Friday, September 11, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A strong finish to fiscal 2026. Fiscal Q4 revenue was $268.1 million, up 18% from the prior-year period, capping a solid year in which revenue increased 8% to $1.15 billion. Full-year adjusted EBITDA increased 14% to $41.5 million, while gross margin expanded 80 basis points to 13.3%, reflecting favorable product mix and improved operating performance.
Growth is broadening across the portfolio. Physical entertainment remained healthy, with fiscal 2026 vinyl revenue increasing 13%, CDs up 25%, and physical movies up 22%, supported by strong consumer demand and expanded studio relationships with Paramount and Amazon MGM. Higher-value businesses are also gaining traction, with collectibles revenue up 45% and distribution and fulfillment fees up 26%.
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