From GlobeNewswire: 2024-06-04 18:00:00

Stingray Group Inc. reported strong financial results for the fourth quarter and full year ending March 31, 2024. The Corporation saw organic growth of 9.4% in Broadcast and Recurring Commercial Music Revenues, with revenues improving by 6.0% to $83.7 million. Adjusted EBITDA increased by 10.7% to $29.4 million, with net loss totaling $46.3 million due to a one-time non-cash impairment charge.
In terms of the full year, Stingray reported organic growth of 10.2% in Broadcast and Recurring Commercial Music Revenues, with revenues increasing by 6.6% to $345.4 million. Adjusted EBITDA improved by 10.3% to $125.9 million, with a net loss of $13.7 million due to a one-time non-cash impairment charge. Cash flow from operating activities grew by 36.3% to $118.5 million.
President and CEO Eric Boyko highlighted Stingray’s accomplishments in becoming a leader in retail media advertising, FAST channels, and in-car audio entertainment during the past fiscal year. The company exceeded its annual growth target with Adjusted EBITDA of $125.9 million on revenues of $345.4 million, outperforming internal expectations and expanding its share in new segments through operational excellence.
Revenue growth in the fourth quarter was primarily driven by FAST channel and Retail Media revenues, along with improved Radio revenues. Revenues in Canada increased by 4.4%, while revenues in the United States grew by 19.4%. Broadcasting and Commercial Music revenues in Q4 increased by 6.7%, with Radio revenues growing by 4.7%. Net loss in Q4 totaled $46.3 million, with Adjusted EBITDA increasing by 10.7% to $29.4 million.
In summary, Stingray Group Inc. achieved strong financial results in the fourth quarter and full year of fiscal 2024, with significant growth in Broadcast and Commercial Music revenues. The company remains focused on expanding its presence in retail media advertising, FAST channels, and in-car audio entertainment, aiming to maintain or improve Adjusted EBITDA margin in the coming year.



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