITDA(1) increased 12.2% to $38.6 million from $34.5 million. Adjusted EBITDA by segment was $27.9 million or 42.5% of revenues for Broadcasting and Commercial Music, $12.3 million or 35.6% of revenues for Radio and $(1.6) million for Corporate;
- Net income was $9.1 million ($0.13 per share(1)) compared with $12.9 million ($0.19 per share(1));
- Adjusted Net income(1) increased to $18.5 million ($0.27 per share(1)) compared with $16.5 million ($0.24 per share(1));
- Cash flow from operating activities increased 25.6% to $30.9 million ($0.45 per share(1)) compared to $24.6 million ($0.35 per share(1));
- Adjusted free cash flow(1) increased 80.6% to $32.7 million ($0.47 per share(1)) compared to $18.1 million ($0.26 per share(1));
- Net debt to Pro Forma Adjusted EBITDA(1) ratio of 2.99x, compared with 3.34x;
- 810,000 streaming subscribers, up 0.6% over Q3 2023 and;
- 372,400 shares repurchased and cancelled for a total of $1.9 million, compared with 340,900 shares repurchased and cancelled for a total of $1.6 million.
Highlights for the quarter
Stingray Reports Second Quarter Results for Fiscal 2024
- Organic growth of 7.1% year-over-year in Broadcast and Recurring Commercial Music Revenues mainly due to strength in retail media advertising;
- Revenues increased 6.3% to $82.5 million from $77.6 million in Q2 2023;
- Adjusted EBITDA(1) improved 9.2% to $29.5 million from $27.0 million. Adjusted EBITDA(1) by segment was $19.9 million or 40.0% of revenues for Broadcasting and Commercial Music, $11.0 million or 33.7% of revenues for Radio, and $(1.4) million for Corporate;
- Net income reached $9.4 million ($0.14 per share) compared to $3.3 million ($0.05 per share);
- Adjusted Net income(1) attained $14.6 million ($0.21 per share) compared to $10.8 million ($0.15 per share);
- Cash flow from operating activities grew 3.6% to $19.1 million ($0.28 per share) from $18.4 million ($0.26 per share);
- Adjusted free cash flow(1) reached $15.6 million ($0.22 per share) compared to $15.0 million ($0.21 per share);
- Net debt to Pro Forma Adjusted EBITDA(1) ratio of 3.19x compared to 3.28x last quarter;
- 795,700 streaming subscribers, up 4.7% over Q2 2023;
- Repurchased and cancelled 119,800 shares for a total of $0.6 million this quarter, and 127,500 shares for a total of $0.7 million year-to-date.
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Financial news
Financial information | 2024-10-03
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Marie-Helene Fournier
Vice-President, Operations & International Finance
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To contact our board of directors and for board-related matters:
Lloyd Feldman
Senior Vice-President and General Counsel
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Stingray’s fiscal year starts on April 1 and ends on March 31.
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