Stingray Group (RAY-A) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of $108.2 million, up 7.9% year-over-year, driven by FAST channel growth, digital signage, and strong radio performance.

• Adjusted EBITDA reached $42.1 million, a 9.0% increase year-over-year, with margin improving to 38.9%.

• Net income rose to $15.7 million ($0.23/share), up 72.9% year-over-year.

• Strategic acquisitions, including Loupe and The Coda Collection, expanded connected TV, digital signage, and content offerings.

• Expanded global partnerships and product launches in streaming, connected TV, and in-car entertainment.

Financial highlights

• Q3 2025 revenue: $108.2M, up 7.9% year-over-year; YTD revenue: $290.9M, up 11.1%.

• Adjusted EBITDA: $42.1M for Q3, up 9.0% year-over-year; YTD: $107.2M, up 11.1%.

• Net income: $15.7M ($0.23/share), up 72.9% year-over-year; adjusted net income: $23.4M ($0.34/share), up from $18.5M ($0.27/share) year-over-year.

• Cash flow from operations was $35.4M, up from $30.9M; adjusted free cash flow was $28.6M, down from $32.1M due to prior year tax recovery.

• Net debt to Pro Forma Adjusted EBITDA ratio improved to 2.54x from 2.99x year-over-year.

Outlook and guidance

• FAST and retail media segments expected to grow by 40% in 2025, with strong momentum projected for the next 3–5 years.

• Retail media advertising and in-car entertainment identified as key growth vectors, with new OEM launches and global partnerships expected in 2026–2027.

• Ongoing investment in technology, content, and global partnerships to support long-term expansion.

• Confident in continued radio growth, outperforming industry peers.