Cineverse Corp-2026年季度报告

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required tobe submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, 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 ☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant toSection 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☐ 1. NATURE OF OPERATIONS AND LIQUIDITY Cineverse Corp. (“Cineverse”, “us”, “our”, "we", and “Company” refers to Cineverse Corp. and itssubsidiaries 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 andplayed a pioneering role in transitioning movie screens from traditional analog film prints to digitaldistribution. Over the past several years, Cineverse has transformed itself from being a digital cinema 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-scaleglobal aggregator and full-service distributor of feature films and television programs; and (iii) aproprietary technology software-as-a-service platform for over-the-top (“OTT”) app development andcontent distribution through subscription video on demand ("SVOD"), dedicated ad-supported videoon demand ("AVOD"), ad-supported streaming linear ("FAST") channels, social video streaming The Company’s streaming technology platform, known as Matchpoint™, is a software-basedstreaming operating platform which provides clients with AVOD, SVOD, transactional video ondemand ("TVOD") and linear capabilities, automates the distribution of content, and features a robustdata analytics platform. We distribute products for major brands such as Hallmark, ITV, Nelvana, ZDF, Konami, NFL andHighlander, as well as international and domestic content creators, movie producers, televisionproducers and other short-form digital content producers. We collaborate with producers, majorbrands and other content owners to market, source, curate and distribute quality content to targetedaudiences through (i) existing and emerging digital home entertainment platforms, including but not Our Class A common stock, par value $0.001 per share (the "Common Stock"), is listed on TheNasdaq Stock Market (“Nasdaq”) under the symbol “CNVS.” Financial Condition and Liquidity We have a history of net losses, and for the three and nine months ended December 31, 2025 theCompany had a net loss attributable to Common Stockholders of $(1.0) million and $(10.3) million,respectively. We may continue to generate net losses for the foreseeable future. As of December 31,2025, the Company has an accumulated deficit of $(511.2) million and negative working capital of$(1.4) million. Net cash used in operating activities for the nine months ended December 31, 2025 The Company is party to a Loan, Guaranty, and Security Agreement, as amended on April 8, 2025,with East West Bank (the "Line of Credit Facility") providing for borrowings of up to $12.5 millionguaranteed by substantially all of our material subsidiaries and secured by substantially all of our andour subsidiaries’ assets. The facility includes provisions that allow for an increase in total borrowing As of December 31, 2025, $8.3 million was outstanding on the Line of Credit Facility. Under the Lineof Credit Facility, the Company is subject to certain financial and non-financial covenants includingterms which require the Company to maintain certain metrics and ratios, to maintain certain minimumcash on hand, and to report financial information to our lender on a periodic basis. The Line of CreditFacility bears interest at a rate equal to 1.25% above the prime rate, equal to 8.0% as of December 31, On May 3, 2024, the Company entered into a sales agreement (the “2024 Sales Agreement”) withA.G.P./Alliance Global Partners and The Benchmark Company, LLC (collectively, the “SalesAgents”), pursuant to which the Company may offer and sell, from time to time, through the SalesAgents, shares of Common Stock. Shares of Common Stock may be offered and sold for an aggregateoffering price of up to $15 million. The Sales Agents’ obligations to sell shares under the 2024 Sales Cineverse Corp.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Exchange Commission (the “SEC”) on June 30, 20