Destiny Media Technologies Inc. Announces Fiscal 2025 First Quarter Results

Rhea-AI Summary

Destiny Media Technologies (OTCQB: DSNY) reported its fiscal 2025 first quarter results, showing positive growth in its Play MPE® platform. The company achieved revenue of $1.2M, marking a 6.2% increase compared to Q1 FY2024, with net income of $0.12M and adjusted EBITDA of $0.29M (down from $0.33M in 2024).

CEO Fred Vandenberg highlighted significant progress in developing Play MPE's scalable, low-touch sales process and enhanced marketing strategies. The company expects to implement a fully automated sales process later in 2025, aiming to expand independent record label usage across new territories.

Positive

• Revenue increased 6.2% year-over-year to $1.2M
• Achieved net income of $0.12M
• Development of automated sales process nearing completion

Negative

• Adjusted EBITDA decreased to $0.29M from $0.33M in previous year

Vancouver, British Columbia--(Newsfile Corp. - January 14, 2025) - Destiny Media Technologies Inc. (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 2025 first quarter ended November 30, 2024.

"We made significant headway in growing our core Play MPE® platform in Q1. While revenue increased by over 6%, the true impact lies beyond these numbers. We have made remarkable progress in developing Play MPE's scalable, low-touch sales process and have significantly enhanced our marketing strategies," said Fred Vandenberg, CEO. "We expect to complete a fully automated sales process later this year, and when combined with targeted and trackable lead generation, we are aiming for growth in independent record label use in several new territories."

Financial Highlights

Q1 FY2025 vs Q1 FY2024

• Revenue of $1.2M, an increase of 6.2% (FX impact immaterial)
• Net income of $0.12M
• Adjusted EBITDA of $0.29M (2024 - $0.33M)

Fiscal 2025 First Quarter Earnings Webinar

Destiny Media Technologies will hold a live webinar on Tuesday, January 14, 2025 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its fiscal 2025 first quarter ended November 30, 2024.

Date: Tuesday, January 14, 2025
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 by clicking on the Webinar Registration Form.

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

Attendees participating via dial-in will not have access to the webinar video stream or the question and answer functions.

A recording of the webinar will be available after the event at https://investors.dsny.com/investors/financials/

About Destiny Media Technologies Inc.

Destiny Media Technologies ("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 is available on www.sedarplus.ca or www.sec.gov.

Contact:

Fred Vandenberg
CEO, Destiny Media Technologies, Inc.
604 609 7736 x236

DESTINY MEDIA TECHNOLOGIES, INC.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

		For the three months ended November 30,
	Notes		2024			2023
Service revenue	8	$	1,226,757		$	1,154,802
Cost of revenue
Hosting costs			46,941			28,273
Internal engineering support			13,365			17,070
Customer support			75,733			96,728
Third-party and transactions costs			20,076			21,347
			156,115			163,418
Gross margin			1,070,642			991,384
			87.3%			85.8%
Operating expenses
General and administrative			151,329			147,892
Sales and marketing			230,558			215,857
Product development			412,044			308,547
Depreciation and amortization	4,5		166,979			81,098
			960,910			753,394
Income from operations			109,732			237,990
Other income
Interest and other income			8,408			11,526
Net income before income tax		$	118,140		$	249,516
Current income tax expense			-			-
Net income		$	118,140		$	249,516
Foreign currency translation adjustments			(112,669	)		(12,692	)
Total comprehensive income		$	5,471		$	236,824
Foreign currency translation adjustments			(112,669	)		(12,692	)
Net income per common share
Basic and diluted	6(d)	$	0.01		$	0.02
Weighted average common shares outstanding:
Basic	6(d)		9,637,410			10,010,534
Diluted	6(d)		9,824,120			10,286,534

 

DESTINY MEDIA TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets

	Notes		November 30, 2024			August 31, 2024
			(unaudited)			(audited)
ASSETS
Cash and cash equivalents	3	$	1,526,761		$	1,481,582
Accounts receivable, net of allowance for doubtful accounts of $29,486 (August 31, 2024 - $41,334)	8		722,594			681,146
Other receivables			90,189			82,585
Prepaid expenses			51,725			87,345
Deposits			31,144			32,347
Total current assets			2,422,413			2,365,005
Property and equipment, net	4		1,086,889			1,174,370
Intangible assets, net	5		119,463			148,977
Total assets		$	3,628,765		$	3,688,352
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable		$	144,882		$	151,734
Accrued liabilities			278,071			328,801
Deferred revenue			24,164			42,399
Total current liabilities			447,117			522,934
Total liabilities			447,117			522,934
Stockholders' equity
Common stock, par value $0.001, authorized 20,000,000 shares. Issued and outstanding - 9.637,410 shares (August 31, 2024 - 9,637,410 shares)	6		9,637			9,637
Additional paid-in capital			8,830,544			8,819,785
Accumulated deficit			(5,074,469	)		(5,192,609	)
Accumulated other comprehensive loss			(584,064	)		(471,395	)
Total stockholders' equity			3,181,648			3,165,418
Total liabilities and stockholders' equity		$	3,628,765		$	3,688,352

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237114

FAQ

What was DSNY's revenue growth in Q1 FY2025?

Destiny Media Technologies reported a 6.2% revenue growth in Q1 FY2025, reaching $1.2M compared to the same period last year.

How much was DSNY's net income for Q1 fiscal 2025?

DSNY reported a net income of $0.12M for the first quarter of fiscal 2025.

What is DSNY's strategic focus for 2025?

The company is focusing on completing a fully automated sales process and expanding independent record label usage in new territories through enhanced marketing strategies.

How did DSNY's adjusted EBITDA in Q1 FY2025 compare to Q1 FY2024?

DSNY's adjusted EBITDA decreased from $0.33M in Q1 FY2024 to $0.29M in Q1 FY2025.