Stingray Group (RAY-A) investor relations material

Executive summary

• Revenues grew 43.6% year-over-year in Q4 2026 to $137.8M, and 21.9% for the full year to $471.6M, driven by the TuneIn acquisition, FAST channel growth, and programmatic ad expansion.

• Adjusted EBITDA rose 21.3% in Q4 to $42.5M and 12.6% for the year to $160.2M, with margin compression due to acquisitions.

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

• Adjusted net income increased to $20.8M in Q4 and $90.3M for the year, reflecting improved operating results.

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

Financial highlights

• Q4 2026 revenues: $137.8M (up 43.6% YoY); full-year revenues: $471.6M (up 21.9%).

• Q4 adjusted EBITDA: $42.5M (up 21.3% YoY); full-year: $160.2M (up 12.6%).

• Q4 net loss: $64.6M; full-year net loss: $28.6M.

• Adjusted net income for Q4: $20.8M (up 12.1% YoY); full-year: $90.3M (up 24.3%).

• Adjusted free cash flow was $20.1M in Q4 and $102.1M for the year; cash flow from operations was $116.6M for the year.

Outlook and guidance

• Early Q1 2027 indicators show organic sales growth above 20%, with programmatic ad sales annual run rate approaching $275M.

• Management maintains an adjusted EBITDA margin target of 35% long-term, with potential for further margin expansion from TuneIn synergies.

• Deleveraging profile with net leverage target below 2x EBITDA by December 2026.