Benzinga | Jul 30, 2021 08:56AM EDT

Cinedigm Q4 Earnings Beat Estimates, Hopes On Streaming Business Growth

* Cinedigm Corp (NASDAQ:CIDM) reported fourth-quarter FY21 revenue of $8.3 million, beating the analyst consensus of $7.7 million.

* Streaming channel revenues rose 197%, and Combined Streaming/Digital revenues increased 66% Y/Y.

* Ad-supported streaming channel (AVOD) revenues expanded 331% Y/Y. Subscription streaming channel revenues grew 117% Y/Y.

* Loss per share of $(0.04) beat the analyst consensus for a loss of $(0.05).

* The company held $17.8 million in cash and equivalents. It used $20 million in operating cash flow during FY21.

* Cinedigm reached a critical inflection point during Q4, where it generated massive growth in its streaming business, Chair and CEO Chris McGurk stated.

* The streaming/digital business was 75% of its total revenues, versus 48% last year. It expects the percentage to continue to increase as it grew the business both organically and through its streaming acquisition roll-up strategy.

* Price action: CIDM shares traded lower by 0.64% at $1.57 in the premarket session on the last check Friday.