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Destiny Media Technologies Inc. Announces Fiscal 2025 First Quarter Results
January 14, 2025 9:00 AM EST | Source: Destiny Media Technologies, Inc.
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