Stingray Reports Second Quarter Results for Fiscal 2026

• Organic growth increased 16.7% year-over-year in Broadcast and Recurring Commercial Music Revenues;
• Revenues grew 21.0% to $113.3 million in the second quarter of 2026 from $93.6 million in the second quarter of 2025;
• Adjusted EBITDA⁽¹⁾ improved 16.3% to $39.5 million in the second quarter of 2026 from $34.0 million in the same period in 2025. Adjusted EBITDA⁽¹⁾ by segment was $31.2 million or 38.5% of revenues for Broadcasting and Commercial Music, $10.2 million or 31.5% of revenues for Radio, and $(1.9) million for Corporate;
• Net income rose 102.5% to $11.8 million, or $0.17 per diluted share, in the second quarter of 2026 from $5.8 million, or $0.08 per diluted share, in the second quarter of 2025;
• Adjusted Net income⁽¹⁾ increased 30.8% to $21.9 million, or $0.32 per diluted share, in the second quarter of 2026 from $16.7 million, or $0.24 per diluted share, in the same period of 2025;
• Cash flow from operating activities grew to $24.3 million, or $0.35 per diluted share, in the second quarter of 2026 compared to $19.2 million, or $0.28 per diluted share, in the second quarter of 2025;
• Adjusted free cash flow⁽¹⁾ improved to $28.4 million, or $0.41 per diluted share, in the second quarter of 2026 compared to $21.1 million, or $0.31 per diluted share, in the same period of 2025;
• Net debt to Pro Forma Adjusted EBITDA⁽¹⁾ ratio decreased to 2.13x at the end of the second quarter of 2026 from 2.72x at the end of the second quarter of 2025;
• Repurchased and cancelled 311,500 shares for a total of $3.1 million in the second quarter of 2026;
• Quarterly dividend increased 13.33% to $0.085 per share; and
• On November 10, 2025, the Corporation secured an additional US$150 million term loan under its existing credit facility to finance the acquisition of TuneIn Holdings, Inc., and extended the facility's maturity date by one year to November 2029.
  
  

MONTREAL, Nov. 11, 2025 (GLOBE NEWSWIRE) -- Stingray Group Inc. (TSX: RAY.A; RAY.B) (the “Corporation”; “Stingray”), an industry leader in music and video content distribution, business services, and advertising solutions, announced today its financial results for the second quarter of fiscal 2026 ended September 30, 2025.

⁽¹⁾This is a non-IFRS measure and is not a standardized financial measure. The Corporation’s method of calculating financial measures may differ from the methods used by other issuers and, accordingly, the definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Refer to “Non-IFRS Measures” on page 5 of this news release for more information about each non-IFRS measure and pages 7-8 for the reconciliations to the most directly comparable IFRS financial measures.

Reporting on second quarter results and recent acquisitions, Stingray's President, co-founder and CEO Eric Boyko stated:

“Stingray’s momentum accelerated in the second quarter with organic growth of 16.7% in Broadcast and Recurring Commercial Music Revenues, largely driven by rapidly increasing FAST channel sales. During the quarter, we entrenched our premium advertising network with leading TV manufacturers by securing the rights from a second major player to sell unsold FAST ad inventory. We also worked diligently to expand our channel portfolio through the launch of 29 FAST channels on Amazon Fire TV in the U.S. and seven channels on Roku in the United Kingdom. These latest music and video offerings follow the release of six new channels on Roku in the U.S. and Canada, which are already generating more than 50,000 listening hours per day. As a result, Stingray is well on its way to becoming the uncontested leader in the FAST channel market with plenty of room to grow.

“Stingray Advertising achieved remarkable growth of over 55%, significantly surpassing our 40% target. This outstanding performance was driven by a year-over-year revenue increase in retail media and strong growth in our FAST channel sales. Similarly, we recorded a double-digit increase for our in-car entertainment segment in the second quarter with the launch of an advanced karaoke experience for BYD vehicles coming soon.

“Altogether, revenues for our Broadcasting and Commercial Music Division grew nearly 33% to $80.9 million in the second quarter of 2026, while Radio revenues declined less than 1% to $32.4 million. The latest Numeris PPM ratings from Summer 2025 highlight our strong momentum in Canadian radio, showing significant listenership growth in our key markets.

“Given successive quarters of organic growth, increased free cash flow, and meaningful debt reduction, we are excited about the catalytic growth potential of the TuneIn acquisition, which we believe will result in the creation of an audio streaming and monetization powerhouse. TuneIn is not only the world leader in live audio streaming, but it has refined the art of programmatic advertising throughout its digital network. We are confident this highly transformative acquisition—supported by significant revenue and cost synergies—will supplement our robust internal growth, deliver higher margins over time, and ultimately build shareholder value.

“Two weeks ago, we acquired DMI, a leader in music branding and in-store audio advertising. This represents a strategic transaction for Stingray because it expands our U.S. retail media network by 8,500 locations to reach a total of 33,500 locations in North America, and cements our leadership position within the in-store audio advertising market south of the border, particularly in the lucrative pharmacy sector,” Mr. Boyko concluded.

TuneIn Acquisition

Stingray reported today it has entered into an agreement to acquire TuneIn Holdings, Inc., a pioneer in live audio streaming and ads monetization. This acquisition significantly expands Stingray's global digital audio footprint, accelerates its growth in streaming services, and bolsters its advertising offering by integrating TuneIn’s comprehensive ad platform, which delivers targeted audio, video, and display advertising solutions. For more information, view the related news release and investor presentation on Stingray’s website at .

DMI Acquisition

Stingray announced on October 30, 2025, the acquisition of DMI, a U.S.-based leader in music branding and in-store audio advertising. This strategic acquisition extends Stingray's retail media network by approximately 8,500 locations in the United States, bringing the total to 33,500 locations in North America and solidifying its position as a key player in the industry. The acquisition comprises DMI's prestigious client portfolio, including a large national pharmacy chain. It also makes Stingray the definitive leader in in-store audio advertising for the U.S. pharmacy sector with its network now covering the two largest pharmacy chains in the country, as well as other major pharmacy retailers. For more information, view the related news release on Stingray’s website at .



Second Quarter Results

Revenues increased $19.7 million, or 21.0%, to $113.3 million in the second quarter of 2026 from $93.6 million in the second quarter of 2025. The year-over-year growth was mainly driven by higher equipment sales related to the acquisition of The Singing Machine and greater FAST channel revenues.

Revenues in Canada rose $2.6 million, or 5.2%, to $51.5 million in the second quarter of 2026 from $48.9 million in the same period of 2025. The growth can mainly be attributed to higher equipment and installation sales related to digital signage.

Revenues in the United States grew $19.0 million, or 57.9%, to $51.9 million in the second quarter of 2026 from $32.9 million in the second quarter of 2025. The year-over-year increase was primarily due to higher FAST channel revenues and greater equipment sales related to the acquisition of The Singing Machine.

Revenues in Other countries decreased $1.9 million, or 16.2%, to $9.8 million in the second quarter of 2026 from $11.7 million in the second quarter of 2025. The decline was mainly due to lower subscription revenues.

Broadcasting and Commercial Music revenues increased $20.0 million, or 32.8%, to $80.9 million in the second quarter of 2026 from $60.9 million in the second quarter of 2025. The growth was mainly driven by higher FAST channel revenues and greater equipment sales related to the acquisition of The Singing Machine. For the second quarter of 2026, Radio revenues decreased $0.3 million, or 0.9%, to $32.4 million from $32.7 million in the same period of 2025. The decline was due to lower national airtime sales, mostly offset by higher digital revenues.

Consolidated Adjusted EBITDA improved by $5.5 million, or 16.3%, to $39.5 million in the second quarter of 2026 from $34.0 million in the second quarter of 2025. Adjusted EBITDA margin reached 34.9% in the second quarter of 2026 compared to 36.3% in the same period last year. The increase in Adjusted EBITDA year-over-year can be attributed to higher revenues, partially offset by greater operating expenses mostly due to higher cost of sales.

For the second quarter of 2026, net income totaled $11.8 million, or $0.17 per diluted share, compared to $5.8 million, or $0.08 per diluted share, in the second quarter of 2025. The improvement was driven by better operating results and an unrealized gain on the fair value of derivative financial instruments, partially offset by higher performance and deferred share unit expense related to an increase in the Corporation’s share price.

Cash flow generated from operating activities amounted to $24.3 million in the second quarter of 2026 compared to $19.2 million in the second quarter of 2025. The increase was mainly due to higher operating results.

Adjusted free cash flow in the second quarter of 2026 totaled $28.4 million compared to $21.1 million in the same period in 2025. The improvement can be attributed to higher operating results and lower interest paid.

As of September 30, 2025, the Corporation had cash and cash equivalents of $15.1 million and credit facilities of $336.2 million. The credit facilities consist of a revolving credit line of $500 million, of which $162.1 million was available.

Declaration of Dividend

On November 11, 2025, the Corporation declared a dividend of $0.085 per subordinate voting share, variable subordinate voting share and multiple voting share, representing a 13.33% increase. The dividend will be payable on or around December 15, 2025, to shareholders on record as of November 28, 2025.

The Corporation’s dividend policy is at the discretion of the Board of Directors and may vary depending upon, among other things, our available cash flow, results of operations, financial condition, business growth opportunities and other factors that the Board of Directors may deem relevant.

The dividends paid are designated as "eligible" dividends for the purposes of the Income Tax Act (Canada) and any corresponding provisions of provincial and territorial tax legislation.

Business Highlights and Subsequent Events

• On November 11, 2025, the Corporation announced it has entered into a definitive agreement to acquire TuneIn Holdings, Inc. (‘’TuneIn’’), a pioneer in live audio streaming and ad monetization. The transaction is valued at up to US$175 million, based on TuneIn's forecasted sales of US$110 million and adjusted EBITDA of US$30 million for the twelve month period ending December 31, 2025. The Corporation will pay US$150 million at closing and up to US$25 million 12 months following the closing. To finance this transaction, Stingray secured an additional US$150 million term loan under its existing credit facility and extended the maturity by one year.
  
  
• On October 30, 2025, the Corporation announced the acquisition of DMI, a U.S.-based leader in music branding and in-store audio advertising. This strategic acquisition expands Stingray’s retail media network by approximately 8,500 locations in the United States, bringing the total to 33,500 locations in North America and solidifying its position as a key player in the industry.
  
  
• On October 14, 2025, the Corporation joined forces with Just For Laughs, the world’s leading comedy brand, in a strategic partnership to develop and expand Free Ad-Supported Streaming TV (FAST) channels featuring premium comedy content across global markets with an emphasis on audio entertainment.
  
  
• On October 9, 2025, the Corporation announced the expansion of its partnership with Roku. Seven of Stingray’s popular FAST channels are now available to Roku users in the UK, offering a diverse range of free, ad-supported content. The newly launched channels provide viewers with a curated selection of music and ambient experiences to suit any mood or occasion.
  
  
• On October 2, 2025, the Corporation partnered with TELUS, a world-leading communications technology company, to launch seven new, free ad-supported streaming television (FAST) channels on TELUS TV+ and Stream+. This strategic expansion enhances the entertainment experience for viewers across Canada, offering a diverse and expertly curated selection of music and lifestyle channels that cater to every mood and occasion, from cinematic soundscapes to serene wellness content.
  
  
• On September 24, 2025, the Corporation announced that the Toronto Stock Exchange (“TSX”) has approved the renewal of its normal course issuer bid (“NCIB”), authorizing Stingray to repurchase up to an aggregate 3,710,428 subordinate voting shares and variable subordinate voting shares (collectively, “Subordinate Shares”), representing approximately 10% of the “public float” (as defined in the TSX Company Manual) of Subordinate Shares as at September 15, 2025. 
  
  
• On September 8, 2025, the Corporation announced the launch of an advanced karaoke experience for BYD vehicles. This launch marks the debut of Stingray Karaoke’s new scoring mode, now fully integrated with the recently acquired Singing Machine’s next-generation microphones featuring the revolutionary Perfect Pitch technology to deliver unparalleled accuracy in vocal performance evaluation.
  
  
• On September 4, 2025, the Corporation announced that its Loupe Art service has launched as a premier partner on LG Electronics’ new LG Gallery+ service. This integration provides LG TV owners with access to a curated collection of high-resolution, original artworks from a diverse, global roster of contemporary artists.
  
  
• On August 21, 2025, the Corporation announced the launch of 29 free ad-supported FAST channels on Amazon Fire TV Channels in the United States, significantly expanding Stingray’s content offering on the popular free ad-supported streaming service.
  
  
• On August 19, 2025, the Corporation announced the launch of six new free ad-supported streaming television (FAST) channels on The Roku Channel in the United States and Canada. This latest expansion brings a diverse range of curated music and video experiences to millions of viewers, available at no cost.
  
  
• On August 18, 2025, the Corporation announced the launch of a suite of free ad-supported streaming television (FAST) channels as part of Hisense Channels available on Hisense Smart TVs. This expansion brings both audio music channels and immersive video experiences to all smart TV users of Hisense and Hisense Google, offering a diverse range of entertainment options to suit various tastes and preferences.
  
  
• On August 11, 2025, the Corporation announced the launch of several new channels on LG Channels, expanding its entertainment offerings in Brazil and Mexico.
  
  
• On August 4, 2025, The Corporation announced the acquisition of all assets of The Singing Machine Company to bolster its In-Car Karaoke offering with integrated microphones.
  
  
• On July 24, 2025, the Corporation announced the launch of six new free ad-supported streaming television (FAST) channels on WatchFree+, VIZIO’s free streaming service. This expansion increases Stingray’s offering on the platform, providing VIZIO customers with an even wider array of curated music experiences.
  
  
• On July 7, 2025, the Corporation announced that The Honourable Jean Charest, former Premier of Québec and Deputy Prime Minister of Canada, has been nominated for election to its Board of Directors at Stingray’s upcoming Annual General Meeting (AGM), to be held on August 6, 2025. Mr. Charest is one of Canada’s best known political figures.
  
  

Conference Call

The Corporation will hold a conference call on November 12, 10:00 AM (ET), to review its financial results. Interested parties can join the call by dialing 1-800-717-1738 (toll free) or 289-514-5100 (Toronto) or 1-646-517-3975 (New York). A rebroadcast of the conference call will be available until midnight, December 12, 2025, by dialing 289-819-1325 or 1-888-660-6264 and entering passcode 19607.

About Stingray

Stingray (TSX: RAY.A; RAY.B), a global music, media, and technology company, is an industry leader in TV broadcasting, streaming, radio, business services, and advertising. Stingray provides an array of global music, digital, and advertising services to enterprise brands worldwide, including audio and video channels, 97 radio stations, subscription video-on-demand content, FAST channels, karaoke products and music apps, and in-car and on-board infotainment content.

Stingray Business, a division of Stingray, provides commercial solutions in music, in-store advertising, digital signage, and AI-driven consumer insights and feedback. Stingray Advertising is North America’s largest retail audio advertising network, delivering digital audio messaging to more than 33,500 major retail locations. Stingray has close to 1,000 employees worldwide and reaches 540 million consumers in 160 countries. For more information, visit

Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, information with respect to Stingray's goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases.

Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray's control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray's Annual Information Form for the year ended March 31, 2025, which is available on SEDAR+ at

Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray's business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Non-IFRS Measures

The Corporation believes that Adjusted EBITDA and Adjusted EBITDA margin are important measures when analyzing its operating profitability without being influenced by financing decisions, non-cash items and income tax strategies. Comparison with peers is also easier as companies rarely have the same capital and financing structure. The Corporation believes that Adjusted Net income and Adjusted Net income per share are important measures as they show stable results from its operation which allows users of the financial statements to better assess the trend in the profitability of the business. The Corporation believes that Adjusted free cash flow and Adjusted free cash flow per share are important measures when assessing the amount of cash generated after accounting for capital expenditures and non-core charges. It demonstrates cash available to make business acquisitions, pay dividends and reduce debt. The Corporation believes that Net debt and Net debt to Pro Forma Adjusted EBITDA are important to analyze the company's debt repayment capacity on an annualized basis, taking into consideration the annualized adjusted EBITDA of acquisitions made during the last twelve months.

Each of these non-IFRS financial measures is not an earnings or cash flow measure recognized by International Financial Reporting Standards (IFRS) and does not have a standardized meaning prescribed by IFRS. This method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, our definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as an alternative to net income determined in accordance with IFRS as indicators of our performance or to cash flows from operating activities as measures of liquidity and cash flows.

Reconciliation of Net income to Adjusted EBITDA, Adjusted Net income, LTM Adjusted EBITDA and Pro Forma Adjusted EBITDA

Reconciliation of Cash Flow From Operating Activities to Adjusted Free Cash Flow

Calculation of Net Debt and Net Debt to Pro Forma Adjusted EBITDA Ratio

Note to readers: Consolidated financial statements and Management’s Discussion & Analysis of Operating Results and Financial Position are available on the Corporation’s website at and on SEDAR+ at .

Contact Information

Mathieu Péloquin, CPA

Senior Vice-President, Marketing and Communications

Stingray

(514) 664-1244, ext. 2362