Cinedigm Corp (NASDAQ:CIDM) jumped 10% last week after releasing its interim unaudited financial results for fiscal Q1 2022.Consolidated revenues were up 149% YoY to $15 million, driven by ongoing streaming growth, especially in the ad-supported streaming operations and sales from Digital Cinema equipment.
The streaming channel generated 181% YoY, while ad-supported streaming revenues were up 301% YoY. Notably, subscription streaming channel revenues were up 88% YoY, with streaming digital content sales increasing 61% YoY, driven by partners like Apple, Tubi, and Amazon.Net income during the quarter was $5 million or $0.03 per share compared to a net loss of 419.9 million or $0.21 per share a year ago.
CEO Chris McGurk said that the company is currently in a great position with a strong balance sheet after paying down all its remaining debt after quarter-end. McGurk explained that this is an exceptional opportunity for the company to continue its fast growth supported by an amazing management team. In the coming months, CIDM is worth watching.
On Friday, CIDM stock fell 0.50% at $1.99 with more than 16.79 million shares, compared to its average volume of 13.95 million shares. The stock has moved within a range of $ 1.9200 – 2.0900 after opening the trade at $1.98.