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Dec 31, 2022
Cinedigm Q3 2023 Earnings Report
Announced third quarter fiscal year 2023 financial results with significant revenue and net income growth.
Key Takeaways
Cinedigm reported a strong third quarter in fiscal year 2023, with a 98% increase in total revenues to $27.9 million compared to the prior year quarter. Net income increased by 1,139% to $4.9 million, and adjusted EBITDA rose by 279% to $5.1 million. Key business highlights included a 63% increase in total streaming revenue, driven by growth in both ad-supported and subscription revenues.
Total revenues increased by 98% year-over-year to $27.9 million.
Net income rose by 1,139% year-over-year to $4.9 million.
Adjusted EBITDA increased by 279% year-over-year to $5.1 million.
Total streaming revenue increased 63% year-over-year to $8.9 million, driven by increases in ad-supported and subscription revenues.
Cinedigm
Cinedigm
Forward Guidance
The Company Reiterates Its Long-Term Growth Goals for The Next 2-4 Years
Positive Outlook
- Targeting at least 50% annual revenue growth in streaming.
- Growing annual revenue to $150 million through both organic and acquired revenue.
- Growing the content library to 75,000 titles.
- Obtaining 100 million monthly viewers.
- Attaining engagement of two billion Connected TV minutes.
Challenges Ahead
- Not applicable, as the company only provided positive guidance.