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 $9.1 million in 2025.
MONTREAL, June 09, 2026 (GLOBE NEWSWIRE) -- Stingray Group Inc. (TSX:RAY) (the "Corporation"; "Stingray"), the world's leading connected streaming media company, announced today its unaudited financial results for the fourth quarter and fiscal year ended March 31, 2026.
Financial Highlights(in thousands of Canadian dollars, except per share data, unaudited)
Three months endedMarch 31
Twelve months ended March 31
2026
2025
%
2026
2025
%
Revenues
137,825
96,008
43.6
471,567
386,891
21.9
Adjusted EBITDA(1)
42,492
35,027
21.3
160,186
142,199
12.6
Net income (loss)
(64,624
)
7,655
—
(28,575
)
36,440
—
Per share, diluted ($)
(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 ResultsRevenues 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 ResultsFiscal 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 DividendThe 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 ...
