Cineverse (CNVS) surges to $30.6M revenue but posts $5.8M net loss
Rhea-AI Filing Summary
Cineverse Corp. reported quarterly revenue of $30.6 million for the three months ended June 30, 2026, up from $11.1 million a year earlier, driven mainly by advertising technology, media services, and streaming growth following the IndiCue and Giant Worldwide acquisitions.
The company recorded a net loss attributable to common stockholders of $5.8 million, compared with $3.6 million in the prior-year quarter, while Adjusted EBITDA improved to $0.5 million from a loss of $2.1 million. Net cash used in operating activities narrowed to $1.0 million from $14.3 million.
As of June 30, 2026, Cineverse held $4.3 million in cash and cash equivalents, had $11.4 million outstanding on a $12.5 million Line of Credit Facility, and carried $13.0 million in 9% convertible notes. The company reported negative working capital of $18.9 million and an accumulated deficit of $515.9 million, but believes existing liquidity, the credit line, and its ATM program can support operations for at least twelve months.
Positive
- Revenue rose 175% to $30.6 million from $11.1 million, driven by new advertising technology and media services streams from the IndiCue and Giant Worldwide acquisitions.
- Adjusted EBITDA improved to $0.5 million from a loss of $2.1 million, indicating better underlying operating performance despite a larger GAAP net loss.
- Operating cash outflow shrank to $1.0 million from $14.3 million, reflecting improved cash generation and working capital management.
Negative
- The company posted a net loss attributable to common stockholders of $5.8 million, wider than the $3.6 million loss in the prior-year quarter.
- Cineverse reported an accumulated deficit of $515.9 million and negative working capital of $18.9 million, highlighting balance sheet pressure.
- Leverage is meaningful, with $11.4 million drawn on the Line of Credit Facility and $13.0 million of 9% convertible notes outstanding.
- Customer concentration is elevated, as a single customer represented 43% of revenue for the quarter.
Filing Explained
The quarter added 1.0 million ATM shares and 380 thousand CONtv-buyout shares; a further 660 thousand-share note conversion is slated for September.
The unaudited Form 10-Q reports completed equity issuance during the quarter, increasing the shares outstanding, while also identifying additional issuances that remain scheduled or conditional rather than completed.
Cineverse sold 1.0 million shares through its ATM program for approximately
An ATM program permits gradual sales into the market, but the company is not required to sell all or any shares under the agreement; its authorized offering price was increased to
Because issuing additional shares increases the share count and reduces existing holders’ percentage ownership absent offsets, the completed issuances are dilutive in that structural sense. The filing reports 23,417,021 common shares outstanding at June 30, 2026, versus 20,532,531 at March 31, 2026.
The
Separately, the first of five preferred-stock exchange tranches converted 0.6236 Series A preferred shares plus accrued interest into 125,766 common shares through June 30, 2026.
The September 2026 note conversion is the named next milestone: the filing describes it as intended and effective then, not as an issuance completed by June 30.
Key Figures
Key Terms
Line of Credit Facility financial
earnout consideration financial
Deferred consideration financial
Adjusted EBITDA financial
content advances financial
Digital Out-of-Home technical
FAQ
How did Cineverse (CNVS) perform financially in the quarter ended June 30, 2026?
What drove Cineverse (CNVS) revenue growth in this quarter?
What is Cineverse (CNVS) current liquidity and debt position?
Does Cineverse (CNVS) expect to continue as a going concern over the next year?
What major acquisitions or ownership changes affected Cineverse (CNVS) results?
How concentrated is Cineverse (CNVS) customer base?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
(Mark One)
For the fiscal period ended:
Commission File Number:
(Exact name of registrant as specified in its charter)
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(Address of principal executive offices) |
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(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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The |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
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Accelerated filer ☐ |
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Smaller reporting company |
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Emerging Growth Company |
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No
As of August 7, 2026,
Cineverse Corp.
TABLE OF CONTENTS
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PART I - FINANCIAL INFORMATION |
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Item 1. |
Condensed Consolidated Financial Statements (Unaudited) |
1 |
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Condensed Consolidated Balance Sheets as of June 30, 2026 (Unaudited) and March 31, 2026 |
1 |
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Unaudited Condensed Consolidated Statements of Operations for the Three Months ended June 30, 2026 and 2025 |
2 |
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Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three Months ended June 30, 2026 and 2025 |
3 |
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Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months ended June 30, 2026 and 2025 |
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Unaudited Condensed Consolidated Statements of Equity for the Three Months ended June 30, 2026 and 2025 |
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Notes to the Condensed Consolidated Financial Statements (Unaudited) |
8 |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
24 |
Item 4. |
Controls and Procedures |
28 |
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PART II - OTHER INFORMATION |
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Item 1. |
Legal Proceedings |
29 |
Item 1A. |
Risk Factors |
29 |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
29 |
Item 3. |
Defaults Upon Senior Securities |
29 |
Item 4. |
Mine Safety Disclosures |
29 |
Item 5. |
Other Information |
29 |
Item 6. |
Exhibits |
30 |
Exhibit Index |
30 |
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Signatures |
31 |
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
Cineverse Corp.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
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As of |
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June 30, |
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March 31, |
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(Unaudited) |
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ASSETS |
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Current Assets |
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Cash and cash equivalents |
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$ |
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$ |
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Accounts receivable, net of allowance for credit losses of $ |
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Content advances, net allowance of $ |
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Other current assets |
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Total current assets |
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Property and equipment, net |
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Intangible assets, net |
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Goodwill |
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Content advances, net of current portion |
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Other long-term assets, net |
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Total Assets |
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$ |
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$ |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities |
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Accounts payable and accrued expenses |
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$ |
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$ |
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Line of credit, net |
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Deferred consideration |
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Current portion of earnout consideration |
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Current portion of operating lease liabilities |
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Deferred revenue |
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Total current liabilities |
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Operating lease liabilities, net of current portion |
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Convertible notes payable, net |
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Earnout consideration, net of current portion |
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Total Liabilities |
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$ |
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$ |
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(Note 8) |
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Stockholders’ Equity |
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Preferred stock, |
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Common stock, $ |
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Additional paid-in capital |
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Treasury stock, at cost; with |
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( |
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Accumulated deficit |
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( |
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( |
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Accumulated other comprehensive loss |
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( |
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( |
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Total stockholders’ equity of Cineverse Corp. |
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Deficit attributable to noncontrolling interest |
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( |
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Total stockholders' equity |
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Total Liabilities and Stockholders' Equity |
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$ |
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$ |
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See accompanying Notes to Condensed Consolidated Financial Statements
1
Cineverse Corp.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
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Three Months Ended |
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2026 |
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2025 |
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Revenues |
$ |
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$ |
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Costs and expenses |
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Direct operating |
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Selling, general and administrative |
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Depreciation and amortization |
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Change in fair value of acquisition-related deferred consideration |
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Change in fair value of acquisition-related earnout consideration |
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( |
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Total operating expenses |
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Operating loss |
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( |
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Interest (expense) income |
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Other income (expense), net |
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( |
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Net loss before income taxes |
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( |
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( |
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Income tax expense |
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( |
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( |
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Net loss |
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( |
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( |
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Net loss attributable to noncontrolling interest |
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( |
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Net loss attributable to controlling interests |
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( |
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( |
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Preferred stock dividends |
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( |
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( |
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Net loss attributable to common stockholders |
$ |
( |
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$ |
( |
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Net loss per share attributable to common stockholders: |
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Basic |
$ |
( |
) |
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$ |
( |
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Diluted |
$ |
( |
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$ |
( |
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Weighted average shares of Common Stock outstanding: |
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Basic |
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Diluted |
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See accompanying Notes to Condensed Consolidated Financial Statements
2
Cineverse Corp.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(In thousands)
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Three Months Ended |
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2026 |
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2025 |
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Net loss |
$ |
( |
) |
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$ |
( |
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Other comprehensive (loss) income: |
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Foreign exchange translation |
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( |
) |
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Net loss attributable to noncontrolling interest |
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( |
) |
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Comprehensive loss |
$ |
( |
) |
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$ |
( |
) |
See accompanying Notes to Condensed Consolidated Financial Statements
3
Cineverse Corp.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
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Three Months Ended |
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2026 |
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2025 |
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Cash flows from operating activities: |
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Net loss |
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$ |
( |
) |
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$ |
( |
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Adjustments to reconcile net loss to net cash provided by operating activities: |
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Depreciation and amortization |
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Fair value change in acquisition-related deferred consideration |
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Fair value change in earnout consideration |
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( |
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Stock-based compensation |
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Capitalized content |
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( |
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( |
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Amortization of debt issuance costs |
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Allowance for content advances |
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( |
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Barter transactions |
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( |
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Interest discount received from lender |
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( |
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Other |
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Changes in operating assets and liabilities: |
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Accounts receivable |
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( |
) |
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( |
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Other current and long-term assets |
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( |
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( |
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Accounts payable, accrued expenses, and other liabilities |
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( |
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Content advances |
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( |
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Deferred revenue |
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( |
) |
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( |
) |
Net cash used in operating activities |
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$ |
( |
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$ |
( |
) |
Cash flows from investing activities: |
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Expenditures for long-lived assets |
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( |
) |
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( |
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Internally developed software capitalization |
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( |
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( |
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Purchase of business |
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( |
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Net cash used in investing activities |
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$ |
( |
) |
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$ |
( |
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Cash flows from financing activities: |
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Proceeds from line of credit |
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Payments on line of credit |
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( |
) |
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( |
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Proceeds from issuance of common stock from ATM, net of fees |
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Payment of deferred consideration |
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( |
) |
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( |
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Cash paid to acquire noncontrolling interest |
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( |
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Shares withheld for employee taxes |
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( |
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Net cash provided by financing activities |
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$ |
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$ |
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Net change in cash and cash equivalents |
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( |
) |
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Effect of exchange rate changes on cash and cash equivalents |
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( |
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Cash and cash equivalents at beginning of period |
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Cash and cash equivalents at end of period |
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$ |
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$ |
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||
See accompanying Notes to Condensed Consolidated Financial Statements
4
Cineverse Corp.
SUPPLEMENTAL CASH FLOW INFORMATION AND DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITY
(Unaudited)
(In thousands)
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Three Months Ended |
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2026 |
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2025 |
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Cash interest paid |
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$ |
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$ |
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Income taxes paid |
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$ |
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$ |
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Noncash investing and financing activities: |
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Issuance of Common Stock for settlement of deferred consideration |
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$ |
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$ |
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Shares issued to acquire noncontrolling interest |
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$ |
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$ |
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Payroll tax withholding accrual on equity vesting |
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$ |
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$ |
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Accrued dividends on preferred stock |
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$ |
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$ |
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Issuance of Common Stock for payment of accrued preferred stock dividends |
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$ |
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$ |
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See accompanying Notes to Condensed Consolidated Financial Statements
5
Cineverse Corp.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands)
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Preferred Stock |
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Common Stock |
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Treasury |
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Additional |
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Accumulated |
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Accumulated |
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Total |
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Non |
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Shares |
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Amount |
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Shares |
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Amount |
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Shares |
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Amount |
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Capital |
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Deficit |
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Loss |
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Equity |
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Interest |
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Total |
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Balances as of March 31, 2026 |
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$ |
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$ |
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$ |
( |
) |
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$ |
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$ |
( |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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||||||||
Foreign exchange translation |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
) |
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( |
) |
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— |
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( |
) |
Stock-based compensation |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Preferred stock dividends paid in Common Stock |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Preferred stock dividends accrued |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
) |
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— |
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( |
) |
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— |
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( |
) |
Issuance of Common Stock for ATM |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Non-controlling interest buyout |
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— |
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— |
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— |
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— |
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( |
) |
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— |
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— |
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( |
) |
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( |
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Preferred stock conversion to Common Stock |
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— |
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( |
) |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Employee vesting shares |
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— |
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— |
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— |
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— |
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( |
) |
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— |
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— |
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( |
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— |
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( |
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Net loss |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
) |
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— |
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( |
) |
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— |
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( |
) |
Balances as of June 30, 2026 |
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$ |
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$ |
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$ |
( |
) |
|
$ |
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|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
- |
|
|
$ |
|
||||||||
See accompanying Notes to Condensed Consolidated Financial Statements
6
Cineverse Corp.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands)
|
|
Preferred Stock |
|
|
Common Stock |
|
|
Treasury |
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|
Additional |
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Accumulated |
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Accumulated |
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Total |
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Non |
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|||||||||||||||||||||
|
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Shares |
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Amount |
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Shares |
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Amount |
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Shares |
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|
Amount |
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Capital |
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|
Deficit |
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|
Loss |
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Equity |
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Interest |
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Total |
|
||||||||||||
Balances as of March 31, 2025 |
|
|
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$ |
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$ |
|
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$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||||||
Foreign exchange translation |
|
|
— |
|
|
|
— |
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— |
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— |
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— |
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— |
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— |
|
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|
— |
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|
|
|
|
|
|
|
— |
|
|
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|
|||
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
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— |
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|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
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|
|||
Issuance of Common Stock for deferred consideration |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
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|
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|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
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|
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|
|||||
Issuance of Common Stock in connection with employee equity awards |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
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— |
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|
|
— |
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— |
|
|
|
|
|
|
— |
|
|
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|
||||
Treasury shares withheld for employee taxes |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
Preferred stock dividends paid in Common Stock |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||||
Preferred stock dividends accrued |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Balances as of June 30, 2025 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||||||
See accompanying Notes to Condensed Consolidated Financial Statements.
7
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. NATURE OF OPERATIONS AND LIQUIDITY
Cineverse Corp. (“Cineverse”, “us”, “our”, "we", and “Company” refers to Cineverse Corp. and its subsidiaries unless the
context otherwise requires) was incorporated in Delaware on March 31, 2000.
Cineverse is a premier technology and entertainment company with its core streaming business operating (i) a portfolio of owned and operated streaming channels with enthusiast fan bases; (ii) a large-scale global aggregator and full-service distributor of feature films and television programs; and (iii) a proprietary technology software-as-a-service platform for over-the-top (“OTT”) app development and content distribution through subscription video on demand ("SVOD"), dedicated ad-supported ("AVOD"), ad-supported streaming linear ("FAST") channels, social video streaming services, and audio podcasts. Our streaming channels reach audiences in several distinct ways: direct-to-consumer, through these major application platforms, and through third-party distributors of content on platforms.
The Company’s streaming technology platform, known as Matchpoint™, is a software-based streaming operating platform which provides clients with AVOD, SVOD, transactional video on demand ("TVOD") and linear capabilities, automates the distribution of content, and features a robust data analytics platform. Through the integration of Giant Worldwide, Matchpoint™ has expanded its automated media services ecosystem by adding audience development, customer acquisition, and direct-to-consumer marketing capabilities supported by longstanding studio relationships and performance marketing expertise.
The Company’s Connected TV (“CTV”) monetization platform provides proprietary location-based digital advertising technology solutions that offer advertisers a targetable, measurable, and accountable way to utilize CTV media and data solutions at scale. The Company also provides solutions for media owners, including an advertising platform for Digital Out-of-Home ("DOOH") networks that enables users to manage advertising inventory, optimize sales, and monetize unsold inventory.
We distribute products for major brands such as Hallmark, ITV, Nelvana, ZDF, Konami, NFL and Highlander, as well as international and domestic content creators, movie producers, television producers and other short-form digital content producers. We collaborate with producers, major brands and other content owners to market, source, curate and distribute quality content to targeted audiences through (i) existing and emerging digital home entertainment platforms, including but not limited to Apple iTunes, Amazon Prime, Netflix, Hulu, Xbox, Pluto, and Tubi, as well as (ii) physical goods, including DVD and Blu-ray Discs.
Our Class A common stock, par value $
Financial Condition and Liquidity
We have incurred net losses historically. For the three months ended June 30, 2026, the Company had a net loss attributable to Common Stockholders of $
The Company is party to a Loan, Guaranty, and Security Agreement, as amended on
As of June 30, 2026, $
On February 17, 2026, the Company sold in a public offering an aggregate of
8
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
On February 12, 2026, the Company issued and sold convertible notes in the aggregate principal amount of $
On May 3, 2024, the Company entered into an at-the-market, or ATM, Sales Agreement (the “Sales Agreement”) with A.G.P./Alliance Global Partners and The Benchmark Company, LLC (collectively, the “Sales Agents”), pursuant to which the Company may offer and sell, from time to time, through the Sales Agents, shares of its Class A common stock, par value $
During the three months ended June 30, 2026, the Company sold
The Company will continue to invest in content development and acquisitions from which it believes it will obtain an appropriate return on its investment. As of June 30, 2026 and March 31, 2026, short-term content advances were $
Our capital requirements will depend on many factors, and we may need to use existing capital resources and/or undertake equity or debt offerings, if necessary and opportunistically available, for further capital needs. Management's plans with respect to the Company's recurring net losses and net operating cash outflows also include but are not limited to our effort in increasing revenue from existing services as well as offering new services, which may result in additional income from operations. Should management be unsuccessful in executing these plans, additional capital resources will be necessary. There can be no assurance that resources under our Line of Credit Facility or from additional debt or equity resources will be available on acceptable terms, if at all.
2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying interim Condensed Consolidated Financial Statements of Cineverse Corp. have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the year ended March 31, 2026, filed with the Securities and Exchange Commission (the “SEC”) on June 26, 2026. These Condensed Consolidated Financial Statements are unaudited and have been prepared by the Company following the rules and regulations of the SEC.
9
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted as permitted by such rules and regulations; however, the Company believes the disclosures are adequate to make the information presented not misleading. Certain columns and rows may not foot due to the use of rounded numbers.
The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2026. Interim results are not necessarily indicative of the results for a full year.
As of March 31, 2026, we owned an
Use of Estimates
Reclassifications
Certain amounts have been reclassified to conform to the current presentation.
Accounting Policies
There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended March 31, 2026.
Cash and Cash Equivalents
We consider all highly liquid investments with an original maturity of three months or less to be “cash equivalents.” We maintain bank accounts with major banks, which from time to time may exceed the Federal Deposit Insurance Corporation’s insured limits. We periodically assess the financial condition of the institutions and believe that the risk of any loss is minimal.
Non-monetary Transactions
From time to time, the Company entered into non-monetary transactions for the purchase and sale of content licenses with unrelated third-parties. The fair value of the content licenses purchased are recognized within Intangible Assets, Net on our Condensed Consolidated Balance Sheets and amortized over the estimated useful lives of the respective assets. As functional intellectual property, the Company recognizes the corresponding revenue at the time of delivery to the recipient.
Accounts Receivable, Net
We maintain reserves for expected credit losses on accounts receivable. We review the composition of accounts receivable and analyze historical credit losses, customer concentrations, customer credit worthiness, current and forecasted economic trends and changes in customer payment patterns to evaluate the adequacy of this allowance.
10
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Credit Losses
We maintain reserves for expected credit losses on accounts receivable primarily on a specific identification basis. We review the composition of accounts receivable and analyze historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves.
We recognize accounts receivable, net of an estimated allowance for product returns and customer chargebacks, at the time that we recognize revenue from a sale. Reserves for product returns and other allowances are variable consideration as part of the transaction price. If actual future returns and allowances differ from past experience, adjustments to our allowances may be required.
A summary of the movements of our allowances for credit losses as of June 30, 2026 (in thousands):
Allowance for credit losses at the beginning of the year |
|
$ |
|
|
Increase in estimated provision |
|
|
|
|
Allowance for credit losses as of June 30, 2026 |
|
$ |
|
Property and Equipment, Net
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation expense is recorded using the straight-line method over the estimated useful lives of the respective assets, with useful life ranges by major asset class as follows:
Computer equipment and software |
|
|
Internal use software |
|
|
Machinery and equipment |
|
|
Furniture and fixtures |
|
We capitalize costs associated with software developed or obtained for internal use when the preliminary project stage is completed, and it is determined that the software will provide significantly enhanced capabilities and modifications. These capitalized costs are included in property and equipment and include external direct cost of services procured in developing or obtaining internal-use software and personnel and related expenses for employees who are directly associated with, and who devote time to internal-use software projects. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended use. Once the software is ready for its intended use, the costs are amortized over the useful life of the software on a straight-line basis. Post-configuration training and maintenance costs are expensed as incurred.
Intangible Assets, Net
Intangible assets are stated at cost less accumulated amortization. For intangible assets that have finite lives, the assets are amortized using the straight-line method over the estimated useful lives of the related assets.
Amortization expense is recorded using the straight-line method over the estimated useful lives of the respective assets as follows:
Content Library |
|
|
Tradenames, Trademarks and Patents |
|
|
Customer Relationships |
` |
|
Advertiser Relationships and Channel |
|
|
Preferred Partner Medallions |
|
|
Software |
|
|
Capitalized Content |
|
11
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Company’s intangible assets included the following (in thousands):
|
|
As of June 30, 2026 |
|
|||||||||
|
|
Cost Basis |
|
|
Accumulated |
|
|
Net |
|
|||
Content Library |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Advertiser Relationships and Channel |
|
|
|
|
|
( |
) |
|
|
|
||
Customer Relationships |
|
|
|
|
|
( |
) |
|
|
|
||
Software |
|
|
|
|
|
( |
) |
|
|
|
||
Capitalized Content |
|
|
|
|
|
( |
) |
|
|
|
||
Preferred Partner Medallions |
|
|
|
|
|
( |
) |
|
|
|
||
Tradenames, Trademarks and Patents |
|
|
|
|
|
( |
) |
|
|
|
||
Total Intangible Assets |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
|
|
As of March 31, 2026 |
|
|||||||||
|
|
Cost Basis |
|
|
Accumulated |
|
|
Net |
|
|||
Content Library |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Advertiser Relationships and Channel |
|
|
|
|
|
( |
) |
|
|
|
||
Customer Relationships |
|
|
|
|
|
( |
) |
|
|
|
||
Software |
|
|
|
|
|
( |
) |
|
|
|
||
Capitalized Content |
|
|
|
|
|
( |
) |
|
|
|
||
Preferred Partner Medallions |
|
|
|
|
|
( |
) |
|
|
|
||
Tradenames, Trademarks and Patents |
|
|
|
|
|
( |
) |
|
|
|
||
Total Intangible Assets |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
The Company had amortization expense of $
As of June 30, 2026, amortization expense is expected to be (in thousands):
|
|
Total |
|
|
In-process intangible assets |
|
$ |
|
|
Remainder of fiscal year 2027 |
|
|
|
|
2028 |
|
|
|
|
2029 |
|
|
|
|
2030 |
|
|
|
|
2031 |
|
|
|
|
Thereafter |
|
|
|
|
Total |
|
$ |
|
|
Impairment of Long-lived and Finite-lived Intangible Assets
We review the recoverability of our long-lived assets and finite-lived intangible assets, when events or conditions occur that indicate a possible impairment exists. The assessment for recoverability is based primarily on our ability to recover the carrying value of our long-lived and finite-lived assets from expected future undiscounted net cash flows. If the total of expected future undiscounted net cash flows is less than the total carrying value of the asset, the asset is deemed not to be recoverable and possibly impaired. We then estimate the fair value of the asset to determine whether an impairment loss should be recognized. An impairment loss will be recognized if the asset’s fair value is determined to be less than its carrying value.
12
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Fair value is determined by computing the expected future discounted cash flows. There were
Capitalized Content
The Company capitalizes direct costs incurred in the production of content from which it expects to generate a return over the anticipated useful life and the Company’s predominant monetization strategy informs the method of amortizing these deferred costs. The determination of the predominant monetization strategy is made at commencement of the production or license period and the classification of the monetization strategy as individual or group only changes if there is a significant change to the title’s monetization strategy relative to its initial assessment. The costs are capitalized to the Capitalized Content costs within Intangible Assets and are amortized as a group within Depreciation and Amortization within the Consolidated Statements of Operations.
Business Combinations
The Company accounts for business combinations in accordance with ASC 805, Business Combinations, using the acquisition method of accounting. Under this method, the Company recognizes and measures the identifiable assets acquired, liabilities assumed, and any noncontrolling interest in the acquiree at their estimated fair values as of the acquisition date.
The total consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on their respective fair values. The excess of the purchase price over the fair value of net identifiable assets acquired is recorded as goodwill. Please see the Goodwill policy separately outlined below within this footnote.
In certain circumstances, such as a forced sale or bankruptcy of the acquiree, the fair value of the identifiable net assets acquired exceeds the total consideration transferred in a business combination, resulting in a bargain purchase gain. The Company recognizes bargain purchase gains in earnings as of the acquisition date.
Goodwill
Goodwill is the excess of the purchase price paid over the fair value of the net assets of an acquired business. Goodwill is tested for impairment on an annual basis or more often if warranted by events or changes in circumstances indicating that the carrying value may exceed fair value, also known as impairment indicators.
Inherent in the fair value determination for each reporting unit are certain judgments and estimates relating to future cash flows, including management’s interpretation of current economic indicators and market conditions, and assumptions about our strategic plans with regard to its operations. To the extent additional information arises, market conditions change, or our strategies change, it is possible that the conclusion regarding whether our remaining goodwill is impaired could change and result in future goodwill impairment charges that will have a material effect on our consolidated financial position or results of operations.
The Company has the option to assess goodwill for possible impairment by performing a qualitative analysis to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount or to perform the quantitative impairment test.
For the period ended and three months ended June 30, 2026, the Company's adjustments to goodwill related to the finalization of post-closing working capital estimates.
Fair Value Measurements
The fair value measurement disclosures are grouped into three levels based on valuation factors:
13
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The table below summarizes the levels of fair value measurements of the Company’s financial assets and liabilities as of June 30, 2026 (in thousands):
|
|
As of June 30, 2026 |
|
|||||||||||||
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deferred consideration, current portion |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnout consideration, both current and non-current portion |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
As of March 31, 2026 (in thousands):
|
|
As of March 31, 2026 |
|
|||||||||||||
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deferred consideration |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnout consideration |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Total Level 3 liabilities increased by $
Deferred Consideration
The Company initially recognizes liabilities related to Deferred Consideration from business combinations at fair value at the time of acquisition in advance of the ultimate settlement of these liabilities. Amounts due within 12 months under the terms of the agreements are classified as current within the Consolidated Balance Sheets.
The deferred consideration associated with the IndiCue Inc ("IndiCue") acquisition, included in the fair value measurement table above, was determined based on a value of approximately $
The deferred consideration related to the Giant Worldwide acquisition is payable in quarterly cash installments of $
Earnout Consideration
The Company estimated the fair value of its earnout liabilities using both contractual and Level 3 inputs from the related business combination. The specific financial targets required for payment are defined in the IndiCue purchase agreement. The Company also utilizes Level 3 inputs, including the most up to date forecast at each reporting date to estimate the outcome against these targets to determine the ultimate estimated payout, discounted by a rate reflecting the Company’s estimate of a market borrowing rate and incremental spread for similar subordinated obligations.
During the fiscal year ended March 31, 2026, the Company acquired IndiCue and as a part of the purchase consideration, may be required to pay up to $
14
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Content Advances
Content advances represent amounts prepaid to studios or content producers for which we provide content distribution services. We evaluate advances regularly for recoverability and record a provision for amounts that we expect may not be recoverable. Amounts which are expected to be recovered within 12 months are classified as current, which were $
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following (in thousands):
|
|
As of |
|
|||||
|
|
June 30, |
|
|
March 31, |
|
||
Accrued acquisition related liabilities |
|
$ |
|
|
$ |
|
||
Accounts payable |
|
|
|
|
|
|
||
Amounts due to producers |
|
|
|
|
|
|
||
Accrued compensation and benefits |
|
|
|
|
|
|
||
Accrued other expenses |
|
|
|
|
|
|
||
Total Accounts Payable and Accrued Expenses |
|
$ |
|
|
$ |
|
||
Revenue Recognition
The Company follows the five-step model established by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 606, Revenue from contracts with customers ("ASC 606") when preparing its assessment of revenue recognition.
The following tables present the Company’s disaggregated revenue by source (in thousands):
|
Three Months Ended |
|
|||||
|
2026 |
|
|
2025 |
|
||
Advertising technology and services |
$ |
|
|
$ |
|
||
Streaming and digital |
|
|
|
|
|
||
Media services |
|
|
|
|
|
||
Podcast and other |
|
|
|
|
|
||
Base distribution |
|
|
|
|
|
||
Other non-recurring |
|
|
|
|
|
||
Total Revenue |
$ |
|
|
$ |
|
||
15
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Fees for the distribution of content in the home entertainment markets via several distribution channels, including digital, video on demand (“VOD” or "Streaming and Digital”), and physical goods (e.g., DVDs and Blu-ray Discs) (“Base Distribution”). Fees earned are typically a percentage of the net amounts received from our customers.
Depending upon the nature of the agreements with the platform and content providers, the fee rate that we earn varies. Fees from Ad-Network revenue are based on an agreed-to cost per mille (“CPM”) rate, and fees for Media Services are typically specified in purchase orders based on the services requested to be rendered.
The Company’s performance obligations include the shipment of physical goods and delivery of content for transactional, subscription and ad supported/free ad-supported streaming TV (“FAST”) on the digital platforms, delivery of advertising related impressions, and at the time of completion of media services.
Revenue is recognized at the point in time across the Company’s revenue streams. Specifically, revenue is recognized when the content is available for subscription on the digital platform (the Company’s digital content is considered functional IP), at the time of shipment for physical goods, or point-of-sale for transactional and VOD services as the control over the content or the physical title is transferred to the customer. The Company considers the delivery of content through various distribution channels to be a single performance obligation. Ad Network transactions are recognized at the point in time when the billable impression is delivered. Media services are recognized at the point of delivery.
Base Distribution Revenue from the sale of physical goods is recognized after deducting the reserves for sales returns and other allowances, which are accounted for as variable consideration. Reserves for potential sales returns and other allowances are recorded based upon historical experience. If actual future returns and allowances differ from past experience, adjustments to our allowances may be required. We have the right to receive or bill a portion of the theatrical distribution fee in advance of the exhibition date, and therefore such amount is recorded as a receivable at the time of execution, and all related distribution revenue is deferred until the third-party feature movies’ or alternative content’s theatrical release date.
Payment terms and conditions vary by customer and typically provide net 30-to-90 day terms. We do not adjust the promised amount of consideration for the effects of a significant financing component when we expect, at contract inception, that the period between our transfer of a promised product or service to our customer and payment for that product or service will be one year or less. As the Company satisfies its performance obligations, whether relating to the delivery of digital content, physical goods, or licensing, revenue is generally measured at a point in time.
Principal Agent Considerations
Shipping and Handling
Shipping and handling costs are incurred to move physical goods to customers. We recognize all shipping and handling costs as an expense in direct operating expenses because we are responsible for delivery of the product to our customers prior to transfer of control to the customer.
16
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Contract Liabilities
We generally record a receivable related to revenue when we have an unconditional right to invoice and receive payment, and we record deferred revenue (contract liability) when cash payments are received or due in advance of our performance. Deferred revenue includes amounts related to advances, the sale of DVDs or theatrical releases with future release dates. The ending deferred revenue balance, all current as of June 30, 2026 and March 31, 2026 totaled to approximately $
Participations and Royalties Payable
When we use third-parties to distribute Company-owned content, we record participations payable, which represent amounts owed to the distributor under revenue-sharing arrangements. When we provide content distribution services, we record accounts payable and accrued expenses to studios or content producers for royalties owed under licensing arrangements. We identify and record as a reduction to the liability any expenses that are to be reimbursed to us by such studios or content producers.
Concentrations
Direct Operating Expenses
Direct operating costs consist of operating costs such as cost of revenue, including fulfillment expenses, shipping costs, property taxes and insurance on systems, royalty and participation expenses, allowance against advances, ad-network revenue share, and marketing and direct personnel costs.
Stock-based Compensation
The Company issues stock-based awards to employees and non-employees, generally in the form of restricted stock, restricted stock units, stock appreciation rights and performance stock units. The Company accounts for its stock-based compensation awards in accordance with FASB ASC Topic 718, "Compensation—Stock Compensation" (“ASC 718”). ASC 718 requires all stock-based payments, including grants of stock options and restricted stock units and modifications to existing stock options, to be recognized in the Consolidated Statements of Operations based on their fair values. The Company measures the compensation expense of employee and non-employee services received in exchange for an award of equity instruments based on the fair value of the award on the grant date. That cost is recognized on a straight-line basis over the period during which the employee and non-employee is required to provide service in exchange for the award. The fair values of options and stock appreciation rights are calculated as of the date of grant using the Black-Scholes option pricing model based on key assumptions such as stock price, expected volatility, risk-free rate and expected term. The Company’s estimates of these assumptions are primarily based on the trading price of the Company’s stock, historical data, peer company data and judgment regarding future trends and factors.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating loss and tax credit carryforwards and for differences between the carrying amounts of existing assets and liabilities and their respective tax basis.
Valuation allowances are established when management is unable to conclude that it is more likely than not that some portion, or all, of the deferred tax asset will ultimately be realized. The Company is primarily subject to income taxes in the United States and India.
The Company accounts for uncertain tax positions in accordance with an amendment to FASB ASC Topic 740-10, Income Taxes (Accounting for Uncertainty in Income Taxes), which clarified the accounting for uncertainty in tax positions. This amendment provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained were it to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the largest amount of tax benefit that is more than 50% likely to be recognized upon ultimate settlement with the taxing authority is recorded. The Company recorded
17
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
unrecognized tax benefits of approximately $
Recently Issued Accounting Pronouncements
The Company evaluates all Accounting Standard Updates ("ASUs") issued but not yet effective by FASB for consideration of their applicability. ASU's not included in the Company's disclosures were assessed and determined to be not applicable and material to the Company's consolidated financial statements or disclosures.
Effective April 1, 2025, the Company adopted , "Improvements to Income Tax Disclosures", which expanded income tax disclosure requirements, including disaggregation of pretax income (loss) and income tax expense (benefit) by jurisdiction and disclosure of income taxes paid (net of refunds received). The Company
In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220)", requiring all public business entities to provide additional disclosure of the nature of expenses included in the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, on a prospective basis, with early adoption permitted. The Company is currently evaluating the impact on our financial statement disclosures.
In July 2025, the FASB issued ASU 2025-05, “Measurement of Credit Losses for Accounts Receivable and Contract Assets (Topic 326)" aiming to simplify the estimation of credit losses on accounts receivable and contract assets arising from transactions accounted for under ASC 606, “Revenue from Contracts with Customers,” by providing companies an option to assume that the conditions as of the balance sheet date will remain unchanged for the remaining life of these assets while estimating expected credit losses. The standard is effective for all entities for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this pronouncement on its consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06 "Intangibles: Goodwill and Other Internal-Use Software - Targeted Improvements to the Accounting for Internal-Use Software (Subtopic 350-40)" to modernize the accounting for software costs under, Intangible: Goodwill and Other Internal-Use Software (referred to as “internal-use software”). Upon adoption, we will be required to account for internal-use software under the updated capitalization criteria. The standard is effective for annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing adoption timing and the method of adoption.
3. OTHER INTERESTS
CONtv
CON TV, LLC ("CONtv") is a worldwide digital network that creates original content and sells and distributes on-demand digital content through the Internet and other consumer digital distribution platforms, including gaming consoles, set-top boxes, handsets, and tablets.
During the three months ended June 30, 2026, the Company acquired the remaining
4. SEGMENT INFORMATION
The Company operates as a reportable segment. The Company’s Chief Operating Decision Maker ("CODM"), its , reviews financial information on a consolidated basis to make operating decisions, assess financial performance, and allocate resources.
18
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
T
|
|
For Three Months Ended, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Revenues |
|
$ |
|
|
$ |
|
||
Less: |
|
|
|
|
|
|
||
License, participation and technology costs |
|
|
|
|
|
|
||
Compensation and related |
|
|
|
|
|
|
||
Other direct operating costs |
|
|
|
|
|
|
||
Royalty expense |
|
|
|
|
|
|
||
Professional services |
|
|
|
|
|
|
||
Advertising and marketing |
|
|
|
|
|
|
||
Other general and administrative |
|
|
|
|
|
|
||
Change in fair value of acquisition-related deferred consideration |
|
|
|
|
|
|
||
Change in fair value of acquisition-related earnout consideration |
|
|
( |
) |
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
||
Total operating expenses |
|
|
|
|
|
|
||
Operating loss |
|
|
( |
) |
|
|
( |
) |
Interest (expense) income |
|
|
( |
) |
|
|
|
|
Other income (expense) |
|
|
|
|
|
( |
) |
|
Net loss before income taxes |
|
|
( |
) |
|
|
( |
) |
Provision for income taxes |
|
|
( |
) |
|
|
( |
) |
Net loss |
|
$ |
( |
) |
|
$ |
( |
) |
5. STOCKHOLDERS’ EQUITY
Common Stock
As of June 30, 2026 and March 31, 2026, the number of shares of Common Stock authorized for issuance was
ATM Sales Agreement
On May 3, 2024, the Company entered into a sales agreement (the “ATM Sales Agreement”) with A.G.P./Alliance Global Partners and The Benchmark Company, LLC (collectively, the “Sales Agents”), pursuant to which the Company may offer and sell, from time to time, through the Sales Agents, shares of Common Stock. Shares of Common Stock may be offered and sold for an aggregate offering price of up to $
19
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
During the three months ended June 30, 2026 the Company sold
Non-Controlling Interest Buyout
During the three months ended June 30, 2026, the Company entered into a Stock Exchange Agreement with holders of CONtv pursuant to which the Company acquired the remaining outstanding
Preferred Stock
Cumulative dividends in arrears on Series A Preferred Stock were $
During the three months ended June 30, 2026, the Company agreed to issue shares of Common Stock in exchange for an aggregate of one holder’s
Through June 30, 2026, the first tranche included the conversion of
Treasury Stock
We have treasury stock of
Stock Based Compensation Awards
The Company has issued awards under the 2017 Equity Incentive Plan (the “2017 Plan").
In August 2017, the Company adopted the 2017 Equity Incentive Plan (the “2017 Plan). The 2017 Plan applies to employees and directors of, and consultants to, the Company. The 2017 Plan provides for the issuance of up to
During the three months ended June 30, 2026, the Company issued
For the three months ended June 30, 2026 and 2025, the Company incurred stock-based compensation expense of $
6. Loss per Share
20
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Basic net income (loss) per share is computed by dividing the net income (loss) attributable to Common Stock holders, adjusted for by the deemed earnings attributable to participating common warrant holders, by the weighted average number of shares of Common Stock outstanding during the period.
Diluted net income (loss) per share is computed by dividing the net income (loss) available to Common Stock holders by the weighted-average number of common shares outstanding and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include restricted stock units, stock options and warrants outstanding during the period, and are calculated using the treasury stock method. Potentially dilutive common shares are excluded from the computations of diluted income (loss) per share if their effect would be anti-dilutive. A net loss available to Common Stock holders causes all potentially dilutive securities to be anti-dilutive and are not included.
The following table sets forth the computation of basic and diluted earnings per share and a reconciliation of the
weighted average number of common and common equivalent shares outstanding:
|
Three Months Ended |
|
|||||
|
2026 |
|
|
2025 |
|
||
|
(in thousands, except shares and per share data) |
|
|||||
Numerator (in thousands): |
|
|
|
|
|
||
Net loss attributable to common stockholders - basic and diluted |
$ |
( |
) |
|
$ |
( |
) |
|
|
|
|
|
|
||
Denominator (in thousands): |
|
|
|
|
|
||
Weighted average shares of common stock - basic |
|
|
|
|
|
||
Effect of dilutive common stock equivalents |
|
|
|
|
|
||
Weighted average shares of common stock - diluted |
|
|
|
|
|
||
|
|
|
|
|
|
||
Earnings per share: |
|
|
|
|
|
||
Basic loss per share |
$ |
( |
) |
|
$ |
( |
) |
Effect of dilutive common stock equivalents |
|
|
|
|
|
||
Diluted loss per share |
$ |
( |
) |
|
$ |
( |
) |
The following common equivalent shares outstanding at period-end have been excluded from the computation of earnings per share, as their inclusion would have been anti-dilutive:
|
Three Months Ended |
|
|||||
|
2026 |
|
|
2025 |
|
||
Options to purchase common stock |
|
|
|
|
|
||
Stock appreciation rights |
|
|
|
|
|
||
Restricted stock units and awards |
|
|
|
|
|
||
Warrants to purchase common stock |
|
|
|
|
|
||
Convertible notes |
|
|
|
|
|
||
7. DEBT
Line of Credit Facility
The Company is party to a Loan, Guaranty, and Security Agreement, as amended on
21
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
As of June 30, 2026 and March 31, 2026, $
During the three months ended June 30, 2026 and 2025, the Company had interest expense, including cash interest and amortization, of $
Convertible Notes
On February 12, 2026, the Company issued and sold convertible notes in the aggregate principal amount of $
As of June 30, 2026 and March 31, 2026, the Convertible notes are presented net of unamortized debt issuance costs of $
8. COMMITMENTS AND CONTINGENCIES
Leases
The Company has
During the three months ended June 30, 2026 and 2025, expenses related to these leases were $
The table below presents the lease-related assets and liabilities recorded on our Condensed Consolidated Balance Sheets (in thousands):
|
|
Classification on the Balance Sheet |
|
June 30, |
|
|
March 31, |
|
||
Assets |
|
|
|
|
|
|
|
|
||
Noncurrent |
|
Other long-term assets |
|
$ |
|
|
$ |
|
||
Liabilities |
|
|
|
|
|
|
|
|
||
Current |
|
Operating leases liabilities |
|
|
|
|
|
|
||
Noncurrent |
|
Operating leases liabilities, net of current |
|
|
|
|
|
|
||
|
|
$ |
|
|
$ |
|
||||
22
Cineverse Corp.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The table below presents the annual gross undiscounted cash flows related to the Company's operating lease commitments (in thousands):
Fiscal year ending March 31, |
Operating Lease Commitments |
|
|
2027 (remainder of the fiscal year) |
$ |
|
|
2028 |
|
|
|
2029 |
|
|
|
2030 |
|
|
|
Total lease payments |
$ |
|
|
Less imputed interest |
|
( |
) |
Total |
$ |
|
|
For leases that have a term of twelve months or less and do not contain an option to extend that the Company is reasonably certain to exercise, the Company has elected to not apply the recognition provisions of FASB ASC Topic 842, Leases ("ASC 842") and recognizes these expenses on a straight-line basis over the term of the agreement.
9. INCOME TAXES
We calculate income tax expense based upon an annual effective tax rate forecast, which includes estimates and assumptions. We recognized income tax expense of $
We have recorded income tax expense of $
Our effective tax rate for the three months ended June 30, 2026 and 2025 was December 31, 2025 was (
On July 4, 2025, the President signed the One Big Beautiful Bill Act (“OBBBA”; Pub. L. 119-21) into law. The Act introduced significant changes to the Internal Revenue Code. The Company evaluated the Act and concluded it will not have a material impact on its condensed consolidated financial statements.
OBBBA retains the
23
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with our historical Condensed Consolidated Financial Statements and the related notes included elsewhere in this report.
This report contains forward-looking statements within the meaning of the federal securities laws. These include statements about our expectations, beliefs, intentions or strategies for the future, which are indicated by words or phrases such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “will,” “estimates,” and similar words. Forward-looking statements represent, as of the date of this report, our judgment relating to, among other things, future results of operations, growth plans, sales, capital requirements and general industry and business conditions applicable to us. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
Business Overview
Cineverse Corp. (“Cineverse”, “us”, “our”, "we", and “Company” refers to Cineverse Corp. and its subsidiaries unless the
context otherwise requires) was incorporated in Delaware on March 31, 2000.
Cineverse is a premier technology and entertainment company with its core streaming business operating (i) a portfolio of owned and operated streaming channels with enthusiast fan bases; (ii) a large-scale global aggregator and full-service distributor of feature films and television programs; and (iii) a proprietary technology software-as-a-service platform for over-the-top (“OTT”) app development and content distribution through subscription video on demand ("SVOD"), dedicated ad-supported ("AVOD"), ad-supported streaming linear ("FAST") channels, social video streaming services, and audio podcasts. Our streaming channels reach audiences in several distinct ways: direct-to-consumer, through these major application platforms, and through third-party distributors of content on platforms.
The Company’s streaming technology platform, known as Matchpoint™, is a software-based streaming operating platform which provides clients with AVOD, SVOD, transactional video on demand ("TVOD") and linear capabilities, automates the distribution of content, and features a robust data analytics platform. Through the integration of Giant Worldwide, Matchpoint™ has expanded its automated media services ecosystem by adding audience development, customer acquisition, and direct-to-consumer marketing capabilities supported by longstanding studio relationships and performance marketing expertise.
The Company’s Connected TV (“CTV”) monetization platform provides proprietary location-based digital advertising technology solutions that offer advertisers a targetable, measurable, and accountable way to utilize CTV media and data solutions at scale. The Company also provides solutions for media owners, including an advertising platform for Digital Out-of-Home ("DOOH") networks that enables users to manage advertising inventory, optimize sales, and monetize unsold inventory.
We distribute products for major brands such as Hallmark, ITV, Nelvana, ZDF, Konami, NFL and Highlander, as well as international and domestic content creators, movie producers, television producers and other short-form digital content producers. We collaborate with producers, major brands and other content owners to market, source, curate and distribute quality content to targeted audiences through (i) existing and emerging digital home entertainment platforms, including but not limited to Apple iTunes, Amazon Prime, Netflix, Hulu, Xbox, Pluto, and Tubi, as well as (ii) physical goods, including DVD and Blu-ray Discs.
Our Class A common stock, par value $0.001 per share (the "Common Stock"), is listed on The Nasdaq Stock Market (“Nasdaq”) under the symbol “CNVS.”
Financial Condition and Liquidity
As of June 30, 2026, the Company has an accumulated deficit of $515.9 million and negative working capital of $(18.9) million. For the three months ended June 30, 2026, the Company had a net loss attributable to the Company's common stock holders of $(5.8) million. Net cash used in operating activities for the three months ended June 30, 2026 was $1.0 million, which included $0.2 million of incremental investment in our content portfolio via advances or minimum guarantee payouts. We may continue to generate net losses for the foreseeable future.
24
The Company is party to a Loan, Guaranty, and Security Agreement, as amended on April 8, 2025, with East West Bank (the "Line of Credit Facility") that currently provides for borrowings of up to $12.5 million guaranteed by substantially all of our material subsidiaries and secured by substantially all of our and our subsidiaries’ assets. The facility includes provisions that allow for an increase in total borrowing capacity up to $15.0 million, subject to lender approval. As of June 30, 2026, $11.4 million was outstanding on the Line of Credit Facility.
The Company will continue to invest in content development and acquisitions from which it believes it will obtain an appropriate return on its investment. As of June 30, 2026 and March 31, 2026, short-term content advances were $6.8 million and $7.5 million, respectively, and long-term content advances, net of current portion, were $8.5 million and $8.2 million, respectively.
Our capital requirements will depend on many factors, and we may need to use existing capital resources and/or undertake equity or debt offerings, if necessary and opportunistically available, for further capital needs. We believe our cash and cash equivalents, availability under our Line of Credit Facility and ability to use our ATM as of June 30, 2026 will be sufficient to support our operations for at least twelve months from the filing of this report.
Critical Accounting Estimates
Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In connection with the preparation of our financial statements, we are required to make assumptions and estimates about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue, expenses and the related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to be relevant at the time our Condensed Consolidated Financial Statements are prepared. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our financial statements are presented fairly and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material.
Our significant accounting policies are discussed in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies, of the Notes to the Condensed Consolidated Financial Statements, included in Item 1, Condensed Consolidated Financial Statements (Unaudited), of this Quarterly Report on Form 10-Q. Management believes that these policies are the most critical to aid in fully understanding and evaluating our reported financial results, and they require management’s most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain. Management has reviewed these critical accounting estimates and related disclosures with the Audit Committee of our Board of Directors.
Results of Operations for the three months ended June 30, 2026 and 2025 (unaudited) (in thousands):
Revenue
|
|
For the Three Months Ended June 30, |
|
|
As a % of Revenue |
|
||||||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
% Change |
|
|
2026 |
|
|
2025 |
|
||||||
Advertising technology and services |
|
$ |
15,949 |
|
|
$ |
— |
|
|
$ |
15,949 |
|
|
|
— |
% |
|
|
52 |
% |
|
|
— |
% |
Streaming and digital |
|
|
9,748 |
|
|
|
9,104 |
|
|
|
644 |
|
|
|
7 |
% |
|
|
32 |
% |
|
|
82 |
% |
Media services |
|
|
3,481 |
|
|
|
— |
|
|
|
3,481 |
|
|
|
— |
% |
|
|
11 |
% |
|
|
— |
% |
Podcast and other |
|
|
1,097 |
|
|
|
989 |
|
|
|
108 |
|
|
|
11 |
% |
|
|
4 |
% |
|
|
9 |
% |
Base distribution |
|
|
320 |
|
|
|
1,024 |
|
|
|
(704 |
) |
|
|
(69 |
)% |
|
|
1 |
% |
|
|
9 |
% |
Other non-recurring |
|
|
— |
|
|
|
2 |
|
|
|
(2 |
) |
|
|
(100 |
)% |
|
|
— |
% |
|
|
0 |
% |
Total Revenue |
|
$ |
30,595 |
|
|
$ |
11,119 |
|
|
$ |
19,476 |
|
|
|
175 |
% |
|
|
100 |
% |
|
|
100 |
% |
For the three months ended June 30, 2026, the Company's revenue increased by $19.5 million.
Advertising technology and services and Media services revenue increased by a combined $19.4 million due to the fiscal year 2026 fourth quarter acquisitions of IndiCue Inc. and Giant Worldwide.
Streaming and digital revenue increased by $0.6 million, primarily due to the strong advertising performance ($0.3 million) and Electronic Sell-Through ("EST") ($0.2 million) from titles such as Return to Silent Hill.
25
Base distribution revenue decreased by $0.7 million, primarily driven by a decline in physical sales of $0.4 million following the success of Terrifier 3 in fiscal year 2026.
Direct Operating Expenses
|
|
For the Three Months Ended June 30, |
|
|
As a % of Revenue |
|
||||||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
% Change |
|
|
2026 |
|
|
2025 |
|
||||||
Direct operating expenses |
|
$ |
19,936 |
|
|
$ |
4,807 |
|
|
$ |
15,129 |
|
|
|
315 |
% |
|
|
65 |
% |
|
|
43 |
% |
The $15.1 million increase in Direct operating expenses for the three months ended June 30, 2026 was primarily attributable to the addition of Advertising Technology revenue share and Media Services revenue in the fiscal fourth quarter.
Selling, General and Administrative Expenses
|
|
For the Three Months Ended June 30, |
|
|
As a % of Revenue |
|
||||||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
% Change |
|
|
2026 |
|
|
2025 |
|
||||||
Compensation expense |
|
$ |
6,267 |
|
|
$ |
5,129 |
|
|
$ |
1,138 |
|
|
|
22 |
% |
|
|
20 |
% |
|
|
46 |
% |
Corporate expenses |
|
|
1,463 |
|
|
|
1,196 |
|
|
|
267 |
|
|
|
22 |
% |
|
|
5 |
% |
|
|
11 |
% |
Share-based compensation |
|
|
948 |
|
|
|
418 |
|
|
|
530 |
|
|
|
127 |
% |
|
|
3 |
% |
|
|
4 |
% |
Marketing expenses |
|
|
1,000 |
|
|
|
463 |
|
|
|
537 |
|
|
|
116 |
% |
|
|
3 |
% |
|
|
4 |
% |
Other operating expenses |
|
|
1,940 |
|
|
|
1,746 |
|
|
|
194 |
|
|
|
11 |
% |
|
|
6 |
% |
|
|
16 |
% |
Selling, General and Administrative |
|
$ |
11,618 |
|
|
$ |
8,952 |
|
|
$ |
2,666 |
|
|
|
30 |
% |
|
|
38 |
% |
|
|
81 |
% |
For the three months ended June 30, 2026 compared to three months ended June 30, 2025, compensation expense increased by $1.1 million primarily due to an increased non-cash bonus accruals ($0.6 million) and severance ($0.3 million). The increase in share-based compensation was attributable to incremental share-based compensation granted from fiscal fourth quarter acquisitions. The increase in marketing expense related to the increase in spend from upcoming theatrical releases such as Air Bud Returns and Pan's Labyrinth 20th Anniversary.
Depreciation and Amortization Expense
|
|
For the Three Months Ended June 30, |
|
|
As a % of Revenue |
|
||||||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
% Change |
|
|
2026 |
|
|
2025 |
|
||||||
Amortization of intangible assets |
|
$ |
2,649 |
|
|
$ |
957 |
|
|
$ |
1,692 |
|
|
|
177 |
% |
|
|
9 |
% |
|
|
9 |
% |
Depreciation of property and equipment |
|
|
166 |
|
|
|
105 |
|
|
|
61 |
|
|
|
58 |
% |
|
|
1 |
% |
|
|
1 |
% |
Total Depreciation and Amortization |
|
$ |
2,815 |
|
|
$ |
1,062 |
|
|
$ |
1,753 |
|
|
|
165 |
% |
|
|
10 |
% |
|
|
10 |
% |
Amortization expense increased by $1.7 million during the three months ended June 30, 2026 compared to the prior year quarter primarily due to the purchase price accounting-related intangible asset additions from our IndiCue and Giant acquisitions in the fourth quarter of fiscal 2026.
Interest Expense, Net
For the three months ended June 30, 2026, compared with the same period in 2025, interest expense increased by $0.8 million to $0.6 million, primarily due to a $(0.4) million reduction in interest expense recognized in the prior-year period resulting from a discount on accrued interest provided by a financing arrangement for the film Terrifier 3 in exchange for an expedited final payment, as well as higher average outstanding borrowings under the Line of Credit Facility during the current quarter.
Adjusted EBITDA
We define Adjusted EBITDA to be earnings before interest, taxes, depreciation and amortization, stock-based compensation expense, merger and acquisition costs, restructuring, transition and acquisitions expense, net, goodwill impairment and certain other items.
26
Adjusted EBITDA is not a measurement of financial performance under GAAP and may not be comparable to other similarly titled measures of other companies. We use Adjusted EBITDA as a financial metric to measure the financial performance of the business because management believes it provides additional information with respect to the performance of its fundamental business activities. For this reason, we believe Adjusted EBITDA will also be useful to others, including our stockholders, as a valuable financial metric.
We present Adjusted EBITDA because we believe that Adjusted EBITDA is a useful supplement to net income (loss) from continuing operations as an indicator of operating performance. We also believe that Adjusted EBITDA is a financial measure that is useful both to management and investors when evaluating our performance and comparing our performance with that of our competitors. We also use Adjusted EBITDA for planning purposes and to evaluate our financial performance because Adjusted EBITDA excludes certain incremental expenses or non-cash items, such as stock-based compensation charges, that we believe are not indicative of our ongoing operating performance.
We believe that Adjusted EBITDA is a performance measure and not a liquidity measure, and therefore a reconciliation between net income (loss) from continuing operations and Adjusted EBITDA has been provided in the financial results. Adjusted EBITDA should not be considered as an alternative to net income (loss) from operations as an indicator of performance or as an alternative to cash flows from operating activities as an indicator of cash flows, in each case as determined in accordance with GAAP, or as a measure of liquidity. In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities as well as interest and income taxes that can affect cash flows. We do not intend the presentation of these non-GAAP measures to be considered in isolation or as a substitute for results prepared in accordance with GAAP. These non-GAAP measures should be read only in conjunction with our Condensed Consolidated Financial Statements prepared in accordance with GAAP.
Following is the reconciliation of our consolidated net (loss) income to Adjusted EBITDA (in thousands):
|
|
Three Months Ended |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Net loss |
|
$ |
(5,690 |
) |
|
$ |
(3,516 |
) |
Add Back: |
|
|
|
|
|
|
||
Income tax (expense) benefit |
|
|
(19 |
) |
|
|
14 |
|
Depreciation and amortization (1) |
|
|
2,859 |
|
|
|
1,147 |
|
Interest expense |
|
|
558 |
|
|
|
(278 |
) |
Change in fair value of acquisition-related deferred consideration |
|
|
2,000 |
|
|
|
— |
|
Change in fair value of acquisition-related earnout consideration |
|
|
(650 |
) |
|
|
— |
|
Stock-based compensation |
|
|
948 |
|
|
|
418 |
|
Other (income) expense, net |
|
|
(11 |
) |
|
|
78 |
|
Net loss attributable to noncontrolling interest |
|
|
— |
|
|
|
(44 |
) |
Acquisition-related costs |
|
|
78 |
|
|
|
— |
|
Employee severance costs |
|
|
385 |
|
|
|
47 |
|
Adjusted EBITDA |
|
$ |
458 |
|
|
$ |
(2,134 |
) |
(1) - Includes $44 thousand and $85 thousand of amortization included in direct operating expenses on our Condensed Consolidated Statements of Operations for the three months ended June 30, 2026 and 2025, respectively.
Cash Flow
Changes in our cash flows were as follows (in thousands):
|
|
For the Three Months Ended June 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Net cash used in operating activities |
|
$ |
(994 |
) |
|
|
(14,343 |
) |
Net cash used in investing activities |
|
|
(1,951 |
) |
|
|
(197 |
) |
Net cash provided by financing activities |
|
|
3,896 |
|
|
|
2,568 |
|
Net Change in Cash and Cash Equivalents |
|
$ |
951 |
|
|
$ |
(11,972 |
) |
27
For the three months ended June 30, 2026, net cash used in operating activities was primarily attributable to the Company's loss from operations, excluding non-cash expenses such as depreciation and amortization, stock-based compensation, fair value adjustments related to acquisition-related deferred and earnout consideration, as well as changes in working capital. Working capital changes were primarily driven by an increase in accounts receivable resulting from the timing of customer collections, partially offset by an increase in accounts payable, accrued expenses, and other liabilities. Operating cash flows are typically seasonally lower during the first two fiscal quarters and higher during the third and fourth fiscal quarters, primarily due to revenues generated during the holiday season.
Cash used in investing activities primarily reflected expenditures for long-lived assets and internally developed software.
Cash provided by financing activities was primarily attributable to net borrowings under the Line of Credit Facility and proceeds from the issuance of common stock under the Company's ATM program, partially offset by shares withheld to satisfy employee tax withholding obligations, cash paid to acquire a noncontrolling interest, and payments of deferred consideration.
For the three months ended June 30, 2025, net cash used in operating activities was primarily attributable to the Company's loss from operations, excluding non-cash expenses such as depreciation, amortization, and stock-based compensation, as well as changes in working capital. Working capital changes were primarily driven by cash outflows related to content advances made to partners, for which initial expenditures are generally recovered within six to twelve months, operating prepayments, and decreases in accounts payable and accrued expenses. Operating cash flows are typically seasonally lower during the first two fiscal quarters and higher during the third and fourth fiscal quarters, primarily due to revenues generated during the holiday season. Cash used in investing activities primarily reflected expenditures for long-lived intangible assets and property and equipment. Cash provided by financing activities was primarily attributable to net borrowings under the Line of Credit Facility.
Off-balance sheet arrangements
We are not a party to any off-balance sheet arrangements other than as discussed in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies, Basis of Presentation and Consolidation and Note 3 - Other Interests on the Condensed Consolidated Financial Statements included in Item 1 of this Quarterly Report on Form 10-Q.
ITEM 4. CONTROLS AND PROCEDURES
Definition and Limitations of Disclosure Controls and Procedures
Our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are designed to reasonably ensure that information required to be disclosed in our reports filed under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and (ii) accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.
Evaluation of Disclosure Controls and Procedures
The management of the Company, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in the Exchange Act), as of June 30, 2026. Based on such evaluation, our principal executive officer and principal financial and accounting officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported, on a timely basis, and (ii) accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures as of June 30, 2026.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Company’s internal control over financial reporting during the three months ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
28
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 1A. RISK FACTORS
There have been no material changes to the Risk Factors disclosed in Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2026.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable.
ITEM 5. OTHER INFORMATION
ITEM 6. EXHIBITS
The exhibits are listed in the Exhibit Index beginning on the following page herein.
29
EXHIBIT INDEX
Exhibit Number |
|
Description of Document |
31.1 |
|
Officer’s Certificate Pursuant to 15 U.S.C. Section 7241, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 |
|
Officer’s Certificate Pursuant to 15 U.S.C. Section 7241, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 |
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2 |
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS |
|
Inline XBRL Instance Document. |
101.SCH |
|
Inline XBRL Taxonomy Extension Schema With Embedded Linkbases Document. |
104 |
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
30
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
CINEVERSE CORP. |
|
|
|
|
Date: August 13, 2026 |
By: |
/s/ Christopher J. McGurk |
|
|
Christopher J. McGurk |
|
|
|
Date: August 13, 2026 |
By: |
/s/ Sean McCabe |
|
|
Sean McCabe |
31