Vinyl EBITDA declines as breakeven deadline looms

Vinyl Group’s full year FY2025 results show the media network’s revenue increased but EBITDA position worsened, leaving it with a tough battle to hit a self-imposed December deadline for breakeven.

EBITDA is a measure of profitability before interest payments, tax, depreciation and amortisation have been taken into account. The numbers posted on Friday afternoon show Vinyl’s EBITDA worsening by $3.7m compared to the year before (to -$10m). Vinyl’s net profitability (after tax) slightly improved, shifting from a loss of $16.6m in FY24 to a loss of $15.8m last financial year.

An excerpt from Vinyl’s 2025 accounts

Revenue increased from $5m to $14.4m, primarily through acquisitions: the group bought Mediaweek, Funkified Entertainment and Concrete Playground in the period. There was also a big increase in its “organic” revenue from technology platforms, albeit to a relatively modest total of $3.3m.

A line in the FY25 accounts document maintains that Vinyl is on track to be EBITDA positive by December 2025.

“Outlook for EBITDA positive quarter in December 2025, underpinned by FY26 revenue target of $25m and a structurally lower cost base,” the accounts stated.

In a statement, CEO Josh Simons mentioned that “AI-driven publishing tools” would be a key part of growth.

“As we enter FY26, our focus is firmly on disciplined cost control and responsible capital management, restructuring operations and implementing revenue and cost synergies to establish robust, profitable operations as the platform for accelerated scalability and future growth. The business is now approaching an inflection point as we work towards our first profitable quarter in December 2025.”

For a fuller analysis of Vinyl’s position, see Tim Burrowes’ Unmade post.