- Cinedigm Corp CIDM reported fourth-quarter FY22 revenue growth of 104% year-on-year to $16.9 million.
- High streaming revenues, including a 109% increase in ad-supported streaming revenues, which were also up 793% on a two-year basis, drove the increase.
- Total streaming minutes rose to 2.3 billion, up 118% Y/Y.
- Cinedigm’s total ad-supported streaming audience increased to 87.1 million monthly viewers, up 236% Y/Y.
- Total subscribers to the subscription video streaming services increased to 970,000, up 336% Y/Y.
- With the completion of the DMR acquisition, Cinedigm acquired 15 new streaming channels and 15,000 new films and TV episodes through seven roll-up acquisitions during the previous 16 months.
- EPS loss was $(0.02) versus $(0.05) loss a year earlier.
- Outlook: Cinedigm reiterated a 50% annual revenue growth target in streaming, growing annual revenue to $150 million through both organic and acquired revenue and expanding the content library to 75,000 titles in the next 2 - 4 years.
- Price Action: CIDM shares traded higher by 0.59% at $0.70 on the last check Tuesday.
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