Reservoir Media Inc (RSVR)

Reservoir Media Announces Fourth Quarter and Fiscal Year 2026 ResultsMay 28, 2026 7:00 AM
ACCESS NewswireStrong Execution and Substantial Capital Deployment Drove Record Financial Performance and High-Quality Portfolio ExpansionFiscal 2027 Financial Outlook of Mid-Single-Digit Top- and Bottom-Line GrowthNEW YORK, NY / ACCESS Newswire / May 28, 2026 / Reservoir Media, Inc. (NASDAQ:RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, today announced financial results for the fourth quarter and full year for fiscal 2026 ended March 31, 2026.Fiscal Year 2026 Highlights:Revenue of $175.7 million, increased 6% organically, or 11% including acquisitions year-over-yearMusic Publishing Revenue increased 9% year-over-yearRecorded Music Revenue increased by 16% year-over-yearOperating Income of $38.2 million, increased by 9% year-over-yearOIBDA ("Operating Income Before Depreciation & Amortization") of $69.0 million, increased by 12% year-over-yearNet Income $7.8 million, or $0.13 per diluted share, compared to Net Income of $7.7 million last year, or $0.12 per diluted shareAdjusted EBITDA of $73.6 million, up 12% year-over-yearAcquired the publishing catalog of music and cultural icon Miles Davis, as well as rights to his recorded music and shared rights to name and likenessReinforced relationships with existing clients:Announced a new deal with film composer Hans Zimmer and his company, Remote Control Publishing, extending the relationship that began in 2015Extended publishing deals with music legend Joni Mitchell and Grammy award-winning songwriter and producer Khris Riddick-TynesExpanded Reservoir's international footprint with the launch of Mumbai-based subsidiary, PopIndia, to sign and develop talent in India, including the company's first deals signing singer, songwriter, rapper, and YouTube star Yohani and acquiring the publishing and master rights to the entire Musicraft Entertainment catalogExpanded the Recorded Music division with a multi-faceted deal with independent record label Fool's Gold Records, including acquiring catalog master rights of several of the label's artists and an exclusive partnership to market and distribute all other recordings on Fool's Gold via the Reservoir label platformFourth Quarter 2026 & Recent Highlights:Revenue of $47.5 million, increased 12% organically, or 15% including acquisitions year-over-yearMusic Publishing Revenue increased 11% year-over-yearRecorded Music Revenue increased 27% year-over-yearOperating Income of $11.8 million, increased by 13% year-over-yearOIBDA of $19.9 million, increased by 16% year-over-yearNet Income of $4.1 million, or $0.07 per diluted share, compared to Net Income of $2.7 million in the year-ago period, or $0.04 per diluted shareAdjusted EBITDA of $21.2 million, up 16% year-over-yearAnnounced new publishing deals with country/pop songwriter Allison Veltz Cruz, multi-genre songwriter-producer Britten Newbill, U.K. singer-songwriter Benjamin Francis Leftwich, and Nashville singer-songwriter Sam TinneszReservoir subsidiary PopArabia acquired MENA label and digital distribution company Viral WaveManagement Commentary:"Fiscal 2026 was another standout year for Reservoir, marked by strong growth and continued strategic investment. We expanded our catalog across publishing and recorded music, scaled our presence in high-growth international markets, and reinforced our reputation as the partner of choice for leading creators. This momentum is reflected in our partnerships with iconic talent and catalogs, including Miles Davis, Hans Zimmer, Joni Mitchell, and many more," said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir Media.Khosrowshahi continued, "Looking ahead, the outlook for the music industry remains highly compelling. With a robust deal pipeline and a financial profile that supports both organic growth and disciplined capital deployment, we are well positioned to extend our track record of growth. As we enter Fiscal 2027, we remain focused on delivering for our creators and generating long-term value for shareholders."Fourth Quarter & Fiscal Year 2026 Financial ResultsSummary Financials Q4'26 Q4'25 Change FY26 FY25 ChangeTotal Revenue $47.5 $41.4 15% $175.7 $158.7 11%Music Publishing Revenue $30.9 $27.9 11% $116.8 $107.4 9%Recorded Music Revenue $15.2 $12.0 27% $51.5 $44.3 16%Operating Income $11.8 $10.4 13% $38.2 $35.1 9%OIBDA $19.9 $17.2 16% $69.0 $61.4 12%Net Income $4.1 $2.7 49% $7.8 $7.7 1%Adjusted EBITDA $21.2 $18.2 16% $73.6 $65.7 12% (Table Notes: $ in millions; Quarters ended March 31st; Unaudited)Total Revenue in the fourth quarter of fiscal 2026 increased 15% to $47.5 million, compared to $41.4 million in the fourth quarter of fiscal 2025. The increase was spread across both Music Publishing and Recorded Music, which saw growth of 11% and 27%, respectively. Total Revenue for fiscal 2026 increased 11% to $175.7 million, compared to $158.7 million in fiscal 2025. The year-over-year improvement was driven by the 9% growth of the Music Publishing segment and the 16% growth of the Recorded Music segment, inclusive of the acquisitions of various catalogs.Operating Income in the fourth quarter of fiscal 2026 was $11.8 million, an increase of 13% compared to Operating Income of $10.4 million in the fourth quarter of fiscal 2025. OIBDA in the fourth quarter of fiscal 2026 increased 16% to $19.9 million, compared to $17.2 million in the prior year quarter. Adjusted EBITDA in the fourth quarter of fiscal 2026 was $21.2 million, compared to $18.2 million last year. The increases in Operating Income, OIBDA, and Adjusted EBITDA in the fourth quarter were primarily driven by strong revenue results in both segments. The gain in all three metrics was partially offset by higher administration expenses, while the increase in operating income was also partially offset by higher amortization and depreciation expense due to the acquisition of catalogs.Operating Income in fiscal 2026 was $38.2 million, an increase of 9% compared to Operating Income of $35.1 million in fiscal 2025. OIBDA in fiscal 2026 increased 12% to $69.0 million, compared to $61.4 million in the prior year. Adjusted EBITDA in fiscal 2026 increased 12% to $73.6 million, compared to $65.7 million last year. The increase in Operating Income, OIBDA, and Adjusted EBITDA for the year was driven by revenue growth and lower cost of revenue as a percentage of revenues. See below for calculations and reconciliations of OIBDA and Adjusted EBITDA to Operating Income and Net Income, respectively.Net Income in the fourth quarter of fiscal 2026 was $4.1 million, or $0.07 per share, compared to $2.7 million, or $0.04 per share, in the year-ago quarter. The increase in Net Income for the fourth quarter was driven by higher operating income and the gain on fair value of interest rate swaps, offset by higher interest expense and loss on foreign exchange. Net Income in fiscal year 2026 was $7.8 million, or $0.13 per diluted share, compared to $7.7 million, or $0.12 per share in fiscal year 2025. The year-over-year increase in Net Income was largely due to an increase in operating income, as well as a decrease in the loss on fair value of interest rate swaps, partially offset by increases in interest expense and income tax expense.Fourth Quarter & Fiscal Year 2026 Segment ReviewMusic Publishing Q4'26 Q4'25 Change FY26 FY25 ChangeRevenue by Type Digital $16.9 $13.6 24% $64.7 $60.5 7%Performance $5.5 $6.5 (16)% $24.0 $21.1 14%Synchronization $5.8 $5.5 6% $19.1 $18.2 5%Mechanical $1.3 $1.2 16% $4.2 $3.9 9%Other $1.4 $1.2 20% $4.8 $3.7 30%Total Revenue $30.9 $27.9 11% $116.8 $107.4 9%OIBDA $11.0 $10.5 5% $40.9 $37.3 9% (Table Notes: $ in millions; Quarters ended March 31st; Unaudited)Music Publishing Revenue in the fourth quarter of fiscal 2026 was $30.9 million, an increase of 11% compared to $27.9 million in last fiscal year's fourth quarter. The increase was largely driven by higher Digital revenue and Synchronization revenue, which was partially offset by lower Performance revenue. Music Publishing Revenue in fiscal 2026 was $116.8 million, representing an increase of 9% compared to $107.4 million in fiscal 2025. Growth for the year was driven by Digital revenue as well as double-digit gains in Performance and Other revenue, while all other revenue types grew but to a lesser extent.In the fourth quarter of fiscal 2026, Music Publishing OIBDA increased 5% to $11.0 million, compared to $10.5 million in the fourth quarter of fiscal 2025. During fiscal 2026, Music Publishing OIBDA increased 9% to $40.9 million, compared to $37.3 million in fiscal 2025. Music Publishing OIBDA margin in the fourth quarter decreased from 37% to 36%. Music Publishing OIBDA margin in fiscal 2026 was unchanged at 35%. The decrease in the fourth quarter 2026 OIBDA margins reflected higher administrative costs including professional fees incurred in connection with our acquisition of Viral Wave.Recorded Music Q4'26 Q4'25 Change FY26 FY25 Change Revenue by Type Digital $10.3 $8.8 17% $36.4 $30.7 18%Physical $1.8 $1.3 35% $6.1 $6.2 (1)%Neighboring Rights $1.4 $1.1 18% $4.7 $4.2 11%Synchronization $1.7 $0.7 161% $4.3 $3.1 39%Total Revenue $15.2 $12.0 27% $51.5 $44.3 16%OIBDA $8.7 $6.5 34% $26.9 $22.7 18% (Table Notes: $ in millions; Quarters ended March 31st; Unaudited)Recorded Music Revenue in the fourth quarter of fiscal 2026 was $15.2 million, an increase of 27% compared to $12.0 million in last fiscal year's fourth quarter. Recorded Music Revenue in fiscal 2026 was $51.5 million, an increase of 16% compared to $44.3 million in fiscal 2025. Growth in both periods was driven by a double-digit improvement within Digital revenues and strong growth in Synchronization revenues, which were partially offset by lower Physical revenue in fiscal 2026.In the fourth quarter of fiscal 2026, Recorded Music OIBDA increased 34% to $8.7 million, versus $6.5 million in the year-ago period. During fiscal 2026, Recorded Music OIBDA increased 18% to $26.9 million, compared to $22.7 million in fiscal 2025. Recorded Music OIBDA margin in the fourth quarter increased from 54% to 57%, and in fiscal 2026 increased from 51% to 52%. The increase in the fourth quarter and fiscal 2026 OIBDA margins reflected an increase in revenue as well as lower cost of revenue as a percentage of revenues and improved operating leverage as revenues increased.Balance Sheet and LiquidityDuring fiscal 2026, cash provided by operating activities was $50.1 million, an increase of $4.9 million compared to the same period last fiscal year. The increase in cash provided by operating activities was primarily attributable to an increase in earnings and cash provided by working capital.As of March 31, 2026, Reservoir had cash and cash equivalents of $25.9 million and $91.2 million available for borrowing under its revolving credit facility, for total available liquidity of $117.1 million. Total debt was $455.7 million (net of $3.1 million of deferred financing costs) and Net Debt was $429.8 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 2027 OutlookReservoir initiated the following financial outlook range for fiscal year 2027, and expects the financial results for the year ending March 31, 2027, to be as follows:Outlook Guidance Growth(at mid-point) Revenue $186M - $191M 7% Adjusted EBITDA $75M - $79M 5% Jim Heindlmeyer, Chief Financial Officer of Reservoir, commented, "Our full-year 2026 results underscore the strength and resilience of our portfolio, with growth driven by a disciplined approach to both investments and cost. Looking ahead to fiscal 2027, we are well positioned for continued growth due to the strength of our catalog and our proven ability to unlock additional value. This is reflected in our guidance for 7% Revenue growth and 5% Adjusted EBITDA growth at the midpoints."Conference Call InformationReservoir is hosting a conference call for analysts and investors to discuss its financial results for the fourth quarter and fiscal year ended March 31, 2026, and its business outlook at 10:00 a.m. EDT today, May 28, 2026. 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 webcast link to enter the event. Alternatively, participants may dial into the call using the following phone number: +1 201-389-0921 (Toll-free: +1 877-407-0989). 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 RESERVOIRReservoir 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 StatementsThis 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, 2026 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
Three and Twelve Months Ended March 31, 2026 versus March 31, 2025
(Unaudited)
(Expressed in U.S. dollars) Three Months Ended
March 31,
Fiscal Year Ended
March 31,
2026 2025 % Change 2026 2025 % Change Revenues $47,497,268 $41,417,784 15% $175,664,491 $158,705,736 11%Costs and expenses: Cost of revenue 16,068,359 14,249,476 13% 61,991,231 57,430,005 8%Amortization and depreciation 8,123,137 6,770,836 20% 30,783,011 26,299,233 17%Administration expenses 11,535,654 9,977,954 16% 44,659,434 39,915,464 12%Total costs and expenses 35,727,150 30,998,266 15% 137,433,676 123,644,702 11% Operating income 11,770,118 10,419,518 13% 38,230,815 35,061,034 9% Interest expense (6,830,013) (6,086,654) (26,451,641) (21,883,321) Loss (gain) on foreign exchange (389,347) 750,493 230,549 578,251 Gain (loss) on fair value of swaps 1,232,583 (1,681,378) (350,960) (4,213,819) Other (expense) income, net (146,625) (80,798) (504,221) 329,976 Income before income taxes 5,636,716 3,321,181 11,154,542 9,872,121 Income tax expense 1,573,362 600,135 3,328,027 2,140,724 Net income 4,063,354 2,721,046 7,826,515 7,731,397 Net loss (income) attributable to noncontrolling interests 341,143 (53,584) 476,149 18,516 Net income attributable to Reservoir Media, Inc. $4,404,497 $2,667,462 $8,302,664 $7,749,913 Earnings per common share: Basic $0.07 $0.04 $0.13 $0.12 Diluted $0.07 $0.04 $0.13 $0.12 Weighted average common shares outstanding: Basic 65,608,517 65,248,387 65,536,506 65,161,373 Diluted 66,554,575 66,077,568 66,307,433 65,949,366 Reservoir Media, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
March 31, 2026 versus March 31, 2025
(Unaudited)
(Expressed in U.S. dollars) March 31,
2026 March 31,
2025 Assets Current assets Cash and cash equivalents $25,927,462 $21,386,140 Accounts receivable 40,832,075 37,848,611 Current portion of royalty advances 16,368,968 15,182,463 Other current assets 9,409,757 4,867,081 Total current assets 92,538,262 79,284,295 Intangible assets, net 788,740,821 719,673,219 Equity method and other investments 2,830,766 1,100,000 Royalty advances, net of current portion and reserves 54,128,586 55,508,155 Property and equipment, net 661,986 406,784 Operating lease right of use assets, net 7,889,862 5,949,418 Fair value of swap assets 1,356,878 1,828,303 Other assets 1,529,920 1,376,836 Total assets $949,677,081 $865,127,010 Liabilities Current liabilities Accounts payable and accrued liabilities $4,116,221 $5,394,755 Royalties payable 52,323,565 47,210,727 Accrued payroll 2,672,350 2,588,758 Deferred revenue 2,472,734 1,885,462 Other current liabilities 3,408,651 7,954,208 Income taxes payable 547,932 803,342 Total current liabilities 65,541,453 65,837,252 Secured line of credit 455,705,468 388,134,754 Deferred tax liability 41,786,064 38,228,099 Operating lease liabilities, net of current portion 7,445,152 5,723,930 Fair value of swap liability 289,543 410,008 Other liabilities 345,149 593,185 Total liabilities 571,112,829 498,927,228 Contingencies and commitments Shareholders' Equity Preferred stock - - Common stock 6,561 6,524 Additional paid-in capital 346,933,189 344,145,789 Retained earnings 31,450,234 23,147,570 Accumulated other comprehensive loss (670,772) (2,422,107)Total Reservoir Media, Inc. shareholders' equity 377,719,212 364,877,776 Noncontrolling interest 845,040 1,322,006 Total shareholders' equity 378,564,252 366,199,782 Total liabilities and shareholders' equity $949,677,081 $865,127,010 Supplemental Disclosures Regarding Non-GAAP Financial MeasuresThis 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.OIBDAReservoir 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 EBITDAEBITDA 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 DebtReservoir defines Net Debt as total debt, less cash and equivalents and deferred financing costs.Reservoir Media, Inc. and Subsidiaries
Reconciliation of Operating Income to OIBDA
Three and Twelve Months Ended March 31, 2026 versus March 31, 2025
(Unaudited)
(Dollars in thousands) For the Three Months Ended March 31, For the Fiscal Year Ended March 31, 2026 2025 2026 2025 Revenues $47,497 $41,418 $175,664 $158,706 Cost of revenue 16,068 14,249 61,991 57,430 Administration expenses 11,536 9,978 44,659 39,915 OIBDA 19,893 17,190 69,014 61,360 Amortization and depreciation 8,123 6,771 30,783 26,299 Operating income $11,770 $10,419 $38,231 $35,061 Reservoir Media, Inc. and Subsidiaries
Music Publishing Segment OIBDA
Three and Twelve Months Ended March 31, 2026 versus March 31, 2025
(Unaudited)
(Dollars in thousands) For the Three Months Ended March 31, For the Fiscal Year Ended March 31, 2026 2025 2026 2025 Revenues $30,873 $27,923 $116,803 $107,412 Cost of revenue 12,369 11,012 48,470 45,161 Administration expenses 7,538 6,458 27,445 24,907 OIBDA $10,966 $10,452 $40,888 $37,345 Reservoir Media, Inc. and Subsidiaries
Recorded Music Segment OIBDA
Three and Twelve Months Ended March 31, 2026 versus March 31, 2025
(Unaudited)
(Dollars in thousands) For the Three Months Ended March 31, For the Fiscal Year Ended March 31, 2026 2025 2026 2025 Revenues $15,215 $11,963 $51,514 $44,250 Cost of revenue 3,699 3,237 13,521 12,269 Administration expenses 2,829 2,230 11,129 9,232 OIBDA $8,687 $6,496 $26,864 $22,749 Reservoir Media, Inc. and Subsidiaries
Reconciliation of Net Income to Adjusted EBITDA
Three and Twelve Months Ended March 31, 2026 versus March 31, 2025
(Unaudited)
(Dollars in thousands) For the Three Months Ended March 31, For the Fiscal Year Ended March 31, 2026 2025 2026 2025 Net Income $4,064 $2,721 $7,827 $7,731 Income Tax Expense 1,573 600 3,328 2,141 Interest Expense 6,830 6,086 26,452 21,883 Amortization and Depreciation 8,123 6,771 30,783 26,299 EBITDA 20,590 16,178 68,390 58,054 Loss (Gain) on Foreign Exchange(a) 389 (750) (231) (578)(Gain) Loss on Fair Value of Swaps(b) (1,233) 1,682 351 4,214 Non-cash Share-based Compensation(c) 933 1,051 4,272 4,385 Transaction Costs(d) 328 - 328 - Other Expense (Income), Net(e) 146 81 504 (330)Adjusted EBITDA $21,153 $18,242 $73,614 $65,745 Reflects the loss (gain) on foreign exchange fluctuations.Reflects the non-cash (gain) or loss on the mark-to-market of interest rate swaps.Reflects non-cash share-based compensation expense related to the Reservoir Media, Inc. 2021 Omnibus Incentive Plan.Reflects professional fees incurred in connection with the acquisition of Viral Wave, which closed in April 2026, and by the independent special committee ("Special Committee") of the Company's Board of Directors. The Special Committee was formed to evaluate the previously disclosed non-binding and unsolicited acquisition proposals received by the Company.Reflects Reservoir's share of losses recorded by equity method investments during the three and twelve months ended March 31, 2026. Reflects a gain recorded on the disposal of an equity investment (the "Investment Gain") and the Company's share of proceeds related to underreported royalty usage for an acquired Recorded Music catalog that pertained to periods prior to the Company's acquisition of the catalog ("Recovery Income") during the three and twelve months ended March 31, 2025.Media Contact
Reservoir Media, Inc.
Suzy Arrabito
Vice President, Marketing & Communications
sa@reservoir-media.com
www.reservoir-media.comInvestor Contact
Alpha IR Group
Jackie Marcus or Nathan Skown
RSVR@alpha-ir.comSOURCE: Reservoir Media, Inc.View the original press release on ACCESS NewswireOriginal: Reservoir Media Announces Fourth Quarter and Fiscal Year 2026 Results

Reservoir Media, Inc. Special Committee Retains Financial Advisor and Independent Legal CounselMay 1, 2026 6:00 PM
ACCESS NewswireNEW YORK CITY, NY / ACCESS Newswire / May 1, 2026 / Reservoir Media, Inc. (NASDAQ:RSVR) ("Reservoir" or the "Company") today announced that the independent special committee (the "Special Committee") of the Company's board of directors (the "Board") has retained Morgan Stanley & Co. LLC as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal counsel.The Special Committee was formed to evaluate the previously announced non-binding proposal letters the Company received from Irenic Capital Management, on the one hand, and Richmond Hill and Wesbild, on the other (together, the "Proposals").Reservoir does not intend to comment on the Proposals unless and until it determines further disclosure is appropriate.There can be no assurance that any definitive agreement will result from either of the Proposals or that any transaction will be consummated with Irenic, Richmond Hill, Wesbild or any other party.ABOUT RESERVOIRReservoir 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 StatementsThis 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.Media ContactReservoir Media, Inc.
Suzy Arrabito
Vice President, Marketing & Communications
sa@reservoir-media.com
www.reservoir-media.comInvestor ContactAlpha IR Group
Jackie Marcus or Nathan Skown
RSVR@alpha-ir.comSOURCE: Reservoir Media, Inc.View the original press release on ACCESS NewswireOriginal: Reservoir Media, Inc. Special Committee Retains Financial Advisor and Independent Legal Counsel

RSVR Deal Announced: Current Reservoir Media Shareholders are Notified of the Pending $10.50 Take Private Offer and Investigation into the BoardMarch 10, 2026 12:36 PM
PR Newswire (US)

BFA Law is investigating Reservoir Media, Inc.'s Board in connection with the $10.50 Take Private Deal with Wesbild, Inc. and ER Reservoir LLC.NEW YORK, March 10, 2026 /PRNewswire/ -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Reservoir Media, Inc.'s (NASDAQ:RSVR) board of directors as well as significant shareholders Wesbild, Inc. and ER Reservoir LLC for potential breaches of their fiduciary duties to shareholders in connection with a potential take-private sale of Reservoir Media that would cash out every minority stockholder for $10.50 per share.







If you are a current shareholder of Reservoir Media, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/reservoir-media-investigation.Why is Reservoir Media, Inc. being Investigated? On March 4, 2026, ER Reservoir LLC and Wesbild Inc. announced in SEC filings that they had submitted a preliminary non-binding proposal to acquire all shares of Reservoir Media stock that they did not already own at a price of $10.50 per share.As of Reservoir Media's latest annual reports, ER Reservoir LLC and Wesbild Inc. owned 44% and 21% of Reservoir Media's stock, respectively. Combined, they own 65% of the company's stock and would be able to unilaterally dictate the outcome of stockholder votes requiring majority approval.BFA Law is investigating whether the proposed $10.50 per share price represents an unfairly low price, and whether Reservoir Media's board of directors, as well as ER Reservoir LLC and Wesbild Inc. (as controlling stockholders) would be breaching their fiduciary duties to the company's minority stockholders in connection with the potential transaction.Click here for more information: https://www.bfalaw.com/cases/reservoir-media-investigationWhat Can You Do?If you are a current holder of Reservoir Media stock, you may have legal options and are encouraged to submit your information to the firm.All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.Submit your information by visiting: https://www.bfalaw.com/cases/reservoir-media-investigation.Why Bleichmar Fonti & Auld LLP?BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named "Elite Trial Lawyers" by the National Law Journal, "Litigation Stars" by Benchmark Litigation, among the top "500 Leading Plaintiff Financial Lawyers" by Lawdragon, "Titans of the Plaintiffs' Bar" by Law360 and "SuperLawyers" by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.For more information about BFA and its attorneys, please visit https://www.bfalaw.com.https://www.bfalaw.com/cases/reservoir-media-investigationAttorney advertising. Past results do not guarantee future outcomes.



View original content to download multimedia:https://www.prnewswire.com/news-releases/rsvr-deal-announced-current-reservoir-media-shareholders-are-notified-of-the-pending-10-50-take-private-offer-and-investigation-into-the-board-302709787.htmlSOURCE Bleichmar Fonti & Auld LLP

Original: RSVR Deal Announced: Current Reservoir Media Shareholders are Notified of the Pending $10.50 Take Private Offer and Investigation into the Board

RSVR TAKE PRIVATE ANNOUNCEMENT: Reservoir Media, Inc. Shareholders are Notified of BFA Law’s Investigation into Reservoir Media’s potential $10.50 per share Take Private TransactionMarch 9, 2026 5:32 PM
Business Wire
Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Reservoir Media, Inc.’s (NASDAQ:RSVR) board of directors and as well as significant shareholders Wesbild, Inc. and ER Reservoir LLC for potential breaches of their fiduciary duties to shareholders in connection with a potential take-private sale of Reservoir Media that would cash out every minority stockholder for $10.50 per share.


If you are a current shareholder of Reservoir Media, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/reservoir-media-investigation.


Why is Reservoir Media, Inc. being Investigated?


On March 4, 2026, ER Reservoir LLC and Wesbild Inc. announced in SEC filings that they had submitted a preliminary non-binding proposal to acquire all shares of Reservoir Media stock that they did not already own at a price of $10.50 per share.


As of Reservoir Media’s latest annual reports, ER Reservoir LLC and Wesbild Inc. owned 44% and 21% of Reservoir Media’s stock, respectively. Combined, they own 65% of the company’s stock and would be able to unilaterally dictate the outcome of stockholder votes requiring majority approval.


BFA Law is investigating whether the proposed $10.50 per share price represents an unfairly low price, and whether Reservoir Media’s board of directors, as well as ER Reservoir LLC and Wesbild Inc. (as controlling stockholders) would be breaching their fiduciary duties to the company’s minority stockholders in connection with the potential transaction.


Click here for more information: https://www.bfalaw.com/cases/reservoir-media-investigation


What Can You Do?


If you are a current holder of Reservoir Media stock, you may have legal options and are encouraged to submit your information to the firm.


All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.


Submit your information by visiting: https://www.bfalaw.com/cases/reservoir-media-investigation.


Or contact:

Adam McCall

adam@bfalaw.com

212.789.3619


Why Bleichmar Fonti & Auld LLP?


BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.


For more information about BFA and its attorneys, please visit https://www.bfalaw.com.


https://www.bfalaw.com/cases/reservoir-media-investigation


Attorney advertising. Past results do not guarantee future outcomes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260309058282/en/
Adam McCall

adam@bfalaw.com

212.789.3619


Original: RSVR TAKE PRIVATE ANNOUNCEMENT: Reservoir Media, Inc. Shareholders are Notified of BFA Law’s Investigation into Reservoir Media’s potential $10.50 per share Take Private Transaction

Reservoir Confirms Receipt of Non-Binding Proposal from Wesbild and Richmond HillMarch 4, 2026 6:00 PM
ACCESS NewswireNo Shareholder Action Required at This TimeNEW YORK, NY / ACCESS Newswire / March 4, 2026 / Reservoir Media, Inc. (NASDAQ:RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, today confirmed it received an unsolicited, preliminary non-binding proposal from two of its shareholders, Richmond Hill Investment Co., LP ("Richmond Hill") and Wesbild, Inc. ("Wesbild" and, together with Richmond Hill, "Wesbild/Richmond"), pursuant to which Wesbild/Richmond proposes to acquire all of the outstanding shares of common stock of the Company that are not already owned by Wesbild/Richmond at a price of $10.50 per share in cash.The Reservoir Board of Directors (the "Board") has formed a Special Committee consisting of independent and disinterested directors of the Board to evaluate the proposal from Wesbild/Richmond, as well as the non-binding indication of interest from Irenic Capital Management, LP and any other alternatives available to the Company, and determine the course of action that is in the best interests of the Company and all of its shareholders.There is no assurance that any definitive offer will be made, that any agreement will be executed or that the transaction proposed by Wesbild/Richmond or Irenic or any other transaction will be approved or completed. Reservoir does not intend to comment further or disclose any developments regarding the proposal unless and until it deems further disclosure is appropriate or required.The Company's shareholders do not need to take any action at this time.ABOUT RESERVOIR
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 are based on the current expectations and beliefs of management and information currently available to management. These forward-looking 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, and the possibility that a transaction will or will not be pursued or agreed to. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company or its business or operations. 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.Media Contact
Reservoir Media, Inc.
Suzy Arrabito
Vice President, Marketing & Communications
sa@reservoir-media.com
www.reservoir-media.comorReevemark
Paul Caminiti / Delia Cannan
ReservoirMediaTeam@reevemark.comInvestor Contact
Alpha IR Group
Jackie Marcus or Nathan Skown
RSVR@alpha-ir.comSOURCE: Reservoir Media, Inc.View the original press release on ACCESS NewswireOriginal: Reservoir Confirms Receipt of Non-Binding Proposal from Wesbild and Richmond Hill

Reservoir Has Received Non-Binding Indication of Interest from Irenic Capital ManagementMarch 3, 2026 3:13 PM
ACCESS NewswireNo Shareholder Action Required at This TimeNEW YORK, NY / ACCESS Newswire / March 3, 2026 / Reservoir Media, Inc. (NASDAQ:RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, today announced that it has received an unsolicited, non-binding and conditional indication of interest from one of its shareholders, Irenic Capital Management, LP ("Irenic"), pursuant to which Irenic proposes to acquire all of the Company's outstanding equity at a price of between $10.00 and $11.00 per share in cash.Reservoir's Board of Directors is evaluating the indication of interest to determine the course of action that is in the best interests of the Company and all of its shareholders.Reservoir does not intend to comment further or disclose any developments regarding the indication of interest unless and until it deems further disclosure is appropriate or required.The Company's shareholders do not need to take any action at this time.ABOUT RESERVOIRReservoir 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 StatementsThis 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 are based on the current expectations and beliefs of management and information currently available to management. These forward-looking 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, and the possibility that a transaction will or will not be pursued or agreed to. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company or its business or operations. 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.Media ContactReservoir Media, Inc.
Suzy Arrabito
Vice President, Marketing & Communications
sa@reservoir-media.com
www.reservoir-media.comorReevemark
Paul Caminiti / Delia Cannan
ReservoirMediaTeam@reevemark.comInvestor ContactAlpha IR Group
Jackie Marcus or Nathan Skown
RSVR@alpha-ir.comSOURCE: Reservoir Media, Inc.View the original press release on ACCESS NewswireOriginal: Reservoir Has Received Non-Binding Indication of Interest from Irenic Capital Management

Reservoir Media Announces Third Quarter Fiscal 2026 ResultsFebruary 4, 2026 7:00 AM
ACCESS NewswireDouble-Digit Growth in Music Publishing Driven by Performance and Digital RevenuesRaised Midpoint of Revenue and Adjusted EBITDA Outlook for Fiscal 2026NEW YORK CITY, NY / ACCESS Newswire / February 4, 2026 / Reservoir Media, Inc. (NASDAQ:RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, today announced financial results for the third quarter of fiscal 2026 ended December 31, 2025.Recent Highlights:Revenue of $45.6 million, increased 5% organically, or 8% including acquisitions year-over-yearMusic Publishing Revenue rose 12% year-over-yearRecorded Music Revenue increased by 8% year-over-yearOperating Income of $10.3 million, increased by 8% year-over-yearOIBDA ("Operating Income Before Depreciation & Amortization") of $18.1 million, an increase of 11% year-over-yearNet Income of $2.2 million, or $0.03 per share, compared to net income of $5.3 million, or $0.08 per share year-over-yearAdjusted EBITDA of $19.2 million, up 11% year-over-yearEntered a joint venture with Jamaican and dancehall music publisher Abood Music and genre star Cordell "Skatta" BurrellAcquired the catalog of yacht rock icon and singer-songwriter Bertie Higgins, including publishing and recorded music rightsAnnounced publishing deals with female-led disco-soul group Say She She, 2x-Platinum selling country and pop songwriter Allison Veltz Cruz, and multi-genre songwriter-producer Britten NewbillExtended publishing agreement with multi-platinum Indian hip-hop artist DIVINEManagement Commentary:"This quarter, we continued to execute with focus and discipline, advancing our top-line objectives while maintaining strong cost and balance sheet control," said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir Media. "Across a range of new deals this quarter, spanning emerging talent and enduring cultural icons, and with our commitment to creators at the forefront of everything we do, Reservoir remains a trusted global partner. Our strong, diversified pipeline positions us well to continue to execute on transactions while delivering attractive returns."Third Quarter Fiscal 2026 Financial ResultsSummary Financials Q3 FY26 Q3 FY25 Change Total Revenue $45.6 $42.3 8% Music Publishing Revenue $30.1 $26.9 12% Recorded Music Revenue $12.9 $12.0 8% Operating Income $10.3 $9.6 8% OIBDA $18.1 $16.3 11% Net Income $2.2 $5.3 (59%) Adjusted EBITDA $19.2 $17.3 11% (Table Notes: $ in millions; Quarters ended December 31st; Unaudited)Total revenue in the third quarter of fiscal 2026 increased 8% to $45.6 million, compared to $42.3 million in the third quarter of fiscal 2025. This increase was driven by a 12% increase in Music Publishing revenue, alongside an 8% increase in Recorded Music revenue, largely attributable to an increase in Digital revenue from the acquisition of additional music catalogs and continued growth at music streaming services.Operating income in the third quarter of fiscal 2026 was $10.3 million compared to operating income of $9.6 million in the third quarter of fiscal 2025. OIBDA in the third quarter of fiscal 2026 increased 11% to $18.1 million, compared to $16.3 million in the prior year's quarter. Adjusted EBITDA in the third quarter of fiscal 2026 increased 11% to $19.2 million, compared to $17.3 million last year, primarily because of an increase in total revenues, partially offset by an increase in administrative expenses. See below for calculations and reconciliations of OIBDA and Adjusted EBITDA to operating income and net income, respectively.Net income in the third quarter of fiscal 2026 was $2.2 million, or $0.03 per share, compared to net income of $5.3 million, or $0.08 per share, in the year-ago quarter. The decrease in net income was primarily driven by a loss on fair value of swaps compared to a gain in the prior year period as well as increased interest expense, and change in other income, partially offset by an increase in operating income and a decrease in income tax expense.Third Quarter Fiscal 2026 Segment ReviewMusic Publishing Q3 FY26 Q3 FY25 Change Revenue by Type Digital $17.4 $16.7 5% Performance $6.2 $4.4 42% Synchronization $4.6 $4.1 11% Mechanical $0.6 $0.9 (37%) Other $1.3 $0.8 66% Total Revenue $30.1 $26.9 12% OIBDA $11.0 $9.1 21% (Table Notes: $ in millions; Quarters ended December 31st; Unaudited)Music Publishing Revenue in the third quarter of fiscal 2026 was $30.1 million, an increase of 12% compared to $26.9 million in last fiscal year's third quarter. The increase was mainly due to an increase in Performance revenue driven by the strong results from hit songs and an increase in Digital revenue due to the acquisition of additional catalogs and continued growth at music streaming services.In the third quarter of fiscal 2026, Music Publishing OIBDA increased 21% to $11.0 million, compared to $9.1 million in the third quarter of fiscal 2025. Music Publishing OIBDA margin in the third quarter increased from 34% to 37%. The increase in Music Publishing OIBDA was driven by an increase in revenues, and the increase in OIBDA margin reflects decreases in cost of revenue and administration expenses as a percentage of revenues.Recorded Music Q3 FY26 Q3 FY25 Change Revenue by Type Digital $9.3 $8.1 15% Physical $1.9 $2.0 (6%) Neighboring Rights $1.1 $0.9 29% Synchronization $0.5 $1.0 (47%) Total Revenue $12.9 $12.0 8% OIBDA $6.7 $6.4 5% (Table Notes: $ in millions; Quarters ended December 31st; Unaudited)Recorded Music Revenue in the third quarter of fiscal 2026 was $12.9 million, an increase of 8% compared to $12.0 million in last year's third 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 Neighboring Rights revenue.In the third quarter of fiscal 2026, Recorded Music OIBDA increased 5%, to $6.7 million, compared to $6.4 million in the third quarter of fiscal 2025. This increase primarily reflects an increase in revenues. Recorded Music OIBDA margin in the third quarter decreased to 52% compared to 53% in the prior-year quarter, primarily reflecting an increase in administration expenses as a percentage of revenues.Balance Sheet and LiquidityFor the nine months ended December 31, 2025, cash provided by operating activities was $38.2 million, an increase of $5.1 million compared to the same period last year, primarily due to an increase in OIBDA and in cash provided by working capital.As of December 31, 2025, Reservoir had cash and cash equivalents of $20.6 million and $94.2 million available for borrowing under its revolving credit facility, for total available liquidity of $114.8 million. Total Debt was $452.3 million (net of $3.6 million of deferred financing costs) and Net Debt was $431.7 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 OutlookReservoir increased 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 $170M - $173M 8% Adjusted EBITDA $71.5M - $73.5M 10% Jim Heindlmeyer, Chief Financial Officer of Reservoir, stated, "Our financial results through the first three fiscal quarters underscore the strength of our portfolio of talent and our disciplined approach to sourcing deals with strong fundamentals and compelling return potential. We are raising our guidance ranges for both revenue and adjusted EBITDA for the full 2026 fiscal year."Conference Call InformationReservoir is hosting a conference call for analysts and investors to discuss its financial results for the third quarter for fiscal year ending March 31, 2026 at 10:00 a.m. EST today, February 4, 2026. 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 StatementsThis 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
Three and Nine Months Ended December 31, 2025 versus December 31, 2024
(Unaudited)
(Expressed in U.S. dollars) Three Months Ended
December 31, Nine Months Ended
December 31, 2025 2024 % Change 2025 2024 % Change Revenues $45,567,879 $42,303,716 8% $128,167,223 $117,287,952 9%Costs and expenses: Cost of revenue 16,197,952 15,068,042 7% 45,922,872 43,180,529 6%Amortization and depreciation 7,789,274 6,713,621 16% 22,659,874 19,528,397 16%Administration expenses 11,253,191 10,964,096 3% 33,123,780 29,937,510 11%Total costs and expenses 35,240,417 32,745,759 8% 101,706,526 92,646,436 10% Operating income 10,327,462 9,557,957 8% 26,460,697 24,641,516 7% Interest expense (6,584,013) (5,776,861) (19,621,628) (15,796,667) (Loss) gain on foreign exchange (88,508) (76,431) 619,896 (172,242) (Loss) gain on fair value of swaps (270,380) 3,084,761 (1,583,543) (2,532,441) Other (expense) income, net (103,113) 509,263 (357,596) 410,774 Income before income taxes 3,281,448 7,298,689 5,517,826 6,550,940 Income tax expense 1,078,418 1,987,150 1,754,665 1,540,589 Net income 2,203,030 5,311,539 3,763,161 5,010,351 Net (income) loss attributable to noncontrolling interests (7,045) (67,448) 135,006 72,100 Net income attributable to Reservoir Media, Inc. $2,195,985 $5,244,091 $3,898,167 $5,082,451 Earnings per common share: Basic $0.03 $0.08 $0.06 $0.08 Diluted $0.03 $0.08 $0.06 $0.08 Weighted average common shares outstanding: Basic 65,600,855 65,240,858 65,512,938 65,133,225 Diluted 66,331,466 66,106,474 66,217,667 65,906,440 Reservoir Media, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
December 31, 2025 versus March 31, 2025
(Unaudited)
(Expressed in U.S. dollars) December 31,
2025 March 31,
2025 Assets Current assets Cash and cash equivalents $20,591,354 $21,386,140 Accounts receivable 37,055,363 37,848,611 Current portion of royalty advances 15,328,098 15,182,463 Other current assets 4,865,554 4,867,081 Total current assets 77,840,369 79,284,295 Intangible assets, net 797,168,961 719,673,219 Equity method and other investments 2,578,144 1,100,000 Royalty advances, net of current portion and reserves 54,144,766 55,508,155 Property and equipment, net 530,554 406,784 Operating lease right of use assets, net 7,259,255 5,949,418 Fair value of swap assets 642,406 1,828,303 Other assets 1,740,980 1,376,836 Total assets $941,905,435 $865,127,010 Liabilities Current liabilities Accounts payable and accrued liabilities $5,853,767 $5,394,755 Royalties payable 47,896,461 47,210,727 Accrued payroll 1,599,390 2,588,758 Deferred revenue 4,063,269 1,885,462 Other current liabilities 6,204,969 7,954,208 Income taxes payable 11,844 803,342 Total current liabilities 65,629,700 65,837,252 Secured line of credit 452,259,334 388,134,754 Deferred income taxes 40,853,064 38,228,099 Operating lease liabilities, net of current portion 7,194,524 5,723,930 Fair value of swap liability 807,654 410,008 Other liabilities 360,507 593,185 Total liabilities 567,104,783 498,927,228 Contingencies and commitments Shareholders' Equity Preferred stock - - Common stock 6,560 6,524 Additional paid-in capital 346,079,764 344,145,789 Retained earnings 27,045,737 23,147,570 Accumulated other comprehensive income (loss) 482,408 (2,422,107)Total Reservoir Media, Inc. shareholders' equity 373,614,469 364,877,776 Noncontrolling interest 1,186,183 1,322,006 Total shareholders' equity 374,800,652 366,199,782 Total liabilities and shareholders' equity $941,905,435 $865,127,010 Supplemental Disclosures Regarding Non-GAAP Financial MeasuresThis 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.OIBDAReservoir 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 EBITDAEBITDA 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 DebtReservoir defines Net Debt as total debt, less cash and equivalents and deferred financing costs.Reservoir Media, Inc. and Subsidiaries
Reconciliation of Operating Income to OIBDA
Three and Nine Months Ended December 31, 2025 versus December 31, 2024
(Unaudited)
(Dollars in thousands) For the Three Months Ended
December 31, For the Nine Months Ended
December 31, 2025 2024 2025 2024 Revenues $45,568 $42,304 $128,167 $117,288 Cost of revenue 16,198 15,068 45,923 43,181 Administration expenses 11,253 10,964 33,124 29,938 OIBDA 18,117 16,272 49,121 44,170 Amortization and depreciation 7,789 6,714 22,660 19,528 Operating income $10,327 $9,558 $26,461 $24,642 Reservoir Media, Inc. and Subsidiaries
Music Publishing Segment OIBDA
Three and Nine Months Ended December 31, 2025 versus December 31, 2024
(Unaudited)
(Dollars in thousands) For the Three Months Ended
December 31, For the Nine Months Ended
December 31, 2025 2024 2025 2024 Revenues $30,122 $26,893 $85,930 $79,489 Cost of revenue 12,617 11,731 36,101 34,149 Administration expenses 6,462 6,014 19,907 18,449 OIBDA $11,042 $9,148 $29,922 $26,891 Reservoir Media, Inc. and Subsidiaries
Recorded Music Segment OIBDA
Three and Nine Months Ended December 31, 2025 versus December 31, 2024
(Unaudited)
(Dollars in thousands) For the Three Months Ended
December 31, For the Nine Months Ended
December 31, 2025 2024 2025 2024 Revenues $12,873 $11,964 $36,299 $32,287 Cost of revenue 3,581 3,337 9,822 9,032 Administration expenses 2,565 2,229 8,300 7,002 OIBDA $6,727 $6,398 $18,177 $16,253 Reservoir Media, Inc. and Subsidiaries
Reconciliation of Net Income to Adjusted EBITDA
Three and Nine Months Ended December 31, 2025 versus December 31, 2024
(Unaudited)
(Dollars in thousands) For the Three Months Ended
December 31, For the Nine Months Ended
December 31, 2025 2024 2025 2024 Net Income $2,203 $5,312 $3,763 $5,010 Income Tax Expense 1,078 1,987 1,755 1,541 Interest Expense 6,584 5,777 19,622 15,797 Amortization and Depreciation 7,789 6,714 22,660 19,528 EBITDA 17,654 19,790 47,800 41,876 Loss (Gain) on Foreign Exchange(a) 89 76 (620) 172 Loss (Gain) on Fair Value of Swaps(b) 270 (3,085) 1,584 2,532 Non-cash Share-based Compensation(c) 1,092 1,006 3,339 3,334 Other Expense (Income), Net(d) 103 (509) 358 (411)Adjusted EBITDA $19,208 $17,278 $52,461 $47,504 (a) Reflects the loss or (gain) on foreign exchange fluctuations.
(b) Reflects the non-cash loss or (gain) 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 during the three and nine months ended December 31, 2025. Reflects a gain recorded on the disposal of an equity investment (the "Investment Gain") and the Company's share of proceeds related to underreported royalty usage for an acquired Recorded Music catalog that pertained to periods prior to the Company's acquisition of the catalog ("Recovery Income") during the three months ended December 31, 2024. Reflects the Investment Gain and Recovery Income, partially offset by Reservoir's share of the loss recorded by an equity method investment during the nine months ended December 31, 2024.Media ContactReservoir Media, Inc.
Suzy Arrabito
Vice President, Marketing & Communications
sa@reservoir-media.com
www.reservoir-media.comInvestor ContactAlpha IR Group
Jackie Marcus or Nathan Skown
RSVR@alpha-ir.comSOURCE: Reservoir Media, Inc.View the original press release on ACCESS NewswireOriginal: Reservoir Media Announces Third Quarter Fiscal 2026 Results

$RSVR Total Debt (mrq) $377.72M

120 million in annual sales guidance 64 million OS, should stay above $2.00 per share minimum imo until they can increase sales

Close at 7.50 gap and then increase to ATH imo, like the amount of copyrights they have:

“ Reservoir Acquires Hit Songs by Platinum-Selling Writer-Producer Dallas Austin
November 18 2021 - 08:00AM
GlobeNewswire Inc.

Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir” or the “Company”), an award-winning independent music company, today announced the acquisition of hit songs by Platinum-selling songwriter and producer Dallas Austin. In recognition of his contributions to the music industry, Austin was inducted into the Songwriters Hall of Fame in 2019.
Austin’s catalog spans several decades and includes hit songs such as Boyz II Men’s “Motownphilly,” several hits off Madonna’s 3x-Platinum selling Bedtime Stories, Gwen Stefani’s “Cool,” P!nk’s “Just Like a Pill” and “Don’t Let Me Get Me,” Michael Jackson’s “2 Bad,” and many more. Austin also notably collaborated on five tracks off TLC’s debut album Ooooooohhh... On the TLC Tip, including singles “Ain’t 2 Proud 2 Beg” and “What About Your Friends.” He went on to contribute to two Hot 100 #1’s for the group, writing and producing 1994’s Platinum-selling “Creep,” and co-writing and producing 1999’s “Unpretty.”

"Dallas Austin is a legendary producer with legacy songs,” stated Austin’s catalogue manager Liz Garner of Garner Group Music. “I knew if we were going to find a partner for these hit songs, it would have to be with someone we could build with in the future. Reservoir was the one.”

Reservoir EVP, A&R and Catalog Development Faith Newman added, “Dallas’ catalog is deep with great cuts, and we are so happy to bring some of his fantastic music to Reservoir. We look forward to continuing his music’s legacy.”
”

“8:34a ET 10/14/2021 - Dow Jones
Press Release: Reservoir Invests in Audio Entertainment Company Audio Up, Inc.
Mentioned: RSVR
Reservoir Invests in Audio Entertainment Company Audio Up, Inc.

NEW YORK, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Reservoir Media, Inc. (NASDAQ: RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, announces an investment in audio entertainment company and podcast content production studio Audio Up. As one of the key contributions in Audio Up's $12 million Series B close, Reservoir's investment will help Audio Up further build their ecosystem of premium entertainment content within the music and audio space. In addition, Reservoir and Audio Up are working together on collaborative audio entertainment projects using Reservoir's catalog of copyrights.

Established in 2020 by Jared Gutstadt, founder of the Jingle Punks creative music agency and Adweek's 2020 Podcast Innovator and Producer of the Year, Audio Up is a podcast content production studio that has built a slate of distinctive, original scripted audio entertainment featuring marquee names across music (Machine Gun Kelly, 24kGoldn, Miranda Lambert, Nelly), Hollywood (Anthony Anderson, Garrett Hedlund, Jason Alexander, Shea Whigham, Gael Garcia Bernal, Taye Diggs) publishing (James Ellroy, Stephen King), and more. Unscripted properties include the riveting top 20-crime podcast Where The Bodies Are Buried, and Michael Cohen's chart-topping podcast Mea Culpa.

Reservoir joins an impressive list of investors across the entertainment and advertising industries including SiriusXM, multi-platinum recording artist The Weeknd, music executive Wassim "Sal" Slaiby, music manager Larry Rudolph, eOne CEO Darren Throop, founder of Draft FCB and Peloton board member Howard Draft, CEO of gaming/lifestyle giant FaZe Clan Lee Trink, Jordan Levy and Sacha Robles.

Reservoir Founder and CEO Golnar Khosrowshahi said, "This transformative collaboration marks another key moment in Reservoir's evolution, as we further redefine our business as the business of listenership. Jared and Audio Up are creating innovative storytelling experiences through music and we are looking forward to all of the opportunities this creates for listeners and rights holders alike."

"Our business is a business of firsts," said Audio Up Founder and CEO Jared Gutstadt. "And Reservoir's investment truly looks towards the future of audio entertainment, bringing to life the Reservoir catalog for a brand-new audience. This partnership underscores how important audio media is to the music rights holders across the media landscape as it drives listenership to new levels. Reservoir intrinsically understands this model and the unique advantage of being a music publishing and masters platform embedded within the podcast/audio media space."

ABOUT RESERVOIR

Reservoir Media, Inc. is an independent music company based in New York City and with offices in Los Angeles, Nashville, Toronto, London, and Abu Dhabi. Reservoir is the first U.S.-based publicly traded independent music company and the first female founded and led publicly traded music company in the U.S. Founded as a family-owned music publisher in 2007, Reservoir has grown to represent over 130,000 copyrights and 36,000 master recordings with titles dating as far back as 1900 and hundreds of #1 releases worldwide. Reservoir holds a regular 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 Music Week Awards.

Reservoir also represents a multitude of recorded music through Chrysalis Records, Tommy Boy Records, and Philly Groove Records and manages artists through its ventures with Blue Raincoat Music and Big Life Management.

ABOUT AUDIO UP

Audio Up is an audio content production studio, housing a world of infinite, audio-based properties. Headed by Audio Up CEO and Adweek's 2020 Podcast Innovator of the Year and Podcast Producer of the Year recipient, Jared Gutstadt (formerly of the Jingle Punks), Audio Up is building an ecosystem of premium entertainment content within the music and audio space. From fictional scripted podcasts, which include a Marvel-like universe of musicals, where the records themselves become the story foundation, to one-on-one interview formats, Audio Up's goal is to create a new and innovative form of IP. They are bringing audio blockbusters to life and taking this media from black and white, into technicolor. Current properties include the riveting top 20 crime podcast Where The Bodies Are Buried, Michael Cohen's new chart-topping podcast Mea Culpa, and recent Webby honoree in Podcasts: Interview/Talk Show, Going to Bed with Garcelle with Garcelle Beauvais. Scripted projects include 2021 Webby nominee Make It Up As We Go with Scarlett Burke, Miranda Lambert, Lindsay Ell and other huge country entertainment; recent Webby honoree for Best Limited Entertainment Series Podcast Halloween in Hell with Machine Gun Kelly, 24kGoldn and iann dior; and Strawberry Spring, the first ever adaptation of the classic short story by Stephen King, and current number one trending podcast globally, according to charitable, starring Garrett Hedlund and Milo Ventimiglia.
“

RSVR is a major media company and has amazing potential for massive SP increase, chart primed imo

“Business Combination

On April 14, 2021, Reservoir entered into a definitive merger agreement with ROCC, a publicly traded special purpose acquisition company with $115 million in the Trust Account. The transaction was funded by a combination of ROCC’s cash held in the Trust Account (after any redemptions by its public stockholders in connection with consummation of the Business Combination), a full equity roll-over from existing Reservoir’s stockholders and proceeds from the PIPE Investment in the amount of $150 million of ROCC Common Stock at $10.00 per share that closed concurrently with the consummation of the Business Combination. The board of directors of Reservoir and the ROCC Board have unanimously approved the Business Combination. The Business Combination was approved by the ROCC’s stockholders on July 27, 2021 and was consummated on July 28, 2021 and will be accounted for as a reverse recapitalization, with Reservoir determined to be the accounting acquirer.”

https://www.otcmarkets.com/stock/ROCC/disclosure