Key Financial Data
- FY 2026 Total revenue: CAN $471.6 million (+21.9% year-over)
- FY26 Adjusted net income: CAN $160.2 million (+12.6%)
- FY26 Net income: CAN -$28.6 million (declined due to impairment charge)
- Q4 2026 Total revenue: CAN: $137.8 million (+43.6%)
- Q4 Adjusted net income: CAN $20.8 million (+12.1%)
- Q4 Net income: CAN -$64.6 million (declined due to goodwill impairment)
- All figures in Canadian dollars
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Streaming audio company Stingray reported higher revenue during the company’s fiscal fourth quarter (Q4) of the year as the media company continued to enjoy benefits from its acquisition of audio platform TuneIn and experienced sharp growth in its free, ad-supported streaming TV (FAST) business.
During Q4 (which coincides with calendar Q1), total revenue increased 43.6 percent to CA $137.8 million (around U.S. $100.6 million) up from CA $96.0 million (U.S. $70.1 million) a year earlier. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 21.3 percent to CA $42.5 million (around U.S. $31 million), while adjusted net income climbed 12.1 percent to CA $20.8 million (around U.S. $15.2 million).
For the full fiscal year, revenue grew 21.9 percent to CA $471.6 million (around U.S. $344.3 million) and adjusted EBITDA increased 12.6 percent to CA $160.2 million (around U.S. $116.9 million). Adjusted net income rose 24.3 percent to CA $90.3 million (around U.S. $65.9 million), the company said.
Stingray’s financials were largely driven by the company’s acquisition of TuneIn, which was first reported by The Desk in November. Stingray also saw continued momentum in distributing and capitalizing on its FAST channels across platforms like The Roku Channel, Samsung TV Plus, Plex, LG Channels, Amazon’s Prime Video, Paramount’s Pluto TV and Vizio WatchFree Plus.
“Stingray delivered a strong financial performance in fiscal 2026 as revenues and adjusted EBITDA increased 21.9 percent and 12.6 percent, respectively, driven by the game-changing TuneIn acquisition and rapidly growing FAST channel segment,” Eric Boyko, the co-Founder, President and CEO of Stingray, said in a statement.
TuneIn’s programmatic advertising capabilities and partner network have accelerated growth across the company’s advertising business, Bokyo said, adding TuneIn generated strong organic growth both on and off its platform and helped expand the reach of Stingray’s Premium Ad Network.
FAST channel revenue increased more than 60 percent during fiscal 2026, aided by new distribution and advertising partnerships. During the year, Stingray was selected by Vizio to resell excess advertising inventory and secured additional agreements to distribute and monetize audio advertising inventory.
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The integration of TuneIn is progressing faster than expected: Revenue synergies have surpassed CA $42 million (around U.S. $30.7 million), while cost savings have reached CA $12 million (around U.S. $8.8 million) less than six months after the acquisition closed.
Broadcasting and Commercial Music revenue increased 68.4 percent during the fourth quarter to CA $108.8 million (around U.S. $79.4 million), benefiting from TuneIn advertising and subscription revenue, higher FAST channel sales and contributions from The Singing Machine acquisition. Radio revenue declined 7.5 percent to CA $29.1 million (around U.S. $21.2 million) due to weaker airtime sales.
Despite stronger operating performance, Stingray reported a net loss of CA $64.6 million (around U.S. $47.1 million) in the quarter, compared with net income of CA $7.7 million (around U.S. $5.6 million) a year earlier. The loss was primarily attributed to a CA $64.7 million (around U.S. $47.2 million) goodwill impairment charge, as well as higher acquisition-related expenses, amortization and severance costs associated with the TuneIn transaction.
Cash flow from operating activities declined 11.3 percent to CA $35.2 million (around U.S. $25.7 million), though adjusted free cash flow increased 9.1 percent to CA $20.1 million (around U.S. $14.7 million).
Boyko said the company is seeing a strong start to fiscal 2027: Organic growth in the current quarter is tracking above 20 percent, while programmatic advertising sales across Stingray and TuneIn are approaching a CA $275 million (U.S. $200.8 million) annual run-rate.
“We are maintaining our consolidated adjusted EBITDA margin target of 35 percent,” Boyko said, adding that additional revenue and cost synergies from TuneIn could support further margin expansion over time.
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