Vancouver, British Columbia--(Newsfile Corp. - November 21, 2024) - Destiny Media Technologies (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 year ended August 31, 2024.
"Revenue demonstrated consistent growth throughout the final quarter of the year, culminating in a 9.6% annual increase in overall revenue, largely driven by the expansion of independent music labels in the US," said Fred Vandenberg, President and CEO. "This growth was fueled by an increase in customer acquisition, a higher volume of releases, and enhanced lead generation efforts, along with improvements to our checkout process."
"During the quarter, our primary focus was on strategically increasing investments in product development to expand our addressable market and drive further acceleration in revenue growth," Vandenberg added.
Fiscal 2024 Highlights
(all figures are USD, and comparisons are to Q4-2023):
-
Revenue grew by 9.6%, driven by increases in Major Label revenue (8.8%) and Independent Record Label revenue (10.0%).
-
Adjusted EBITDA (non-GAAP) for the year was $577,284, compared to $687,463 in the prior period.
-
The company made capital investments of $1.1 million in new software capabilities.
-
Net income for 2024 was $111,758, a decrease from $335,098 in 2023. Throughout the year, the company made strategic investments in its development and sales and marketing teams. This approach aimed to accelerate the implementation of new features on the product roadmap while sustaining momentum in revenue growth and expanding product penetration into new markets.
Fiscal 2024 Fourth Quarter Earnings Webinar
Destiny Media Technologies will hold a live webinar on Thursday, November 21, 2024 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its fiscal year ended August 31, 2024. The Company plans to release financial results before market open on the same day, Thursday, November 21, 2024.
The live webinar will include comments from President, Chief Executive Officer, Fred Vandenberg.
Date: Thursday, November 21, 2024
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 directly on the registration form by clicking here:
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
A recording of the webinar will be available after the event at
https://investors.dsny.com/investors/financials/
Attendees participating via dial-in will not have access to the webinar video stream or the question and answer functions.
Destiny Media Technologies Inc.
CONSOLIDATED BALANCE SHEETS
(Expressed in United States dollars)
As at August 31, 2024
|
|
2024 |
|
|
2023 |
|
|
|
$ |
|
|
$ |
|
| ASSETS |
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
| Cash and cash equivalents |
|
1,481,582 |
|
|
2,002,769 |
|
| Accounts receivable, net of allowance for doubtful accounts of $30,624 (August 31, 2024 - $41,344) |
|
681,146 |
|
|
432,501 |
|
| Other receivables |
|
82,585 |
|
|
58,519 |
|
| Prepaid expenses |
|
87,345 |
|
|
72,014 |
|
| Deposits |
|
32,347 |
|
|
32,214 |
|
| Total current assets |
|
2,365,005 |
|
|
2,598,017 |
|
| Property and equipment, net |
|
1,174,370 |
|
|
642,207 |
|
|
|
|
|
|
|
|
| Intangible assets, net |
|
148,977 |
|
|
645,474 |
|
| Total assets |
|
3,688,352 |
|
|
3,885,698 |
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
| Accounts payable |
|
151,734 |
|
|
110,203 |
|
| Accrued liabilities |
|
328,801 |
|
|
267,144 |
|
| Deferred revenue |
|
42,399 |
|
|
34,710 |
|
| Total current liabilities |
|
522,934 |
|
|
412,057 |
|
| Total liabilities |
|
522,934 |
|
|
412,057 |
|
| Commitments and contingencies |
|
|
|
|
|
|
| Stockholders' equity |
|
|
|
|
|
|
Common stock, par value $0.001, authorized 20,000,000 shares
Issued and outstanding - 9,637,420 shares (August 31, 2023 - issued and outstanding 10,096,610shares) |
|
9,637 |
|
|
10,096 |
|
| Additional paid-in capital |
|
8,819,785 |
|
|
9,242,671 |
|
| Accumulated deficit |
|
(5,192,609 |
) |
|
(5,304,367 |
) |
| Accumulated other comprehensive loss |
|
(471,395 |
) |
|
(474,759 |
) |
| Total stockholders' equity |
|
3,165,418 |
|
|
3,473,641 |
|
| Total liabilities and stockholders' equity |
|
3,688,352 |
|
|
3,885,698 |
|
Destiny Media Technologies Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Expressed in United States dollars)
Period ended August 31, 2024
|
|
2024 |
|
|
2023 |
|
|
|
$ |
|
|
$ |
|
| Service revenue |
|
4,420,768 |
|
|
4,034,384 |
|
|
|
|
|
|
|
|
| Cost of revenue |
|
|
|
|
|
|
| Hosting costs |
|
148,949 |
|
|
114,881 |
|
| Internal engineering support |
|
57,644 |
|
|
49,353 |
|
| Customer support |
|
326,647 |
|
|
279,667 |
|
| Third-party and transactions costs |
|
77,287 |
|
|
71,215 |
|
|
|
610,527 |
|
|
515,116 |
|
| Gross margin |
|
3,810,241 |
|
|
3,519,268 |
|
|
|
86.2% |
|
|
87.2% |
|
| Operating expenses |
|
|
|
|
|
|
| General and administrative |
|
697,996 |
|
|
769,613 |
|
| Sales and marketing |
|
1,063,476 |
|
|
872,679 |
|
| Product development |
|
1,518,411 |
|
|
1,337,445 |
|
| Depreciation and amortization |
|
469,801 |
|
|
238,355 |
|
|
|
3,749,684 |
|
|
3,218,092 |
|
| Income from operations |
|
60,557 |
|
|
301,176 |
|
| Other income |
|
|
|
|
|
|
| Interest and other income |
|
51,201 |
|
|
36,498 |
|
| Income before provision for income taxes |
|
111,758 |
|
|
337,674 |
|
| Current income tax expense |
|
|
|
|
(2,576 |
) |
| Net income |
|
111,758 |
|
|
335,098 |
|
| Foreign currency translation adjustments |
|
3,364 |
|
|
(98,541 |
) |
| Total comprehensive income |
|
115,122 |
|
|
236,557 |
|
| Net income per common share, basic and diluted |
|
0.01 |
|
|
0.03 |
|
About Destiny Media Technologies Inc.
Destiny Media Technologies Inc. ("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 will be available on www.sedar.com or www.sec.gov.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230796
