Reservoir Media Inc 2025年度报告

Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act☐Yes☒No Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934, as amended (the“Exchange Act”), during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T(§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of theExchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the voting and non-voting common equity of the registrant held by non-affiliates, computed by reference to the price at which the commonequity was last sold, as of the last business day of the registrant’s most recently completed second fiscal quarter was approximately $167,090,553. As of May 19, 2026, there were 65,661,714 shares of Common Stock of Reservoir Media,Inc. issued and outstanding. DOCUMENTS INCORPORATED BY REFERENCE The information required by PartIII of this Annual Report on Form10-K, to the extent not set forth herein, is incorporated by reference to the registrant’s definitive proxystatement relating to the 2026 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120days after the end of thefiscalyear to which this Annual Report on Form10-K relates. RESERVOIR MEDIA,INC.FORM10-K FOR THE FISCALYEAR ENDED MARCH 31, 2026 TABLE OF CONTENTS Item 1.Business3Item 1A. Risk Factors13Item 1B. Unresolved Staff Comments27Item 1C.Cybersecurity28Item 2.Properties28Item 3.Legal Proceedings29Item 4.Mine Safety Disclosures29PART II30Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities30Item 6.[Reserved]30Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations30Item 8.Financial Statements and Supplementary Data46Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure79Item 9A. Controls and Procedures.79Item 9B. Other Information81Item 9C.Disclosure Regarding Foreign Jurisdictions That Prevent Inspections81PART III82Item 10.Directors, Executive Officers and Corporate Governance82Item 11.Executive Compensation82Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters82Item 13.Certain Relationships and Related Transactions, Director Independence82Item 14.Principal Accounting Fees and Services82Part IV83Item 15.Exhibits and Financial Statement Schedules83Item 16.Form 10-K Summary85SIGNATURES86 CAUTIONARY NOTEREGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K(“Annual Report”)of Reservoir Media, Inc. (hereinafter the “Company”, the“Registrant”, “our”, “we”, “us”, or “Reservoir”) on Form 10-K contains certain information that may constitute“forward-looking statements” within the meaning of Section27A of the Securities Act of 1933, as amended (the“Securities Act”), and Section21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that arenot historical facts, and are intended to be covered by the safe harbor provisions of the United States Private SecuritiesLitigation Reform Act of 1995. All statem