Cinedigm Q4 Earnings Beat Estimates, Hopes On Streaming Business Growth

Cinedigm Corp CIDM reported fourth-quarter FY21 revenue of $8.3 million, beating the analyst consensus of $7.7 million.
Streaming channel revenues rose 197%, and Combined Streaming/Digital revenues increased 66% Y/Y.
Ad-supported streaming channel (AVOD) revenues expanded 331% Y/Y. Subscription streaming channel revenues grew 117% Y/Y.
Loss per share of $(0.04) beat the analyst consensus for a loss of $(0.05).
The company held $17.8 million in cash and equivalents. It used $20 million in operating cash flow during FY21.
Cinedigm reached a critical inflection point during Q4, where it generated massive growth in its streaming business, Chair and CEO Chris McGurk stated.
The streaming/digital business was 75% of its total revenues, versus 48% last year. It expects the percentage to continue to increase as it grew the business both organically and through its streaming acquisition roll-up strategy.
Price action: CIDM shares traded lower by 0.64% at $1.57 in the premarket session on the last check Friday.