Business
Cineverse Reports Fiscal Year 2023 Results, Highlighted by Record Content and Entertainment Revenue of $56.0 Million, Up 48% Year over Year
Streaming revenue of $32.2 million, up 59% year over year and 230% on a 2-year basis, exceeding Company's 50% long-term annual revenue growth target Content
About this update from Cineverse Corp.
[{"type":"text","content":"Streaming revenue of $32.2 million, up 59% year over year and 230% on a 2-year basis, exceeding Company's 50% long-term annual revenue growth target\nContent and Entertainment gross margin rises to record 45% in Q4, up 700 basis points year over year\nCompany issues revenue, gross margin and adjusted EBITDA guidance for Fiscal Year 2024\nLOS ANGELES, June 29, 2023 /PRNewswire/ -- Cineverse Corp. (\"Cineverse\" or the \"Company\") (NASDAQ: CNVS), a global streaming technology and entertainment company with one of the world's largest portfolio of streaming channels and content libraries, today announced its financial results for the fiscal fourth quarter (\"Q4 FY 2023\") and full year (\"FY 2023\") ended March 31, 2023. \n\n \n \n \n \n \n \n\n \nFY 2023 Financial Highlights: \nFull-year consolidated revenue was $68.0 million, an increase of 21.4% from $56.1 million in the prior year.Excluding the legacy Cinema Equipment business, revenue from the Content and Entertainment business was $56.0 million, an increase of 47.7%, from the prior year.Streaming and Digital revenue increased 47.3% to $40.4 million, primarily driven by an expanded channel portfolio, increased platform distribution, advertising revenues and paid subscriptions.Streaming revenue of $32.2 million, up 58.5% from the prior year and 229.9% from FY 2021, exceeding the Company's previously stated long-term 50% annual streaming revenue growth target.Net loss attributable to common stockholders was $(10.1) million, or $(1.13) per diluted share, compared to net income attributable to common stockholders of $1.8 million, or $0.20 per diluted share in the prior year, largely due to the winding down and subsequent decrease in revenue contributions from the legacy Cinema Equipment business and increased operating expenses driven in part by several acquisitions including DMR, Fandor and Bloody DisgustingQ4 FY 2023 Financial Highlights: \nConsolidated revenue was $12.5 million, compared to $16.9 million in the prior-year quarter and $27.9 million in Q3 FY 2023, which included $7.2 million from the legacy Cinema Equipment business and significantly higher Content and Entertainment revenue due to seasonality and the initial release of Terrifier 2.Excluding the legacy Cinema Equipment business, revenue from the Content and Entertainment business was $11.7 million, an increase of ...