Stingray Group has secured a CA$500 million ($353 million) revolving credit facility, marking a significant increase from its previous CA$420 million facility. The new credit line, set to mature in 2028, includes an option for additional CA$100 million ($71 million) in incremental commitments.

Montreal, Québec, Canada, where Stingray is headquartered. Photo Credit: Fenil Patel

Led by the National Bank of Canada, the facility aims to provide additional liquidity for operations and M&A activities. This expansion follows Stingray's recent acquisition of The Coda Collection and significant growth in U.S. operations.

Key Financial Highlights:

• 53% year-over-year increase in U.S. revenue (approximately $23.2 million)
• U.S. operations now account for 35% of total third-quarter revenue
• Growth driven by FAST channel revenues and digital signage sales

Eric Boyko, Stingray's CEO, emphasized the company's continuing focus on market opportunities and growth initiatives. The company, which operates over 100 radio stations, recently expanded its presence in the streaming space by launching its karaoke app on Vizio smart TVs.

The expansion comes amid growing interest in free ad-supported streaming offerings, with Stingray positioning itself to capitalize on this trend. Their strong performance in the U.S. market, particularly in FAST channel revenues, indicates potential for further growth in this sector.

Recent developments also include the company's Canadian market operations, which continue to represent the majority of Stingray's revenue, though remaining stable over recent quarters.

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