Cinedigm Corp. (CIDM) shares declined 9.42% in after-hours on Monday, November 15, 2021, and closed the daily trading at $2.02. However, in the regular trading session, CIDM’s stock gained 2.76%. CIDM shares have risen 271.67% over the last 12 months, and they have moved down 3.04% in the past week. Over the past three months, the stock has gained 35.98%, while over the past six months, it has surged 71.54%.
Let’s have a brief look at its recent news and developments.
CIDM latest announcement
On November 15, 2021, Cinedigm Corp. (CIDM), announced its financial results for the period ended September 30, 2021.
Q2 2022 financial highlights
- CIDM revenue was $10.1 million in Q2 2022 compared to $7.18 million in Q2 2021.
- Total operating expenses were $11.5 million in Q2 2022 compared to $12.24 million in Q2 2021.
- It suffered a net loss of $0.3 million in Q2 2022 compared to a net loss of $26.6 million or $0.23 per share in Q2 2021.
- Adjusted EBITDA was $0.7 million in Q2 2022 versus a negative $1.1 million in Q2 2021.
CIDM Expand its VOD services
On November 8, 2021, Cinedigm (CIDM) announced two of the Company’s most popular subscription video on demand (SVOD) services Fandor and Screambox, are now available to millions of Xfinity households through X1 and Flex, and also on Comcast’s recently announced XClass TV.
CIDM add more TV programs
On October 27, 2021, Cinedigm (CIDM) acquired more than 1,500 new hours of premium films and TV programs, to strengthen its position within the competitive landscape of streaming networks.
Cinedigm continues to invest in films, TV programs and streaming channels to serve enthusiasts and underserved audiences, as streaming remains the fastest-growing segment of the entertainment industry.
CIDM NFT trading cards
On October 26, 2021, Cinedigm (CIDM), released a killer series of horror-based NFT trading cards branded as the Bloody Disgusting Blood Pack. Cinedigm commissioned well-established horror artists, such as Luke Chueh, Chet Zar, Rick Dienzo, Wes Benscoter, Jeremy Cross and Jim Evans, to create these original paintings.
The company is also offering a free welcome gift in the form of a limited-edition, exclusive NFT trading card to existing and new subscribers of the Company’s horror streaming service Screambox.
CIDM and Kapang recent deal
On October 25, 2021, View TV Group signed a channel carriage deal on their Kapang CTV platform for broadcast in North America & the United Kingdom with a premiere independent streaming company of channels & content, Cinedigm (CIDM).
Jamie Branson, CEO of View TV Group said that the combination of HD and connected TV quality and the traditional broadcast approach of Kapang makes watching Cinedigm on the Kapang platform a winning formula. He further said that he is looking forward to seeing the impact the program makes with viewers from both sides of the Atlantic.
Conclusion
Due to the poor Q2 2022 financial results, CIDM stock plummeted in the after-hours on Monday. We are not sure how it will perform in the coming trading sessions of Tuesday.
