Revenue Growth and Scale
Q3 revenue of $45.6 million, up 5% year-over-year on an organic basis and up 8% including acquisitions.
Strong Segment Performance
Music Publishing revenue increased 12% year-over-year to $30.1 million; Recorded Music revenue increased 8% year-over-year to $12.9 million, driven by digital/streaming growth and recent catalog acquisitions.
Profitability and Operating Leverage
OIBDA rose 11% year-over-year to $18.1 million and adjusted EBITDA increased 11% to $19.2 million, reflecting revenue growth and operating leverage.
Improved Cash Generation and Liquidity
Cash flows from operating activities increased by $5.1 million year-over-year to $38.2 million. Total liquidity of $114.8 million comprised of $20.6 million cash and $94.2 million available on the revolver.
Raised Full-Year Guidance
Full-year revenue guidance increased from $167–170 million to $170–173 million (midpoint implying ~8% growth vs FY25). Adjusted EBITDA guidance increased from $70–72 million to $71.5–73.5 million (midpoint signaling >10% growth).
Active, Strategic M&A and Talent Deals
Announced notable acquisitions and partnerships including Miles Davis catalog (centennial initiatives), Bertie Higgins rights, deals with Gladys Knight and T.I., and new signings (Say She She, Allison Veltz Cruz, Britten Newbill), supporting long-term catalog value.
Emerging Markets and Cultural Catalog Expansion
Continued investment in high-growth markets (PopIndia/Divine extension, JV with Abood Music for Jamaican catalogs). Management highlighted favorable acquisition multiples and streaming growth in emerging markets that outpace U.S. and Europe.
Awards and Cultural Momentum
Roster contributed to 10 Grammy wins across multiple genres, enhancing catalog visibility and potential downstream earnings.