Stingray Reports Fourth Quarter and Full-Year Results for Fiscal 2026
Stingray accelerates TuneIn integration well ahead of schedule, with revenue synergies surpassing $42 million and cost optimizations of $12 million
Fourth Quarter Highlights
- Organic growth of 11.6% year-over-year in Broadcast and Recurring Commercial Music Revenues;
- Revenues increased 43.6% to $137.8 million in the fourth quarter of 2026 from $96.0 million in the fourth quarter of 2025;
- Adjusted EBITDA(1) improved 21.3% to $42.5 million in the fourth quarter of 2026 from $35.0 million in the fourth quarter of 2025. Adjusted EBITDA by segment(1) was $37.3 million or 34.2% of revenues for Broadcasting and Commercial Music, $7.0 million or 24.1% of revenues for Radio, and $(1.8) million for Corporate;
- Adjusted net income(1) amounted to $20.8 million, or $0.31 per diluted share(1) in the fourth quarter of 2026, compared to $18.6 million, or $0.27 per diluted share(1), in the same period of 2025;
- Net loss totaled $64.6 million, or $0.95 per diluted share(1) in the fourth quarter of 2026 compared to net income of $7.7 million, $0.11 per diluted share(1), in the same period last year;
- Cash flow from operating activities declined 11.3% to $35.2 million, or $0.52 per diluted share(1), in the fourth quarter of 2026 from $39.7 million, or $0.58 per diluted share(1), in the fourth quarter of 2025;
- Adjusted free cash flow(1) grew 9.1% to $20.1 million, or $0.30 per diluted share(1), in the fourth quarter of 2026 from $18.4 million, or $0.27 per diluted share(1), in the same period last year;
- Repurchased and cancelled 185,772 shares for a total of $2.8 million in the fourth quarter of 2026 compared to 275,000 shares for $2.3 million in the fourth quarter of 2025.
Full-Year Highlights
- Organic growth of 12.0% year-over-year in Broadcast and Recurring Commercial Music Revenues;
- Revenues increased 21.9% to $471.6 million in fiscal 2026 from $386.9 million in 2025;
- Adjusted EBITDA(1) grew 12.6% to $160.2 million in fiscal 2026 from $142.2 million in 2025. Adjusted EBITDA by segment(1) was $125.9 million or 37.1% of revenues for Broadcasting and Commercial Music, $41.5 million or 31.3% of revenues for Radio, and $(7.2) million for Corporate;
- Adjusted net income(1) amounted to $90.3 million, or $1.33 per diluted share(1) in fiscal 2026 compared to $72.7 million, or $1.05 per diluted share(1), last year;
- Net loss totaled $28.6 million, or $0.42 per diluted share(1), in fiscal 2026 compared to net income of $36.4 million, or $0.53 per diluted share(1), in 2025;
- Cash flow from operating activities increased 11.0% to $116.6 million or $1.72 per diluted share(1), in fiscal 2026 from $105.0 million, or $1.53 per diluted share(1), in 2025;
- Adjusted free cash flow(1) improved 22.1% to $102.1 million, or $1.50 per diluted share(1), in fiscal 2026 from $83.6 million, or $1.21 per diluted share(1), last year;
- Net debt to Pro Forma Adjusted EBITDA(1) ratio reached 2.38x at the end of fiscal 2026 compared to 2.28x at the end of 2025; and
- Repurchased and cancelled 1.1 million shares for a total of $12.9 million in fiscal 2026 compared to 1.2 million shares for $9.1 million in 2025.
MONTREAL, June 09, 2026 (GLOBE NEWSWIRE) -- Stingray Group Inc. (TSX: RAY) (the “Corporation”; “Stingray”), the world’s leading connected streaming media company, announced today its unaudited financial results for the fourth quarter and fiscal year ended March 31, 2026.
| Financial Highlights (in thousands of Canadian dollars, except per share data, unaudited) | Three months ended March 31 | Twelve months ended March 31 | ||||||||||
| 2026 | 2025 | % | 2026 | 2025 | % | |||||||
| Revenues | 137,825 | 96,008 | 43.6 | 471,567 | 386,891 | 21.9 | ||||||
| Adjusted EBITDA(1) | 42,492 | 35,027 | 21.3 | 160,186 | 142,199 | 12.6 | ||||||
| Net income (loss) | (64,624 | ) | 7,655 | — | (28,575 | ) | 36,440 | — | ||||
| Per share – diluted ($) | (0.95 | ) | 0.11 | — | (0.42 | ) | 0.53 | — | ||||
| Adjusted Net income(1) | 20,811 | 18,568 | 12.1 | 90,290 | 72,654 | 24.3 | ||||||
| Per share – diluted ($)(1) | 0.31 | 0.27 | 14.8 | 1.33 | 1.05 | 27.1 | ||||||
| Cash flow from operating activities | 35,225 | 39,720 | (11.3 | ) | 116,558 | 105,040 | 11.0 | |||||
| Adjusted free cash flow(1) | 20,086 | 18,411 | 9.1 | 102,076 | 83,611 | 22.1 |
| (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 6 of this news release for more information about each non-IFRS measure and refer to pages 7-8 for the reconciliations to the most directly comparable IFRS financial measures. |
Reporting on Stingray 's fourth quarter and fiscal 2026 results, President, Co-Founder and CEO Eric Boyko stated:
"Stingray delivered a strong financial performance in fiscal 2026 as revenues and adjusted EBITDA increased 21.9% and 12.6%, respectively, driven by the game-changing TuneIn acquisition and rapidly growing FAST channel segment. Similarly, revenues and adjusted EBITDA improved by 43.6% and 21.3% in the fourth quarter, fueled by that strategic acquisition. The transformative and synergistic impact of TuneIn on our business cannot be overstated due to its programmatic advertising capabilities and broad network of partners. We anticipate these key elements will serve as catalysts for our multiple business units in coming years.
"This is further evidenced by TuneIn 's strong organic growth — both on and off platform — and the expanding inventory of Stingray 's Premium Ad Network, which is now benefiting from TuneIn 's growing advertiser demand, creating a powerful flywheel across our advertising business. FAST channel revenues grew more than 60% year-over-year in 2026 and we were recently selected as the partner of choice by TV manufacturer VIZIO to resell their excess inventory—both inside and outside of their ad platform. In addition, we were chosen by a number of platform partners to introduce and resell audio ad inventory, alongside current video inventory, thanks to TuneIn 's expertise and Stingray 's reach and distribution. In short, as a combined entity, we are one of the few players in the FAST channel industry that has such monetization capabilities.
"Not surprisingly, we are ahead of schedule for delivering against planned synergies from the acquisition. Revenue synergies surpassed $42 million, and cost optimization stood at $12 million after less than six months into the TuneIn integration.
"Looking at our other growth vectors, we continue to make progress on the retail media front with the integration of DMI and the strengthening of our revenue streams through more profitable managed service accounts, as we work to enable the introduction of programmatic advertising within retail. In the connected car space, we are excited to see traction with the European rollout of BYD Audio, the availability of Stingray Music in Mercedes-Benz vehicles and the US rollout of TuneIn in Nissan and Infiniti vehicles.
"Against this backdrop, Broadcasting and Commercial Music revenues increased 33.2% to $339.2 million in 2026, largely due to higher advertising revenues from the TuneIn deal, greater FAST channel revenues, and enhanced equipment sales from The Singing Machine acquisition. Radio revenues were relatively stable year-over-year at $132.4 million as higher digital advertising revenues were mostly offset by lower airtime sales.
"Looking ahead to fiscal 2027, we are off to a strong start. Early indicators for Q1 are very encouraging, with organic growth already tracking over 20%. Overall programmatic ad sales across the Stingray Premium Ad Network and TuneIn are gaining momentum and approaching $275 million on an annual run rate basis. This momentum reflects the strength of our advertising platform and the continued execution of our strategy. We are maintaining our consolidated adjusted EBITDA margin target of 35%, but there is room, in a longer term, for margin expansion depending on the magnitude of revenue and cost synergies derived from the TuneIn integration, " Mr. Boyko concluded.
Fourth Quarter Results
Revenues in the fourth quarter of 2026 increased $41.8 million, or 43.6%, to $137.8 million from $96.0 million in the fourth quarter of 2025. The growth was primarily due to higher advertising and subscription revenues from the TuneIn acquisition, along with greater equipment sales from The Singing Machine acquisition, partially offset by a negative foreign exchange impact.
Revenues in Canada decreased $2.6 million, or 5.5%, to $44.2 million from $46.8 million in the fourth quarter of 2025. The decline can be attributed to reduced Radio revenues caused by lower airtime sales.
Revenues in the United States grew $44.5 million, or 117.0%, to $82.5 million from $38.0 million in the fourth quarter of 2025. The increase was mainly driven by higher advertising and subscription revenues from the TuneIn acquisition, along with greater equipment sales from The Singing Machine acquisition, partially offset by a negative foreign exchange impact.
Revenues in Other countries decreased $0.1 million, or 0.6%, to $11.1 million from $11.2 million in Q4 2025. The year-over-year decline was mainly due to lower subscription sales, partially offset by higher FAST channel revenues.
Broadcasting and Commercial Music revenues in the fourth quarter of 2026 increased $44.2 million, or 68.4%, to $108.8 million from $64.6 million in the fourth quarter of 2025. The growth was primarily driven by higher advertising and subscription revenues from the TuneIn acquisition, greater equipment sales from The Singing Machine transaction, and higher FAST channel revenues. These factors were partially offset by a negative foreign exchange impact.
For the fourth quarter of 2026, Radio revenues decreased $2.3 million, or 7.5%, to $29.1 million from $31.4 million in the same period of 2025. This decline was largely due to lower airtime revenues.
Consolidated Adjusted EBITDA in the fourth quarter of 2026 improved $7.5 million, or 21.3%, to $42.5 million from $35.0 million in the fourth quarter of 2025. Adjusted EBITDA margin in the fourth quarter of 2026 declined to 30.8% from 36.5% in the same period last year. The increase in Adjusted EBITDA was mainly driven by a higher revenue level resulting from the TuneIn acquisition. The decline in Adjusted EBITDA margin can be attributed to lower gross margin contributions on higher revenues from the TuneIn and The Singing Machine acquisitions.
For the fourth quarter of 2026, net loss totaled $64.6 million, or $0.95 per diluted share, compared to net income of $7.7 million, or $0.11 per diluted share, in the fourth quarter of 2025. The variation was primarily due to a goodwill impairment charge of $64.7 million, along with higher acquisition costs, amortization expenses, and severance costs related to the TuneIn transaction. These factors were partially offset by an income tax recovery, compared to an income tax expense in the comparable period in 2025, as well as improved operating results.
Cash flow generated from operating activities amounted to $35.2 million in the fourth quarter of 2026 compared to $39.7 million in the fourth quarter of 2025. The decline was mainly due to increased legal fees and settlements, and higher restructuring and other expenses.
Adjusted free cash flow generated in the fourth quarter of 2026 totaled $20.1 million compared to $18.4 million in the same period last year. The growth was primarily due to improved operating results, partially offset by a higher interest expense and greater realized foreign exchange loss.
As of March 31, 2026, the Corporation had cash and cash equivalents of $20.7 million and credit facilities of $524.1 million.
Full-Year Results
Fiscal 2026 revenues increased $84.7 million, or 21.9%, to $471.6 million from $386.9 million in 2025. The year-over-year growth was largely due to higher advertising and subscription revenues from the TuneIn acquisition, greater FAST channel sales, and enhanced equipment sales from The Singing Machine acquisition.
Adjusted EBITDA in fiscal 2026 improved $18.0 million, or 12.6%, to $160.2 million from $142.2 million in 2025. Adjusted EBITDA margin in 2026 reached 34.0% compared to 36.8% in 2025. The increase in Adjusted EBITDA was mainly driven by a higher revenue level resulting from the acquisitions of TuneIn, The Singing Machine and DMI. The decline in Adjusted EBITDA margin can be attributed to lower gross margin contributions on higher revenues from the TuneIn and The Singing Machine acquisitions.
Net loss in fiscal 2026 totaled $28.6 million, or $0.42 per diluted share, compared to net income of $36.4 million, or $0.53 per diluted share, in 2025. The variation was primarily due to a goodwill impairment charge of $64.7 million, a higher performance and deferred share units expense linked to an increase in the Corporation’s share price, as well as higher acquisition costs, amortization expenses and restructuring costs from the TuneIn acquisition. These factors were partially offset by improved operating results and an unrealized gain on the fair value of derivative instruments.
Adjusted net income in fiscal 2026 amounted to $90.3 million, or $1.33 per diluted share, compared to $72.7 million, or $1.05 per diluted share, in 2025. The increase was mainly driven by improved operating results, lower foreign exchange loss, and a decrease in the fair value of contingent considerations. These factors were partially offset by a higher income tax expense.
Declaration of Dividend
The Corporation declared a dividend of $0.085 per subordinate voting share, variable subordinate voting share and multiple voting share on March 25, 2026. The dividend will be payable on or around June 15, 2026, to shareholders on record as of May 29, 2026.
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 June 2, 2026, the Corporation announced that it has received an exemption to treat Stingray’s subordinate voting shares and variable subordinate voting shares as a single class for certain purposes, including for applicable take-over bid and early warning reporting requirements under Canadian securities laws. Stingray applied for the exemption, which is effective immediately, to facilitate investment in its variable subordinate voting shares by non-Canadians.
- On June 2, 2026, the Corporation announced the premiere launch of its newest channel, Stingray Hooked, now available to audiences in the United States on The Roku Channel. This addition marks the very first time the anticipated channel has been introduced to viewers.
- On May 7, 2026, the Corporation announced that ABC News is launching the “20/20 True Crime” channel on TuneIn, bringing together award-winning podcasts, investigative storytelling and cases from “20/20,” the iconic news magazine, in one place.
- On April 29, 2026, the Corporation announced the global launch of Just For Laughs Radio on TuneIn, a new audio channel created in partnership with Just For Laughs, the world’s leading comedy brand. The channel offers an audio feed of sketches and stand-up to make any day funnier.
- On April 8, 2026, the Corporation announced a groundbreaking partnership with Anuvu – a global provider of highspeed connectivity and entertainment solutions for mobility markets – to bring Stingray’s curated audio and video offering to cruise passengers worldwide. Under the agreement, Anuvu will serve as the official distribution partner for Stingray’s content across the global cruise industry, marking one of the first fully licensed deployments of streaming audio and video content at scale in the cruise sector.
- On April 2, 2026, the Corporation announced a partnership with OrkaTV, the new free streaming platform bringing curated live and on-demand television to U.S. audiences. This collaboration will bring five video channels and twelve audio channels to the OrkaTV platform, catering to a wide range of tastes and preferences.
- On April 2, 2026, the Corporation acquired Radioline 's contracts, a global provider of radio and podcast solutions. This strategic acquisition enhances Stingray 's audio offerings and expands its reach in high-growth markets, particularly in Connected TV(CTV) and the automotive sector. The brand and service will transition to TuneIn and Stingray respectively in the coming months.
- On March 31, 2026, the Corporation announced that NBC Sports Radio is launching on TuneIn, bringing marquee sports talk programming and live play-by-play coverage to listeners. TuneIn will stream NBC Sports audio simulcasts, including live daily studio shows from NBC Sports Now such as Pro Football Talk Live, The Dan Patrick Show and Chris Simms Unbuttoned, along with select live play-by-play events.
- On March 11, 2026, the Corporation announced that TuneIn will provide complete audio coverage of the NCAA Division I Men’s Basketball Tournament through its partnership with Westwood One. Beginning March 17, TuneIn Premium listeners can follow all 68 teams on the road to the national championship game on April 6.
- On February 23, 2026, the Corporation announced the launch of a suite of free, ad-supported streaming television (FAST) channels on Whale TV+, the free streaming service from independent TV OS maker Whale TV. Whale TV+ is available on Whale TV enabled smart TVs, but also on web and Android, Google TV and Fire TV devices. The launch brings twelve of Stingray’s most popular channels to Whale TV+ viewers in LATAM and Western Europe, expanding Stingray’s global reach.
- On February 18, 2026, the Corporation announced the launch of four new channels on Pluto TV, a global leader in free streaming television. The new channels – ZenLIFE, Qello Concerts, TikTok Radio, and Stingray DJAZZ – join the already popular Classica, Holidayscapes and Naturescape, further enriching Pluto TV’s diverse content offering.
- On February 12, 2026, the Corporation announced a new partnership with JioTV, India’s leading digital entertainment platform, in a deal facilitated by THEMA, a Canal+ company. This collaboration brings a curated selection of Stingray’s popular audio and video channels to millions of viewers across India, significantly expanding Stingray’s presence in the Asian market.
- On February 10, 2026, the Corporation announced that its subordinate voting shares and variable subordinate voting shares will trade under a single ticker on the Toronto Stock Exchange (“TSX”) effective as of February 13, 2026.
Conference Call
The Corporation will hold a conference call tomorrow, June 10, 2026, at 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 1-646-307-1865 (New York). A rebroadcast of the conference call will be available until midnight, July 10, 2026, by dialing 289-819-1325 or 888-660-6264 and entering passcode 07123.
About Stingray
Stingray Group Inc. (TSX: RAY), the world’s leading connected streaming media company, delivers the best curated audio and video content to consumers worldwide. As a pioneer in multiplatform streaming and distribution, Stingray’s vast digital content portfolio includes thousands of live audio and radio stations, premium music channels, concerts and music documentaries, karaoke products, as well as ambience and wellness channels. Its offering is distributed via connected TVs, smart speakers, mobile, connected cars and retail. Reaching hundreds of millions of consumers every month, Stingray 's products offer an unparalleled advertising reach, enabling brands to connect with an engaged audience across the world. Home to globally renowned brands such as TuneIn, Singing Machine, Stingray Karaoke and Qello Concerts, Stingray is powered by a worldwide team of more than 1,000 employees. For more information, visit www.stingray.com.
About this Earnings Release
This earnings release contains important information about our business and our performance for the three and twelve months ended March 31, 2026, as well as forward-looking information about future periods (“see Forward-Looking Information”). The financial information contained in this earnings release is unaudited and subject to final review and adjustment by the Corporation 's external auditors. While the Corporation believes the financial information presented herein is accurate, actual results may differ from these figures upon the completion of the audit. This earnings release should be used as preparation for reading our forthcoming Management 's Discussion and Analysis (MD&A) and Audited Consolidated Financial Statements for the year ended March 31, 2026, which we intend to file with securities regulators in Canada by the end of June 2026. These documents will be made available at corporate.stingray.com/financial-results, sedarplus.ca or mailed upon request. The financial information contained in this earnings release is prepared using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. This earnings release should be read in conjunction with our 2025 Annual MD&A, our 2025 Audited Consolidated Financial Statements, our 2026 First, Second, and Third Quarter MD&A and Interim Condensed Consolidated Financial Statements, and our other recent filings with Canadian securities regulatory authorities, which are available on SEDAR+ at sedarplus.ca.
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 www.sedarplus.com. 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, income tax strategies and acquisition and restructuring related costs. 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 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
| 3 months | 12 months | ||||||||
| (in thousands of Canadian dollars) | March 31, 2026 Q4 2026 | March 31, 2025 Q4 2025 | March 31, 2026 Fiscal 2026 | March 31, 2025 Fiscal 2025 | |||||
| Net income (loss) | (64,624 | ) | 7,655 | (28,575 | ) | 36,440 | |||
| Impairment of goodwill | 64,696 | – | 64,696 | – | |||||
| Net finance expense (income) | 10,617 | 9,516 | 17,486 | 42,416 | |||||
| Change in fair value of investments | (12 | ) | 2 | 20 | (54 | ) | |||
| Income taxes | (7,236 | ) | 977 | 6,438 | 10,982 | ||||
| Depreciation and write-off of property and equipment | 2,342 | 1,941 | 8,125 | 8,090 | |||||
| Depreciation of right-of-use assets | 1,332 | 1,020 | 5,154 | 4,097 | |||||
| Amortization of intangible assets | 12,153 | 5,115 | 25,669 | 18,583 | |||||
| Share-based compensation | 134 | 111 | 236 | 409 | |||||
| Performance and deferred share unit expense | 5,264 | 5,640 | 27,565 | 10,181 | |||||
| Share of results of investments in associates and joint ventures | 195 | (210 | ) | 757 | 3,381 | ||||
| Loss (gain) on disposal of investments | 349 | (845 | ) | 1,614 | (845 | ) | |||
| Other income | – | (24 | ) | – | (24 | ) | |||
| Acquisition, legal, restructuring and other expenses | 17,281 | 4,129 | 31,000 | 8,543 | |||||
| Adjusted EBITDA | 42,492 | 35,027 | 160,186 | 142,199 | |||||
| Adjusted EBITDA margin | 30.8% | 36.5% | 34.0% | 36.8% | |||||
Net income (loss) | (64,624 | ) | 7,655 | (28,575 | ) | 36,440 | |||
| Adjusted for: | |||||||||
| Impairment of goodwill | 64,696 | – | 64,696 | – | |||||
| Unrealized loss (gain) on derivative instruments | 329 | 1,010 | (4,884 | ) | 9,267 | ||||
| Amortization of intangible assets | 12,153 | 5,115 | 25,669 | 18,583 | |||||
| Change in fair value of investments | (12 | ) | 2 | 20 | (54 | ) | |||
| Share-based compensation | 134 | 111 | 236 | 409 | |||||
| Performance and deferred share unit expense | 5,264 | 5,640 | 27,565 | 10,181 | |||||
| Share of results of investments in associates and joint ventures | 195 | (210 | ) | 757 | 3,381 | ||||
| Loss (gain) on disposal of investments | 349 | (845 | ) | 1,614 | (845 | ) | |||
| Other income | – | (24 | ) | – | (24 | ) | |||
| Acquisition, legal, restructuring and other expenses | 17,281 | 4,129 | 31,000 | 8,543 | |||||
| Income taxes related to above noted adjustments | (14,954 | ) | (4,015 | ) | (27,808 | ) | (13,227 | ) | |
| Adjusted Net income | 20,811 | 18,568 | 90,290 | 72,654 | |||||
| Average number of shares outstanding (diluted) | 68,048 | 68,807 | 67,963 | 68,871 | |||||
| Adjusted Net income per share (diluted) | 0.31 | 0.27 | 1.33 | 1.05 |
| (in thousands of Canadian dollars) | March 31, 2026 Fiscal 2026 | March 31, 2025 Fiscal 2025 | ||
| LTM Adjusted EBITDA | 160,186 | 142,199 | ||
| Permanent cost-saving initiatives | 940 | 1,046 | ||
| Cost synergies from the acquisition of TuneIn | 9,813 | – | ||
| Adjusted EBITDA for the months prior to the business acquisitions which are not already reflected in the results | 40,613 | 150 | ||
| Pro Forma Adjusted EBITDA | 211,552 | 143,395 | ||
Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow
| 3 months | 12 months | ||||||||
| (in thousands of Canadian dollars) | March 31, 2026 Q4 2026 | March 31, 2025 Q4 2025 | March 31, 2026 Fiscal 2026 | March 31, 2025 Fiscal 2025 | |||||
| Cash flow from operating activities | 35,225 | 39,720 | 116,558 | 105,040 | |||||
| Add / Less : | |||||||||
| Acquisition of property and equipment | (1,939 | ) | (2,057 | ) | (7,560 | ) | (7,194 | ) | |
| Acquisition of intangible assets other than internally developed intangible assets | (472 | ) | (1,183 | ) | (1,624 | ) | (2,680 | ) | |
| Addition to internally developed intangible assets | (2,941 | ) | (1,371 | ) | (7,300 | ) | (5,184 | ) | |
| Interest paid | (8,490 | ) | (5,287 | ) | (23,170 | ) | (23,781 | ) | |
| Repayment of lease liabilities | (1,181 | ) | (954 | ) | (4,558 | ) | (4,295 | ) | |
| Net change in non-cash operating working capital items | (17,880 | ) | (17,094 | ) | (448 | ) | 6,663 | ||
| Unrealized loss (gain) on foreign exchange | 483 | 2,508 | (822 | ) | 6,499 | ||||
| Acquisition, legal, restructuring and other expenses | 17,281 | 4,129 | 31,000 | 8,543 | |||||
| Adjusted free cash flow | 20,086 | 18,411 | 102,076 | 83,611 | |||||
Calculation of Net Debt and Net Debt to Pro Forma Adjusted EBITDA Ratio
| (in thousands of Canadian dollars) | March 31, 2026 | March 31, 2025 | |||
| Credit facilities | 524,106 | 341,365 | |||
| Subordinated debt | – | – | |||
| Cash and cash equivalents | (20,747 | ) | (13,984 | ) | |
| Net debt | 503,359 | 327,381 | |||
| Net debt to Pro Forma Adjusted EBITDA | 2.38 | 2.28 | |||
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 www.corporate.stingray.com and on SEDAR+ at www.sedarplus.ca.
Contact Information
Mathieu Péloquin
Senior Vice-President, Marketing and Communications
Stingray
(514) 664-1244, ext. 2362
mpeloquin@stingray.com
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