Stingray Group Inc. lifted fiscal second-quarter revenue 51.3% to C$171.4 million, but adjusted EBITDA grew more slowly as its margin tightened and net debt increased, the company’s quarterly report showed.
Revenue for the three months ended Sept. 30 was C$171.392 million, compared with C$113.262 million a year earlier. Stingray said TuneIn-related advertising, higher FAST channel sales and a positive foreign-exchange impact supported growth. Broadcasting and Commercial Music revenue rose 69.8% to C$137.279 million, while Radio revenue increased 5.3% to C$34.113 million. Stingray acquired TuneIn on Dec. 19, 2025, after the comparison quarter had ended, leaving TuneIn out of the year-earlier period.
Profitability grew more slowly than sales. Adjusted EBITDA, a non-IFRS measure, rose to C$58.311 million from C$39.520 million, while its margin declined to 34.0% from 34.9%. Stingray attributed the margin decline to lower gross margins associated with TuneIn and The Singing Machine product offerings, along with advertising’s larger share of revenue. Net income increased to C$16.209 million from C$11.772 million; diluted earnings per share were C$0.24, compared with C$0.17.
Eric Boyko, Stingray’s president, co-founder and CEO, said FAST channel revenue grew more than 85% year over year. He put TuneIn’s annualized revenue and cost synergy run rates at C$45 million and C$12 million, respectively. Stingray also reported rights to monetize Samsung’s unsold advertising inventory and wider FAST channel distribution through LG and Rakuten TV.
At Sept. 30, net debt was C$529.201 million, compared with C$321.128 million a year earlier. The net debt to pro forma adjusted EBITDA ratio rose to 2.39 times from 2.13 times. Stingray said adjusted EBITDA, net debt and the related ratio are non-IFRS measures; their definitions are not standardized and comparisons across issuers may be limited. Shareholders on the Nov. 30 record date are due to receive a C$0.10-per-share dividend around Dec. 15.
Stingray scheduled a conference call about the results for Wednesday, Nov. 11, at 10 a.m. ET.
