Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39795 RESERVOIR MEDIA, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...

Reservoir Media (RSVR) Q1 2026 Earnings Call August 05, 2025 10:00 AM ET Speaker0Greetings, and welcome to the Reservoir Media Q1 Fiscal Year twenty twenty six Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded. I would now like to turn the conference over to your host, Jackie Marcus.Please go ahead.Speaker1Thank you, operator. Good morning, everyone, and thank yo ...

Reservoir Media, Inc. (RSVR) came out with a quarterly loss of $0.01 per share in line with the Zacks Consensus Estimate. This compares to a loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this company would post earnings of $0.04 per share when it actually produced earnings of $0.04, delivering no surprise.Over the last four quarters, the company has surpassed consensus EPS estimates just once.Reservoir Media, which belongs to the ...

Exhibit 99.1 RESERVOIR MEDIAANNOUNCES FIRST QUARTER FISCAL 2026 RESULTS Strong Results in Both Segments Grew Total Revenue by 8% August 5, 2025, New York — Reservoir Media, Inc. (NASDAQ: RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, today announced financial results for the first quarter of fiscal 2026 ended June 30, 2025. Operating income in the first quarter of fiscal 2026 was $5.4 million compared to operating income of $5.0 million in the first quarter of fiscal 2025. ...

Company Overview - Reservoir is the first U S -based publicly traded independent music company[12] - The company has a vast collection of iconic hits across various genres, geographies, and time periods[16] - Reservoir has offices in NYC (HQ), LA, Nashville, London, Toronto, Abu Dhabi & Mumbai[17] Financial Performance and Outlook - Q4 Fiscal Year 2025 total revenue grew by 6% year-over-year[93] - Q4 Fiscal Year 2025 Adjusted EBITDA grew by 14% year-over-year[93] - The company issued a fiscal year 2026 outlook, projecting revenue between $164 million and $169 million (5% growth) and Adjusted EBITDA between $68 million and $72 million (6% growth)[98] - As of March 31, 2025, the company's total debt was $388 million, with $21 million in cash, resulting in net debt of $367 million[102] Business Segments - Music Publishing accounted for 68% of revenue[15] - Recorded Music accounted for 28% of revenue[15] - Other revenue streams accounted for 4% of revenue[15] - Digital revenue makes up 56% of Music Publishing revenue[35] - Digital revenue makes up 69% of Recorded Music revenue[48] M&A and Investments - Reservoir has invested over $1 billion since inception, with $868 million in acquisitions of catalogs and companies and $195 million in futures spend[24] - The company's M&A pipeline includes over 100 potential targets worth over $1 billion as of March 31, 2025[24]

[Part I](index=6&type=section&id=PART%20I) [Item 1. Business](index=6&type=section&id=Item%201.%20Business) Reservoir Media, Inc. is an independent music company focused on music publishing and recorded music, driven by catalog acquisitions and streaming growth - Fiscal Year 2025 Revenue by Segment | Segment | Revenue (USD) | Percentage of Total Revenue | | :--- | :--- | :--- | | Music Publishing | $107.4 million | ~68% | | Recorded Music | $44.3 million | ~28% | - The company's strategy is built on strategic acquisitions and long-term ownership of rights, having deployed approximately **$640 million** in capital over the last five years[19](index=19&type=chunk)[26](index=26&type=chunk) - Global music industry growth is primarily driven by streaming, which accounted for **69% of global revenues in 2024**. The number of global music subscribers grew **10.6% to 752 million**[28](index=28&type=chunk) - The company is positioned to capitalize on growth in emerging markets, particularly in the MENA region, which was the fastest-growing region for recorded music revenue in 2024 at **22.8%**[29](index=29&type=chunk)[71](index=71&type=chunk) - The music publishing and recorded music industries are highly competitive and dominated by three major companies (Sony, Universal, Warner), which account for approximately **60% and 70%** of their respective markets[89](index=89&type=chunk)[90](index=90&type=chunk) [Item 1A. Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from intense competition, operational challenges, intellectual property threats including AI, and financial vulnerabilities like substantial indebtedness - The company operates in a highly competitive market and its success depends on its ability to sign and retain successful songwriters and recording artists[106](index=106&type=chunk) - Management identified material weaknesses in internal control over financial reporting (ICFR) as of March 31, 2025, related to an ineffective control environment, lack of qualified personnel, an ineffective risk assessment process, and improper design of control activities[119](index=119&type=chunk)[120](index=120&type=chunk) - A significant portion of revenues is subject to rate regulation by government entities or collecting societies, which may limit profitability[123](index=123&type=chunk) - The development and use of Artificial Intelligence (AI) present new challenges for protecting intellectual property, including unauthorized use of copyrighted works and artist likenesses to train AI models[156](index=156&type=chunk)[158](index=158&type=chunk) - The company has substantial indebtedness under its **$450 million** Senior Credit Facility, which could require a significant portion of cash flow for debt service and limit financial flexibility[141](index=141&type=chunk)[142](index=142&type=chunk) - As an emerging growth company, Reservoir takes advantage of reduced reporting requirements, which may make its stock less attractive to some investors[180](index=180&type=chunk) [Item 1B. Unresolved Staff Comments](index=51&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments - Not applicable[185](index=185&type=chunk) [Item 1C. Cybersecurity](index=51&type=section&id=Item%201C.%20Cybersecurity) The company maintains a comprehensive cybersecurity program overseen by the Board, with no material incidents reported as of the filing date - The cybersecurity program is led by the Vice President of Technology, acting as CISO, with over **20 years** of experience[186](index=186&type=chunk) - The Board of Directors, via the Audit Committee, provides oversight for cybersecurity policies and risk assessments[188](index=188&type=chunk) - As of the filing date, no cybersecurity incidents have materially affected the company[189](index=189&type=chunk) [Item 2. Properties](index=53&type=section&id=Item%202.%20Properties) The company leases its corporate headquarters in New York City and additional offices globally, which are deemed adequate for current needs - The company's principal executive offices are leased in New York, NY, with additional leased offices in Nashville, Los Angeles, Toronto, London, and Abu Dhabi[191](index=191&type=chunk) [Item 3. Legal Proceedings](index=53&type=section&id=Item%203.%20Legal%20Proceedings) The company is subject to ordinary course legal claims, with a royalty dispute settled in October 2023, and no expected material adverse effects - The company is subject to ordinary course legal claims but does not expect them to have a material adverse effect[193](index=193&type=chunk) - A royalty dispute that began in 2017 was settled in October 2023, resulting in a write-off of approximately **$2.7 million** in recoupable legal fees and **$620,000** of interest expense in fiscal year 2024[448](index=448&type=chunk) [Item 4. Mine Safety Disclosures](index=53&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[194](index=194&type=chunk) [Part II](index=54&type=section&id=PART%20II) [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=54&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Reservoir's common stock and warrants trade on Nasdaq, with no dividends planned as the company retains earnings for growth - Common Stock and Warrants are traded on Nasdaq under symbols **RSVR** and **RSVRW**[196](index=196&type=chunk) - The company has no plans to pay cash dividends in the foreseeable future and intends to retain earnings for growth[198](index=198&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=54&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal 2025 saw **10% revenue growth** to **$158.7 million**, with operating income up **43%** and net income significantly higher, supported by strong liquidity and strategic acquisitions [Results of Operations](index=60&type=section&id=Results%20of%20Operations) Fiscal 2025 revenues grew **10%** to **$158.7 million**, driven by digital and publishing growth, leading to a **43%** surge in operating income and **18%** Adjusted EBITDA increase - Consolidated Income Statement Summary (in thousands) | Metric | Fiscal 2025 (USD thousands) | Fiscal 2024 (USD thousands) | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $158,706 | $144,856 | 10% | | Operating Income | $35,061 | $24,576 | 43% | | Net Income | $7,731 | $837 | NM | | Net Income Attributable to Reservoir | $7,750 | $645 | NM | - Revenue by Segment (in thousands) | Segment | Fiscal 2025 (USD thousands) | Fiscal 2024 (USD thousands) | % Change | | :--- | :--- | :--- | :--- | | Music Publishing | $107,412 | $96,193 | 12% | | Recorded Music | $44,250 | $42,367 | 4% | | Other | $7,043 | $6,296 | 12% | - The increase in Recorded Music revenue was partly due to royalty recoveries for underreported usage and growth in streaming, offset by a decrease in physical revenue after strong De La Soul sales in the prior year[224](index=224&type=chunk) - Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Fiscal 2025 (USD thousands) | Fiscal 2024 (USD thousands) | % Change | | :--- | :--- | :--- | :--- | | Net Income | $7,731 | $837 | NM | | EBITDA | $58,054 | $47,246 | 23% | | Adjusted EBITDA | $65,745 | $55,644 | 18% | [Liquidity and Capital Resources](index=72&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company held **$21.4 million** in cash, with liquidity supported by operating cash flow and a **$450 million** Senior Credit Facility, deemed sufficient for future operations - As of March 31, 2025, the company had **$21.4 million** in cash and cash equivalents[261](index=261&type=chunk) - Cash Flow Summary (in thousands) | Activity | Fiscal 2025 (USD thousands) | Fiscal 2024 (USD thousands) | | :--- | :--- | :--- | | Cash from Operating Activities | $45,279 | $36,193 | | Cash used for Investing Activities | $(96,719) | $(50,553) | | Cash from Financing Activities | $54,518 | $17,560 | - The company has a Senior Credit Facility with a **$450 million** capacity, maturing in December 2027. As of March 31, 2025, **$391.8 million** was drawn, leaving **$58.2 million** available[270](index=270&type=chunk)[403](index=403&type=chunk) - The company has two outstanding interest rate swaps with a combined notional amount of **$150 million** to hedge against interest rate fluctuations on its debt[282](index=282&type=chunk) [Critical Accounting Policies and Estimates](index=79&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve significant estimates for revenue recognition, royalty advance recoverability, acquisition classification, and intangible asset valuation and impairment - Revenue Recognition: Royalties are recognized when usage occurs, based on reports from collecting societies or estimates using historical data if reports are delayed[290](index=290&type=chunk) - Royalty Advances: Advances to artists and songwriters are capitalized as assets if they are deemed recoverable from future royalties. Recoverability is assessed based on forecasts of future revenue[293](index=293&type=chunk)[295](index=295&type=chunk) - Acquisitions: The company assesses whether an acquisition is an asset acquisition or a business combination, which determines if transaction costs are capitalized or expensed[296](index=296&type=chunk)[297](index=297&type=chunk) - Intangible Assets: Music catalogs are amortized on a straight-line basis and reviewed for impairment whenever events indicate their carrying value may not be recoverable[298](index=298&type=chunk)[299](index=299&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=82&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for fiscal years 2025 and 2024, including the independent auditor's report and detailed financial statements - The financial statements were audited by Deloitte & Touche LLP, which issued an unqualified opinion[304](index=304&type=chunk)[308](index=308&type=chunk) - Key Balance Sheet Figures (as of March 31, 2025) | Account | Amount (USD) | | :--- | :--- | | Total Assets | $865,127,010 | | Total Liabilities | $498,927,228 | | Total Shareholders' Equity | $366,199,782 | - Key Income Statement Figures (for Fiscal Year Ended March 31, 2025) | Account | Amount (USD) | | :--- | :--- | | Revenues | $158,705,736 | | Operating Income | $35,061,034 | | Net Income | $7,731,397 | | Diluted EPS | $0.12 | [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=124&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There were no changes in or disagreements with accountants on accounting and financial disclosure during the period - None[455](index=455&type=chunk) [Item 9A. Controls and Procedures](index=124&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of March 31, 2025, due to an unremediated material weakness in internal control over financial reporting related to third-party royalty processing - Management concluded that disclosure controls and procedures were not effective as of March 31, 2025, due to an unremediated material weakness[457](index=457&type=chunk) - During fiscal 2025, the company remediated three previously identified material weaknesses related to: (i) ineffective control environment/segregation of duties, (ii) lack of qualified personnel, and (iii) an ineffective risk assessment process[463](index=463&type=chunk)[464](index=464&type=chunk)[465](index=465&type=chunk)[466](index=466&type=chunk) - A material weakness remains related to the improper design of controls over a third-party system for Recorded Music royalty processing, as the service organization does not provide an assurance report (e.g., SOC 1)[466](index=466&type=chunk)[468](index=468&type=chunk)[469](index=469&type=chunk) [Item 9B. Other Information](index=128&type=section&id=Item%209B.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the last quarter of fiscal 2025 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement in the last quarter of fiscal 2025[475](index=475&type=chunk) [Part III](index=129&type=section&id=PART%20III) [Item 10. Directors, Executive Officers and Corporate Governance](index=129&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance will be incorporated by reference from the 2025 Proxy Statement, and a Code of Ethics is available - The required information will be included in the definitive proxy statement to be filed within **120 days** after the fiscal year-end[478](index=478&type=chunk) - The company has adopted a Code of Ethics, which is available on its investor relations website[479](index=479&type=chunk) [Item 11. Executive Compensation](index=129&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information will be incorporated by reference from the company's definitive 2025 Proxy Statement - The required information will be included in the definitive proxy statement to be filed within **120 days** after the fiscal year-end[480](index=480&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=129&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information for beneficial owners and management will be incorporated by reference from the company's definitive 2025 Proxy Statement - The required information will be included in the definitive proxy statement to be filed within **120 days** after the fiscal year-end[481](index=481&type=chunk) [Item 13. Certain Relationships and Related Transactions, Director Independence](index=129&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20Director%20Independence) Information on certain relationships, related transactions, and director independence will be incorporated by reference from the company's definitive 2025 Proxy Statement - The required information will be included in the definitive proxy statement to be filed within **120 days** after the fiscal year-end[482](index=482&type=chunk) [Item 14. Principal Accounting Fees and Services](index=129&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Principal accounting fees and services information will be incorporated by reference from the company's definitive 2025 Proxy Statement - The required information will be included in the definitive proxy statement to be filed within **120 days** after the fiscal year-end[483](index=483&type=chunk) [Part IV](index=130&type=section&id=Part%20IV) [Item 15. Exhibits and Financial Statement Schedules](index=130&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section provides an index of all exhibits filed with the Form 10-K, including financial statements and various corporate documents - This section provides an index of all exhibits filed with the **10-K** report[487](index=487&type=chunk)[488](index=488&type=chunk) [Item 16. Form 10-K Summary](index=134&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K summary is provided - None[494](index=494&type=chunk)

Company Overview - Reservoir Media, Inc. held its Fourth Quarter Fiscal Year 2025 Earnings Conference Call on May 28, 2025, at 10:00 AM ET [1] - The call featured key participants including Jackie Marcus from Investor Relations, Golnar Khosrowshahi (Founder and CEO), and Jim Heindlmeyer (CFO) [1][4] Financial Results - Reservoir Media released its earnings press release for the fourth quarter and fiscal year 2025, which ended on March 31, 2025 [3] - The earnings press release is accessible from the Investor Relations section of the company's website [3] Call Structure - The conference call was structured to include a formal presentation followed by a question-and-answer session [1] - The call was simultaneously webcast and recorded for future access on the Investor Relations section of the website [4]

Financial Data and Key Metrics Changes - Reservoir Media reported a 10% year-over-year increase in annual revenue for fiscal year 2025, reaching $158.7 million, exceeding guidance [7][18] - Adjusted EBITDA for the fiscal year increased by 18% to $65.7 million, driven by higher gross margins and improved operating leverage [18][19] - Net income for the fiscal year was $7.7 million, compared to $0.8 million in the previous year, resulting in diluted earnings per share of $0.12 [20] Business Line Data and Key Metrics Changes - The Music Publishing segment generated revenue of $27.9 million in Q4, a 6% increase year-over-year, while the Recorded Music segment saw a 7% increase to $12 million [21][22] - Synchronization revenue in the Publishing segment increased by 51% to $5.5 million, attributed to the timing of licenses [21] - Recorded Music revenues increased by 4% for the full year, driven by user growth and price increases at streaming services [25] Market Data and Key Metrics Changes - The company is focusing on emerging markets, particularly India and the Middle East, where there are significant growth opportunities due to rising internet connectivity and listenership [11][12] - India is expected to grow at a 13% CAGR through 2027, presenting a substantial opportunity for expanding the international roster [13][45] Company Strategy and Development Direction - Reservoir Media's strategy includes building scale through portfolio-accretive mergers and acquisitions, as well as long-term value-added signings to its global roster of artists and songwriters [28] - The company aims to leverage its high-quality catalog and chart-topping new releases to drive continued growth [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the music industry's resilience against macroeconomic headwinds, citing strong demand for music [28] - The company anticipates continued strong results in fiscal year 2026, with revenue guidance set between $164 million and $169 million [27] Other Important Information - The company deployed over $115 million towards acquisitions and advances during the fiscal year [7][43] - Total debt at the end of the fiscal year was approximately $388.1 million, with net debt of $366.7 million [26] Q&A Session Summary Question: Are you seeing markedly better ROIs in international geographies? - Management noted better opportunities and higher ROIs in emerging markets like India and the Middle East due to less competition [31] Question: How do you look at revenue seasonality in 2026? - Management expects a return to a more typical seasonal pattern, with the second and fourth quarters likely being stronger [32][33] Question: Can you discuss your hedging strategy regarding interest rates? - The company is currently hedged at $150 million and is evaluating whether to add additional hedges based on market conditions [34] Question: What is the expected split of capital deployment between publishing and recorded music in 2026? - Management indicated that capital deployment will be opportunistic and based on available deal flow rather than a fixed split [35] Question: Can you elaborate on the guidance for fiscal year 2026? - Management acknowledged that while they have had hits in the past, they do not project future hits into their guidance, which may appear conservative [39][52]

Financial Data and Key Metrics Changes - Reservoir Media reported a 10% year-over-year increase in revenue for fiscal year 2025, reaching $158.7 million, exceeding guidance [18] - Adjusted EBITDA for the fiscal year increased by 18% to $65.7 million, driven by higher gross margins and improved operating leverage [19] - Net income for fiscal year 2025 was $7.7 million, compared to $0.8 million in the previous year, resulting in diluted earnings per share of $0.12 [20] Business Line Data and Key Metrics Changes - The Music Publishing segment generated revenue of $27.9 million in Q4 2025, a 6% increase year-over-year, with synchronization revenue up 51% [21] - The Recorded Music segment saw revenue of $12 million in Q4 2025, a 7% increase, with digital revenue rising 19% [22] - For the full year, Music Publishing revenue rose 12%, while Recorded Music revenues increased by 4% [23][24] Market Data and Key Metrics Changes - The company is focusing on emerging markets, particularly India and the Middle East, where significant growth opportunities exist due to rising internet connectivity and listenership [11][12] - India is projected to grow at a 13% CAGR through 2027, presenting a substantial opportunity for expanding the company's international roster [13] Company Strategy and Development Direction - The company aims to build scale through portfolio-accretive mergers and acquisitions and long-term value-additive signings [27] - Reservoir Media is committed to organic growth and has the necessary rights and infrastructure to market its portfolio aggressively [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the music industry's resilience against macroeconomic headwinds, highlighting strong demand for their catalog [27] - The company anticipates continued strong results in fiscal year 2026, with revenue guidance set between $164 million and $169 million [26] Other Important Information - The company closed the fiscal year with total liquidity of $79.6 million and total debt of $388.1 million [25] - Reservoir Media's strategic capital deployment included over $15 million towards acquisitions and advances [6] Q&A Session Summary Question: Are you seeing markedly better ROIs in international geographies? - Management noted better opportunities and higher ROIs in emerging markets like India and the Middle East due to less competition [30] Question: How do you look at revenue seasonality in 2026? - Management expects a return to a more regular cadence, with the second and fourth quarters likely being slightly higher than the first and third [31] Question: Can you talk about your hedging strategy regarding interest rates? - The company is currently hedged at $150 million and is evaluating the need for additional hedges due to recent volatility [32] Question: How much capital are you targeting to deploy in 2026? - Management indicated that capital deployment will be opportunistic, depending on available deal flow [33] Question: Can you clarify the $150 million figure mentioned for capital deployment? - The $150 million figure refers to the total for the year, not just the fourth quarter [40] Question: How does the growth rate in India compare to other regions? - The growth rate in India is significant due to its large population and potential for converting users to paying subscribers, unlike more saturated markets like the US [42] Question: What is the expected organic growth rate for the current catalog? - Management indicated that while they have had hits, they do not project another hit in fiscal year 2026, leading to a more conservative guidance [48]

Core Viewpoint - Reservoir Media, Inc. reported quarterly earnings of $0.04 per share, matching the Zacks Consensus Estimate, with revenues of $41.42 million, exceeding expectations by 1.17% [1][2]. Financial Performance - The company’s earnings of $0.04 per share are consistent with the same quarter last year, while it previously surprised with earnings of $0.08 per share against an expectation of $0.03, marking a 166.67% surprise [1]. - Revenues for the quarter ended March 2025 were $41.42 million, up from $39.15 million year-over-year [2]. Market Performance - Reservoir Media shares have declined approximately 13.8% since the beginning of the year, contrasting with the S&P 500's gain of 0.7% [3]. - The stock is currently rated Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6]. Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.01 on revenues of $37.81 million, and for the current fiscal year, it is $0.18 on revenues of $170.02 million [7]. - The trend of estimate revisions for Reservoir Media is mixed, which may change following the recent earnings report [6]. Industry Context - The Media Conglomerates industry, to which Reservoir Media belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting potential challenges ahead [8].