Stingray Reports Fourth Quarter and Full-Year Results for Fiscal 2025
Sustained Momentum with a Third Year of Diversified Growth and Solid Financial Strength
Fourth Quarter Highlights
- Organic growth of 16.1% year-over-year in Broadcast and Recurring Commercial Music Revenues;
- Revenues increased 14.8% to $96.0 million in the fourth quarter of 2025 from $83.7 million in the fourth quarter of 2024;
- Net income totaled $7.7 million, or $0.11 per share, in the fourth quarter of 2025 compared to a Net loss of $46.3 million, or $0.67 per share, in the same period in 2024;
- Adjusted EBITDA(1) grew 19.0% to $35.0 million in the fourth quarter of 2025 from $29.4 million in the fourth quarter of 2024. Adjusted EBITDA(1) by segment was $28.1 million, or 43.6% of revenues for Broadcasting and Commercial Music, $8.6 million or 27.3% of revenues for Radio, and $(1.7) million for Corporate;
- Adjusted Net income(1) improved to $18.6 million, or $0.27 per share, in the fourth quarter of 2025 from $15.4 million, or $0.22 per share, in the same period in 2024;
- Cash flow from operating activities decreased 10.3% to $39.7 million, or $0.58 per share(1), in the fourth quarter of 2025 from $44.3 million, or $0.64 per share(1), in the fourth quarter of 2024;
- Adjusted free cash flow(1) rose 17.8% to $18.4 million, or $0.27 per share, in the fourth quarter of 2025 from $15.6 million, or $0.23 per share, in the same period in 2024;
- Net debt to Pro Forma Adjusted EBITDA(1) ratio decreased to 2.28x compared to 2.76x last year; and
- Repurchased and cancelled 275,000 shares for a total of $2.3 million in the fourth quarter of 2025 compared to 57,600 shares for a total of $0.4 million in the same period in 2024.
Full Year Highlights
- Organic growth of 12.3% year-over-year in Broadcast and Recurring Commercial Music Revenues;
- Revenues increased 12.0% to $386.9 million in 2025 from $345.4 million in 2024;
- Net income totaled $36.4 million, or $0.53 per share, in 2025 compared to a Net loss of $13.7 million, or $0.20 per share, in the same period last year;
- Adjusted EBITDA(1) improved 13.0% to $142.2 million in 2025 from $125.9 million in 2024. Adjusted EBITDA(1) by segment was $107.6 million or 42.3% of revenues for Broadcasting and Commercial Music, $42.1 million or 31.8% of revenues for Radio, and $(7.5) million for Corporate;
- Adjusted Net income(1) increased to $72.7 million, or $1.05 per share, in 2025 compared to $60.3 million, or $0.87 per share, in the same period last year;
- Cash flow from operating activities decreased 11.4% to $105.0 million, or $1.53 per share(1), in 2025 from $118.5 million, or $1.72 per share(1), in 2024;
- Adjusted free cash flow(1) rose 3.5% to $83.6 million, or $1.21 per share, in 2025 from $80.8 million, or $1.17 per share, in the same period last year; and
- Repurchased and cancelled 1,186,800 shares for a total of $9.1 million in 2025 compared to 557,500 shares for a total of $2.9 million in 2024.
MONTREAL, June 10, 2025 (GLOBE NEWSWIRE) -- Stingray Group Inc. (TSX: RAY.A; RAY.B) (the “Corporation”; “Stingray”), an industry leader in music and video content distribution, business services, and advertising solutions, announced today its financial results for the fourth quarter and fiscal year ended March 31, 2025.
| Financial Highlights (in thousands of Canadian dollars, except per share data) | Three months ended March 31 | Twelve months ended March 31 | ||||
| 2025 | 2024 | % | 2025 | 2024 | % | |
| Revenues | 96,008 | 83,665 | 14.8 | 386,891 | 345,428 | 12.0 |
| Adjusted EBITDA(1) | 35,027 | 29,423 | 19.0 | 142,199 | 125,855 | 13.0 |
| Net income (loss) | 7,655 | (46,318) | — | 36,440 | (13,741) | — |
| Per share – diluted ($) | 0.11 | (0.67) | — | 0.53 | (0.20) | — |
| Adjusted Net income(1) | 18,568 | 15,382 | 20.7 | 72,654 | 60,312 | 20.5 |
| Per share – diluted ($)(1) | 0.27 | 0.22 | 22.7 | 1.05 | 0.87 | 20.7 |
| Cash flow from operating activities | 39,720 | 44,263 | (10.3) | 105,040 | 118,526 | (11.4) |
| Adjusted free cash flow(1) | 18,411 | 15,624 | 17.8 | 83,611 | 80,794 | 3.5 |
| (1) | This is a non-IFRS measure and is not a standardized financial measure. The Corporation’s method of calculating such 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 refer to pages 6-7 for the reconciliations to the most directly comparable IFRS financial measures. |
Reporting on Stingray’s fiscal 2025 and fourth quarter results, President, Co-Founder and CEO Eric Boyko stated:
“Fiscal 2025 was a highly successful year that checked many boxes in our profitable growth strategy. First, advertising revenues for our Broadcast and Recurring Commercial Music segment, which comprises our FAST channel and retail media advertising units, increased by more than 45% for a second consecutive year as advertisers increasingly relied on connected TVs to maximize their advertising dollars. Accordingly, we invested in our FAST channel platform in 2025, including the recent launch of channels like Cozy Café, Movie Music, Stargaze and Cityscapes, to position Stingray as the No. 1 supplier of musical and ambient channels for connected TVs. To take advantage of growing listening hours on FAST channels worldwide, we also introduced Stingray’s Premium Connected TV Ad Inventory Network to enable alternative vendors to sell unsold inventory.”
“Second, our collaboration with IAB Canada and Leger to produce a breakthrough report about the evolution of in-store audio advertising in Canada has consolidated our standing as the de facto leader in this growing sector. We are true trailblazers in this market, evangelizing retailers about the untapped potential of in-store media ads, adding sales representatives and partners to increase inventory selling, and optimizing our pricing structure to improve monetization.”
“Third, double-digit organic growth for a second straight year reflects the judicious investment decisions Stingray has made to sustain revenue growth and drive profitability.”
“Finally, we reduced our net debt level by more than $27 million in 2025, closing the fiscal year with a Net Debt to Pro Forma Adjusted EBITDA ratio of 2.28 times and well within our target range.”
“In this encouraging context, Broadcasting and Commercial Music revenues increased 17.8% to $254.5 million in 2025, driven by higher FAST channel revenues, greater equipment and installation sales related to digital signage, and a positive foreign exchange impact,” Mr. Boyko added.
“Radio revenues improved 2.3% year-over-year to $132.3 million in 2025 mainly due to higher digital revenues. We are particularly pleased that our strategy to leverage the Radio sales team in Canada to sell in-store audio and video ads is beginning to deliver meaningful results. This latest facet of our plan helped to generate Radio revenue growth of nearly 4% in the fourth quarter despite a tight market environment.”
“Looking ahead to fiscal 2026, our capital allocation priorities are well-defined. We intend to sustain our momentum by re-investing in high-growth growth areas of our business; lowering our net debt level to a leverage ratio approaching 2.0 times; seeking acquisitions on an opportunistic basis; and continuing to reward shareholders with our well-established NCIB and dividend programs,” Mr. Boyko concluded.
Fourth Quarter Results
Revenues in the fourth quarter of 2025 increased $12.3 million, or 14.8%, to $96.0 million from $83.7 million in the fourth quarter of 2024. The growth was mainly due to an increase in FAST channel revenues and a positive foreign exchange impact.
Revenues in Canada rose $1.2 million, or 2.7%, to $46.8 million from $45.6 million in the fourth quarter of 2024. The growth was mainly due to an increase in Radio revenue mostly driven by higher local sales.
Revenues in the United States grew $11.8 million, or 45.0%, to $38.0 million from $26.2 million in the fourth quarter of 2024. The increase can be attributed to higher FAST channel revenues and a positive foreign exchange impact.
Revenues in Other countries decreased $0.7 million, or 5.5%, to $11.2 million from $11.9 million in Q4 2024. The year-over-year decline was mainly due to lower in-store commercial revenues.
Broadcasting and Commercial Music revenues in the fourth quarter of 2025 increased $11.2 million, or 20.9%, to $64.6 million from $53.4 million in the fourth quarter of 2024. The growth was primarily driven by higher FAST channel revenues and a positive foreign exchange impact.
For the fourth quarter of 2025, Radio revenues improved $1.1 million, or 3.9%, to $31.4 million from $30.3 million in the same period of 2024. This increase was largely due to higher local revenues.
Consolidated Adjusted EBITDA in the fourth quarter of 2025 increased $5.6 million, or 19.0%, to $35.0 million from $29.4 million in the fourth quarter of 2024. Adjusted EBITDA margin in the fourth quarter of 2025 rose to 36.5% from 35.2% in the same period last year. The increase in Adjusted EBITDA and Adjusted EBITDA margin was mainly due to higher revenues, partially offset by greater operating expenses related mainly to higher salaries.
For the fourth quarter of 2025, net income totaled $7.7 million, or $0.11 per share, compared to a net loss of $46.3 million, or ($0.67) per share, in the fourth quarter of 2024. The variance was mainly due to a one-time impairment charge of $56.1 million on goodwill related to the Radio segment in the comparable period in 2024 and higher operating results in Q4 2025. These factors were partially offset by a foreign exchange loss and an unrealized loss on derivative financial instruments in the most recent quarter.
Cash flow generated from operating activities amounted to $39.7 million in the fourth quarter of 2025 compared to $44.3 million in the fourth quarter of 2024. The decline was primarily due to a foreign exchange loss, higher income taxes paid, as well as greater acquisition, legal, restructuring and other costs. These factors were partially offset by improved operating results.
Adjusted free cash flow generated in the fourth quarter of 2025 totaled $18.4 million compared to $15.6 million in the same period last year. The increase was mainly related to improved operating results, partially offset by higher income taxes paid.
As of March 31, 2025, the Corporation had cash and cash equivalents of $14.0 million and credit facilities of $341.4 million. The credit facility consists of a $500 million revolving credit facility, of which $156.3 million was available.
Full-Year Results
Fiscal 2025 revenues increased $41.5 million, or 12.0%, to $386.9 million from $345.4 million in 2024. The growth was largely due to higher FAST channel revenues, greater equipment and installation sales related to digital signage, and a positive foreign exchange impact.
Adjusted EBITDA in fiscal 2025 improved by $16.3 million, or 13.0%, to $142.2 million from $125.9 million in 2024. Adjusted EBITDA margin in 2025 reached 36.8% compared to 36.4% in 2024. The increase in Adjusted EBITDA and Adjusted EBITDA margin was mainly driven by higher revenues, partially offset by greater operating expenses related mostly to higher salaries.
Net income in fiscal 2025 totaled $36.4 million, or $0.53 per share, compared to a net loss of $13.7 million, or ($0.20) per share, in 2024. The variance was primarily due to a one-time impairment charge of $56.1 million on goodwill related to the Radio segment in the comparable period in 2024 and to higher operating results in 2025. These factors were partially offset by an unrealized loss on derivative financial instruments, a one-time settlement gain related to a trademark dispute in the comparable period in 2024, and a higher foreign exchange loss.
Adjusted net income in fiscal 2025 amounted to $72.7 million, or $1.05 per share, compared to $60.3 million, or $0.87 per share, in 2024. The increase can mainly be attributed to higher operating results and lower interest expense, partially offset by a greater foreign exchange loss.
Declaration of Dividend
The Corporation declared a dividend of $0.075 per subordinate voting share, variable subordinate voting share and multiple voting share on March 25, 2025. The dividend will be payable on or around June 13, 2025, to shareholders on record as of May 30, 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 April 15, 2025, the Corporation announce a partnership with Zoox, an autonomous mobility company. This collaboration enhances the rider experience in Zoox robotaxis with a diverse selection of curated music channels.
- On March 11, 2025, the Corporation announced the launch the launch of three of its popular FAST channels, Qello Concerts, Stingray Classica, and Movie Music, on waipu.tv, Germany’s largest TV platform for HD television.
- On February 5, 2025, the Corporation announced the launch of four new FAST (Free Ad-Supported Streaming TV) video channels. Cozy Café, Stargaze, and Movie Music have been selected by various platforms, including LG Channels, Samsung TV Plus, as part of their new channel offerings.
- On January 20, 2025, the Corporation announced the launch of five video channels on the ScreenHits TV in-car entertainment platform, available in Renault Grand Koleos, Nio and Porsche (Cayenne, Taycan, Panamera and 911) vehicles with upcoming plans for a worldwide release.
- On January 9, 2025, the Corporation announced that Samsung TV Karaoke, powered by the Stingray Karaoke app, has received the CES Innovation Award 2025 in the Content & Entertainment category.
Conference Call
The Corporation will hold a conference call tomorrow, June 11, 2025, at 10:00 AM (ET) to review its financial results. Interested parties can join the call by dialing 289-514-5100 (Toronto) or 1-800-717-1738 (toll free). A rebroadcast of the conference call will be available until midnight, July 11, 2025, by dialing 289-819-1325 or 888-660-6264 and entering passcode 11999.
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 solutions, 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 30,000 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 taxes 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 it shows 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 dividend and reduce debt. The Corporation believes that Net debt and Net debt to Pro Forma Adjusted EBITDA are important to analyse 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
| 3 months | 12 months | ||||||||
| (in thousands of Canadian dollars) | March 31, 2025 Q4 2025 | March 31, 2024 Q4 2024 | March 31, 2025 Fiscal 2025 | March 31, 2024 Fiscal 2024 | |||||
| Net income (loss) | 7,655 | (46,318 | ) | 36,440 | (13,741 | ) | |||
| Impairment on goodwill | – | 56,119 | – | 56,119 | |||||
| Net finance expense | 9,516 | 3,736 | 42,416 | 28,883 | |||||
| Change in fair value of investments | 2 | (106 | ) | (54 | ) | 18 | |||
| Income taxes | 977 | 3,639 | 10,982 | 16,030 | |||||
| Depreciation and write-off of property and equipment | 1,941 | 1,183 | 8,090 | 8,342 | |||||
| Depreciation of right-of-use assets | 1,020 | 1,192 | 4,097 | 4,420 | |||||
| Amortization of intangible assets | 5,115 | 4,124 | 18,583 | 17,371 | |||||
| Share-based compensation | 111 | 93 | 409 | 435 | |||||
| Performance and deferred share unit expense | 5,640 | 4,711 | 10,181 | 6,841 | |||||
| Share of results of investments in associates | (210 | ) | (354 | ) | 3,381 | 1,166 | |||
| Gain on disposal of an investment | (845 | ) | – | (845 | ) | – | |||
| Other income | (24 | ) | – | (24 | ) | – | |||
| Acquisition, legal, restructuring and other expenses | 4,129 | 1,404 | 8,543 | (29 | ) | ||||
| Adjusted EBITDA | 35,027 | 29,423 | 142,199 | 125,855 | |||||
| Adjusted EBITDA margin | 36.5% | 35.2% | 36.8% | 36.4% | |||||
| Net income (loss) | 7,655 | (46,318 | ) | 36,440 | (13,741 | ) | |||
| Adjusted for: | |||||||||
| Impairment on goodwill | – | 56,119 | – | 56,119 | |||||
| Unrealized loss (gain) on derivative instruments | 1,010 | (2,252 | ) | 9,267 | (1,431 | ) | |||
| Amortization of intangible assets | 5,115 | 4,124 | 18,583 | 17,371 | |||||
| Change in fair value of investments | 2 | (106 | ) | (54 | ) | 18 | |||
| Share-based compensation | 111 | 93 | 409 | 435 | |||||
| Performance and deferred share unit expense | 5,640 | 4,711 | 10,181 | 6,841 | |||||
| Share of results of investments in associates | (210 | ) | (354 | ) | 3,381 | 1,166 | |||
| Gain on disposal of an investment | (845 | ) | – | (845 | ) | – | |||
| Other income | (24 | ) | – | (24 | ) | – | |||
| Acquisition, legal, restructuring and other expenses | 4,129 | 1,404 | 8,543 | (29 | ) | ||||
| Income taxes on above noted adjustments | (4,015 | ) | (2,039 | ) | (13,227 | ) | (6,437 | ) | |
| Adjusted Net income | 18,568 | 15,382 | 72,654 | 60,312 | |||||
| Average number of shares outstanding (diluted) | 68,807 | 68,811 | 68,871 | 69,104 | |||||
| Adjusted Net income per share (diluted) | 0.27 | 0.22 | 1.05 | 0.87 | |||||
| (in thousands of Canadian dollars) | March 31, 2025 Fiscal 2025 | March 31, 2024 Fiscal 2024 | |
| LTM Adjusted EBITDA | 142,199 | 125,855 | |
| Permanent cost-saving initiatives | 1,046 | 2,758 | |
| Adjusted EBITDA for the months prior to the business acquisition of The Coda Collection which are not already reflected in the results | 150 | – | |
| Pro Forma Adjusted EBITDA | 143,395 | 128,613 | |
Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow
| 3 months | 12 months | ||||||||
| (in thousands of Canadian dollars) | March 31, 2025 Q4 2025 | March 31, 2024 Q4 2024 | March 31, 2025 Fiscal 2025 | March 31, 2024 Fiscal 2024 | |||||
| Cash flow from operating activities | 39,720 | 44,263 | 105,040 | 118,526 | |||||
| Add / Less : | |||||||||
| Acquisition of property and equipment | (2,057 | ) | (2,351 | ) | (7,194 | ) | (7,812 | ) | |
| Acquisition of intangible assets other than internally developed intangible assets | (1,183 | ) | (355 | ) | (2,680 | ) | (1,231 | ) | |
| Addition to internally developed intangible assets | (1,371 | ) | (1,148 | ) | (5,184 | ) | (5,001 | ) | |
| Interest paid | (5,287 | ) | (6,641 | ) | (23,781 | ) | (25,927 | ) | |
| Repayment of lease liabilities | (954 | ) | (929 | ) | (4,295 | ) | (4,351 | ) | |
| Net change in non-cash operating working capital items | (17,094 | ) | (17,661 | ) | 6,663 | 5,983 | |||
| Unrealized loss (gain) on foreign exchange | 2,508 | (958 | ) | 6,499 | 636 | ||||
| Acquisition, legal, restructuring and other expenses | 4,129 | 1,404 | 8,543 | (29 | ) | ||||
| Adjusted free cash flow | 18,411 | 15,624 | 83,611 | 80,794 | |||||
Calculation of Net Debt and Net Debt to Pro Forma Adjusted EBITDA Ratio
| (in thousands of Canadian dollars) | March 31, 2025 | March 31, 2024 | ||
| Credit facilities | 341,365 | 338,712 | ||
| Subordinated debt | – | 25,579 | ||
| Cash and cash equivalents | (13,984 | ) | (9,606 | ) |
| Net debt | 327,381 | 354,685 | ||
| Net debt to Pro Forma Adjusted EBITDA | 2.28 | 2.76 | ||
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
Senior Vice-President, Marketing and Communications
Stingray
(514) 664-1244, ext. 2362
