SMDM - SMDM STOCK NEWS

Singing Machine (OTCQX: SMDM) announced the launch of eight new karaoke products available at approximately 3,200 Walmart stores, representing about 90% of all Walmart locations in the U.S. The dedicated 4-feet shelf space will showcase their new SingCast technology and PitchLab streaming microphone. This strategic expansion builds on existing distribution within Walmart’s Toy departments and aims to increase market presence. Products will range in price from $9.99 to $149, enhancing exposure and sales potential in high-traffic electronics sections.

Singing Machine (OTCQX: SMDM) has announced a partnership with CMS Distribution to enhance its karaoke product distribution in the UK. This collaboration aims to leverage CMS's expertise in consumer technology, facilitating seamless operations amid Brexit challenges. Singing Machine, a leader in home karaoke products, offers a diverse range of items, including Bluetooth microphones and the popular Carpool Karaoke microphone. This strategic alliance is expected to expand their market reach and reinforce existing partnerships with major retailers like Amazon and Costco.

The Singing Machine Company (OTCQX: SMDM) has launched its new product line, Sing-along Crew, featuring plush toys with integrated singing capabilities. This innovative line includes characters like “Big Pan” Panda and “Uni-Queen” Unicorn, designed to promote children's love for music and singing. Each plush toy has a built-in speaker and microphone, offering interactive entertainment and educational benefits such as speech development. The product is available for $29.99 through major retailers like Amazon and Walmart.

The Singing Machine Company (OTCQX: SMDM) announced the launch of a new e-commerce site aimed at enhancing its direct-to-consumer sales through an omni-channel marketing approach. This initiative follows the viral success of its Carpool Karaoke Microphone, which achieved over 250 million views on social media, significantly boosting direct sales. With established retail partnerships that generated over $50 million in gross sales in 2021, Singing Machine aims to leverage its online presence to cater to changing consumer habits and increase profit margins.

The Singing Machine Company (OTCQX: SMDM) has unveiled its new SingCast technology that allows users to wirelessly cast HD karaoke videos from mobile devices to karaoke machines, displaying lyrics on a TV. This product, launching in spring 2022, will be available through a major U.S. retailer and aims to drive subscription content adoption. With access to over 100,000 HD karaoke videos and enhanced karaoke features, this innovation is positioned as a game-changer in the at-home karaoke experience, elevating the digital content integration.

The Singing Machine Company (OTCQX: SMDM) reported robust third-quarter results for the period ending December 31, 2021. Net sales surged to $21.2 million, a 25% increase year-over-year, with fiscal year-to-date revenue at $44.7 million. Gross profit rose to $5.3 million, up 5%, and net income reached $1.4 million, up from $1.2 million in the previous year. The company saw a remarkable 370% growth in music subscription revenues, driven by its WiFi-enabled products. Fully diluted EPS was reported at $0.03.

The Singing Machine Company (SMDM) will release its third quarter fiscal 2022 earnings on February 14, 2022. A conference call is scheduled for the same day at 4:00 PM ET, where management will discuss the financial results and provide a business update. The company is a leader in consumer karaoke products, with sales in over 25,000 global locations, including major retailers like Amazon and Walmart. Singing Machine offers a wide range of karaoke products, featuring access to over 100,000 songs via its mobile app.

Singing Machine (OTCQX: SMDM) reported a significant increase in its subscription-based digital karaoke services. Subscriptions rose by 25% year-over-year, while integrated subscriptions through its Premium WiFi Karaoke System surged 371%. This growth outpaced unit sales, which increased by 20% during a pilot program at Costco and Sam's Club. Following a $10 million capital market transaction, Stingray Group has become a major shareholder and strategic partner, expected to enhance EBITDA margins and profitability in the long term.

The Singing Machine Company (SMDM) reported approximately $50 million in gross sales for the year ending December 31, 2021, a 4.2% increase compared to 2020. The company successfully navigated supply chain challenges, achieving significant sell-through rates with major retailers: 98% with Walmart, 95% with Costco and Sam's Club, and 90% with Target. They continued to promote higher-priced products, including a new WiFi Streaming Karaoke service, which saw a 20% year-over-year sales increase. A detailed financial update is expected in early 2022.