1. Cineverse reported $40.7 million revenue, a 207% increase year-over-year. 2. Terrifier 3 became the highest-grossing non-rated film with over $54 million. 3. Cineverse achieved a net income of $7.2 million, reversing a previous loss. 4. The company holds $13 million in cash and is completely debt-free. 5. Cineverse is launching more films, leveraging successful marketing strategies.
Record financial performance indicates strong growth potential for CNVS, similar to past successful quarters.
Significant financial improvements and strategic plans could attract investors to CNVS, driving price movement.
The company’s growth strategy and film releases are geared for sustained profitability over time.
LOS ANGELES, Feb. 13, 2025 /PRNewswire/ -- Cineverse Corp. ("Cineverse" or the "Company") (NASDAQ: CNVS), a global streaming technology and entertainment company, today announced its financial results for its fiscal third quarter ended December 31, 2024 ("Q3 FY 2025").
The Company's financial results for Q3 FY 2025 reflected significant increases in revenue, direct operating margin, SG&A expenses and net income when compared to the prior quarter and the prior year quarter primarily driven by the results of Terrifier 3, but also reflected solid growth across all of the Company's key lines of business.
After debuting at number one in North American theaters on October 11, 2024, Cineverse's low budget horror phenomenon Terrifier 3 charged on to become the highest-grossing non-rated film ever (topping the previous record-holder Renaissance: A Film by Beyoncé), amassing more than $54 million at the box office domestically. Subsequently, Terrifier 3 has also performed very strongly in the Digital Sales and BluRay/DVD distribution channels.
Chris McGurk, Cineverse Chairman and CEO, stated: "We had the strongest results this quarter versus the prior year quarter in the Company's history. Not only did we record $40.7 million in revenues (a $27.5 million increase), $7.2 million in net income (a $9.9 million increase), and $10.8 million in adjusted EBITDA (a $9 million increase), we also are now completely debt free."
The Company is now in an extremely strong financial position with more than $13 million in cash-on-hand as of today and no debt, having a zero draw on our current $7.5 million line of credit with East West Bank.
Cineverse will host a conference call at 4:30 p.m. ET (Thursday, February 13, 2025), during which management will discuss the results of the fiscal third quarter ended December 31, 2024. To participate in the conference call, please use the following dial-in numbers:
For additional information, please contact:
Julie Milstead
424-281-5411
Email: press@cineverse.com
On a mission to uplift storytellers and entertain fans with the power of technology, Cineverse (NASDAQ: CNVS) distributes over 71,000 premium films, series, and podcasts. Engaging over 150 million unique monthly users, Cineverse delivers more than one billion minutes of curated content each month – connecting fans with stories that resonate.
Investors and readers are cautioned that certain statements contained in this document are forward-looking statements based on current expectations and projections about future events and are subject to various risks and uncertainties.