Stingray Group (RAY-A) investor relations material

Executive summary

• Q4 2026 revenues grew 43.6% to $137.8M, with full-year revenues up 21.9% to $471.6M, driven by the TuneIn acquisition, FAST channel growth, and retail media expansion.

• Adjusted EBITDA rose 21.3% in Q4 to $42.5M and 12.6% for the year to $160.2M, though margins compressed due to lower gross margins from acquisitions.

• Net loss of $64.6M in Q4 and $28.6M for the year, mainly due to a $64.7M goodwill impairment and higher acquisition, amortization, and restructuring costs.

• TuneIn integration delivered $42M in revenue synergies and $12M in cost optimization within six months, ahead of schedule.

• Major acquisitions (TuneIn, DMI) expanded global reach and retail media leadership.

Financial highlights

• Q4 2026: Revenue $137.8M (+43.6%), Adjusted EBITDA $42.5M (+21.3%), Adjusted net income $20.8M (+12.1%), Net loss $64.6M.

• Fiscal 2026: Revenue $471.6M (+21.9%), Adjusted EBITDA $160.2M (+12.6%), Adjusted net income $90.3M (+24.3%), Net loss $28.6M.

• Adjusted free cash flow in Q4 was $20.1M, up from $18.4M last year; full-year adjusted free cash flow was $102.1M, up 22.1%.

• Cash flow from operations in Q4 was $35.2M, down from $39.7M last year; full-year cash flow from operations was $116.6M, up 11%.

• Net debt at year-end was $503.4M, with a leverage ratio of 2.38x.

Outlook and guidance

• Organic sales growth exceeded 20% in early FY 2027, up from 11.7% in Q4.

• Management maintains an adjusted EBITDA margin target of 35% long-term, expecting margin expansion as TuneIn synergies scale.

• FY 2027 standalone budget targets 12–14% revenue growth, with expectations to finish the year below 2x leverage.

• Analysts forecast sales up 40%, EBITDA up 50%, and free cash flow up 60% for FY 2027.

• Continued focus on advertising monetization and digital growth expected to drive future revenue.