Art The Clown exploded the latest quarter for Cineverse as the company’s revenue shot higher to $40.7 million in the last three months of 2024 from $13.3 million the year earlier.
Net income swing to $7.2 million (38 cents a share) from a loss of $2.9 million, (22 cents).
“The Company is now in an extremely strong financial position with more than $13 million in cash-on-hand as of today and no debt, having a zero draw on our current $7.5 million line of credit with East West Bank. We have multiple alternatives to further expand our credit if necessary and have no plans at this time to issue equity to fund our current operations.”
The shares, which at this time last year were in danger of falling short of compliance with Nasdaq market’s listing requirements, popped 5% after market to $4.75 on the numbers.
Terrifier franchise creator, writer and director Damien Leone is currently working on script for Terrifier 4, Cineverse CEO Chris McGurk said on a call with analysts.
Total investment in Terrifier 3 – both acquisition and marketing — was below $5 million, he said. The film, released in October, grossed close to $54 million domestic ($90 million worldwide).
The company plans to ramp up its release slate to 8 to 10 films a year, McGurk said, sticking to the low budget model. It’s announced Silent Night Deadly Night, a re-interpretation of the controversial horror film, in the next fiscal year’s third quarter and The Toxic Avenger, produced by Legendary Films in August of 2025. It will release Wolf Creek: Legacy, the third installment of the Australian Outback horror/thriller film, in 2026.
In addition, based on the results of Terrifier 2 and Terrifier 3, other major studios are now utilizing Cineverse’s new media ecosystem to market releases.
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