Mon, Jul 1, 8:57 PM (112 days ago)
Cineverse Corp. reported a net loss of $21.8 million for the fiscal year ended March 31, 2024, with an accumulated deficit of $504.2 million. Revenue decreased by 28% to $49.1 million, driven by declines in streaming, digital, and base distribution revenues. Direct operating expenses fell by 47% to $19.1 million, primarily due to lower royalties and fulfillment costs. SG&A expenses dropped 24% to $27.9 million, attributed to reduced compensation and corporate expenses. A goodwill impairment of $14.0 million was recorded due to a sustained decrease in share price. The company’s cash balance was $5.2 million, with $6.4 million outstanding on its line of credit. Future profitability remains uncertain, with ongoing efforts to manage cash flow and reduce costs.