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.

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.