MSG Rangers Corp. — Fiscal 2027 First Quarter Earnings Summary

Financial Performance

• Generated revenues of $14.1 million for the quarter ended September 30, 2026, an increase of $0.4 million (3%) compared to $13.7 million in the prior year period.
• Reported an operating loss of $23.6 million, widening by $10.7 million from $12.8 million in the prior year period.
• Reported an adjusted operating loss of $21.3 million, widening by $10.9 million from $10.4 million in the prior year period.
• Net loss was $16.9 million, compared to a net loss of $10.8 million in the prior year period.
• Loss per share was $1.39, compared to $0.89 in the prior year period.
• Direct operating expenses increased $5.2 million to $8.8 million, driven by higher net provisions for team personnel transactions ($3.1 million) and higher team personnel compensation ($1.3 million).
• Selling, general and administrative expenses increased $5.8 million (26%) to $28.1 million, driven by spin-off transaction expenses ($3.6 million) and higher employee compensation and benefits ($1.4 million).
• Cash and cash equivalents decreased to $51,000 from $160,000 at the beginning of the period.
• Net cash used in operating activities was $71.2 million, compared to $5.1 million used in the prior year period.
• Net cash provided by financing activities was $71.3 million, compared to $5.3 million provided in the prior year period.
• Deferred revenue increased to $139.4 million (current) and $195,000 (noncurrent) from $75.1 million (current) and $205,000 (noncurrent) at the beginning of the period.
• Debt remained constant at $16.5 million.
• Total assets increased to $601.9 million from $517.3 million at the beginning of the period.

Business Segments and Product Lines

• Revenue growth was primarily driven by a $1.2 million increase in league distributions, mainly due to increases in certain league distributions unrelated to national media rights fees.
• The company operates the New York Rangers (NHL) and the Hartford Wolf Pack (AHL).
• The company operates the MSG Training Center in Greenburgh, NY.

Other Key Points

• This is the first quarter MSG Rangers Corp. is reporting financial results as a standalone company following its spin-off from MSG Knickerbockers Corp. (MSG Knicks), completed on October 26, 2026.
• Financial results for fiscal 2027 and 2026 are presented as carve-out financial statements reflecting results of Rangers businesses previously owned by MSG Knicks and do not include all actual expenses a standalone company would have incurred.
• 12,105 common shares were outstanding as of the spin-off date (October 26, 2026), utilized for EPS calculations for the quarter ended September 30, 2026 and 2025.
• Adjusted operating loss excludes depreciation, amortization, impairments, share-based compensation, restructuring charges, gains/losses on dispositions, and purchase accounting adjustments.
• Net related party receivables increased to $44.5 million from $13.4 million at the beginning of the period.
• League-related accruals decreased to $57.9 million from $87.3 million at the beginning of the period.