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%, and adjusted EBITDA was $15.7 million, up 13%. Net loss narrowed to about $508,000 from $644,000 a year ago, and diluted EPS was breakeven versus a diluted loss per share of $0.01 last year. Music Publishing revenue was $26.5 million, up 6%, while Recorded Music revenue was $14.1 million, up 35%. On the balance sheet, operating cash use was $1.4 million, total liquidity was $98.9 million, cash on hand was $13.7 million, and net debt was $448.5 million. Management reiterated full-year revenue guidance of $186 million to $191 million and adjusted EBITDA guidance of $75 million to $79 million.

Golnar Khosrowshahi framed the quarter as evidence that Reservoir’s long-term strategy is working: growing the catalog, investing in creative talent, strengthening Recorded Music, and expanding in high-growth markets. She repeatedly emphasized Latin music as a global opportunity and said the company wants to be “at the center” of that trend through partnerships that combine catalog ownership with talent development. Her tone was confident and constructive, with repeated references to momentum, strategic discipline, and long-term value creation.

Jim Heindlmeyer said the quarter was in line with expectations and reflected the company’s ability to integrate new talent and assets into its platform. He cited revenue of $41.5 million, OIBDA of $13.7 million, adjusted EBITDA of $15.7 million, interest expense of $6.9 million, and net debt of $448.5 million. He explained that operating cash use of $1.4 million was affected by the timing of royalty payments and advances, and noted $98.9 million of available liquidity. He also said Q1 overhead was elevated and should not be treated as the baseline for the rest of the year, while reaffirming full-year guidance.

Analysts focused on operating cash flow, asking whether the outflow reflected longer payment cycles or changes in advances; management said it was mostly timing, with slightly higher advances and no real shift in outlook. Questions also probed whether digital growth and recorded-music outperformance were durable; management said digital organic growth should generally run in the mid-single-digit range and that recorded-music strength was being helped by acquisitions and some outsized but non-linear sync opportunities. On elevated admin expense and seasonality, management said Q1 overhead was elevated and that revenue tends to be stronger in Q2 and Q4 than in Q1 and Q3.