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:
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.
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)
