Revenue Performance - Total revenue for Q1 FY 2025 was $9.1 million, a decrease from $13.0 million in the prior year, primarily due to a $2.4 million reduction in Streaming and Digital revenue[3] - Revenues for Q2 2024 were $9,127,000, a decrease of 29% from $12,980,000 in Q2 2023[19] Operating Expenses - Selling, General, and Administrative (SG&A) expenses decreased by $1.3 million, or 17%, driven by reduced legal, consulting, and compensation costs[4] - Total operating expenses for Q2 2024 were $11,905,000, down 24% from $15,697,000 in Q2 2023[19] - Direct operating expenses decreased by 36% to $4,479,000 in Q2 2024 from $6,987,000 in Q2 2023[19] - Selling, general and administrative expenses decreased by 17% to $6,563,000 in Q2 2024 from $7,888,000 in Q2 2023[19] Profitability and Loss - Net loss attributable to common stockholders was $3.2 million, or $(0.20) earnings per share, an improvement from a net loss of $3.6 million, or $(0.37) earnings per share in the prior year[4] - Net loss for Q2 2024 was $3,050,000, compared to a net loss of $3,536,000 in Q2 2023, representing a 14% improvement[19] - Basic and diluted net loss per share attributable to common stockholders was $(0.20) for Q2 2024, compared to $(0.37) in Q2 2023[19] - Adjusted EBITDA for Q2 2024 was $(1,435,000), slightly improved from $(1,500,000) in Q2 2023[25] Viewership and Content Growth - Total monthly viewership across the channel portfolio increased by 73% year-over-year, supported by successful new channel launches and podcast growth[5][9] - The company experienced a 143% increase in podcast revenue, attributed to the popularity of its Bloody Disgusting podcast content[4] Cash and Financial Position - Cash and cash equivalents stood at $4.0 million as of June 30, 2024, with a line of credit facility extended to September 15, 2025[4][10] Strategic Initiatives - The company has signed its first long-term Matchpoint SaaS deals worth over $250,000 in annual revenue and has a pipeline of more than 20 potential deals[7][11] - The anticipated release of "Terrifier 3" on October 11, 2024, is expected to maximize profits across various distribution channels[9][12] Shareholder Information - Weighted average shares of common stock outstanding increased to 15,702,000 in Q2 2024 from 9,879,000 in Q2 2023[19] Interest and Investment - Interest expense increased to $431,000 in Q2 2024 from $295,000 in Q2 2023[19] - The company reported a loss from investment in Metaverse of $3,000 in Q2 2024, with no prior year comparison available[19] Direct Operating Margin - Direct operating margin improved to 51%, up from 46% in the previous year, exceeding the target range of 45% to 50%[1]
Cineverse (CNVS) - 2025 Q1 - Quarterly Results