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Shares of Cinedigm Corp (NASDAQ:CIDM) are surging higher Thursday after the company issued preliminary Q4 revenue results and announced a $3.5 million debt reduction.
Cinedigm announced that it expects quarterly revenue of $8.3 million, which came in above the estimate of $7.71 million. The streaming entertainment company said that streaming channel revenues were up 197% year over year.
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Total streaming minutes in the quarter were approximately 1.16 billion, which represents a 285% increase year over year.
The company also announced that it paid off the remainder of its Prospect Digital Cinema loan, which was approximately $3.5 million.
'With this final payoff of our non-recourse loan from Prospect, we are now completely debt free,' said Gary Loffredo, president and CEO of Cinedigm.
Price Action: Cinedigm has traded as high as $2.33 and as low as 45 cents over a 52-week period.
At the time of publication, the stock was up 35.2% at $1.46.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.