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Destiny Media Technologies Inc. Announces Fiscal 2025 Second Quarter Results
April 14, 2025 9:00 AM EDT | Source: Destiny Media Technologies, Inc.
Vancouver, British Columbia--(Newsfile Corp. - April 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 second quarter ended February 28, 2025.
"We achieved a 3.3% increase in revenue this quarter reflecting the resilience of our platform and continued adoption by new clients," said Fred Vandenberg, CEO. "We made significant development progress on our new checkout experience, which is designed to scale our revenue growth more effectively. We also added a new features to Play MPE to help accelerate network expansion by empowering our clients to grow the ecosystem organically."
Financial Highlights
Q2 FY2025 vs Q2 FY2024
Revenue $1M, an increase of 3.3%
Net loss of $0.3M, largely from one-time litigation costs
Adjusted EBITDA of ($0.12M) (2024 - ($0.05M)
20% growth in MTR™ revenue Q over Q.
Fiscal 2025 Second Quarter Earnings Webinar
Destiny Media Technologies will hold a live webinar on Monday, April 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 Second quarter ended February 28, 2025.
Date: Monday, April 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.sedar.com 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)
| Three months ended | Six months ended | |||||||||||||
| Notes | February 28, 2025 | February 29, 2024 | February 28, 2025 | February 29, 2024 | ||||||||||
| Service revenue | 8 | $ | 1,018,972 | $ | 986,338 | $ | 2,245,729 | $ | 2,141,140 | |||||
| Cost of revenue | ||||||||||||||
| Hosting costs | 41,387 | 32,383 | 88,328 | 60,656 | ||||||||||
| Internal engineering support | 13,768 | 12,926 | 27,133 | 29,996 | ||||||||||
| Customer support | 78,020 | 73,247 | 153,753 | 169,975 | ||||||||||
| Third-party and transactions costs | 16,112 | 16,790 | 36,188 | 38,137 | ||||||||||
| 149,287 | 135,346 | 305,402 | 298,764 | |||||||||||
| Gross margin | 869,685 | 850,992 | 1,940,327 | 1,842,376 | ||||||||||
| 85.3% | 86.3% | 86.4% | 86.0% | |||||||||||
| Operating expenses | ||||||||||||||
| General and administrative | 394,890 | 205,255 | 546,219 | 353,147 | ||||||||||
| Sales and marketing | 171,923 | 285,001 | 402,481 | 500,858 | ||||||||||
| Product development | 427,735 | 419,183 | 839,779 | 727,730 | ||||||||||
| Depreciation and amortization | 4,5 | 183,724 | 87,026 | 350,703 | 168,124 | |||||||||
| 1,178,272 | 996,465 | 2,139,182 | 1,749,859 | |||||||||||
| Income (loss) from operations | (308,587 | ) | (145,473 | ) | (198,855 | ) | 92,517 | |||||||
| Other income | ||||||||||||||
| Interest and other income | 6,493 | 15,461 | 14,901 | 26,987 | ||||||||||
| Net income (loss) before income tax | $ | (302,094 | ) | $ | (130,012 | ) | $ | (183,954 | ) | $ | 119,504 | |||
| Current income tax expense | - | - | - | - | ||||||||||
| Net income (loss) | $ | (302,094 | ) | $ | (130,012 | ) | $ | (183,954 | ) | $ | 119,504 | |||
| Foreign currency translation adjustments | (85,967 | ) | 2,341 | (198,636 | ) | (10,351 | ) | |||||||
| Total comprehensive income (loss) | $ | (388,061 | ) | $ | (127,671 | ) | $ | (382,590 | ) | $ | 109,153 | |||
| Net income (loss) per common share | ||||||||||||||
| Basic and diluted | 6 | $ | (0.03 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.01 | ||
| Weighted average common shares outstanding: | ||||||||||||||
| Basic | 6 | 9,637,410 | 9,842,720 | 9,637,410 | 9,926,627 | |||||||||
| Diluted | 6 | 9,637,410 | 10,107,554 | 9,637,410 | 10,191,461 | |||||||||
DESTINY MEDIA TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
| Notes | February 28, 2025 | August 31, 2024 | ||||||
| (unaudited) | (audited) | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | 3 | $ | 1,216,378 | $ | 1,481,582 | |||
| Accounts receivable, net of allowance for credit losses of $31,525 (August 31, 2024 - $41,334) | 726,973 | 681,146 | ||||||
| Other receivables | 108,246 | 82,585 | ||||||
| Prepaid expenses | 42,910 | 87,345 | ||||||
| Deposits | 30,253 | 32,347 | ||||||
| Total current assets | 2,124,760 | 2,365,005 | ||||||
| Property and equipment, net | 4 | 958,074 | 1,174,370 | |||||
| Intangible assets, net | 5 | 155,958 | 148,977 | |||||
| Total assets | $ | 3,238,792 | $ | 3,688,352 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current | ||||||||
| Accounts payable | $ | 156,294 | $ | 151,734 | ||||
| Accrued liabilities | 252,625 | 328,801 | ||||||
| Deferred revenue | 28,142 | 42,399 | ||||||
| Total current liabilities | 437,061 | 522,934 | ||||||
| Total liabilities | 437,061 | 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 | 8,838,688 | 8,819,785 | ||||||
| Accumulated deficit | (5,376,563 | ) | (5,192,609 | ) | ||||
| Accumulated other comprehensive loss | (670,031 | ) | (471,395 | ) | ||||
| Total stockholders' equity | 2,801,731 | 3,165,418 | ||||||
| Total liabilities and stockholders' equity | $ | 3,238,792 | $ | 3,688,352 |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248354