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 revenue8$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 amortization4,5
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 diluted6(d)$0.01
$0.02



 

 
Weighted average common shares outstanding:
 

 
Basic6(d)
9,637,410

10,010,534
Diluted6(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 equivalents3$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, net4
1,086,889

1,174,370
Intangible assets, net5
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

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