Cineverse (CNVS) investor relations material

Executive summary

• Revenue for the quarter was $12.4 million, down 3% year-over-year, with net loss attributable to common stockholders of $5.7 million and adjusted EBITDA of negative $3.7 million, reflecting higher SG&A and investments in technology, sales, and new ventures.

• Operating margin improved to 58%, up 7 percentage points from the prior year quarter.

• The company is investing in technology, content, and marketing to support new releases and business expansion, expecting these to drive stronger results in the remainder of the year and into fiscal 2027.

• Net working capital was negative $1.3 million as of September 30, 2025, with an accumulated deficit of $510.2 million.

Financial highlights

• Streaming and digital revenue for the quarter was $9.6 million, a 5% decrease year-over-year, while base distribution revenue increased 39% to $1.8 million, mainly from theatrical releases.

• Direct operating expenses decreased 17% year-over-year, but SG&A expenses rose 79% to $11.4 million, including $2.3 million in marketing for The Toxic Avenger Unrated.

• Cash and cash equivalents were $2.3 million at quarter-end, with $5.9 million available on a $12.5 million working capital facility.

• No long-term debt or acquisition-related liabilities; outstanding warrants reduced to 700,000 shares.

• Content library independently valued at $45 million, well above the $3.2 million book value.

Outlook and guidance

• Management expects strong top and bottom line results for the remainder of the fiscal year and into fiscal 2027, driven by recent investments.

• The Toxic Avenger Unrated is projected to generate an IRR of over 40% in ancillary markets.

• Cash and available credit are expected to support operations for at least twelve months from the filing date.

• Continued focus on expanding the theatrical slate, technology partnerships, and content development.