Cineverse reports Q1 EPS (20c) vs. (37c) last year

Reports Q1 revenue $9.1M vs. $13.1M last year. Chris McGurk, CEO, stated, “This was a transition quarter for the company. Although we continue to enjoy the benefits of our cost streamlining initiatives and resultant higher operating margins, we did not yet begin to record the revenue upsides during the quarter from our new sales teams and new sales initiatives for our proprietary Matchpoint technology, AI-based products and omni-advertising programs, particularly direct ad sales. We continue to build a robust sales pipeline in all those areas and fully expect to begin to record revenue upsides over the next few quarters as we close multiple deals already in the sales queue…In addition, the next installment in our horror film franchise, Terrifier 3, is on target for theatrical release on October 11, 2024”. Erick Opeka, CSO, stated, “While we faced challenging year-over-year revenue comparisons due to the timing of digital content releases and legacy Digital Cinema non-recurring items, we made substantial progress in building out our content, advertising, and Matchpoint sales units during the quarter. We expect to see significant traction from these initiatives beginning in the current quarter. We’ve added six fully operational sales heads and are already seeing considerable results from their efforts”.