Destiny Media Technologies Inc. Announces Fiscal 2024 Year End Results
Destiny Media Technologies (DSNY) reported financial results for fiscal year 2024, showing a 9.6% revenue growth to $4.42 million. The growth was driven by increases in Major Label revenue (8.8%) and Independent Record Label revenue (10.0%). Net income decreased to $111,758 from $335,098 in 2023, while adjusted EBITDA was $577,284 compared to $687,463 in the prior period. The company invested $1.1 million in new software capabilities and focused on expanding its development and sales teams to accelerate feature implementation and market penetration.
Destiny Media Technologies (DSNY) ha riportato i risultati finanziari per l'anno fiscale 2024, mostrando una crescita dei ricavi del 9,6%, arrivando a 4,42 milioni di dollari. La crescita è stata guidata dall’aumento dei ricavi provenienti dalle Major Label (8,8%) e dalle Etichette Indipendenti (10,0%). L'utile netto è diminuito a 111.758 dollari rispetto ai 335.098 dollari del 2023, mentre l'EBITDA rettificato è stato di 577.284 dollari rispetto ai 687.463 dollari del periodo precedente. L'azienda ha investito 1,1 milioni di dollari in nuove capacità software e si è concentrata sull'espansione dei suoi team di sviluppo e vendita per accelerare l'implementazione delle funzionalità e la penetrazione del mercato.
Destiny Media Technologies (DSNY) informó los resultados financieros para el año fiscal 2024, mostrando un crecimiento de ingresos del 9,6%, alcanzando 4,42 millones de dólares. Este crecimiento fue impulsado por un aumento en los ingresos de las discográficas principales (8,8%) y de las discográficas independientes (10,0%). El ingreso neto disminuyó a 111.758 dólares desde 335.098 dólares en 2023, mientras que el EBITDA ajustado fue de 577.284 dólares en comparación con 687.463 dólares en el período anterior. La empresa invirtió 1,1 millones de dólares en nuevas capacidades de software y se centró en expandir sus equipos de desarrollo y ventas para acelerar la implementación de características y la penetración en el mercado.
Destiny Media Technologies (DSNY)는 2024 회계연도 재무 결과를 보고하며 매출이 9.6% 증가하여 442만 달러에 이르렀다고 발표했습니다. 이 증가는 주요 레이블 매출이 8.8%, 독립 레코드 레이블 매출이 10.0% 증가하면서 이루어졌습니다. 순이익은 2023년 335,098달러에서 111,758달러로 감소하였고, 조정된 EBITDA는 이전 기간의 687,463달러에서 577,284달러로 감소하였습니다. 회사는 새로운 소프트웨어 기능에 110만 달러를 투자하고, 기능 구현 및 시장 침투를 가속화하기 위해 개발 및 판매 팀을 확장하는 데 집중하였습니다.
Destiny Media Technologies (DSNY) a publié ses résultats financiers pour l'exercice fiscal 2024, affichant une croissance du chiffre d'affaires de 9,6%, atteignant 4,42 millions de dollars. Cette croissance a été soutenue par une augmentation des revenus des grandes maisons de disques (8,8%) et des labels indépendants (10,0%). Le bénéfice net a diminué à 111 758 dollars contre 335 098 dollars en 2023, tandis que l'EBITDA ajusté était de 577 284 dollars par rapport à 687 463 dollars lors de la période précédente. L'entreprise a investi 1,1 million de dollars dans de nouvelles capacités logicielles et s'est concentrée sur l'expansion de ses équipes de développement et de vente pour accélérer la mise en œuvre des fonctionnalités et la pénétration du marché.
Destiny Media Technologies (DSNY) berichtete über die finanziellen Ergebnisse des Geschäftsjahres 2024 und zeigte ein Umsatzwachstum von 9,6% auf 4,42 Millionen Dollar. Das Wachstum wurde durch steigende Einnahmen von Major Labels (8,8%) und unabhängigen Plattenlabels (10,0%) angetrieben. Der Nettogewinn sank von 335.098 Dollar im Jahr 2023 auf 111.758 Dollar, während das bereinigte EBITDA mit 577.284 Dollar im Vergleich zu 687.463 Dollar im Vorjahr war. Das Unternehmen investierte 1,1 Millionen Dollar in neue Softwarefähigkeiten und konzentrierte sich darauf, seine Entwicklungs- und Verkaufsteams auszubauen, um die Umsetzung von Funktionen und die Marktdurchdringung zu beschleunigen.
- Revenue increased 9.6% year-over-year to $4.42 million
- Major Label revenue grew 8.8%
- Independent Record Label revenue increased 10.0%
- Maintained high gross margin of 86.2%
- Net income declined 66.6% to $111,758 from $335,098
- Adjusted EBITDA decreased to $577,284 from $687,463
- Operating expenses increased 16.5% to $3.75 million
- Cash and cash equivalents decreased to $1.48 million from $2.00 million
Vancouver, British Columbia--(Newsfile Corp. - November 21, 2024) - Destiny Media Technologies (TSXV: DSY) (OTCQB: DSNY), the makers of Play MPE®, a cloud-based SaaS solution for digital asset management in the music industry, today announced financial results for its fiscal year ended August 31, 2024.
"Revenue demonstrated consistent growth throughout the final quarter of the year, culminating in a
"During the quarter, our primary focus was on strategically increasing investments in product development to expand our addressable market and drive further acceleration in revenue growth," Vandenberg added.
Fiscal 2024 Highlights
(all figures are USD, and comparisons are to Q4-2023):
Revenue grew by
9.6% , driven by increases in Major Label revenue (8.8% ) and Independent Record Label revenue (10.0% ).Adjusted EBITDA (non-GAAP) for the year was
$577,284 , compared to$687,463 in the prior period.The company made capital investments of
$1.1 million in new software capabilities.Net income for 2024 was
$111,758 , a decrease from$335,098 in 2023. Throughout the year, the company made strategic investments in its development and sales and marketing teams. This approach aimed to accelerate the implementation of new features on the product roadmap while sustaining momentum in revenue growth and expanding product penetration into new markets.
Fiscal 2024 Fourth Quarter Earnings Webinar
Destiny Media Technologies will hold a live webinar on Thursday, November 21, 2024 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its fiscal year ended August 31, 2024. The Company plans to release financial results before market open on the same day, Thursday, November 21, 2024.
The live webinar will include comments from President, Chief Executive Officer, Fred Vandenberg.
Date: Thursday, November 21, 2024
Time: 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time)
Attendees are encouraged to register prior to the scheduled time at the following:
https://investors.dsny.com/investors/financials/
or directly on the registration form by clicking here:
Attendees of the webinar can submit questions voluntarily during the live presentation. Cameras will remain off for all attendees throughout the session. Microphones will also remain muted unless an attendee chooses to engage in verbal questions, similar to the format used in traditional conference calls.
The webinar format will provide the Company an opportunity to present visual information.
For those without internet access, the webinar can be accessed via the following dial in details:
Direct dial in US: +1 346 248 7799 or +1 360 209 5623 or More International numbers
Webinar ID: 817 1581 2583
A recording of the webinar will be available after the event at
https://investors.dsny.com/investors/financials/
Attendees participating via dial-in will not have access to the webinar video stream or the question and answer functions.
Destiny Media Technologies Inc.
CONSOLIDATED BALANCE SHEETS
(Expressed in United States dollars)
As at August 31, 2024
| 2024 | 2023 | |||||
| $ | $ | |||||
| ASSETS | ||||||
| Current | ||||||
| Cash and cash equivalents | 1,481,582 | 2,002,769 | ||||
| Accounts receivable, net of allowance for doubtful accounts of | 681,146 | 432,501 | ||||
| Other receivables | 82,585 | 58,519 | ||||
| Prepaid expenses | 87,345 | 72,014 | ||||
| Deposits | 32,347 | 32,214 | ||||
| Total current assets | 2,365,005 | 2,598,017 | ||||
| Property and equipment, net | 1,174,370 | 642,207 | ||||
| Intangible assets, net | 148,977 | 645,474 | ||||
| Total assets | 3,688,352 | 3,885,698 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current | ||||||
| Accounts payable | 151,734 | 110,203 | ||||
| Accrued liabilities | 328,801 | 267,144 | ||||
| Deferred revenue | 42,399 | 34,710 | ||||
| Total current liabilities | 522,934 | 412,057 | ||||
| Total liabilities | 522,934 | 412,057 | ||||
| Commitments and contingencies | ||||||
| Stockholders' equity | ||||||
| Common stock, par value Issued and outstanding - 9,637,420 shares (August 31, 2023 - issued and outstanding 10,096,610shares) | 9,637 | 10,096 | ||||
| Additional paid-in capital | 8,819,785 | 9,242,671 | ||||
| Accumulated deficit | (5,192,609 | ) | (5,304,367 | ) | ||
| Accumulated other comprehensive loss | (471,395 | ) | (474,759 | ) | ||
| Total stockholders' equity | 3,165,418 | 3,473,641 | ||||
| Total liabilities and stockholders' equity | 3,688,352 | 3,885,698 |
Destiny Media Technologies Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Expressed in United States dollars)
Period ended August 31, 2024
| 2024 | 2023 | |||||
| $ | $ | |||||
| Service revenue | 4,420,768 | 4,034,384 | ||||
| Cost of revenue | ||||||
| Hosting costs | 148,949 | 114,881 | ||||
| Internal engineering support | 57,644 | 49,353 | ||||
| Customer support | 326,647 | 279,667 | ||||
| Third-party and transactions costs | 77,287 | 71,215 | ||||
| 610,527 | 515,116 | |||||
| Gross margin | 3,810,241 | 3,519,268 | ||||
| Operating expenses | ||||||
| General and administrative | 697,996 | 769,613 | ||||
| Sales and marketing | 1,063,476 | 872,679 | ||||
| Product development | 1,518,411 | 1,337,445 | ||||
| Depreciation and amortization | 469,801 | 238,355 | ||||
| 3,749,684 | 3,218,092 | |||||
| Income from operations | 60,557 | 301,176 | ||||
| Other income | ||||||
| Interest and other income | 51,201 | 36,498 | ||||
| Income before provision for income taxes | 111,758 | 337,674 | ||||
| Current income tax expense | (2,576 | ) | ||||
| Net income | 111,758 | 335,098 | ||||
| Foreign currency translation adjustments | 3,364 | (98,541 | ) | |||
| Total comprehensive income | 115,122 | 236,557 | ||||
| Net income per common share, basic and diluted | 0.01 | 0.03 |
About Destiny Media Technologies Inc.
Destiny Media Technologies Inc. ("Destiny") provides software as service (SaaS) solutions to businesses in the music industry solving critical problems in distribution and promotion. The core service, Play MPE® (www.plaympe.com), provides promotional music marketing to engaged networks of decision makers in radio, film, TV, and beyond. More information can be found at www.dsny.com.
Forward-Looking Statements
This release contains forward-looking statements that reflect current views with respect to future events and operating performance. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. Destiny Media Technologies is not obligated to update these statements in the future. For more information on the Company's risks and uncertainties relating to those forward-looking statements, please refer to the Risk Factors section in our Annual Form 10-K for the fiscal year ended August 31, 2024, which will be available on www.sedar.com or www.sec.gov.
Contact:
Fred Vandenberg
CEO, Destiny Media Technologies, Inc.
604 609 7736 x236
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230796
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