Reservoir Media, Inc.

First-quarter fiscal 2027 revenue was $41.5 million, up 12% year over year and 6% on an organic basis. OIBDA was $13.7 million, up 7% year over year, and adjusted EBITDA was $15.7 million, up 13%. Net loss was approximately $508,000 versus $644,000 a year ago, and diluted EPS was breakeven versus a diluted loss per share of $0.01. Music Publishing revenue was $26.5 million, up 6%, and Recorded Music revenue was $14.1 million, up 35%. Operating cash used was $1.4 million, cash on hand was $13.7 million, available liquidity was $98.9 million, and net debt was $448.5 million. Management reiterated full-year guidance for revenue of $186 million to $191 million and adjusted EBITDA of $75 million to $79 million.

Golnar Khosrowshahi framed the quarter as evidence that Reservoir’s long-term strategy is working: expand the catalog, invest in creative talent, strengthen Recorded Music, and deepen exposure to high-growth markets. She emphasized Latin music as a global growth opportunity and highlighted partnership-led expansion through TU Publishing, Nacional Records, and Some Action. Her tone was constructive and confident, with repeated emphasis on building long-term shareholder value and a diversified portfolio.

Jim Heindlmeyer said Q1 was in line with expectations and driven by the company’s diverse portfolio and ability to integrate new talent. He walked through the numbers: revenue of $41.5 million, OIBDA of $13.7 million, adjusted EBITDA of $15.7 million, and net loss of about $508,000; interest expense was $6.9 million versus $6.3 million last year. He said operating cash used of $1.4 million reflected timing of royalty payments and slightly higher outgoing advances, noted $98.9 million of total liquidity, and said Q1 overhead was elevated relative to a normal run rate. He also reiterated full-year revenue and adjusted EBITDA guidance unchanged.

Analysts focused on operating cash flow, digital growth, sync revenue strength, recorded-music outperformance, and higher administrative expense. Management said the cash outflow was mainly timing-related and due to higher advances, not a structural shift, and that they are not seeing a change in their outlook for advances. On digital, Jim described mid-single-digit organic growth as a reasonable expectation, while on sync he said the team has had several strong opportunities, including a couple of large deals, but the strength reflects both execution and favorable deal flow. He also said Q1 admin expense was elevated and should not be treated as the baseline for the rest of the year.