Detailed financial statements for Cineverse Corp. (CNVS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Cineverse Corp. operates as a dynamic streaming technology and entertainment enterprise. Leveraging its proprietary, in-house technology platform, the company owns and manages a diverse portfolio of streaming channels. Its offerings encompass a wide array of curated content, distributed through various models including subscription video on demand (SVOD), ad-supported video on demand (AVOD), and free ad-supported streaming television (FAST) channels.
Analysis Summary
Cineverse Corp. reported revenue of $65.7M in the most recent fiscal year, growing at a 5-year CAGR of 15.9%.
Trailing-twelve-month margins: gross margin 40.0%, operating margin -15.2%, net margin -12.9%.
At the current price of $2.14, CNVS has negative trailing earnings (P/E not meaningful) and an ROE of -27.24%. Market capitalisation stands at $50M.
Balance sheet quality for CNVS: current ratio of 0.8, net debt of $19.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $90.4M | $67.7M | $53.5M | $39.3M | $31.4M | $56.1M | $68.0M | $49.1M | $78.2M | $65.7M |
| Cost of Revenue | $25.1M | $19.5M | $16.1M | $17.1M | $16.1M | $20.9M | $36.4M | $19.1M | $38.8M | $36.6M |
| Gross Profit | $65.3M | $48.2M | $37.4M | $22.1M | $15.3M | $35.2M | $31.7M | $30.0M | $39.4M | $29.1M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $23.8M | $28.5M | $27.7M | $16.3M | $21.9M | $26.6M | $30.5M | $23.0M | $22.5M | $41.7M |
| Operating Expenses | $58.5M | $47.4M | $43.0M | $26.5M | $28.8M | $34.1M | $38.1M | $31.7M | $31.5M | $41.7M |
| Operating Income | $6.8M | $723000 | -$5.6M | -$4.3M | -$13.5M | $1.0M | -$6.4M | -$1.7M | $7.9M | -$12.6M |
| EBITDA | $37.6M | $14.1M | $8.1M | $2.2M | -$52.2M | $6.4M | -$4.5M | -$16.4M | $12.0M | -$6.6M |
| Interest Expense | $19.1M | $14.2M | $10.3M | $7.3M | $4.1M | $356000 | $1.3M | $1.1M | $4.4M | $457000 |
| Pre-tax Income | -$14.9M | -$18.1M | -$16.0M | -$14.4M | -$63.2M | $1.5M | -$9.6M | -$21.3M | $3.9M | -$11.5M |
| Income Tax | $252000 | $401000 | $295000 | $313000 | -$315000 | -$788000 | $119000 | $10000 | $106000 | -$2.8M |
| Net Income | -$15.1M | -$18.5M | -$16.2M | -$14.7M | -$62.8M | $2.2M | -$9.7M | -$21.4M | $3.6M | -$8.8M |
| EPS | $-37.59 | $-15.97 | $-8.56 | $-6.70 | $-9.89 | $0.21 | $-1.13 | $-1.78 | $0.18 | $-0.49 |
| EPS (Diluted) | $-37.59 | $-15.97 | $-8.56 | $-6.70 | $-9.89 | $0.20 | $-1.13 | $-1.78 | $0.16 | $-0.49 |
| Shares Outstanding (Diluted) | $402458 | $1.2M | $1.9M | $2.2M | $6.4M | $8.7M | $8.9M | $12.3M | $17.8M | $18.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $12.4M | $16.3M | $26.0M | $30.6M |
| Gross Profit | $7.1M | $11.2M | $7.8M | $7.8M |
| Operating Income | -$5.4M | -$656000 | -$3.5M | -$3.3M |
| EBITDA | -$4.2M | $542000 | -$987000 | -$496000 |
| Net Income | -$5.6M | -$924000 | $1.2M | -$5.7M |
| EPS | $-0.31 | $-0.05 | $0.06 | $-0.28 |
| EPS (Diluted) | $-0.31 | $-0.05 | $0.05 | $-0.28 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $12.6M | $18.0M | $17.9M | $14.3M | $16.8M | $13.1M | $7.2M | $5.2M | $13.9M | $3.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $63.7M | $49.7M | $41.2M | $38.3M | $23.5M | $35.9M | $25.0M | $16.8M | $15.8M | $38.6M |
| Inventory | $1.1M | $792000 | $673000 | $582000 | $166000 | $116000 | $207000 | 0 | 0 | 0 |
| Total Current Assets | $86.5M | $74.2M | $64.9M | $61.1M | $43.1M | $52.2M | $37.6M | $32.7M | $38.1M | $50.8M |
| Property, Plant & Equipment | $33.1M | $21.5M | $14.0M | $9.2M | $3.6M | $2.0M | $3.1M | $3.1M | $2.9M | $4.3M |
| Goodwill | $8.7M | $8.7M | $8.7M | $8.7M | $8.7M | $21.1M | $20.8M | $6.8M | $6.8M | $21.2M |
| Intangible Assets | 0 | 0 | 0 | 0 | $9.9M | $20.0M | $19.9M | $18.3M | $18.2M | $44.1M |
| Total Assets | $151.3M | $121.2M | $98.8M | $110.4M | $75.4M | $104.6M | $88.1M | $64.4M | $72.5M | $130.3M |
| Accounts Payable | $65.5M | $60.8M | $61.0M | $70.3M | $30.1M | $34.2M | $15.0M | $5.8M | $7.3M | $7.3M |
| Short-term Debt | $25.7M | $5.3M | $43.3M | $48.7M | $9.7M | 0 | $4.9M | $6.3M | 0 | $9.4M |
| Total Current Liabilities | $101.9M | $76.3M | $113.7M | $128.0M | $57.4M | $57.0M | $45.3M | $31.2M | $34.4M | $63.0M |
| Long-term Debt | $114.4M | $63.0M | $19.1M | 0 | $2.2M | 0 | 0 | 0 | 0 | $12.5M |
| Total Liabilities | $222.0M | $143.5M | $135.4M | $129.7M | $59.6M | $63.7M | $49.0M | $32.2M | $34.7M | $86.9M |
| Retained Earnings | -$360.4M | -$379.2M | -$395.8M | -$410.9M | -$474.1M | -$472.3M | -$482.4M | -$504.2M | -$500.9M | -$510.1M |
| Total Equity | -$69.5M | -$21.0M | -$35.3M | -$18.0M | $17.2M | $42.3M | $40.3M | $33.3M | $38.8M | $44.3M |
| Total Debt | $140.2M | $68.3M | $62.5M | $50.0M | $12.0M | $749000 | $6.2M | $7.2M | $462000 | $22.4M |
| Net Debt | $127.6M | $50.3M | $44.6M | $35.7M | -$4.9M | -$12.3M | -$947000 | $2.0M | -$13.5M | $19.0M |
| Working Capital | -$15.4M | -$2.2M | -$48.8M | -$67.0M | -$14.2M | -$4.8M | -$7.8M | $1.5M | $3.6M | -$12.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $2.3M | $2.5M | $3.4M | $4.3M |
| Total Assets | $61.9M | $68.6M | $130.3M | $135.2M |
| Total Liabilities | $24.8M | $30.8M | $86.9M | $95.1M |
| Total Equity | $38.0M | $38.6M | $44.3M | $40.1M |
| Total Debt | $7.2M | $8.9M | $22.4M | $26.1M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | -$15.1M | -$18.5M | -$16.2M | -$4.4M | -$62.8M | $2.3M | -$9.7M | -$21.3M | $3.8M | -$8.8M |
| Depreciation & Amortization | $33.4M | $18.0M | $13.8M | $9.4M | $6.9M | $4.6M | $3.8M | $3.8M | $3.8M | $6.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $2.9M | $5.5M | $4.5M | $1.5M | $1.9M | 0 |
| Change in Working Capital | $3.4M | $12.0M | $6.3M | $7.9M | -$13.5M | -$7.2M | -$10.8M | -$11.5M | $10.4M | -$19.3M |
| Operating Cash Flow | $31.7M | $22.4M | $11.1M | $7.8M | -$20.0M | $4.9M | -$9.0M | -$10.6M | $17.4M | -$26.5M |
| Capital Expenditure | -$486000 | -$931000 | -$2.0M | -$1.2M | -$2.6M | -$641000 | -$1.3M | -$1.1M | -$1.2M | -$4.4M |
| Acquisitions | $39000 | 0 | 0 | 0 | $84000 | -$11.7M | 0 | 0 | 0 | -$10.0M |
| Stock Repurchased | 0 | -$163000 | 0 | 0 | 0 | 0 | 0 | 0 | -$215000 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $31.2M | $21.5M | $9.1M | $6.5M | -$22.6M | $4.2M | -$10.2M | -$11.7M | $16.2M | -$30.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$7.2M | -$1.6M | -$3.2M | -$994000 |
| Capital Expenditure | -$841000 | -$577000 | -$2.9M | -$426000 |
| Free Cash Flow | -$8.0M | -$2.2M | -$6.1M | -$1.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | -25.1% | -20.9% | -26.6% | -20.0% | +78.4% | +21.4% | -27.8% | +59.1% | -15.9% |
| Net Income Growth (YoY) | | -22.0% | +12.0% | +9.2% | -326.4% | +103.5% | -540.1% | -119.9% | +116.8% | -345.3% |
| EPS Growth (YoY) | | +57.5% | +46.4% | +21.7% | -47.6% | +102.1% | -638.1% | -57.5% | +110.1% | -372.2% |
| Shares Change (YoY) | | +187.0% | +64.1% | +16.0% | +190.4% | +36.0% | +2.3% | +37.8% | +45.4% | +5.4% |
| FCF Growth (YoY) | | -31.2% | -57.5% | -28.5% | -447.1% | +118.7% | -341.7% | -13.8% | +239.3% | -290.0% |
| Gross Margin | 72.2% | 71.2% | 69.9% | 56.4% | 48.7% | 62.7% | 46.5% | 61.1% | 50.4% | 44.3% |
| Operating Margin | 7.5% | 1.1% | -10.5% | -11.1% | -42.9% | 1.9% | -9.5% | -3.4% | 10.1% | -19.1% |
| EBITDA Margin | 41.6% | 20.9% | 15.1% | 5.7% | -166.2% | 11.4% | -6.6% | -33.4% | 15.4% | -10.0% |
| Net Margin | -16.7% | -27.3% | -30.3% | -37.5% | -199.9% | 3.9% | -14.3% | -43.6% | 4.6% | -13.4% |
| FCF Margin | 34.5% | 31.7% | 17.0% | 16.6% | -72.0% | 7.6% | -15.1% | -23.7% | 20.8% | -46.9% |
| Effective Tax Rate | -1.7% | -2.2% | -1.8% | -2.2% | 0.5% | -53.1% | -1.2% | -0.0% | 2.7% | 24.7% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $77.56 | $18.58 | $4.81 | $2.96 | $-3.54 | $0.49 | $-1.15 | $-0.95 | $0.91 | $-1.64 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $402458 | $1.2M | $1.9M | $2.2M | $6.4M | $8.5M | $8.9M | $12.3M | $15.8M | $18.8M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -27.24% |
| Return on Invested Capital | -14.04% |
| Return on Assets | -8.11% |
| Gross Margin | 39.95% |
| Operating Margin | -15.17% |
| Net Margin | -12.87% |
Financial Health
| Debt / Equity | 0.65 |
| Current Ratio | 0.75 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -0.82 | -1.72 | -4.37 | -1.07 | -3.38 | 77.14 | -7.43 | -0.80 | 17.56 | -4.90 |
| P/B | -0.18 | -1.50 | -2.01 | -0.88 | 12.38 | 3.27 | 1.85 | 0.53 | 1.29 | 1.02 |
| P/S | 0.14 | 0.47 | 1.32 | 0.40 | 6.79 | 2.47 | 1.10 | 0.36 | 0.64 | 0.69 |
| Gross Margin | 72.2% | 71.2% | 69.9% | 56.4% | 48.7% | 62.7% | 46.5% | 61.1% | 50.4% | 44.3% |
| Operating Margin | 7.5% | 1.1% | -10.5% | -11.1% | -42.9% | 1.9% | -9.5% | -3.4% | 10.1% | -19.1% |
| Net Margin | -16.7% | -27.3% | -30.3% | -37.5% | -199.9% | 3.9% | -14.3% | -43.6% | 4.6% | -13.4% |