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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: December 31, 2025

☐ 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)


Delaware		22-3720962
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

224 W. 35th St., Suite 500 #947, New York, NY		10001
(Address of principal executive offices)		(Zip Code)

(212) 206-8600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
CLASS A COMMON STOCK, PAR VALUE $0.001 PER SHARE	CNVS	The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐		Accelerated filer ☐		Non-accelerated filer ☒		Smaller reporting company ☒		Emerging Growth Company ☐

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of February 13, 2026, 19,569,866 shares of Class A Common Stock, $0.001 par value, were outstanding.

Cineverse Corp.

TABLE OF CONTENTS


		Page
	PART I - FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets as of December 31, (Unaudited) and March 31, 2025	1
	Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months ended December 31, 2025 and 2024	2
	Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months ended December 31, 2025 and 2024	3
	Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months ended December 31, 2025 and 2024	4
	Unaudited Condensed Consolidated Statements of Equity for the Three and Nine Months ended December 31, 2025 and 2024	6
	Notes to the Condensed Consolidated Financial Statements (Unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 4.	Controls and Procedures	31

	PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3.	Defaults Upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6.	Exhibits	33
Exhibit Index		33
Signatures		34

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

Cineverse Corp.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)


	As of
	December 31, 2025			March 31, 2025
	(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	2,461		$	13,941
Accounts receivable, net allowance of credit losses of $504 and $307, respectively		17,400			15,752
Content advances, net allowance of $4,525 and $4,818, respectively		7,949			6,736
Other current assets		1,424			1,652
Total current assets		29,234			38,081
Property and equipment, net		3,528			2,876
Intangible assets, net		17,733			18,168
Goodwill		6,799			6,799
Content advances, net of current portion		9,239			4,053
Other long-term assets		2,041			2,539
Total Assets	$	68,574		$	72,516
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued expenses	$	22,068		$	31,109
Line of credit		8,281			—
Current portion of deferred consideration on purchase of business		—			2,956
Current portion of operating lease liabilities		290			187
Other current liabilities		8			183
Total current liabilities		30,647			34,435
Operating lease liabilities, net of current portion		182			275
Other long-term liabilities		1			14
Total Liabilities	$	30,830		$	34,724
Commitments and contingencies (see Note 8)
Stockholders’ Equity
Preferred stock, 15,000,000 shares authorized; Series A 10% - $0.001 par value per share; 20 shares authorized; 7 shares issued and outstanding as of December 31 and March 31, 2025		3,559			3,559
Common Stock, $0.001 par value; Class A Stock: 275,000,000 shares authorized as of December 31 and March 31, 2025; 20,258,013 and 16,487,947 shares issued, with 19,427,699 and 15,984,129 shares outstanding as of December 31 and March 31, 2025, respectively		197			194
Additional paid-in capital		559,496			548,405
Treasury stock, at cost; 830,315 and 503,819 shares as of December 31 and March 31, 2025, respectively		(13,158	)		(12,193	)
Accumulated deficit		(511,248	)		(500,908	)
Accumulated other comprehensive loss		(279	)		(305	)
Total stockholders’ equity of Cineverse Corp.		38,567			38,752
Deficit attributable to noncontrolling interest		(823	)		(960	)
Total equity		37,744			37,792
Total Liabilities and Equity	$	68,574		$	72,516

See accompanying Notes to Condensed Consolidated Financial Statements

Cineverse Corp.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)


	Three Months Ended December 31,						Nine Months Ended December 31,
	2025			2024			2025			2024
Revenues	$	16,286		$	40,740		$	39,762		$	62,606
Costs and expenses
Direct operating		5,049			20,997			15,070			31,738
Selling, general and administrative		10,690			9,361			31,049			22,288
Depreciation and amortization		1,203			946			3,411			2,783
Total operating expenses		16,942			31,304			49,530			56,809
Operating (loss) income		(656	)		9,436			(9,768	)		5,797
Interest expense		(195	)		(2,342	)		(64	)		(3,110	)
Other (expense) income, net		(5	)		73			(51	)		238
Net (loss) income before income taxes		(856	)		7,167			(9,883	)		2,925
Income tax expense		(19	)		(6	)		(53	)		(19	)
Net (loss) income		(875	)		7,161			(9,936	)		2,906
Net income attributable to noncontrolling interest		(49	)		(48	)		(137	)		(155	)
Net (loss) income attributable to controlling interests		(924	)		7,113			(10,073	)		2,751
Preferred stock dividends		(89	)		(89	)		(267	)		(266	)
Net (loss) income attributable to common stock holders	$	(1,013	)	$	7,024		$	(10,340	)	$	2,485
Net (loss) income per share attributable to common stock holders:
Basic	$	(0.05	)	$	0.38		$	(0.57	)	$	0.13
Diluted	$	(0.05	)	$	0.34		$	(0.57	)	$	0.12
Weighted average shares of Common Stock outstanding:
Basic		19,218			15,880			18,223			15,766
Diluted		19,218			17,774			18,223			17,573

See accompanying Notes to Condensed Consolidated Financial Statements

Cineverse Corp.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited)

(In thousands)


	Three Months Ended December 31,						Nine Months Ended December 31,
	2025			2024			2025			2024
Net (loss) income	$	(875	)	$	7,161		$	(9,936	)	$	2,906
Other comprehensive loss:
Foreign exchange translation		43			(9	)		26			39
Net income attributable to noncontrolling interest		(49	)		(48	)		(137	)		(155	)
Comprehensive (loss) income	$	(881	)	$	7,104		$	(10,047	)	$	2,790

See accompanying Notes to Condensed Consolidated Financial Statements

Cineverse Corp.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Nine Months Ended December 31,
	2025			2024
Cash flows from operating activities:
Net (loss) income	$	(9,936	)	$	2,906
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		3,411			2,783
Allowance for content advances		(293	)		(37	)
Amortization of debt issuance costs		189			310
Stock-based compensation		1,939			1,463
Non-cash interest (income) expense		(372	)		349
Barter transactions		(9	)		256
Capitalized content		(2,185	)		(1,652	)
Other		206			(142	)
Changes in operating assets and liabilities:
Accounts receivable		(1,845	)		(18,832	)
Content advances		(6,106	)		1,194
Other current and long-term assets		537			1,837
Accounts payable, accrued expenses, and other liabilities		(8,669	)		14,615
Deferred revenue		(175	)		(105	)
Net cash (used in) provided by operating activities	$	(23,308	)	$	4,945
Cash flows from investing activities:
Expenditures for long-lived assets		(590	)		(46	)
Internally developed software capitalization		(844	)		(1,058	)
Sale of equity investment securities		—			449
Net cash used in investing activities	$	(1,434	)	$	(655	)
Cash flows from financing activities:
Proceeds from line of credit		45,805			47,588
Payments on line of credit		(37,524	)		(49,970	)
Proceeds from common stock warrant exercises		5,843			30
Withholding taxes paid on restricted stock units		(965	)		—
Payment of deferred consideration		(559	)		(333	)
Proceeds from Issuance of Common Stock from ATM, net of fees		636			—
Payment of earnout consideration		—			(90	)
Proceeds from the issuance of a term loan, net of debt issuance costs		—			2,917
Repayment of term loan		—			(3,090	)
Cost to acquire treasury shares		—			(215	)
Financing fees for line of credit		—			(209	)
At-the-market issuance fees		—			(41	)
Net cash provided by (used in) financing activities	$	13,236		$	(3,413	)
Net change in cash and cash equivalents		(11,506	)		877
Effect of exchange rate changes on cash and cash equivalents		26			39
Cash and cash equivalents at beginning of period		13,941			5,167
Cash and cash equivalents at end of period	$	2,461		$	6,083

See accompanying Notes to Condensed Consolidated Financial Statements

Cineverse Corp.

SUPPLEMENTAL CASH FLOW INFORMATION AND DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITY

(Unaudited)

(In thousands)


	Nine Months Ended December 31,
	2025		2024
Cash interest paid	$	320	$	931
Income taxes paid	$	103	$	38
Noncash investing and financing activities:
Earnout liability settled in stock	$	—	$	90
Bonus liability settled in stock	$	—	$	40
Issuance of Common Stock for settlement of deferred consideration	$	2,400	$	—
Accrued dividends on preferred stock	$	267	$	266
Issuance of Common Stock for payment of accrued preferred stock dividends	$	267	$	267

See accompanying Notes to Condensed Consolidated Financial Statements

Cineverse Corp.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)


	Preferred Stock				Common Stock					Treasury					Additional Paid-In		Accumulated			Accumulated Other Comprehensive			Total Stockholders'			Non Controlling
	Shares		Amount		Shares			Amount		Shares		Amount			Capital		Deficit			Loss			Equity			Interest			Total
Balances as of March 31, 2025		1	$	3,559		15,984		$	194		504	$	(12,193	)	$	548,405	$	(500,908	)	$	(305	)	$	38,752		$	(960	)	$	37,792
Foreign exchange translation		—		—		—			—		—		—			—		—			16			16			—			16
Stock-based compensation		—		—		—			—		—		—			418		—			—			418			—			418
Issuance of Common Stock for deferred consideration		—		—		677			1		—		—			2,399		—			—			2,400			—			2,400
Issuance of Common Stock in connection with employee equity awards		—		—		748			—		—		—			9		—			—			9			—			9
Treasury shares withheld for employee taxes		—		—		(326	)		—		326		(965	)		—		—			—			(965	)		—			(965	)
Preferred stock dividends paid in Common Stock		—		—		27			—		—		—			89		—			—			89			—			89
Preferred stock dividends accrued		—		—		—			—		—		—			—		(89	)		—			(89	)		—			(89	)
Net loss		—		—		—			—		—		—			—		(3,560	)		—			(3,560	)		44			(3,516	)
Balances as of June 30, 2025		1	$	3,559		17,110		$	195		830	$	(13,158	)	$	551,320	$	(504,557	)	$	(289	)	$	37,070		$	(916	)	$	36,154
Foreign exchange translation		—		—		—			—		—		—			—		—			(33	)		(33	)		—			(33	)
Stock-based compensation		—		—		—			—		—		—			494		—			—			494			—			494
Proceeds from common stock warrant exercises		—		—		1,948			2		—		—			5,841		—			—			5,843			—			5,843
Preferred stock dividends paid in Common Stock		—		—		19			—		—		—			89		—			—			89			—			89
Preferred stock dividends accrued		—		—		—			—		—		—			—		(89	)		—			(89	)		—			(89	)
Issuance of Common Stock for ATM, net of fees		—		—		50			—		—		—			250		—			—			250			—			250
Net loss		—		—		—			—		—		—			—		(5,589	)		—			(5,589	)		44			(5,545	)
Balances as of September 30, 2025		1	$	3,559		19,127		$	197		830	$	(13,158	)	$	557,994	$	(510,235	)	$	(322	)	$	38,035		$	(872	)	$	37,163
Foreign exchange translation		—		—		—			—		—		—			—		—			43			43			—			43
Stock-based compensation		—		—		—			—		—		—			1,027		—			—			1,027			—			1,027
Preferred stock dividends paid in Common Stock		—		—		26			—		—		—			89		—			—			89			—			89
Preferred stock dividends accrued		—		—		—			—		—		—			—		(89	)		—			(89	)		—			(89	)
Issuance of Common Stock for ATM, net of fees		—		—		178			—		—		—			386		—			—			386			—			386
Issuance of common stock for Board of Directors compensation		—		—		97			—		—		—			—		—			—			—			—			—
Net loss		—		—		—			—		—		—			—		(924	)		—			(924	)		49			(875	)
Balances as of December 31, 2025		1	$	3,559		19,428		$	197		830	$	(13,158	)	$	559,496	$	(511,248	)	$	(279	)	$	38,567		$	(823	)	$	37,744

See accompanying Notes to Condensed Consolidated Financial Statements

Cineverse Corp.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)


	Preferred Stock				Common Stock					Treasury					Additional Paid-In			Accumulated			Accumulated Other Comprehensive			Total Stockholders'			Non Controlling
	Shares		Amount		Shares			Amount		Shares		Amount			Capital			Deficit			Loss			Equity			Interest			Total
Balances as of March 31, 2024		1	$	3,559		15,699		$	194		289	$	(11,978	)	$	545,996		$	(504,153	)	$	(345	)	$	33,273		$	(1,122	)	$	32,151
Foreign exchange translation		—		—		—			—		—		—			—			—			55			55			—			55
Stock-based compensation		—		—		—			—		—		—			470			—			—			470			—			470
Treasury stock acquired		—		—		(184	)		—		184		(188	)		—			—			—			(188	)		—			(188	)
Fees incurred in connection with ATM offering		—		—		—			—		—		—			(42	)		—			—			(42	)		—			(42	)
Issuance of common stock for acquiree consideration		—		—		29			—		—		—			41			—			—			41			—			41
Preferred stock dividends paid in stock		—		—		64			—		—		—			89			—			—			89			—			89
Preferred stock dividends accrued		—		—		—			—		—		—			—			(89	)		—			(89	)		—			(89	)
Net loss (income)		—		—		—			—		—		—			—			(3,073	)		—			(3,073	)		23			(3,050	)
Balances as of June 30, 2024		1	$	3,559		15,608		$	194		473	$	(12,166	)	$	546,554		$	(507,315	)	$	(290	)	$	30,536		$	(1,099	)	$	29,437
Foreign exchange translation		—		—		—			—		—		—			—			—			(7	)		(7	)		—			(7	)
Stock-based compensation		—		—		—			—		—		—			503			—			—			503			—			503
Issuance of Class A common stock for earnout commitment		—		—		108			—		—		—			88			—			—			88			—			88
Treasury stock acquired		—		—		(31	)		—		31		(27	)		—			—			—			(27	)		—			(27	)
Preferred stock dividends paid in stock		—		—		100			—		—		—			89			—			—			89			—			89
Preferred stock dividends accrued		—		—		—			—		—		—			—			(89	)		—			(89	)		—			(89	)
Net loss (income)		—		—		—			—		—		—			—			(1,287	)		—			(1,287	)		84			(1,203	)
Balances as of September 30, 2024		1	$	3,559		15,785		$	194		504	$	(12,193	)	$	547,234		$	(508,691	)	$	(297	)	$	29,806		$	(1,015	)	$	28,791
Foreign exchange translation		—		—		—			—		—		—			—			—			(9	)		(9	)		—			(9	)
Stock-based compensation		—		—		—			—		—		—			490			—			—			490			—			490
Issuance of common stock for Board of Directors compensation		—		—		74			—		—		—			—			—			—			—			—			—
Preferred stock dividends paid in stock		—		—		89			—		—		—			89			—			—			89			—			89
Preferred stock dividends accrued		—		—		—			—		—		—			—			(89	)		—			(89	)		—			(89	)
Exercise of common stock warrant		—		—		10			—		—		—			30			—			—			30			—			30
Net income		—		—		—			—		—		—			—			7,113			—			7,113			48			7,161
Balances as of December 31, 2024		1	$	3,559		15,958		$	194		504	$	(12,193	)	$	547,843		$	(501,667	)	$	(306	)	$	37,430		$	(967	)	$	36,463

See accompanying Notes to Condensed Consolidated Financial Statements.

Cineverse Corp.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. NATURE OF OPERATIONS AND LIQUIDITY

Cineverse Corp. (“Cineverse”, “us”, “our”, "we", and “Company” refers to Cineverse Corp. and its subsidiaries unless the context otherwise requires) was incorporated in Delaware on March 31, 2000.

The Company has a long legacy in using technology to transform the entertainment industry and played a pioneering role in transitioning movie screens from traditional analog film prints to digital distribution. Over the past several years, Cineverse has transformed itself from being a digital cinema equipment and physical content distributor to a leading independent streaming company.

Cineverse is a streaming technology and entertainment company with its core business operating as (i) a portfolio of owned and operated streaming channels with enthusiast fan bases; (ii) a large-scale global aggregator and full-service distributor of feature films and television programs; and (iii) a propr

Cineverse Corp. 10-Q