Cinedigm Corp. (NASDAQ: CIDM) stock gained by 2.76% at the last close whereas the CIDM stock-price declines by 9.42% in the after-hours trading session. Cinedigm has been at the forefront of the entertainment industry’s digital transition for more than two decades. Currently, Cinedigm provides premium feature films and television series, enthusiast streaming channels, and technical support services to the world’s leading media, retail, and technology firms, entertaining people all over the world.
CIDM stock’ Financial Highlights
Cinedigm reported its financial results for the second quarter and first half of the fiscal year 2022. The highlights are given below:
- For the second quarter, fiscal 2022 consolidated revenue was $10.1 million, which is an increase of 41% from the previous quarter. While the revenue was $25.1 million, a rise of 90% y-o-y for the first half of fiscal 2022.
- The streaming revenues for the second quarter and the first half of fiscal 2022 rose by 139% and 157% respectively.
- The Ad-Supported Streaming Channel revenues increased by 208% and 247% for the second quarter and the first half of 2022, respectively.
- For the second quarter and first half of 2022, the Subscription Streaming Channel Revenue increased by 73% and 80% correspondingly.
- And lastly, the net income for the first half of fiscal 2022 was $4.8 million or $0.03 per share.
Erick Opeka, Chief Strategy Officer and President, Cinedigm Networks, commented,
This quarter, their technology-centric approach to scalable, enthusiast streaming continues to make significant success, as they set new revenue milestones. This has been fueled by a laser-like focus on collaborating with or purchasing the best streaming brands and organizations, developing and scaling audiences and minutes viewed, and leveraging their proprietary technology to publish, distribute, and commercialize content as widely and swiftly as anybody in the industry.
Over the last five years, they’ve entirely reinvented their business by becoming a pioneer in tech-enabled independent streaming entertainment in the United States. They built a high-growth streaming and digital business by combining quick organic development with an accretive roll-up strategy to buy channels and content that allows them to provide super-service to their audiences.