Stingray Reports Fourth Quarter and Full-Year Results for Fiscal 2026
Fourth Quarter Highlights
Full-Year Highlights
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.
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
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
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 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