On February 14, Cinedigm Corp. (CIDM) reported its financial results for the fiscal 2022 third quarter ended December 31, 2021. Consequently, the stock rebounded and soared high in the after-hours on Monday.
During the regular trading session, the stock fluctuated between a high of $0.8400 and a low of $0.7900. CIDM closed the session in the red with a loss of 3.53% at $0.7900, with an average volume of 3.79 million shares. Following the earnings release, the stock rallied in the after-hours to add a good 18.35%. Hence, CIDM was trading at $0.9350 apiece at an after-hours volume of 1.14 million shares.
The independent streaming entertainment company, Cinedigm Corp. has a market capitalization of $143.2 million. Currently, the company has 174.87 million shares outstanding in the market. CIDM presently stands at a year-to-date loss of 31.90% while it declined by 60.50% last year.
CIDM’s Q3 FY2022 Results
In fiscal 2022 Q3, the company had consolidated revenues of $14.1 million, marking an increase of 42% year over year. Streaming channel revenues were up 100%, subscription revenues 109%, and ad-supported revenues also increased by 100% YOY.
Moreover, CIDM had a net loss of $0.5 million in fiscal 2022 Q3, against $9.7 million in the year-ago quarter. Thus, the company had no net loss per share or $0.0/share in fiscal 2022 Q3 against that of $0.07 in the year-ago quarter.
In addition, the adjusted EBITDA in the quarter was $1.3 million, against $0.9 million in the year-ago period. Therefore, marking a YOY growth of 44%.
Company News
On January 27, the company announced the launch of its soccer-centric service Realmadrid TV on Pluto TV, a ViacomCBS Company and the leading free streaming TV service. Realmadrid is one of the most recognized brands in the world of sports. Furthermore, the channel will be a part of Pluto TV’s sports category that included big names like NFL Channel, MLB, PGA Tour, and many others.
Before that, on January 20, the company also announced the launch of Comedy Dynamics on Samsung TV Plus in the UK. Comedy Dynamics is a popular comedic streaming channel while Samsung TV Plus is Samsung’s free content streaming platform.
Conclusion
On Monday, the company reported really strong quarterly results that showed great improvement in all aspects of the streaming service. This highly impressed the investors and hence caused the stock to rally big in the after-hours when the results were declared.
