UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal period ended: June 30, 2024 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-31810 Cineverse Corp. (Exact name of registrant as specified in its charter) (212) 206-8600 (Registrant's telephone number, including a ...

Revenue Performance - Total revenue for Q1 FY 2025 was $9.1 million, a decrease from $13.0 million in the prior year, primarily due to a $2.4 million reduction in Streaming and Digital revenue[3] - Revenues for Q2 2024 were $9,127,000, a decrease of 29% from $12,980,000 in Q2 2023[19] Operating Expenses - Selling, General, and Administrative (SG&A) expenses decreased by $1.3 million, or 17%, driven by reduced legal, consulting, and compensation costs[4] - Total operating expenses for Q2 2024 were $11,905,000, down 24% from $15,697,000 in Q2 2023[19] - Direct operating expenses decreased by 36% to $4,479,000 in Q2 2024 from $6,987,000 in Q2 2023[19] - Selling, general and administrative expenses decreased by 17% to $6,563,000 in Q2 2024 from $7,888,000 in Q2 2023[19] Profitability and Loss - Net loss attributable to common stockholders was $3.2 million, or $(0.20) earnings per share, an improvement from a net loss of $3.6 million, or $(0.37) earnings per share in the prior year[4] - Net loss for Q2 2024 was $3,050,000, compared to a net loss of $3,536,000 in Q2 2023, representing a 14% improvement[19] - Basic and diluted net loss per share attributable to common stockholders was $(0.20) for Q2 2024, compared to $(0.37) in Q2 2023[19] - Adjusted EBITDA for Q2 2024 was $(1,435,000), slightly improved from $(1,500,000) in Q2 2023[25] Viewership and Content Growth - Total monthly viewership across the channel portfolio increased by 73% year-over-year, supported by successful new channel launches and podcast growth[5][9] - The company experienced a 143% increase in podcast revenue, attributed to the popularity of its Bloody Disgusting podcast content[4] Cash and Financial Position - Cash and cash equivalents stood at $4.0 million as of June 30, 2024, with a line of credit facility extended to September 15, 2025[4][10] Strategic Initiatives - The company has signed its first long-term Matchpoint SaaS deals worth over $250,000 in annual revenue and has a pipeline of more than 20 potential deals[7][11] - The anticipated release of "Terrifier 3" on October 11, 2024, is expected to maximize profits across various distribution channels[9][12] Shareholder Information - Weighted average shares of common stock outstanding increased to 15,702,000 in Q2 2024 from 9,879,000 in Q2 2023[19] Interest and Investment - Interest expense increased to $431,000 in Q2 2024 from $295,000 in Q2 2023[19] - The company reported a loss from investment in Metaverse of $3,000 in Q2 2024, with no prior year comparison available[19] Direct Operating Margin - Direct operating margin improved to 51%, up from 46% in the previous year, exceeding the target range of 45% to 50%[1]

LOS ANGELES, Aug. 7, 2024 /PRNewswire/ -- Cineverse Corp. (NASDAQ: CNVS), an innovative streaming technology and entertainment company, today announced it will release its financial results for the first quarter fiscal year 2025 ended June 30, 2024, after market close on Wednesday, August 14, 2024. Cineverse will host a conference call discussing these results at 4:30 p.m. ET/1:30 p.m. PT that same day. To participate in the live conference call, please use the following dial-in numbers: United States (Loca ...

The Film DEVON Explores Every Parent's Worst Nightmare LOS ANGELES, Aug. 1, 2024 /PRNewswire/ -- No good deed goes unpunished in DEVON, the latest acquisition from distributor and streaming innovator Cineverse (NASDAQ: CNVS). When a group of friends try to uncover the truth behind an unsolved disappearance, they unwittingly find themselves at the center of a terrifying mystery. The film which will premiere exclusively on the Company's streaming service SCREAMBOX is the highly anticipated first feature of Je ...

Programming from Cineverse Channels Including Crime Hunters, Dog Whisperer with Cesar Milan, Comedy Dynamics, EntrepreneurTV, the Sid & Marty Krofft Channel and more Now Live on the Global Platform Titles from Cineverse's portfolio of free, ad-supported streaming television (FAST) channels now available via video on Spotify include Dog Whisperer with Cesar Millan, Land of the Lost, Entrepreneur Elevator Pitch, The FBI Files and comedy specials from Jeff Dunham, Jim Gaffigan, Eddie Griffin, Tiffany Hadish, K ...

The Channel Has Seen Tremendous Growth Across Consumption and Engagement Since Its January Launch LOS ANGELES, July 2, 2024 /PRNewswire/ -- Cineverse Corp. (NASDAQ: CNVS), an innovative streaming technology and entertainment company, today announced its inaugural Bark Week on the Dog Whisperer With Cesar Millan free ad-supported streaming television (FAST) channel for the week of July 7 to July 14, 2024. The company also announced that the channel will be available on Pluto TV on July 8 – just in time for B ...

Cineverse Corp. (NASDAQ:CNVS) Q4 2024 Earnings Conference Call July 1, 2024 4:30 PM ET Company Participants Gary Loffredo - Chief Legal Officer, Secretary & Senior Advisor Chris McGurk - Chairman and Chie Executive Officer Mark Lindsey - Chief Financial Officer Erick Opeka - President and Chief Strategy Officer Conference Call Participants Dan Kurnos - The Benchmark Company Operator Good day, everyone. Welcome to Cineverse’s Fourth Quarter Fiscal Year 2024 Financial Results Conference Call. My name is Camer ...

Financial Performance - As of March 31, 2024, Cineverse reported a positive working capital of $1.5 million and cash and cash equivalents of $5.2 million[76]. - The company incurred $10.6 million of net cash flows used in operating activities[76]. - Cineverse recognized $14 million of impairment in the current fiscal year[90]. - The company has a total equity of $32.2 million as of March 31, 2024[76]. - The company has incurred a goodwill impairment of $14.0 million during the twelve months ended March 31, 2024, due to a sustained decline in share price from $8.40 to $1.39[116]. - The company has incurred long-term net losses and cash outflows, which may increase as business operations expand and additional marketing and content acquisition activities are undertaken[99]. - Changes in economic conditions could materially impact the company's financial position and results of operations[104]. Stock Information - Cineverse's common stock is listed on the Nasdaq under the symbol "CNVS" and underwent a 1-for-20 reverse stock split on June 9, 2023[59]. - Approximately 20.8% of the company's outstanding Common Stock is beneficially owned by directors, executive officers, and principal stockholders, which may significantly influence business affairs[100]. - The company has never paid cash dividends on its Common Stock and has no current plans to do so, with certain credit facilities restricting dividend payments[117]. - The liquidity of the company's Common Stock is uncertain, with limited trading volume potentially depressing stock prices[108]. - The company's stock price has been volatile, which may affect the price at which Common Stock can be sold in the future[110]. Business Strategy - The company aims to acquire premium content and streaming channels while leveraging its proprietary MatchpointTM technology[56]. - Cineverse's strategy includes licensing film and TV content to key players in the OTT streaming ecosystem, including Amazon, Apple, Netflix, and Google[58]. - The company operates in various specialty sectors, including faith and family, anime, action, horror, and sports, to capture underserved market opportunities[54]. Risks and Challenges - The company faces substantial risks in the media content industry, where commercial success is unpredictable and heavily influenced by audience reactions and competitive releases[102]. - The company is subject to cybersecurity risks and global health threats that may adversely affect its business[106]. - The company has not established significant "key person" life insurance policies for key employees, which may adversely affect operations if key personnel are lost[101].

Exhibit 99.1 Cineverse Reports Fourth Quarter and Fiscal Year 2024 Results Total Revenue of $49.1 Million Total Direct Operating Margin Increased to 61% from 47% Selling, General, and Administrative Expenses Decreased By $8.9 Million, or 24% Adjusted EBITDA of $4.4 Million, an Increase of $4.3 Million from Prior Year Positive Working Capital of $1.5 Million as of Year End LOS ANGELES, July 1, 2024 – Cineverse Corp. ("Cineverse" or the "Company") (NASDAQ: CNVS), a global streaming technology and entertainmen ...

Selling, General, and Administrative Expenses Decreased By $8.9 Million, or 24% LOS ANGELES, July 1, 2024 /PRNewswire/ -- Cineverse Corp. ("Cineverse" or the "Company") (NASDAQ: CNVS), a global streaming technology and entertainment company, today announced its financial results for the quarter and fiscal year ended March 31, 2024 ("FY 2024"). During the fourth quarter, the Company recorded a $14.0 million non-cash, non-recurring impairment to Goodwill. The Goodwill impairment was required by US GAAP as a r ...