Business
Cineverse Reports First Quarter Fiscal Year 2025 Results
Total Revenue of $9.1 Million Total Direct Operating Margin of 51% Selling, General, and Administrative Expenses decreased by $1.3 Million, or 17% LOS
About this update from Cineverse Corp.
[{"type":"text","content":"Total Revenue of $9.1 Million\nTotal Direct Operating Margin of 51%\nSelling, General, and Administrative Expenses decreased by $1.3 Million, or 17%\nLOS ANGELES, Aug. 14, 2024 /PRNewswire/ -- Cineverse Corp. (\"Cineverse\" or the \"Company\") (NASDAQ: CNVS), a global streaming technology and entertainment company, today announced its financial results for its fiscal first quarter ended June 30, 2024 (\"Q1 FY 2025\"). \n\n \n \n \n \n \n \n\n \nQ1 FY 2025 Highlights (all comparisons are to the prior year fiscal quarter ended June 30, 2023, or Q1 FY 2024): \nFor the fiscal quarter ended June 30, 2024, the Company's initiatives to reduce operating costs continued to have a positive impact on our financial results contributing to a decrease in SG&A expenses of $1.3 million, or 17% and also helped increase our direct operating margin to 51% from 46% last year, above our previously stated target of 45% to 50%.\nIn addition, the Company began to execute on its previously approved share repurchase program and acquired approximately 184 thousand shares through June 30, 2024. The previously reported share repurchase program remains in place and will continue to be utilized as appropriate.\nThe Company's Digital content library of approximately 66,000 titles was valued as of March 31, 2024 at approximately $39.8 million, a significant increase over the 2023 valuation and well above the $2.6 million book library valuation as of June 30, 2024.\nThe Company looks ahead in the next few quarters to the impact of our new sales initiatives, particularly for our proprietary Matchpoint technology, AI related products and omni-advertising programs, including our direct sales efforts from our new advertising team, and also from the release of the next installment of our horror franchise, Terrifier 3, on October 11, 2024.\nTotal monthly viewership across our channel portfolio increased 73% versus last year, driven in large part by successful new channel launches such as Dog Whisperer with Cesar Milan and Garfield and Friends. Combined with the rapid growth of our podcast business, where revenues were up 143% versus last year and we now have 44 podcasts airing, this should set the stage for our new ad sales team to drive significant growth over the next few quarters, particularly through direct ad sales.\nTotal revenue of $9.1 million versus $13.0 mil...