Reservoir Media Stock Earnings Reports

Reservoir Media reported Q1 FY2026 revenue of $37.2M, up 8% including acquisitions (5% organic). Growth was driven by Recorded Music (+8%) and Music Publishing (+4%). Non-GAAP results showed OIBDA of $12.8M (+12% YoY) and adjusted EBITDA of $13.9M (+10% YoY). Operating costs were mixed: cost of revenue declined 1% while admin and amortization rose (16% and 15%) largely due to management revenue, normal compensation inflation and higher acquisition-related expenses. Net loss was approximately $0.6M ($0.01 diluted loss per share). Cash from operations was $6.0M; total available liquidity was $173M (including $158.2M revolver capacity). Net debt was $372.5M. Management reiterated full-year guidance: revenue $164M–$169M and adjusted EBITDA $68M–$72M. Strategic highlights include a single-digit equity investment in immersive-experience company Lightroom to diversify into IP-led immersive entertainment, and the acquisition of master rights/marketing for independent label Fool's Gold Records as part of building the Recorded Music platform. Management emphasized a robust M&A pipeline (> $1B), disciplined capital deployment, strong client retention (notable publishing extensions like Khris Riddick-Tynes and Joni Mitchell) and an opportunistic, largely off-market approach to acquisitions.