Cinedigm said it cut its losses as revenue grew 42% in the third quarter.
The third quarter net loss was $500,000, or less than a penny a share, compared to $9.7 million, or 7 cents a share, a year ago.
Revenue rose 42% to $14.1 million.
The company said streaming revenues were up 104% from a year ago, with ad supported streaming revenue up 110% and subscription streaming revenue up 109%.
Also: Cinedigm Acquiring Digital Media Rights, Adding 10 Additional Streaming Channels
"We had our strongest results ever in streaming this quarter, registering triple-digit growth for the fourth quarter in a row," said CEO Chris McGurk. "We have a unique strategy and portfolio business model in technology, content and streaming that provides multiple revenue streams to fuel this record growth and separates us from others in the space. We also have a strong balance sheet with zero debt and are profitable year to-date. Clearly, we continue to fire on all cylinders."
Cinedigm said total streaming minutes in the quarter rose 47% to 1.33 billion. Total monthly ad-supported streaming channel viewers in the quarter increased 44% to 33 million.
Total subscribers to the company’s subscription video streaming services jumped 446% to 954,000. ■
