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

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