Revenue trajectory remains highly erratic, with a 60% year-over-year decline in 2026Q3 and gross margins fluctuating between 48.5% and 79.4% over the last ten quarters.
Cineverse Corp. (CNVS) annual income statement — 24-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 |
|---|
| Sales/Revenue | 85.21M | 65.73M | 78.18M | 49.13M | 68.03M | 56.05M | 31.42M | 39.29M | 53.53M | 67.68M | 90.39M | 104.45M | 105.48M | 104.33M | 81.09M | 76.56M | 58.44M | 69.03M | 77.47M | 80.98M | 47.11M | 16.8M | 10.65M | 7.2M | 4.23M |
| Revenue Growth % | 6.28% | -15.92% | 59.13% | -27.78% | 21.36% | 78.41% | -20.04% | -26.61% | -20.9% | -25.12% | -13.46% | -0.98% | 1.11% | 28.65% | 5.92% | 31% | -15.35% | -10.88% | -4.34% | 71.9% | 180.5% | 57.68% | 47.91% | 70.32% | - |
| Cost of Goods Sold | 51.16M | 36.63M | 38.78M | 19.13M | 36.36M | 20.89M | 16.1M | 17.15M | 16.12M | 19.52M | 25.12M | 31.34M | 30.11M | 28.92M | 8.52M | 7.04M | 4.33M | 16.54M | 21.42M | 26.57M | 22.21M | 11.55M | 5.81M | 3.67M | 3.1M |
| COGS % of Revenue | - | 55.73% | 49.6% | 38.94% | 53.46% | 37.27% | 51.25% | 43.64% | 30.11% | 28.84% | 27.79% | 30.01% | 28.54% | 27.72% | 10.5% | 9.2% | 7.41% | 23.95% | 27.65% | 32.81% | 47.15% | 68.77% | 54.56% | 50.92% | 73.34% |
| Gross Profit | 34.05M | 29.1M | 39.41M | 30M | 31.66M | 35.16M | 15.32M | 22.14M | 37.41M | 48.16M | 65.27M | 73.11M | 75.38M | 75.41M | 72.58M | 69.52M | 54.11M | 52.5M | 56.04M | 54.41M | 24.9M | 5.25M | 4.84M | 3.53M | 1.13M |
| Gross Margin % | 39.95% | 44.27% | 50.4% | 61.06% | 46.54% | 62.73% | 48.75% | 56.36% | 69.89% | 71.16% | 72.21% | 69.99% | 71.46% | 72.28% | 89.5% | 90.8% | 92.59% | 76.05% | 72.35% | 67.19% | 52.85% | 31.23% | 45.44% | 49.08% | 26.66% |
| Gross Profit Growth % | - | -26.15% | 31.35% | -5.25% | -9.95% | 129.56% | -30.84% | -40.81% | -22.31% | -26.22% | -10.72% | -3.01% | -0.04% | 3.9% | 4.4% | 28.47% | 3.07% | -6.32% | 2.99% | 118.57% | 374.66% | 8.37% | 36.96% | 213.58% | - |
| Operating Expenses | 46.97M | 41.67M | 31.48M | 31.68M | 38.11M | 34.12M | 28.79M | 26.49M | 43.03M | 47.44M | 58.52M | 94.25M | 84.22M | 69.02M | 60.04M | 54.32M | 45.83M | 52.18M | 59.55M | 60.34M | 42.7M | 14.46M | 10.54M | 6.04M | 4.09M |
| OpEx % of Revenue | - | 63.39% | 40.27% | 64.47% | 56.02% | 60.86% | 91.63% | 67.43% | 80.38% | 70.09% | 64.73% | 90.24% | 79.84% | 66.16% | 74.04% | 70.95% | 78.42% | 75.58% | 76.87% | 74.51% | 90.63% | 86.09% | 98.96% | 83.86% | 96.76% |
| Selling, General & Admin | 42.04M | 41.67M | 22.45M | 22.96M | 30.54M | 26.58M | 21.87M | 16.34M | 27.66M | 28.45M | 23.78M | 33.37M | 31.12M | 26.33M | 20.8M | 15.72M | 11.78M | 16.13M | 18.76M | 23.62M | 22.33M | 9.16M | 6.25M | 3.29M | 2.4M |
| SG&A % of Revenue | - | 63.39% | 28.72% | 46.73% | 44.89% | 47.43% | 69.61% | 41.6% | 51.67% | 42.04% | 26.3% | 31.95% | 29.5% | 25.24% | 25.66% | 20.53% | 20.15% | 23.37% | 24.22% | 29.17% | 47.41% | 54.53% | 58.69% | 45.72% | 56.86% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 144K | 175K | 256K | 260K | 188K | 162K | 330K | 300K | 666K | 55K | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.18% | 0.23% | 0.44% | 0.38% | 0.24% | 0.2% | 0.7% | 1.79% | 6.25% | 0.76% | - |
| Other Operating Expenses | 2M | 0 | 9.03M | 8.72M | 7.57M | 7.53M | 6.92M | 10.15M | 15.37M | 18.98M | 34.74M | 60.89M | 53.1M | 42.69M | 39.09M | 38.43M | 33.8M | 35.78M | 40.6M | 36.56M | 20.03M | 5M | 3.62M | 2.69M | 1.69M |
| Operating Income | -12.93M | -12.57M | 7.92M | -1.68M | -6.45M | 1.04M | -13.47M | -4.35M | -5.62M | 723K | 6.76M | -21.15M | -8.84M | 6.39M | 12.54M | 15.19M | 8.28M | 323K | -3.51M | -5.93M | -17.8M | -9.21M | -5.7M | -2.5M | -2.96M |
| Operating Margin % | -15.17% | -19.12% | 10.14% | -3.41% | -9.47% | 1.86% | -42.88% | -11.07% | -10.49% | 1.07% | 7.48% | -20.25% | -8.38% | 6.12% | 15.46% | 19.85% | 14.17% | 0.47% | -4.53% | -7.32% | -37.78% | -54.86% | -53.52% | -34.79% | -70.1% |
| Operating Income Growth % | - | -258.62% | 573.07% | 74.01% | -717.93% | 107.74% | -209.8% | 22.59% | -877.04% | -89.3% | 131.95% | -139.15% | -238.46% | -49.08% | -17.47% | 83.48% | 2463.78% | 109.21% | 40.83% | 66.69% | -93.18% | -61.65% | -127.54% | 15.49% | - |
| EBITDA | -5.2M | -6.6M | 11.72M | 2.1M | -2.62M | 5.61M | -6.55M | 5.04M | 8.13M | 18.71M | 40.2M | 22.05M | 34.54M | 48.34M | 51.77M | 54.98M | 46.24M | 36.99M | 33.13M | 28.24M | 512K | -3.98M | -2.02M | 305K | -1.28M |
| EBITDA Margin % | -6.1% | -10.04% | 14.99% | 4.27% | -3.85% | 10.01% | -20.86% | 12.83% | 15.19% | 27.65% | 44.47% | 21.11% | 32.75% | 46.34% | 63.84% | 71.82% | 79.13% | 53.59% | 42.77% | 34.87% | 1.09% | -23.68% | -18.96% | 4.24% | -30.2% |
| EBITDA Growth % | -147.29% | -156.28% | 459.21% | 180.12% | -146.64% | 185.58% | -229.96% | -37.99% | -56.54% | -53.44% | 82.3% | -36.16% | -28.55% | -6.62% | -5.84% | 18.89% | 25% | 11.65% | 17.35% | 5414.84% | 112.87% | -96.98% | -761.97% | 123.88% | - |
| D&A (Non-Cash Add-back) | 7.72M | 5.97M | 3.8M | 3.77M | 3.83M | 4.57M | 6.92M | 9.39M | 13.75M | 17.99M | 33.44M | 43.2M | 43.38M | 41.96M | 39.23M | 39.79M | 37.96M | 36.67M | 36.64M | 34.16M | 18.31M | 5.24M | 3.68M | 2.81M | 1.69M |
| EBIT | -12.9M | -12.57M | 8.23M | -20.19M | -8.29M | 1.84M | -59.13M | -7.15M | -5.68M | -3.84M | 4.12M | -21.52M | -9.08M | 5.79M | 3.17M | 15.94M | 9.68M | 323K | 1.06M | -4.34M | -17.8M | -9.21M | -5.7M | -2.5M | -2.96M |
| Net Interest Income | -1.29M | -457K | -4.37M | -1.07M | -1.29M | -356K | -4.05M | -7.24M | -10.26M | -18.7M | -24.41M | -20.56M | -19.8M | -19.66M | -28.27M | -29.76M | -26.84M | -33.35M | -26.11M | -27.92M | -7.75M | -3.33M | -1.43M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 37K | 21K | 36K | 57K | 73K | 82K | 101K | 98K | 48K | 140K | 154K | 313K | 371K | 1.41M | 1.43M | 316K | 5K | 0 | 0 |
| Interest Expense | 1.29M | 457K | 4.37M | 1.07M | 1.29M | 356K | 4.09M | 7.26M | 10.29M | 14.25M | 19.07M | 20.64M | 19.9M | 19.75M | 28.31M | 29.9M | 26.99M | 33.66M | 26.48M | 29.33M | 9.18M | 3.64M | 1.44M | 0 | 0 |
| Other Income/Expense | -744K | 1.07M | -4.05M | -19.58M | -3.13M | 440K | -49.75M | -10.06M | -10.35M | -18.82M | -21.7M | -21.02M | -20.13M | -20.35M | -37.69M | -29.16M | -8.28M | -323K | 3.51M | 5.93M | -8.2M | -7.91M | -1.41M | -2.51M | -625K |
| Pretax Income | -13.67M | -11.5M | 3.87M | -21.25M | -9.57M | 1.48M | -63.22M | -14.41M | -15.97M | -18.09M | -14.95M | -42.16M | -28.98M | -13.96M | -25.15M | -13.96M | 0 | 0 | 0 | 0 | -26M | -17.12M | -7.11M | -5.02M | -3.59M |
| Pretax Margin % | -16.04% | -17.5% | 4.95% | -43.26% | -14.08% | 2.65% | -201.22% | -36.68% | -29.83% | -26.73% | -16.53% | -40.37% | -27.47% | -13.38% | -31.01% | -18.24% | - | - | - | - | -55.19% | -101.95% | -66.74% | -69.67% | -84.89% |
| Income Tax | -2.84M | -2.84M | 106K | 10K | 119K | -788K | -315K | 313K | 295K | 401K | 252K | 345K | 0 | 0 | -4.94M | 0 | 0 | 0 | 0 | 0 | 0 | -311K | -311K | -212K | -185K |
| Effective Tax Rate % | 20.76% | 24.72% | 2.74% | -0.05% | -1.24% | -53.14% | 0.5% | -2.17% | -1.85% | -2.22% | -1.69% | -0.82% | 0% | 0% | 19.66% | 0% | - | - | - | - | 0% | 1.82% | 4.37% | 4.23% | 5.15% |
| Net Income | -10.96M | -8.84M | 3.6M | -21.41M | -9.73M | 2.21M | -62.82M | -14.73M | -16.23M | -18.45M | -15.13M | -41.74M | -31.31M | -25.86M | -21.07M | -23.04M | -29.24M | -29.51M | -37.37M | -35.69M | -26M | -16.81M | -6.79M | -4.8M | -3.4M |
| Net Margin % | -12.87% | -13.44% | 4.61% | -43.57% | -14.31% | 3.95% | -199.94% | -37.5% | -30.32% | -27.27% | -16.74% | -39.96% | -29.68% | -24.79% | -25.98% | -30.1% | -50.03% | -42.74% | -48.24% | -44.07% | -55.19% | -100.1% | -63.73% | -66.73% | -80.51% |
| Net Income Growth % | -451.78% | -345.28% | 116.83% | -119.92% | -540.05% | 103.52% | -326.36% | 9.23% | 12.04% | -21.98% | 63.76% | -33.33% | -21.05% | -22.78% | 8.57% | 21.19% | 0.92% | 21.03% | -4.71% | -37.26% | -54.65% | -147.67% | -41.27% | -41.16% | - |
| Net Income (Continuing) | -10.83M | -8.66M | 3.76M | -21.27M | -9.69M | 2.27M | -62.91M | -14.72M | -16.27M | -18.5M | -15.2M | -42.51M | -28.98M | -13.96M | -20.2M | -13.96M | -21.62M | -28.49M | -34.9M | -35.69M | -26M | -16.81M | -6.79M | -4.8M | -3.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.19M | -11.9M | -861K | -9.08M | -7.62M | -1.02M | -2.47M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | -952K | -960K | -1.12M | -1.26M | -1.3M | -1.36M | -1.28M | -1.29M | -1.25M | -1.21M | -1.19M | -178K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 0 |
| EPS (Diluted) | -0.53 | -0.49 | 0.16 | -1.78 | -1.13 | 0.20 | -9.89 | -6.70 | -8.56 | -15.97 | -37.59 | -130.20 | -82.40 | -92.00 | -90.00 | -130.00 | -192.44 | -208.00 | -272.36 | -280.00 | -220.00 | -244.00 | -140.00 | -274.00 | -282.00 |
| EPS Growth % | -514.83% | -406.25% | 108.99% | -57.52% | -665% | 102.02% | -47.61% | 21.73% | 46.4% | 57.52% | 71.13% | -58.01% | 10.43% | -2.22% | 30.77% | 32.45% | 7.48% | 23.63% | 2.73% | -27.27% | 9.84% | -74.29% | 48.91% | 2.84% | - |
| EPS (Basic) | - | -0.49 | 0.18 | -1.78 | -1.13 | 0.21 | -9.89 | -6.70 | -8.56 | -15.97 | -37.59 | -130.20 | -82.40 | -92.00 | -90.00 | -130.00 | -192.00 | -208.00 | -272.00 | -280.00 | -220.00 | -244.00 | -140.00 | -274.00 | -282.00 |
| Diluted Shares Outstanding | 20.67M | 18.78M | 17.82M | 12.25M | 8.89M | 8.69M | 6.39M | 2.2M | 1.9M | 1.16M | 402.46K | 323.4K | 383.93K | 285.42K | 237.59K | 181.29K | 153.97K | 143.12K | 137.38K | 127.88K | 118.65K | 70.43K | 48.34K | 24.13K | 15.14K |
| Basic Shares Outstanding | 20.67M | 18.78M | 15.81M | 12.25M | 8.89M | 8.53M | 6.39M | 2.2M | 1.9M | 1.16M | 402.46K | 323.4K | 383.93K | 285.42K | 237.59K | 181.29K | 153.97K | 143.12K | 137.38K | 127.88K | 118.65K | 70.43K | 48.34K | 24.13K | 15.14K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CNVS stock.
For fiscal year 2026, Cineverse Corp. (CNVS) reported total revenue of $65.7M. This represents a 1454.7% increase compared to $4.2M in 2003.
Cineverse Corp. (CNVS) reported a net loss of $8.8M for the fiscal year ending 2026.
Cineverse Corp. (CNVS) reported an operating income of $-12.6M, resulting in an operating profit margin of -19.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Cineverse Corp. (CNVS) generated $29.1M in gross profit for the year, representing a gross profit margin of 44.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile Revenue and Margins
Metrics are mathematically derived from official filings.
Top Line Volatility Persists
As reported in recent financial filings, Cineverse's revenue trajectory remains highly erratic, evidenced by a 60% year-over-year decline in 2026Q3, which underscores the difficulty in maintaining consistent growth within the competitive and fragmented FAST streaming landscape compared to the prior year's peak performance.
The significant revenue swings suggest that the company's reliance on ad-supported streaming and content licensing is subject to extreme quarterly fluctuations. Investors should monitor whether this volatility stems from structural churn in the viewer base or the inherent unpredictability of ad-fill rates across third-party platforms.
Structural Margin Instability Observed
Based on the provided income statement data, gross margins have fluctuated wildly between 48.5% and 79.4% over the last ten quarters, indicating that the company lacks the pricing power or cost predictability required to maintain a stable margin profile in its current streaming-centric business model.
The wide variance in gross margins suggests that Cineverse is highly sensitive to the underlying economics of its content distribution agreements and royalty obligations. This instability implies that the company may struggle to achieve consistent profitability until it can secure more favorable, long-term revenue-sharing terms with major streaming gateways.
Operating Leverage Remains Elusive
According to the company's historical income statements, operating income has failed to scale consistently with gross profit, as evidenced by the return to negative operating margins in 2026Q3, suggesting that corporate overhead and SG&A expenses continue to outpace the company's ability to generate sustainable operating leverage.
The inability to maintain positive operating margins during periods of revenue contraction highlights a high fixed-cost burden that weighs heavily on the bottom line. This pattern warrants further investigation into whether the company's current SG&A structure is appropriately sized for its actual, rather than projected, revenue scale.
Sustainability of Profitability Questioned
Data from the most recent quarterly reports indicates that the brief period of profitability seen in 2025Q4 and 2025Q3 appears to be an outlier, as the company has reverted to net losses, suggesting that the current business model may not yet be structurally profitable at its current scale.
Short-sellers would likely focus on the rapid reversal from net income to net losses, which may indicate that the company's recent operational improvements were temporary or driven by non-recurring factors. The lack of consistent earnings growth suggests that the market's valuation of the company's long-term potential may be overly optimistic.