Genius Brands International Inc GNUS shares are trading higher Wednesday after the company reported strong growth in the second quarter.
Genius Brands said second-quarter revenue surged 843% year-over-year to $21.2 million. The revenue increase reflects the inclusion of WOW!, which was acquired by Genius Brands in April, and Ameba, which was acquired in January.
Genius Brands highlighted its "substantial cash position," which will be used to internally fund growth.
Licensing and royalties generated by copyrights and trademarks of the company's brands increased 102% year-over-year. The increase was partially due to the roll out of the company's licensing program of Stan Lee assets with Walt Disney Co DIS.
During the second quarter, Genius Brands signed an agreement to license the name and likeness of Lee to Disney and Marvel Studios for use in future feature films and television productions, as well as for use in Disney theme parks, experiences and in-park merchandise.
GNUS Price Action: Genius Brands is making new 52-week highs on Wednesday.
The stock was up 18.8% at $1.19 at press time, according to Benzinga Pro.
Photo: courtesy of Genius Brands.
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