Core Viewpoint - Reading International, Inc. reported its financial results for Q4 and the full year 2025, highlighting a decline in cinema revenue but significant improvements in operating income due to strategic initiatives and cost management [5][7][12]. Financial Results - Fourth Quarter 2025 - Total revenues decreased by 14% to $50.3 million compared to $58.6 million in Q4 2024 [7]. - Operating loss was $1.0 million, a decline from operating income of $1.5 million in Q4 2024 [7]. - Net loss increased to $2.6 million from a net loss of $2.2 million in Q4 2024 [7]. - Adjusted EBITDA was $5.1 million, down from $6.8 million in Q4 2024 [7]. - Cinema revenue decreased by 14% to $46.9 million from $54.6 million in Q4 2024 [12]. Financial Results - Full Year 2025 - Total revenue for the year was $203.0 million, down from $210.5 million in 2024 [7]. - Operating loss improved to $5.3 million from an operating loss of $14.0 million in 2024 [7]. - Net loss was $14.1 million, significantly improved from a net loss of $35.3 million in 2024 [7]. - Basic loss per share improved by 60.8% to $0.62 from $1.58 in 2024 [7]. - Full year adjusted EBITDA was $17.8 million, an increase of $15.7 million compared to $2.1 million in 2024 [7]. Cinema Business Performance - Q4 2025 cinema operating income decreased by 76% to $0.9 million from $3.8 million in Q4 2024 [12]. - Full year cinema operating income increased to $3.6 million, up $6.4 million from an operating loss of $2.8 million in 2024 [12]. - The average ticket price reached the highest levels ever recorded in all three markets [12]. - Food and beverage spend per person also set records across all markets [12]. Real Estate Business Performance - The global real estate division reported improved operating income for both Q4 2025 and the full year compared to 2024 [6]. - Q4 2025 real estate revenues decreased to $4.4 million from $5.2 million in Q4 2024 [12]. - Full year real estate revenues decreased by 8% to $18.4 million from $20.0 million in 2024 [12]. Strategic Initiatives - The company sold two international assets in 2025, generating $42.2 million in proceeds, which were used to pay down approximately $32.1 million of bank debt [8][17]. - The company is actively evaluating its asset portfolio for monetization opportunities to reduce interest expenses and improve liquidity [17]. Balance Sheet and Liquidity - As of December 31, 2025, cash and cash equivalents totaled $10.5 million [11]. - Total outstanding secured borrowings were $185.1 million [11]. - The company has engaged in various loan modifications to improve its capital structure and liquidity [17].