Record Revenue and Net Income
Cineverse recorded $40.7 million in total revenues, a 207% increase from the same quarter last year, and generated a net income of $7.2 million, a $9.9 million increase from the prior year quarter.
Terrifier 3 Success
Terrifier 3 became the highest grossing non-rated film ever with more than $54 million at the domestic box office. It was marketed with only a $500,000 out-of-pocket spend.
Strong Balance Sheet
Cineverse had over $13 million in cash on hand and zero debt, with a full $7.5 million available on their line of credit.
Growth in Streaming and Digital Revenues
Year-over-year, streaming and digital revenues grew by 48%, and podcast and other revenue grew by 138%.
Expansion of Film Slate
Cineverse plans to release more films, including Silent Night, Deadly Night, Toxic Avenger, and Wolf Creek: Legacy, following a successful model with favorable economics.