EL7.AI
StocksMedium•11 November 2026•
4 min read

Stingray Posts Quarterly Revenue of C$171.4 Million, Up 51.3%

Key Facts

1Revenue was C$171.4 million, up 51.3% year over year.
2Adjusted EBITDA rose 47.5% to C$58.3 million, while its margin was 34.0%.
3Adjusted net income reached C$34.7 million, or C$0.51 per diluted share.
4Operating cash flow increased 81.9% to C$44.3 million.
5The company announced a distribution of C$0.10 per share, payable on or around December 15, 2026.

Stingray Group reported revenue of C$171.4 million in the second quarter of its 2027 fiscal year, up 51.3% year over year, according to its financial report for the period ended September 30, 2026. Adjusted EBITDA rose to C$58.3 million from C$39.5 million a year earlier, an increase of 47.5%. The company said organic revenue from radio broadcasting and recurring commercial music grew 15.1% during the quarter. Adjusted net income was C$34.7 million, or C$0.51 per diluted share, compared with C$21.9 million and C$0.32 per share a year earlier. Net income under International Financial Reporting Standards rose to C$16.2 million, or C$0.24 per share, from C$11.8 million and C$0.17. The company’s fiscal year runs from April 1 to March 31.

Total revenue grew faster than adjusted EBITDA, and the metric’s margin fell to 34.0% from 34.9% in the year-earlier period. Stingray attributed the decline mainly to lower gross margins in the TuneIn and The Singing Machine offerings added to its business, along with a shift in product mix. The expansion of the business therefore coincided with pressure on the share of earnings generated by each unit of revenue, despite an increase in adjusted earnings themselves. Management said growth in the broadcasting and commercial music segment came mainly from advertising revenue associated with the TuneIn acquisition and higher sales of FAST channels. Radio revenue was also supported by increased national airtime sales and digital revenue.

The company said FAST channel revenue increased by more than 85% year over year in the quarter. As part of efforts to expand distribution of these channels, Stingray announced an extension of its partnership with LG Channels to include FAST channels and the Moodscapes service in the United Arab Emirates. The expansion is part of the company’s efforts to benefit from growth in advertising and content distribution across connected TV platforms. For TuneIn, management said annualized synergies tied to the acquisition had reached $45 million in revenue and $12 million in cost savings. It added that these run rates exceeded its internal expectations. The figures combine revenue from the acquired business with operating savings, while leaving intact the impact of lower-margin products cited in the report.

Operating cash flow improved to C$44.3 million, up 81.9% from C$24.3 million in the year-earlier quarter. Adjusted free cash flow rose to C$39.0 million from C$28.4 million. As of September 30, 2026, the company held C$19.7 million in cash and cash equivalents, while its credit facilities stood at C$548.9 million. These figures provide a view of liquidity and financing alongside earnings growth, while the increase in operating cash flow marks strong year-over-year growth during the quarter. The report did not link these balances to a specific outlook for future performance.

For historical comparison, revenue in the second quarter of fiscal 2026 had risen 21.0% to C$113.3 million from C$93.6 million, while adjusted EBITDA increased 16.3% to C$39.5 million from C$34.0 million. In the second quarter of fiscal 2027, revenue grew 51.3% and the adjusted earnings metric rose 47.5%, with the acquisition, FAST channel sales and a positive foreign exchange impact contributing to the revenue increase. Organic revenue growth from recurring broadcasting and commercial music was 16.7% in the year-earlier quarter, then reached 15.1% in the current quarter. The comparison reflects an expansion in total revenue alongside continued organic growth, though at a slower rate than in the prior period. The quarterly cash distribution in the prior-year results also increased 13.33% to C$0.085 per share.

Stingray announced on November 10 a cash distribution of C$0.10 per share, payable to shareholders of record on November 30, 2026, with payment on or around December 15. The company had scheduled a call to discuss the results for November 11, 2026, at 10:00 a.m. Eastern time. In an earlier expansion in October, owned ABC television stations added all eight of their FAST channels to TuneIn’s news section. The company said the content is available across more than 200 connected devices and in-car integrations. The partnership provides additional context for TuneIn’s expansion in digital distribution during the period around the results.