As filed with the Securities and Exchange Commission on November 19, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 KARTOON STUDIOS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Se ...

Core Insights - Kartoon Studios is rapidly expanding its Stan Lee consumer products business under the leadership of former Marvel EVP Bob Sabouni, aiming to unlock shareholder value through premium legacy IP monetization [4][5] - The company has secured high-value partnerships with industry leaders such as Madame Tussauds, Panini Publishing, and Topps, highlighting the long-term market potential of the Stan Lee brand [5][6] - The Stan Lee Universe initiative benefits from a substantial direct-to-consumer marketing engine, boasting over 30 million followers across various social media platforms, which supports product launches and brand collaborations [7][8] Company Strategy - The company is executing a focused strategy to convert Stan Lee's cultural equity into ongoing revenues and long-term shareholder value, with a goal to build a scalable global consumer products business [5][7] - Bob Sabouni's experience in generating billions in retail sales at Marvel is expected to enhance the company's licensing and partnership efforts [5][6] - The rollout of Stan Lee superhero IP, starting with "The Excelsiors" graphic novel, is part of the broader strategy to engage fans and create new revenue streams [5][7] Partnership Highlights - Recent deals include a renewal with Madame Tussauds for a lifelike Stan Lee wax figure and a limited-edition card activation with Panini Publishing [6] - The partnership with Topps provides access to a vast collector network, enhancing the reach of the Stan Lee Universe [6] - Additional partnerships include collaborations for fine art collectibles, designer sunglasses, and high-end collectible cards, showcasing a diversified consumer product portfolio [6][7] Market Potential - The Stan Lee brand's unique ability to attract iconic collaborators and multi-generational fans underscores its long-term market potential [5][6] - The company anticipates announcing more licenses across various categories before the end of the year, further expanding its product offerings [7] - The integration of film and theme park licensing rights with strategic brand partnerships is expected to deepen fan engagement and create meaningful revenue streams [7][8]

Core Insights - Kartoon Studios has shown significant progress in 2024, with improvements in profitability and operational efficiency, positioning the company for continued growth in 2025 [3][12][14] Financial Performance - Total revenue for Q4 2024 increased by 8.2% compared to Q3 2024 and 7.0% compared to Q4 2023, marking the third consecutive quarter of revenue growth [5] - Mainframe Studios, the largest revenue-generating unit, achieved a 44.7% revenue increase in Q4 2024 compared to Q4 2023, driven by strong demand for high-quality animation [3][5] - Total operating expenses decreased by 66.0% in Q4 2024 compared to Q4 2023 and by 57.4% for the full year 2024 compared to 2023, reflecting effective operational efficiency initiatives [5] - Loss from operations improved by 88.0% in Q4 2024 compared to Q4 2023 and by 76.5% for the full year 2024 compared to 2023, indicating a strong path towards profitability [5] Business Segments - Kartoon Channel and Frederator Networks delivered strong results in 2024, benefiting from higher subscription revenues, distribution expansion, and increasing advertising revenue [4][7] - The family and kids' ad unit, Beacon Media Group, achieved profitability in 2024 through high-efficiency ads and data-driven strategies [12][14] - Upcoming animated series, including "Hundred Acre Wood's Winnie and Friends" and "Stan Lee Universe's The Excelsiors," are expected to launch in 2025 and 2026, contributing to future revenue streams [10][11] Market Position and Strategy - Kartoon Channel remains the 1 ranked streamer in the Apple App Store, surpassing competitors like YouTube Kids and Netflix, with a focus on children's safety [7] - The company is expanding its global content strategy, now present in over 61 territories, and plans to enter new markets in Asia, Europe, and Latin America in 2025 [8] - The emphasis on exclusive series, localized content, and ad-supported models has driven substantial revenue growth for Kartoon Channel [7][8] Future Outlook - The company is well-positioned for profitable growth in 2025, with over 90% of its 2025 revenue target already contracted and a backlog of orders expected to surpass 2025 levels [3][14] - Investments in infrastructure, technology, and key creators are expected to yield positive results, enhancing the company's ability to capitalize on growth opportunities [12][14]