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Destiny Media Technologies Inc (DSNY-8.44%). has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports total revenue of $1,226,757 for the three months ended November 30, 2024, representing a 6.23% increase from $1,154,802 in the same period in 2023. The revenue growth was attributed to increased international distributions and a growing customer base.
Gross margin for the quarter was 87.3%, up from 85.8% in the previous year. The improvement was due to reduced staffing in technical and customer support departments.
Operating expenses increased by 27.5% to $960,910, driven by lower capitalization of salaries and wages to software assets and higher depreciation of capitalized software development costs.
Net income for the quarter was $118,140, down from $249,516 in the previous year. Adjusted EBITDA for the quarter was $287,470, compared to $332,893 in the previous year.
Cash provided by operating activities was $217,619, while cash used in investing activities was $96,980, primarily due to lower software development capitalization.
The company held $1,526,761 in cash and cash equivalents as of November 30, 2024, with working capital of $1,975,296.
Destiny Media Technologies continues to focus on its Play MPE® platform, which remains the core business, distributing promotional content for record labels and artists.
The company reported no significant changes in its risk factors, legal proceedings, or off-balance sheet arrangements during the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Destiny Media Technologies Inc quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.