Goldman Small Cap Research Publishes New Research Report on Regen BioPharma, Inc.
By
Media News
4 min read • Published November 5, 2025
By
Media News
4 min read • Published November 5, 2025
BALTIMORE, MD / ACCESS Newswire / November 5, 2025 / Goldman Small Cap Research, a stock market research firm specializing in the small cap and microcap sectors, announced today that it has published a new research report on Regen BioPharma, Inc. (OTCID:RGBP, RGBPP), a biopharma developer that seeks to rapidly advance novel technologies through pre-clinical and Phase I/ II clinical trials. The Goldman report carries a price target. To view the new research report, along with disclosures and disclaimers, or to download the report in its entirety, please visit: https://goldmansmallcapresearch.com/opportunity-research/imminent-phase-i-clinical-trial-launch-to-drive-major-valuation-upside/
Regen BioPharma, Inc. is focused on developing innovative treatments using autologous cell therapies, RNA and DNA-based immunotherapy and small molecules in the immune-oncology segment. The Company has an FDA-cleared IND for its Phase I clinical trial candidate HemaXellerate, an innovative stem cell-derived therapy.
In the Opportunity Research report, analyst Rob Goldman reviews this undervalued and underfollowed innovator including upcoming milestones and events, a peer group analysis, deep pipeline, and valuation drivers.
Set to Enter Clinical Stage
Goldman commented, "Regen is on the cusp of making a major leap from the preclinical biopharma stage to a clinical stage biopharma, which typically serves as a foundational valuation driver. The Company’s lead candidate, HemaXellerate, is an innovative stem cell-derived therapy and the Company plans to launch a Phase I clinical trial by year-end or in early 1Q26. HemaXellerate’s primary indication is to treat chemotherapy patients who have developed a potentially terminal side effect, severe aplastic anemia. The only approved therapy is a costly stem cell transplant, which needs a matched donor and can lead to graft-versus-host disease. Still, the Regen therapy represents $1 billion in market size."
Multiple, Enviable Development Pathways
"Regen has applied for an Orphan Drug Designation for this product, which would be a major coup for the Company," noted Goldman. "There a number of advantages in receiving this award, including financial benefits. The median annual price tag for a drug with this designation, according to a NIH study, is $218,000. Regen is also evaluating expanded applications for this groundbreaking therapy. With two other filed INDs and a deep pipeline Regen is no one-trick pony. The Company has been awarded 11 patents with 17 patents pending."
Imminent Phase I Launch to Raise Profile and Valuation
"We believe that these shares are undervalued based on the IP alone. When taking into account Regen’s migration to the clinical stage, this status becomes even more pronounced, given the market cap assigned to its peers. Our price target reflects a meaningful discount to the Phase I clinical trial peer group," concluded Goldman.
About Goldman Small Cap Research: Founded in 2009 by former Piper Jaffray analyst and mutual fund manager Rob Goldman, Goldman Small Cap Research produces sponsored and non-sponsored small cap and microcap stock research reports, articles, stock market blogs, and popular investment newsletters.
Goldman Small Cap Research is not in any way affiliated with Goldman Sachs & Co.
This press release contains excerpts of our most recently published company report on Regen BioPharma, Inc. ("The Company"). The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research relied solely upon information derived from Regen BioPharma, Inc. The information includes authorized press releases or legal disclosures made in their filings with the U.S. Securities and Exchange Commission https://www.sec.gov.
Separate from the factual content of our update about the Company, we may from time to time include our own opinions about the Company, its business, markets, and opportunities. Any opinions we may offer about the Company are solely our own and are made in reliance upon our rights under the First Amendment to the U.S. Constitution, and are provided solely for the general opinionated discussion of our readers. Our opinions should not be considered to be complete, precise, accurate, or current investment advice. Statements herein may contain forward-looking statements and are subject to significant risks and uncertainties affecting results.
A Goldman Small Cap Research report, update, newsletter, article, trading alert, corporate profile, sector or industry snapshot, podcast interview, or press release is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed and is to be used for informational purposes only. Please read all associated full disclosures, disclaimers, and analyst background on our website before investing. Neither Goldman Small Cap Research nor its parent is a registered investment adviser or broker-dealer with FINRA or any other regulatory agency. To download this research report, visit www.goldmansmallcapresearch.com. In 2023, Goldman Small Cap Research was compensated by a third party in the amount of $5,000 for research report production and distribution. In 2025, Goldman Small Cap Research was compensated $7,300 for research production and press releases, including $800 for this report and press release. Since July 2025, Goldman Small Cap Research was also compensated $25,000 for content distribution.
Dolphin Subsidiary Elle Communications Launches “The Shift,” a Quarterly Report, Weekly Newsletter, and Live Workshop Series on the Future of Communications
By
Media News
3 min read • Published November 5, 2025
By
Media News
3 min read • Published November 5, 2025
LOS ANGELES, CALIFORNIA / ACCESS Newswire / November 5, 2025 / Dolphin (NASDAQ:DLPN), a leading entertainment, marketing, and communications company, today announced that its subsidiary Elle Communications has launched The Shift: A Report on Modern Communications, a new quarterly report, weekly email newsletter, and live training series designed to help brands, individuals, and organizations understand the trends shaping how information spreads, trust is built, and impact is achieved in today’s media landscape.
The initiative marks the latest in a series of thought-leadership and education-driven offerings from Elle Communications, reinforcing the Dolphin’s commitment to developing scalable intellectual products that extend its agencies’ expertise beyond traditional client services.
The Shift: Q4 2025 Edition is available beginning today, November 5th, as a complimentary download [HERE].
"Our clients are navigating an entirely new communications landscape – one shaped by AI, fragmented media, and shifting public trust," said Danielle Finck, founder and CEO of Elle Communications. "With The Shift, we’re giving leaders a roadmap for 2026, and a way to cut through the noise, identify what’s changing, and build strategies that create meaningful visibility and impact."
The report, which will be updated quarterly, outlines the macrotrends driving transformation across the communications sector, including the rise of generative AI in content production, the decentralization of social platforms, and the resulting volatility in public trust. It also examines how forward-thinking brands are rebalancing budgets toward credibility-building disciplines, such as earned media, creator partnerships, and thought leadership, to maintain share of voice amid rapid change.
The Shift will be followed by The Shift Workshop-a live, 60-minute virtual workshop on November 19th. The interactive session applies the report’s findings to 2026 communications planning, offering frameworks for audience targeting, message development, and executive visibility designed for today’s post-social media environment. Registration is $97, and attendance is limited. Participants can register HERE.
Together, the two components translate Elle Communications’ proprietary research and on-the-ground insights into clear, actionable strategies for communicators navigating the intersection of earned media, AI, and cultural relevance.
"We’ve spent all year immersed in the data, the dialogue, and the real-time changes shaping the future of communications," said Finck. "2025 has fundamentally changed how stories are told and how brands build credibility. The Shift translates those changes into clarity, giving communicators the insight and focus they need to lead with confidence."
About Elle Communications: Dolphin subsidiary Elle Communications is a PR agency headquartered in Los Angeles and New York City. We were early pioneers in impact PR, trusted by purpose-driven businesses, non-profit organizations, and some of the most respected public figures in social and environmental impact. For nearly two decades, our team of seasoned and supportive experts with deeply rooted relationships in media, talent, and influencer relations, communications strategy, media training, affiliate marketing, and thought leadership have amplified stories of progress, innovation, and the changemakers driving it. At Elle, everything we do is in pursuit of building a better working environment for our team members and of helping to build a better community, society, and world. Learn more at www.ellecomm.com.
About Dolphin: Dolphin (NASDAQ:DLPN) is where cultural creation meets marketing execution. Founded in 1996 by Bill O’Dowd, Dolphin operates as both a venture studio-developing and investing in breakthrough content, products, and experiences-and a marketing consortium, featuring leading agencies across every communications discipline.
At its core, the venture studio creates, produces, finances, markets, and promotes new businesses and cultural ideas-ranging from acclaimed film, television, and digital content to consumer goods, live events and partnerships that define entertainment and lifestyle. Surrounding this entrepreneurial engine, Dolphin’s marketing prowess brings together best-in-class firms including 42West, The Door, Shore Fire Media, Elle Communications, Special Projects, The Digital Dept. and Always Alpha. Together, this collective delivers unmatched cross-marketing expertise and relationships across every vertical of pop culture-from film, television, music, influencers, sports, hospitality, and fashion to consumer brands and purpose-driven initiatives. Dolphin marketing has been the recipient of many accolades, including #1 Agency of the Year on the Observer PR Power List in 2025, The PR Net 100, and the PR News Elite 120.
Inc. Names Greenough Communications as a 2025 Inc. Power Partner Award Winner
By
Media News
3 min read • Published November 5, 2025
By
Media News
3 min read • Published November 5, 2025
BOSTON, MA / ACCESS Newswire / November 5, 2025 / Greenough Communications, a leading brand marketing and communications agency, is proud to announce its recognition on the Inc. Power Partner Awards. The prestigious list honors B2B organizations that have proven track records supporting entrepreneurs and helping startups grow.
Companies on the Inc. Power Partner list received top marks from clients for being instrumental in helping leadership navigate the dynamic world of startups. These B2B partners support entrepreneurs across various facets of the business, including hiring, compliance, infrastructure development, cloud migration, fundraising, and more, allowing founders to focus on their core missions.
"The entrepreneurial journey and community are core to Inc.’s mission, and it’s a true honor to celebrate this year’s Inc. Power Partners – the companies dedicated to helping small businesses and entrepreneurs," says Bonny Ghosh, editorial director at Inc. "Whether they’re coordinating complex marketing campaigns or reliably supporting the day-to-day infrastructure of growing companies, these honorees aren’t simply B2B providers – they are true partners in helping businesses grow and succeed."
"Our partnership with Greenough has driven remarkable growth since we began working together earlier this year. The Greenough team operates as a seamless extension of our own, bringing strategic insight, discipline, and deep expertise to every initiative. Their proactive approach, dedication, and strong media relationships have been instrumental in strengthening our brand presence and driving meaningful results," said Michael Della Penna, Chief Strategy Officer, InMarket. "Congratulations to the entire Greenough team on being named an Inc. Power Partner, an achievement that reflects the excellence we experience in our collaboration every day. I look forward to continuing our momentum together."
Over the past year, Greenough Communications has helped disruptive startups and public companies navigate transformation, elevate brand awareness, and expand influence across industries including technology, healthcare, life sciences, and clean energy. Through its Marka+ and Marka+ AI offerings, Greenough delivers on its AI-powered, human-led charter by blending brand strategy and creativity with new metrics like Share of Model and AI readiness benchmarks. This approach amplifies partners’ milestones and creates new ones in between.
"Our inclusion on Inc.’s Power Partners list reflects the results we deliver and the trust we’ve built with our clients," said Nikki Festa O’Brien, CEO of Greenough Communications. "We only work with brands we believe in, and it’s incredibly rewarding that they believe in us too. This recognition is a testament to the shared ambition and purpose behind every partnership."
About Greenough Communications Greenough provides brand marketing and communications for the moments that matter and specializes in creating the moments in between. We hire purposefully and have assembled a team of strategic thinkers with integrated capabilities and unmatched industry experience across industries, including healthcare, technology, business services and energy. For 25 years, we have been driving results for companies looking to raise awareness, build affinity and inspire action. To learn more about our services, visit www.greenoughagency.com and follow us on LinkedIn and Instagram.
About Inc. Inc. is the leading media brand and playbook for the entrepreneurs and business leaders shaping our future. Through its journalism, Inc. aims to inform, educate, and elevate the profile of its community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating the future of business. Inc. is published by Mansueto Ventures, along with fellow leading business publication Fast Company. For more information, visit www.inc.com.
Spry Recognized as a 2025 Inc. Power Partner Award Winner
By
Media News
2 min read • Published November 5, 2025
By
Media News
2 min read • Published November 5, 2025
The annual list recognizes the leading B2B companies that have proven track records of supporting entrepreneurs and helping companies grow.
ANDERSON, IN / ACCESS Newswire / November 5, 2025 / Spry is proud to announce its recognition on the Inc. Power Partner Awards. The prestigious list honors B2B organizations that have proven track records supporting entrepreneurs and helping startups grow.
Companies on the Inc. Power Partner list received top marks from clients for being instrumental in helping leadership navigate the dynamic world of startups. These B2B partners support entrepreneurs across various facets of the business, including hiring, compliance, infrastructure development, cloud migration, fundraising, and more, allowing founders to focus on their core missions.
"The entrepreneurial journey and community are core to Inc.’s mission, and it’s a true honor to celebrate this year’s Inc. Power Partners – the companies dedicated to helping small businesses and entrepreneurs," says Bonny Ghosh, editorial director at Inc. "Whether they’re coordinating complex marketing campaigns or reliably supporting the day-to-day infrastructure of growing companies, these honorees aren’t simply B2B providers – they are true partners in helping businesses grow and succeed."
"Spry is proud to have achieved this accomplishment for the second year in a row. At Spry, we are proud to help our clients grow through creative print, promo, and marketing solutions that make an impact. Thank you to our team an amazing partners who make it all possible!" said Jeff Williams, Spry CEO.
Spry is headquartered in Anderson, Indiana with offices in Colorado, North Carolina, Texas and West Virginia serving over 800 companies in multiple industries. Spry is a brand optimization company helping companies’ market and manage their brand with absolute efficiency. They offer solutions that deliver unique qualities and optimal value to help clients differentiate themselves in a crowded market. The pillars of services they provide fall under print and promotion, streamlined operations, and automotive.
About Inc.
Inc. is the leading media brand and playbook for the entrepreneurs and business leaders shaping our future. Through its journalism, Inc. aims to inform, educate, and elevate the profile of its community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating the future of business. Inc. is published by Mansueto Ventures, along with fellow leading business publication Fast Company. For more information, visit www.inc.com.
Jeff Williams, CEO Spry 3019 Enterprise Dr Anderson, IN 46013 jeffw@sprybrands.com 800-821-5368
Spry Recognized as a 2025 Inc. Power Partner Award Winner
By
Media News
2 min read • Published November 5, 2025
By
Media News
2 min read • Published November 5, 2025
The annual list recognizes the leading B2B companies that have proven track records of supporting entrepreneurs and helping companies grow.
ANDERSON, IN / ACCESS Newswire / November 5, 2025 / Spry is proud to announce its recognition on the Inc. Power Partner Awards. The prestigious list honors B2B organizations that have proven track records supporting entrepreneurs and helping startups grow.
Companies on the Inc. Power Partner list received top marks from clients for being instrumental in helping leadership navigate the dynamic world of startups. These B2B partners support entrepreneurs across various facets of the business, including hiring, compliance, infrastructure development, cloud migration, fundraising, and more, allowing founders to focus on their core missions.
"The entrepreneurial journey and community are core to Inc.’s mission, and it’s a true honor to celebrate this year’s Inc. Power Partners – the companies dedicated to helping small businesses and entrepreneurs," says Bonny Ghosh, editorial director at Inc. "Whether they’re coordinating complex marketing campaigns or reliably supporting the day-to-day infrastructure of growing companies, these honorees aren’t simply B2B providers – they are true partners in helping businesses grow and succeed."
"Spry is proud to have achieved this accomplishment for the second year in a row. At Spry, we are proud to help our clients grow through creative print, promo, and marketing solutions that make an impact. Thank you to our team an amazing partners who make it all possible!" said Jeff Williams, Spry CEO.
Spry is headquartered in Anderson, Indiana with offices in Colorado, North Carolina, Texas and West Virginia serving over 800 companies in multiple industries. Spry is a brand optimization company helping companies’ market and manage their brand with absolute efficiency. They offer solutions that deliver unique qualities and optimal value to help clients differentiate themselves in a crowded market. The pillars of services they provide fall under print and promotion, streamlined operations, and automotive.
About Inc.
Inc. is the leading media brand and playbook for the entrepreneurs and business leaders shaping our future. Through its journalism, Inc. aims to inform, educate, and elevate the profile of its community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating the future of business. Inc. is published by Mansueto Ventures, along with fellow leading business publication Fast Company. For more information, visit www.inc.com.
Jeff Williams, CEO Spry 3019 Enterprise Dr Anderson, IN 46013 jeffw@sprybrands.com 800-821-5368
Final Moment Launches Groundbreaking Digital Memorial Platform to Redefine Legacy Preservation and Posthumous Communication
By
Media News
4 min read • Published November 5, 2025
By
Media News
4 min read • Published November 5, 2025
NAPERVILLE, IL / ACCESS Newswire / November 4, 2025 / Final Moment, a technology company focused on transforming how people preserve memories and communicate beyond life, has officially announced the launch of its innovative online memorial platform. Designed for individuals and families seeking a modern approach to legacy creation, the platform empowers users to record, schedule, and share meaningful messages, images, and stories that endure long after they are gone.
Introducing a New Era of Remembrance
For centuries, remembrance has relied on physical memorials, handwritten letters, or stories passed down through generations. Final Moment modernizes this practice through a secure web and mobile platform that allows users to create digital memorials, record videos, store photographs, and even schedule posthumous messages – offering a deeply personal and enduring way to be remembered.
"Final Moment is not just about preserving memories -it’s about giving people control over their final moments and ensuring they can connect with loved ones even after they’re gone," said Michael Avery, Founder and CEO of Final Moment. "We wanted to build a tool that combines technology with human emotion, making remembrance interactive, accessible, and truly lasting."
The company was co-founded by Damien Hinman, whose vision helped shape the platform’s mission to humanize technology and redefine how legacies are preserved.
Addressing a Global Need
The funeral and memorial industry has seen limited innovation in recent decades, often leaving families with traditional and impersonal options. Final Moment addresses this gap by offering:
Digital Memorials for Loved Ones: Record videos, draft letters, and compile photos to preserve life stories.
Scheduled Delivery: Messages can be timed for specific dates, anniversaries, or milestones.
Personalized Remembrance: Families gain access to authentic expressions of loved ones’ values.
Virtual Memorial Services: Remote ceremonies ensure no distance prevents participation.
The platform bridges the past, present, and future – empowering individuals to ensure their legacy is shared in a meaningful way.
Platform Features
Create Your Final Moment: Record personalized videos or audio messages, upload images, or draft written notes for loved ones.
Time-Sensitive Scheduling: Deliver messages on future dates to honor important events.
Stored Moments & Afterlife Profiles: Spaces for sharing wisdom and life reflections.
Shared Stories: Loved ones can access curated legacies in an interactive format.
Service Provider Integration: Funeral planners can incorporate approved messages into ceremonies.
Global Accessibility: Remote tools enable participation worldwide.
A Business Model Built for Longevity
Final Moment operates on a sustainable, scalable model designed for individuals and providers alike:
Time Blocks & Recording Plans – purchase credits or subscriptions to record and schedule materials.
Premium Subscriptions – enhanced features, ad-free experiences, and extended storage.
Provider Partnerships – integrations for funeral homes and service planners.
Memorial Tribute Videos – customized digital compilations and soundtracks. Unique Legacy Products – personalized options for distinctive memorials.
This multi-tiered structure ensures long-term growth and cross-industry adaptability.
Industry Disruption and Social Impact
Positioned at the intersection of technology, tradition, and human connection, Final Moment reimagines how memorials and legacies are built – challenging norms in an industry slow to evolve.
"The way we remember our loved ones should be as unique as their lives," said Michael Avery, Founder of Final Moment. "Our digital legacy app honors individuality, ensuring stories and emotions are preserved authentically. Final Moment will mark the first true digital history of who we are as people."
The solution resonates globally – appealing to millennials, multicultural families, and anyone seeking meaningful memorial experiences beyond traditional boundaries.
Early Reception and Growth Potential
Since its pilot launch, Final Moment has drawn strong interest from individuals shaping their legacies. Families describe emotional comfort from receiving scheduled messages and peace of mind knowing their words will endure.
Partnerships with service providers demonstrate the platform’s versatility – integrating personal content into ceremonies and expanding options for remote or hybrid memorials.
Looking Ahead
Final Moment‘s roadmap includes innovations that redefine remembrance:
AI-Powered Storytelling: Generates personalized memory albums and life narratives.
Cultural Customization: Reflects diverse religious and cultural practices.
Blockchain Security: Ensures immutability and trust for stored content.
Global Partnerships: Collaborations with legacy planners and digital funeral providers.
Document Storage & End-of-Life Planning: Tools for charitable giving and archival preservation.
These developments affirm the company’s commitment to setting the global standard for memorial technology.
About Final Moment
Final Moment is a technology-driven company dedicated to transforming remembrance and legacy preservation. Co-founded by Damien Hinman, the company combines secure digital storage with emotional storytelling tools that empower individuals to build online memorials, share lasting messages, and connect with loved ones beyond life. With a mission to humanize technology through remembrance, Final Moment ensures that no story is ever left untold.
This release is distributed by Evrima Chicago. The views expressed herein are solely those of the subject organization and quoted individuals and do not necessarily reflect the views of Evrima Chicago.
Evrima Chicago’s editorial team prepares and syndicates content based on publicly available sources, official statements, and verified materials. For interviews, media inquiries, or reprint permissions, please contact Evrima Chicago Editorial at PR@EvrimaChicago.com.
Newsmax to Attend the RBC Capital Markets Global Technology, Internet, Media & Telecommunications Conference
By
Media News
1 min read • Published November 4, 2025
By
Media News
1 min read • Published November 4, 2025
BOCA RATON, FL / ACCESS Newswire / November 4, 2025 / Newsmax Inc. (NYSE:NMAX) ("Newsmax" or the "Company") today announced that management, including CEO Christopher Ruddy, will attend the RBC Capital Markets Global Technology, Internet, Media & Telecommunications Conference being held in New York City from November 18-19, 2025.
Management and Mr. Ruddy will be available for 1×1 meetings throughout the conference. For more information, or to schedule a meeting with management, please contact your RBC Capital Markets representative.
About Newsmax Newsmax Inc. is listed on the NYSE (NMAX) and operates, through Newsmax Broadcasting LLC, one of the nation’s leading news outlets, the Newsmax channel. The fourth highest-rated network is carried on all major pay TV providers. Newsmax’s media properties reach more than 40 million Americans regularly through Newsmax TV, the Newsmax App, its popular website Newsmax.com, and publications such as Newsmax Magazine. Through its social media accounts, Newsmax reaches more than 20 million combined followers. Reuters Institute says Newsmax is one of the top U.S. news brands and Forbes has called Newsmax "a news powerhouse."
Newsmax to Attend the RBC Capital Markets Global Technology, Internet, Media & Telecommunications Conference
By
Media News
1 min read • Published November 4, 2025
By
Media News
1 min read • Published November 4, 2025
BOCA RATON, FL / ACCESS Newswire / November 4, 2025 / Newsmax Inc. (NYSE:NMAX) ("Newsmax" or the "Company") today announced that management, including CEO Christopher Ruddy, will attend the RBC Capital Markets Global Technology, Internet, Media & Telecommunications Conference being held in New York City from November 18-19, 2025.
Management and Mr. Ruddy will be available for 1×1 meetings throughout the conference. For more information, or to schedule a meeting with management, please contact your RBC Capital Markets representative.
About Newsmax Newsmax Inc. is listed on the NYSE (NMAX) and operates, through Newsmax Broadcasting LLC, one of the nation’s leading news outlets, the Newsmax channel. The fourth highest-rated network is carried on all major pay TV providers. Newsmax’s media properties reach more than 40 million Americans regularly through Newsmax TV, the Newsmax App, its popular website Newsmax.com, and publications such as Newsmax Magazine. Through its social media accounts, Newsmax reaches more than 20 million combined followers. Reuters Institute says Newsmax is one of the top U.S. news brands and Forbes has called Newsmax "a news powerhouse."
Vanderbilt Report: Why VisionWave Added Military Brass To Its Advisory Board
By
Media News
7 min read • Published November 4, 2025
By
Media News
7 min read • Published November 4, 2025
Defense companies don’t hire admirals for photo ops.
BRISTOL, TN / ACCESS Newswire / November 4, 2025 / VisionWave Holdings, Inc (NASDAQ:VWAV) recent announcement adding Admiral (Ret.) Eli Marum and Ambassador (Ret.) Ned L. Siegel to its advisory board represents a strategic move beyond standard corporate appointments. The company is building an operational bridge between AI-driven sensing technology and the complex international defense procurement systems where those technologies must ultimately succeed.
The timing matters. The defense radar market is projected to surge from $12.4 billion in 2025 to $24.1 billion by 2034, driven by geopolitical tensions and demand for sophisticated threat detection. VisionWave’s portfolio of AI-powered radar, RF sensing, and autonomous systems positions the company directly in this growth trajectory.
But technology alone doesn’t win defense contracts.
The Technology Behind the Strategy
VisionWave’s technology portfolio centers on two proprietary platforms that differentiate it from legacy defense contractors. Vision-RF converts radio-frequency signals into real-time visual intelligence, enabling operators to see through walls, underground, and underwater where traditional sensors fail. Evolved Intelligence (EI) serves as the company’s adaptive AI framework, designed specifically for autonomous decision-making in contested environments without cloud connectivity.
These aren’t theoretical capabilities. According to Zacks Research, the company holds over 50 granted patents and has systems in active pilot programs across multiple allied nations. The research details VisionWave’s three-phase growth strategy and current market capitalization of approximately $197 million as the company transitions from pilot validation to scaled commercialization.
The commercialization timeline explains the advisory board timing. VisionWave expects minimal 2025 revenues as it completes pilot validations, but projects substantial revenue growth beginning in 2026 as programs transition from demonstration to production contracts. That inflection point requires exactly the operational credibility and international partnership navigation that Marum and Siegel provide.
The Operational Credibility Factor
Admiral Marum’s 38-year naval career provides specific operational context that matters in defense commercialization. He didn’t just hold command positions. He commanded the capture of the Karin A weapons ship and organized the establishment of security systems for Israeli offshore natural gas platforms.
These aren’t ceremonial accomplishments. They represent hands-on experience with the exact types of maritime security challenges that VisionWave’s sensing and radar technologies are designed to address.
During his tenure as Commander-in-Chief of the Israeli Navy from 2007 to 2011, Marum led modernization efforts following the 2006 Lebanon War. His focus centered on technology integration and enhanced maritime defense readiness. That experience translates directly to understanding how defense organizations evaluate, adopt, and integrate new technologies under operational pressure.
His educational background reinforces this practical foundation. Training at the Israel Navy Advanced Command Course, National Defense College, U.S. Navy Senior International Defense Management Program, and Harvard Business School creates fluency across military operations, international defense cooperation, and business strategy.
The Diplomatic Commercialization Pathway
Ambassador Siegel’s appointment addresses a different operational challenge. Defense technology companies face complex international partnership requirements, particularly when selling to allied nations or navigating foreign military sales processes.
Siegel brings four decades of experience bridging diplomatic, policy, and commercial domains. Beyond his role as U.S. Ambassador to the Commonwealth of the Bahamas, he served as Senior Advisor to the U.S. Mission to the United Nations and on the Board of Directors of the Overseas Private Investment Corporation, now the U.S. International Development Finance Corporation.
His private sector work through The Siegel Group focuses on international business advisory services in real estate, energy, infrastructure, and secure technology. That combination of government relationships and commercial execution experience creates practical pathways for defense technology commercialization across international markets.
Market Context and Strategic Positioning
VisionWave’s advisory expansion aligns with broader defense sector transformation. By 2030, the industry is expected to become more competitive and international, with multidomestic business models and strengthened allied collaboration frameworks reshaping how defense companies operate.
The company holds over 50 granted patents in AI-powered technologies spanning autonomous systems, advanced imaging, high-resolution radar, and RF sensing for air, land, and maritime applications. That intellectual property foundation requires operational validation and international partnership development to reach full commercial potential.
These advisory appointments, alongside former UK Member of Parliament Ben Everitt, create geographic and functional coverage across key allied defense markets. The combination addresses both operational credibility with military procurement decision-makers and diplomatic navigation of international partnership frameworks.
What the Appointments Signal
Defense technology commercialization requires more than engineering excellence. Companies must demonstrate understanding of operational requirements, navigate complex procurement processes, and build trust with military decision-makers who evaluate technologies based on mission-critical performance standards.
VisionWave’s current pilot portfolio illustrates why operational and diplomatic expertise matters now. The company secured a $216,000 live-fire testing program with a major UAE defense contractor, currently in the manufacturing phase and expected to transition to multi-million-dollar production orders upon successful completion.
In the United States, VisionWave completed demonstrations with a U.S. defense contractor subsidiary, showcasing its Active Protection System and Counter-UAS technologies. That collaboration expanded into joint engineering and production planning, culminating in a proposal submitted to the U.S. Army’s Joint C-UAS Office for evaluation as an approved capability for U.S. and NATO forces.
Additional programs are advancing in Israel, where VisionWave is deploying sensing and active protection solutions for border security with the Ministry of Defense, and in India, where a 10-year framework agreement covers ongoing supply and support services for integrated defense systems along India’s borders.
Admiral Marum’s operational background provides credibility when VisionWave engages with naval and maritime defense organizations evaluating these sensing and radar systems. His experience modernizing naval forces after the Lebanon War offers practical insight into how military organizations assess and integrate new technologies during capability upgrades under operational pressure.
Ambassador Siegel’s diplomatic and commercial experience creates pathways for the exact international partnership development VisionWave now requires. His understanding of government-to-government relationships and foreign military sales processes addresses the commercialization opportunities in VisionWave’s UAE, India, and allied market expansion.
The Competitive Landscape
Defense technology markets reward companies that can bridge the gap between innovation and operational deployment. Advisory boards staffed with former military commanders and diplomats signal to potential customers and partners that a company understands the operational context where its technologies will be used.
VisionWave’s approach mirrors successful defense technology companies that have leveraged high-profile military and diplomatic expertise to accelerate market penetration. The company is building credibility infrastructure alongside its technology infrastructure.
The advisory board composition creates multiple pathways into allied defense markets. Admiral Marum’s Israeli naval experience, Ambassador Siegel’s U.S. diplomatic background, and Ben Everitt’s UK parliamentary experience provide geographic and institutional coverage across key defense markets where VisionWave’s AI-driven sensing technologies have potential applications.
Forward Strategic Implications
These appointments signal VisionWave’s transition from pilot validation to scaled commercialization. The company maintains a solid balance sheet with no long-term debt and secured a $50 million equity line of credit in July 2025, providing capital flexibility as multiple pilot programs approach conversion to production contracts.
The defense radar and sensing market’s projected growth creates substantial opportunity in an increasingly competitive landscape. VisionWave’s differentiation strategy combines proprietary technology with operational credibility and international partnership capability rather than competing solely on specifications.
The company’s three-phase growth strategy reveals why these advisory appointments matter now. Phase one focused on rapid market entry through pilot programs and R&D expansion throughout 2025. Phase two, launching in 2026-2027, centers on scaling across allied markets through modular autonomous systems, licensing agreements, and joint ventures. Phase three positions VisionWave as a defense AI infrastructure partner through its Defense Operating System architecture.
Admiral Marum’s naval modernization experience and Ambassador Siegel’s international partnership expertise directly support phase two execution. Their credibility accelerates the pilot-to-production conversion that drives VisionWave’s projected 2026 revenue inflection.
For investors and market observers, the advisory board expansion provides concrete insight into VisionWave’s commercialization timeline. The company is building operational credibility infrastructure in direct alignment with its transition from demonstration programs to multi-year defense contracts across U.S., NATO, Middle Eastern, and Asian allied markets.
The strategic focus now centers on execution velocity. VisionWave’s current market capitalization of approximately $197 million reflects pilot-stage valuation. Successful conversion of UAE, U.S. Army, Israel, and India programs into recurring production contracts positions the company to fundamentally transform its revenue trajectory and competitive positioning within the defense AI sector.
About Vanderbilt Report Vanderbilt Report is a financial news and content platform. The information contained in this release is for informational purposes only and should not be considered an offer to buy or sell securities. All material is provided "as is" without any warranty of any kind.
The Vanderbilt Report is a financial news and analysis platform. The information contained herein is based on publicly available sources, regulatory filings, and company disclosures believed to be accurate at the time of publication. This report is for informational purposes only and should not be construed as investment advice, a solicitation, or an offer to buy or sell any security.
Readers are encouraged to perform their own due diligence and consult a licensed financial advisor before making any investment decisions. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially.
Vanderbiltreport.com is owned and operated by AB Holdings, a US-based corporation. We have received compensation of up to $40,000 regarding the profiling of VisionWave Holdings, Inc (NASDAQ:VWAV). ) starting on October 18, 2025. It is important to note that AB Holdings, does not own any shares in VWAV
This page includes forward-looking statements subject to substantial risks and uncertainties. Actual outcomes may differ due to clinical trial results, regulatory decisions, financing needs, and execution. Investors should consult SEC filings before making decisions
Reservoir Media Announces Second Quarter Fiscal 2026 Results
By
Media News
14 min read • Published November 4, 2025
By
Media News
14 min read • Published November 4, 2025
Double-Digit Growth in Recorded Music Driven by Digital and Synch Demand
Outlook for Revenue and Adj. EBITDA Raised for Fiscal 2026
NEW YORK, NY / ACCESS Newswire / November 4, 2025 / Reservoir Media, Inc. (NASDAQ:RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, today announced financial results for the second quarter of fiscal 2026 ended September 30, 2025.
Recent Highlights:
Revenue of $45.4 million, increased 7% organically, or 12% including acquisitions year-over-year
Music Publishing Revenue rose 8% year-over-year
Recorded Music Revenue increased by 21% year-over-year
Operating Income of $10.7 million, increased by 6% year-over-year
OIBDA ("Operating Income Before Depreciation & Amortization") of $18.2 million, an increase of 10% year-over-year
Net Income of $2.2 million, or $0.03 per share, compared to net income of $0.2 million, or $0.00 per share year-over-year
Adjusted EBITDA of $19.4 million, up 10% year-over-year
Acquired the publishing catalog of music and cultural icon Miles Davis, as well as rights to his recorded music and partnering with the estate on name and likeness
Extended publishing deal for the catalog of Nick Drake, and executed a new deal with the Drake estate to represent the catalog of Nick’s mother Molly Drake together with our partners at Blue Raincoat Music Publishing
Announced emerging markets deals in conjunction with PopArabia for the publishing and recorded music catalog of Iraqi production house HFM production and the publishing and recorded music catalog of Kuwaiti singer-songwriter Essa Almarzoug, as well as a publishing deal with Moroccan singer-rapper-songwriter-producer 88 Young
Signed publishing deals with Platinum-selling songwriter Emily Reid, Grammy-nominated songwriter-producer Dave Pittenger, and 1960s teen idol Bobby Vinton
Management Commentary:
"Our second fiscal quarter was hallmarked by the addition of the publishing catalog of musical and cultural icon Miles Davis, in addition to rights to his recorded music and shared rights to his name and likeness. We are honored to partner with his estate ahead of his centennial year in 2026 to collaborate on unique value enhancement opportunities and share his legacy with the next generation across platforms," said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir Media. "Beyond this marquee deal, Reservoir continued our focus on our long-term growth strategies, through disciplined investments in our catalog, key strategic partnerships, and global diversification. We are building a scalable platform for sustained growth and meaningful value creation, and we remain focused on driving consistent, long-term returns for our shareholders."
Second Quarter Fiscal 2026 Financial Results
Summary Financials
Q2 FY26
Q2 FY25
Change
Total Revenue
$
45.4
$
40.7
12
%
Music Publishing Revenue
$
30.9
$
28.6
8
%
Recorded Music Revenue
$
13.0
$
10.7
21
%
Operating Income
$
10.7
$
10.1
6
%
OIBDA
$
18.2
$
16.6
10
%
Net Income
$
2.2
$
0.2
NM
Adjusted EBITDA
$
19.4
$
17.6
10
%
(Table Notes: $ in millions; Quarters ended September 30th; Unaudited; NM = Not Meaningful)
Total revenue in the second quarter of fiscal 2026 increased 12% to $45.4 million, compared to $40.7 million in the second quarter of fiscal 2025. This increase was driven by an 8% increase in Music Publishing revenue, alongside a 21% increase in Recorded Music revenue that was largely attributable to an increase in Performance revenue in the Music Publishing segment and continued growth of Digital revenue within the Recorded Music segment.
Operating income in the second quarter of fiscal 2026 was $10.7 million compared to operating income of $10.1 million in the second quarter of fiscal 2025. OIBDA in the second quarter of fiscal 2026 increased 10% to $18.2 million, compared to $16.6 million in the prior year’s quarter. Adjusted EBITDA in the second quarter of fiscal 2026 increased 10% to $19.4 million, compared to $17.6 million last year, primarily because of an increase in total revenues, slightly offset by an increase in administrative expenses. See below for calculations and reconciliations of OIBDA and Adjusted EBITDA to operating income and net income (loss), respectively.
Net income in the second quarter of fiscal 2026 was $2.2 million, or $0.03 per share, compared to net income of $0.2 million, or $0.00 per share, in the year-ago quarter. The increase in net income was primarily driven by the decrease in loss on fair value of swaps and increase in operating income, partially offset by higher interest expense, income tax expense and loss on foreign exchange.
Second Quarter Fiscal 2026 Segment Review
Music Publishing
Q2 FY26
Q2 FY25
Change
Revenue by Type
Digital
$
16.1
$
15.6
3
%
Performance
$
7.5
$
5.1
47
%
Synchronization
$
4.6
$
5.8
(21
%)
Mechanical
$
1.6
$
1.1
51
%
Other
$
1.1
$
1.0
5
%
Total Revenue
$
30.9
$
28.6
8
%
OIBDA
$
11.3
$
11.0
3
%
(Table Notes: $ in millions; Quarters ended September 30th; Unaudited)
Music Publishing Revenue in the second quarter of fiscal 2026 was $30.9 million, an increase of 8% compared to $28.6 million in last fiscal year’s second quarter. The increase was mainly due to an increase in Performance revenue driven by the performance of hit songs, an increase in Mechanical revenue primarily driven by the strength of physical sales and the acquisition of new catalogs, as well as an increase in Digital revenue.
In the second quarter of fiscal 2026, Music Publishing OIBDA increased 3% to $11.3 million, compared to $11.0 million in the second quarter of fiscal 2025. Music Publishing OIBDA margin in the second quarter decreased from 38% to 37%. The increase in Music Publishing OIBDA was driven by an increase in revenues, and the decrease in OIBDA Margin reflects higher cost of revenue and administration expenses as percentages of revenues.
Recorded Music
Q2 FY26
Q2 FY25
Change
Revenue by Type
Digital
$
8.7
$
7.2
20
%
Physical
$
1.3
$
1.5
(10
%)
Neighboring Rights
$
1.1
$
1.1
2
%
Synchronization
$
1.8
$
0.9
106
%
Total Revenue
$
13.0
$
10.7
21
%
OIBDA
$
6.6
$
5.4
22
%
(Table Notes: $ in millions; Quarters ended September 30th; Unaudited)
Recorded Music Revenue in the second quarter of fiscal 2026 was $13.0 million, an increase of 21% compared to $10.7 million in last year’s second quarter. The increase was driven by an increase in digital revenue driven by the acquisition of catalogs and continued growth at music streaming services and an increase in synchronization revenue driven by the timing of licenses.
In the second quarter of fiscal 2026, Recorded Music OIBDA increased 22%, to $6.6 million, compared to $5.4 million in the second quarter of fiscal 2025. This increase primarily reflects an increase in revenues. Recorded Music OIBDA margin in the second quarter remains unchanged at 51%.
Balance Sheet and Liquidity
For the six months ended September 30, 2025, cash provided by operating activities was $25.3 million, an increase of $3.4 million compared to the same period last year, primarily due to an increase in cash provided by working capital and an increase in earnings.
As of September 30, 2025, Reservoir had cash and cash equivalents of $27.9 million and $124.2 million available for borrowing under its revolving credit facility, for total available liquidity of $152.1 million. Total debt was $421.8 million (net of $4.0 million of deferred financing costs) and Net Debt was $393.9 million (defined as total debt, less cash and equivalents and deferred financing costs). This compares to cash and cash equivalents of $21.4 million and $58.2 million available for borrowing under its revolving credit facility, for total available liquidity of $79.6 million as of March 31, 2025. Total debt was $388.1 million (net of $3.7 million of deferred financing costs) and Net Debt was $366.7 million as of March 31, 2025.
Fiscal Year 2026 Outlook
Reservoir narrows and positively adjusts its previously provided financial outlook ranges for fiscal year 2026, and expects the financial results for the year ending March 31, 2026, to be as follows:
Outlook
Guidance
Growth (at mid-point)
Revenue
$
167M – $170M
6
%
Adjusted EBITDA
$
70M – $72M
8
%
Jim Heindlmeyer, Chief Financial Officer of Reservoir, stated, "Our financial performance emphasizes our ability to drive value from our existing portfolio and consistently identify high-quality, high-demand assets with attractive economics. With the first half of the fiscal year behind us, we have the confidence to positively adjust our guidance ranges for both revenue and adjusted EBITDA for the 2026 fiscal year."
Conference Call Information
Reservoir is hosting a conference call for analysts and investors to discuss its financial results for the second quarter for fiscal year ending March 31, 2026 at 10:00 a.m. EST today, November 4, 2025. The conference call can be accessed via webcast in the Investor Relations section of the Company’s website at https://investors.reservoir-media.com/news-and-events/events-and-presentations.
Interested parties may also participate in the call using the following registration link: Here. Once registered, participants will receive a dial-in number as well as a PIN to enter the event. Participants may re-register for the conference call in the event of a lost dial-in number or PIN. Shortly after the conclusion of the conference call, a replay of the audio webcast will be available in the investor relations section of Reservoir’s website for 30 days after the event.
About Reservoir Media, Inc.
Reservoir is an independent music company based in New York City and with offices in Los Angeles, Nashville, Toronto, London, Abu Dhabi, and Mumbai. Reservoir is the first female-founded and led publicly traded independent music company in the U.S. Founded as a family-owned music publisher in 2007, Reservoir represents copyrights and master recordings including titles dating as far back as 1900 and hundreds of #1 releases worldwide. Reservoir frequently holds a Top 10 U.S. Market Share according to Billboard’s Publishers Quarterly, was twice named Publisher of the Year by Music Business Worldwide’s The A&R Awards and won Independent Publisher of the Year at the 2020 and 2022 Music Week Awards.
Reservoir also represents a multitude of recorded music through Chrysalis Records, Tommy Boy Music, and Philly Groove Records and manages artists through its ventures with Blue Raincoat Music and Big Life Management.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made in reliance on the safe harbor protections provided thereunder. Forward-looking statements are typically identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "outlook," "plan," "possible," "potential," "predict," "project," "should," "target," "would" and other similar words and expressions. Forward-looking statements in this press release relate to, among other things: Reservoir’s anticipated financial condition, results of operations and performance, expected growth, plans and objectives for future operations, business prospects and market conditions. Forward-looking statements are based on the current expectations and beliefs of management and information currently available to management. These statements are inherently subject to a number of risks, uncertainties and assumptions, many of which are outside of our control and could cause future events or results to be materially different from those stated or implied in this press release, including the risk factors that are described in Reservoir’s Annual Report on Form 10-K for the year ended March 31, 2025 and our other filings with the SEC available on the SEC’s website at www.sec.gov or Reservoir’s website at www.reservoir-media.com. Any forward-looking statement made in this press release speaks only as of the date on which it is made and Reservoir undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Reservoir Media, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Loss) Three and Six Months Ended September 30, 2025 versus September 30, 2024 (Unaudited) (Expressed in U.S. dollars)
Three Months Ended September 30,
Six Months Ended September 30,
2025
2024
% Change
2025
2024
% Change
Revenues
$
45,435,051
$
40,667,393
12
%
$
82,599,344
$
74,984,236
10
%
Costs and expenses:
Cost of revenue
16,532,205
14,831,371
11
%
29,724,920
28,112,487
6
%
Amortization and depreciation
7,556,863
6,430,019
18
%
14,870,600
12,814,776
16
%
Administration expenses
10,659,442
9,283,977
15
%
21,870,589
18,973,414
15
%
Total costs and expenses
34,748,510
30,545,367
14
%
66,466,109
59,900,677
11
%
Operating income
10,686,541
10,122,026
6
%
16,133,235
15,083,559
7
%
Interest expense
(6,741,657
)
(4,960,408
)
(13,037,615
)
(10,019,806
)
(Loss) gain on foreign exchange
(387,010
)
(36,348
)
708,404
(95,811
)
Loss on fair value of swaps
(315,998
)
(5,126,907
)
(1,313,163
)
(5,617,202
)
Other income (expense), net
(90,707
)
1,033
(254,483
)
(98,489
)
Income (loss) before income taxes
3,151,169
(604
)
2,236,378
(747,749
)
Income tax expense (benefit)
947,313
(152,593
)
676,247
(446,561
)
Net income (loss)
2,203,856
151,989
1,560,131
(301,188
)
Net loss attributable to noncontrolling interests
53,985
33,026
142,051
139,548
Net income (loss) attributable to Reservoir Media, Inc.
$
2,257,841
$
185,015
$
1,702,182
$
(161,640
)
Earnings (loss) per common share:
Basic
$
0.03
$
–
$
0.03
$
–
Diluted
$
0.03
$
–
$
0.03
$
–
Weighted average common shares outstanding:
Basic
65,566,514
65,186,357
65,468,739
65,079,114
Diluted
66,273,757
65,837,273
66,166,846
65,079,114
Reservoir Media, Inc. and Subsidiaries Condensed Consolidated Balance Sheets September 30, 2025 versus March 31, 2025 (Expressed in U.S. dollars) (Unaudited)
September 30, 2025
March 31, 2025
Assets
Current assets
Cash and cash equivalents
$
27,939,407
$
21,386,140
Accounts receivable
35,882,779
37,848,611
Current portion of royalty advances
14,869,185
15,182,463
Other current assets
5,093,461
4,867,081
Total current assets
83,784,832
79,284,295
Intangible assets, net
752,471,272
719,673,219
Equity method and other investments
2,581,853
1,100,000
Royalty advances, net of current portion and reserves
55,131,561
55,508,155
Property and equipment, net
459,517
406,784
Operating lease right of use assets, net
6,657,157
5,949,418
Fair value of swap assets
856,181
1,828,303
Other assets
1,593,138
1,376,836
Total assets
$
903,535,511
$
865,127,010
Liabilities
Current liabilities
Accounts payable and accrued liabilities
$
4,085,207
$
5,394,755
Royalties payable
48,554,356
47,210,727
Accrued payroll
1,021,598
2,588,758
Deferred revenue
5,005,731
1,885,462
Other current liabilities
3,280,881
7,954,208
Income taxes payable
1,393
803,342
Total current liabilities
61,949,166
65,837,252
Secured line of credit
421,813,199
388,134,754
Deferred income taxes
39,784,463
38,228,099
Operating lease liabilities, net of current portion
This press release includes certain financial information, such as OIBDA, OIBDA margin, EBITDA, Adjusted EBITDA, and Net Debt, which has not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Reservoir’s management uses these non-GAAP financial measures to evaluate Reservoir’s operations, measure its performance and make strategic decisions. Reservoir believes that the use of these non-GAAP financial measures provides useful information to investors and others in understanding Reservoir’s results of operations and trends in the same manner as Reservoir’s management and in evaluating Reservoir’s financial measures as compared to the financial measures of other similar companies, many of which present similar non-GAAP financial measures. However, these non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by Reservoir’s management about which items are excluded or included in determining these non-GAAP financial measures and, therefore, should not be considered as a substitute for net income, operating income or any other operating performance measures calculated in accordance with GAAP. Using such non-GAAP financial measures in isolation to analyze Reservoir’s business would have material limitations because the calculations are based on the subjective determination of Reservoir’s management regarding the nature and classification of events and circumstances. In addition, although other companies in Reservoir’s industry may report measures titled OIBDA, OIBDA margin, Adjusted EBITDA, and Net Debt, or similar measures, such non-GAAP financial measures may be calculated differently from how Reservoir calculates such non-GAAP financial measures, which reduces their overall usefulness as comparative measures. Because of these limitations, such non-GAAP financial measures should be considered alongside other financial performance measures and other financial results presented in accordance with GAAP. You can find the reconciliation of these non‐GAAP financial measures to the nearest comparable GAAP measures in the tables below.
OIBDA
Reservoir evaluates operating performance based on several factors, including its primary financial measure of operating income before non-cash depreciation of tangible assets and non-cash amortization of intangible assets ("OIBDA"). Reservoir considers OIBDA to be an important indicator of the operational strengths and performance of its businesses and believes this non-GAAP financial measure provides useful information to investors because it removes the significant impact of amortization from Reservoir’s results of operations. However, a limitation of the use of OIBDA as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in Reservoir’s businesses and other non-operating income (loss). Accordingly, OIBDA should be considered in addition to, not as a substitute for, operating income, net income attributable to us and other measures of financial performance reported in accordance with GAAP. In addition, our definition of OIBDA may differ from similarly titled measures used by other companies. OIBDA Margin is defined as OIBDA as a percentage of revenue.
EBITDA and Adjusted EBITDA
EBITDA is defined as earnings (net income or loss) before net interest expense, income tax (benefit) expense, non-cash depreciation of tangible assets and non-cash amortization of intangible assets and is used by management to measure operating performance of the business. Adjusted EBITDA, in addition to adjusting net income to exclude income tax expense, interest expense and depreciation and amortization, further adjusts net income by excluding items or expenses such as, among others, (1) any non-cash charges (including any impairment charges and loss on early extinguishment of debt and to write-down an equity investment to its estimated fair value), (2) any net gain or loss on foreign exchange, (3) any net gain or loss resulting from interest rate swaps, (4) equity-based compensation expense and (5) certain unusual or non-recurring items.
Adjusted EBITDA is a key measure used by Reservoir’s management to understand and evaluate operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. However, certain limitations on the use of Adjusted EBITDA include, among others, (1) it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenue for Reservoir’s business, (2) it does not reflect the significant interest expense or cash requirements necessary to service interest or principal payments on Reservoir’s indebtedness and (3) it does not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments. In particular, Adjusted EBITDA measure adds back certain non-cash, unusual or non-recurring charges that are deducted in calculating net income; however, these are expenses that may recur, vary greatly and are difficult to predict. In addition, Adjusted EBITDA is not the same as net income or cash flow provided by operating activities as those terms are defined by GAAP and does not necessarily indicate whether cash flows will be sufficient to fund cash needs.
Net Debt
Reservoir defines Net Debt as total debt, less cash and equivalents and deferred financing costs.
Reservoir Media, Inc. Reconciliation of Operating Income to OIBDA Three and Six Months Ended September 30, 2025 versus September 30, 2024 (Unaudited) (dollars in thousands)
For the Three Months Ended September 30,
For the Six Months Ended September 30,
2025
2024
2025
2024
Revenues
$
45,435
$
40,667
$
82,599
$
74,984
Cost of revenue
16,532
14,831
29,725
28,112
Administration expenses
10,659
9,284
21,871
18,973
OIBDA
18,243
16,552
31,004
27,898
Amortization and depreciation
7,557
6,430
14,871
12,815
Operating income
$
10,687
$
10,122
$
16,133
$
15,084
Reservoir Media, Inc. and Subsidiaries Reconciliation of Music Publishing Segment Reporting Operating Income to OIBDA Three and Six Months Ended September 30, 2025 versus September 30, 2024 (Unaudited) (dollars in thousands)
For the Three Months Ended September 30,
For the Six Months Ended September 30,
2025
2024
2025
2024
Revenues
$
30,875
$
28,596
$
55,808
$
52,596
Cost of revenue
13,047
11,782
23,483
22,418
Administration expenses
6,512
5,853
13,445
12,434
OIBDA
$
11,317
$
10,961
$
18,880
$
17,744
Reservoir Media, Inc. and Subsidiaries Reconciliation of Recorded Music Segment Reporting Operating Income to OIBDA Three and Six Months Ended September 30, 2025 versus September 30, 2024 (Unaudited) (dollars in thousands)
For the Three Months Ended September 30,
For the Six Months Ended September 30,
2025
2024
2025
2024
Revenues
$
12,982
$
10,693
$
23,426
$
20,323
Cost of revenue
3,486
3,049
6,242
5,695
Administration expenses
2,901
2,239
5,735
4,773
OIBDA
$
6,596
$
5,405
$
11,450
$
9,856
Reservoir Media, Inc. and Subsidiaries Reconciliation of Net Income (Loss) to Adjusted EBITDA Three and Six Months Ended September 30, 2025 versus September 30, 2024 (Unaudited) (dollars in thousands)
For the Three Months Ended September 30,
For the Six Months Ended September 30,
2025
2024
2025
2024
Net Income (Loss)
$
2,204
$
152
$
1,560
$
(301
)
Income Tax Expense (Benefit)
947
(153
)
676
(447
)
Interest Expense
6,742
4,960
13,038
10,020
Amortization and Depreciation
7,557
6,430
14,871
12,815
EBITDA
17,450
11,390
30,145
22,087
Loss (Gain) on Foreign Exchange(a)
387
36
(708
)
96
Loss on Fair Value of Swaps(b)
316
5,127
1,313
5,617
Non-cash Share-based Compensation(c)
1,113
1,053
2,247
2,327
Other (Income) Expense, Net(d)
91
(1
)
254
98
Adjusted EBITDA
$
19,357
$
17,605
$
33,251
$
30,226
(a) Reflects the (gain) or loss on foreign exchange fluctuations. (b) Reflects the non-cash loss on the mark-to-market of interest rate swaps. (c) Reflects non-cash share-based compensation expense related to the Reservoir Media, Inc. 2021 Omnibus Incentive Plan. (d) Reflects Reservoir’s share of losses recorded by equity method investments.
