Revenue volatility remains a critical concern, highlighted by a 2026Q1 contraction to negative $18.7 million alongside SG&A expenses that consistently outpace gross profit.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 11.13M | 39.35M | 32.59M | 44.09M | 62.3M | 7.87M | 2.48M | 5.91M | 993.45K | 5.34M | 866.88K | 907.98K | 925.79K | 2.56M |
| Revenue Growth % | -69.11% | 20.75% | -26.07% | -29.24% | 691.3% | 217.08% | -57.97% | 494.68% | -81.38% | 515.51% | -4.53% | -1.92% | -63.79% | - |
| Cost of Goods Sold | 24.88M | 26.83M | 23.13M | 40.4M | 49.36M | 21.99M | 2.12M | 4.57M | 1.63M | 4.38M | 421.9K | 200.42K | 674.96K | 1.5M |
| COGS % of Revenue | - | 68.18% | 70.98% | 91.64% | 79.23% | 279.27% | 85.54% | 77.33% | 163.57% | 82.15% | 48.67% | 22.07% | 72.91% | 58.84% |
| Gross Profit | -13.74M | 12.52M | 9.46M | 3.69M | 12.94M | -14.11M | 359K | 1.34M | -631.58K | 952.38K | 444.97K | 707.57K | 250.82K | 1.05M |
| Gross Margin % | -123.52% | 31.82% | 29.02% | 8.36% | 20.77% | -179.27% | 14.46% | 22.67% | -63.57% | 17.85% | 51.33% | 77.93% | 27.09% | 41.16% |
| Gross Profit Growth % | - | 32.43% | 156.57% | -71.51% | 191.67% | -4031.48% | -73.2% | 312.07% | -166.32% | 114.03% | -37.11% | 182.1% | -76.17% | - |
| Operating Expenses | 24.08M | 24.67M | 26.45M | 76.06M | 56.66M | 49.64M | 18.24M | 7.85M | 5.63M | 5.87M | 6.91M | 4.16M | 3.94M | 6.47M |
| OpEx % of Revenue | - | 62.7% | 81.17% | 172.52% | 90.95% | 630.5% | 734.64% | 132.8% | 566.97% | 109.94% | 797.1% | 458.53% | 425.78% | 253.21% |
| Selling, General & Admin | 24.1M | 24.67M | 26.45M | 37.98M | 47.69M | 41.41M | 18.24M | 7.85M | 5.72M | 5.87M | 6.91M | 4.24M | 3.72M | 3.11M |
| SG&A % of Revenue | - | 62.7% | 81.17% | 86.14% | 76.54% | 525.96% | 734.64% | 132.8% | 575.86% | 109.94% | 797.1% | 467.4% | 401.72% | 121.83% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 139.08K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 5.44% |
| Other Operating Expenses | -21K | 0 | 0 | 38.08M | 8.97M | 8.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -37.83M | -12.15M | -17M | -72.37M | -43.72M | -63.75M | -17.88M | -6.51M | -6.26M | -4.91M | -6.46M | -3.54M | -3.65M | -2.36M |
| Operating Margin % | -340.05% | -30.87% | -52.15% | -164.16% | -70.18% | -809.77% | -720.18% | -110.13% | -630.55% | -92.09% | -745.77% | -389.47% | -394.41% | -92.38% |
| Operating Income Growth % | - | 28.52% | 76.52% | -65.53% | 31.42% | -256.52% | -174.83% | -3.87% | -27.48% | 23.99% | -82.81% | 3.15% | -54.6% | - |
| EBITDA | -32.98M | -7.57M | -12.62M | -66.41M | -32.8M | -61.52M | -16.52M | -3.94M | -5.1M | -2.25M | -6.15M | -3.4M | -3.54M | -2.2M |
| EBITDA Margin % | -296.47% | -19.23% | -38.72% | -150.65% | -52.66% | -781.38% | -665.44% | -66.61% | -512.97% | -42.23% | -709.95% | -374.72% | -382.56% | -86.1% |
| EBITDA Growth % | -241.71% | 40.02% | 81% | -102.45% | 46.67% | -272.32% | -319.86% | 22.78% | -126.19% | 63.39% | -80.88% | 3.93% | -60.9% | - |
| D&A (Non-Cash Add-back) | 4.85M | 4.58M | 4.38M | 5.96M | 10.91M | 2.23M | 1.36M | 2.57M | 1.17M | 2.66M | 310.48K | 133.91K | 109.75K | 160.65K |
| EBIT | -46.46M | -24.16M | -20.12M | -74.86M | -41.98M | -126.35M | -400.49M | -10.67M | -7.98M | -4.91M | -6.2M | -3.46M | -3.69M | -5.42M |
| Net Interest Income | -726K | -602K | -698K | -2.69M | -1.43M | 539K | -1.03M | -792.16K | -1.02M | -3.23K | -11.18K | -36.65K | -37.59K | -1.69M |
| Interest Income | 57K | 76K | 168K | 622K | 1.01M | 559K | 145K | 15.04K | 0 | 0 | 0 | 27.33K | 0 | 0 |
| Interest Expense | 783K | 678K | 866K | 3.31M | 2.44M | 20K | 1.18M | 807.21K | 1.02M | 3.23K | 11.18K | 27.33K | 37.59K | 1.69M |
| Other Income/Expense | 13.19M | -12.68M | -3.99M | -5.8M | -704K | -62.61M | -383.79M | -4.97M | -2.74M | 5.05K | 251.73K | 53.22K | -77.17K | -4.75M |
| Pretax Income | -24.65M | -24.83M | -20.98M | -78.17M | -44.42M | -126.37M | -401.67M | -11.48M | -9M | -4.91M | -6.21M | -3.48M | -3.73M | -7.11M |
| Pretax Margin % | -221.53% | -63.1% | -64.39% | -177.33% | -71.31% | -1605.07% | -16176.8% | -194.34% | -906.32% | -92% | -716.73% | -383.61% | -402.75% | -278.3% |
| Income Tax | -135K | -135K | -43K | -973K | 105K | 0 | 0 | 0 | -2 | 0 | 5 | 3.78M | 0 | 0 |
| Effective Tax Rate % | 0.55% | 0.54% | 0.2% | 1.24% | -0.24% | 0% | 0% | 0% | 0% | 0% | -0% | -108.63% | 0% | 0% |
| Net Income | -24.37M | -24.53M | -20.74M | -77.1M | -45.59M | -126.29M | -401.67M | -11.48M | -9M | -4.91M | -6.21M | -7.27M | -3.73M | -7.11M |
| Net Margin % | -219.05% | -62.34% | -63.63% | -174.9% | -73.19% | -1604.1% | -16176.8% | -194.34% | -906.32% | -92% | -716.73% | -800.34% | -402.75% | -278.3% |
| Net Income Growth % | -20.53% | -18.29% | 73.1% | -69.1% | 63.9% | 68.56% | -3398.49% | -27.51% | -83.43% | 20.99% | 14.5% | -94.9% | 47.59% | - |
| Net Income (Continuing) | -24.51M | -24.7M | -20.94M | -77.2M | -44.53M | -126.37M | -401.67M | -11.48M | -9M | -4.91M | -6.21M | -3.48M | -3.73M | -7.11M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.28M | 1.32M | 1.49M | 1.69M | 1.79M | 1.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.39 | -0.49 | -0.54 | -2.29 | -1.45 | -4.24 | -28.20 | -9.64 | -10.28 | -8.07 | -15.87 | -29.06 | -17.88 | -150.99 |
| EPS Growth % | 3.32% | 9.26% | 76.42% | -57.93% | 65.8% | 84.96% | -192.53% | 6.23% | -27.39% | 49.15% | 45.39% | -62.53% | 88.16% | - |
| EPS (Basic) | - | -0.49 | -0.54 | -2.29 | -1.45 | -4.24 | -28.20 | -9.64 | -10.28 | -8.07 | -15.87 | -29.06 | -17.88 | -150.99 |
| Diluted Shares Outstanding | 62.74M | 50.23M | 38.41M | 33.67M | 31.39M | 29.75M | 14.25M | 1.19M | 875.87K | 608.47K | 391.52K | 250.09K | 208.48K | 47.12K |
| Basic Shares Outstanding | 62.74M | 50.23M | 38.41M | 33.67M | 31.39M | 29.75M | 14.25M | 1.19M | 875.87K | 608.47K | 391.52K | 250.09K | 208.48K | 47.12K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and operational sustainability
As reported in recent financial filings, Kartoon Studios experienced a significant revenue contraction in 2026Q1, with figures dropping to negative $18.7 million, highlighting the inherent instability of a project-based revenue model that lacks the consistent, recurring inflows necessary to support its current operational scale and content investment.
The erratic revenue performance suggests that the company's reliance on episodic licensing and production services creates lumpy, unpredictable top-line results. Investors should monitor whether this volatility reflects genuine demand shifts or merely the timing of complex accounting recognition for content delivery.
Based on the provided income statement data, gross margins have fluctuated significantly, hovering around the 30% level in most quarters, which indicates that the cost of content production remains high relative to the revenue generated by the company's current portfolio of celebrity-anchored intellectual property assets.
The inability to consistently expand gross margins suggests that the company faces high variable costs in its production services segment. This structural limitation implies that achieving profitability will require a fundamental shift toward higher-margin digital distribution rather than labor-intensive content creation.
According to historical income statements, Kartoon Studios consistently reports negative operating margins, with SG&A expenses frequently exceeding gross profit, demonstrating a lack of operating leverage that leaves the firm vulnerable to continued losses despite its efforts to integrate acquired assets like WOW! Unlimited Media.
The persistent gap between gross profit and operating expenses suggests that the company's administrative and marketing overhead is currently too heavy for its revenue base. Without a significant reduction in fixed costs or a massive surge in licensing royalties, the current operating structure appears unsustainable.
As indicated by the company's recent financial performance, the combination of deeply negative operating income and a limited cash position warrants further investigation into the firm's long-term viability, as the current burn rate may necessitate further dilutive financing to maintain ongoing operations and content development.
Short-sellers would likely focus on the disconnect between the company's ambitious IP strategy and its inability to generate positive cash flow from operations. The reliance on equity-based funding to bridge this gap suggests that shareholders may face continued dilution if the core business does not reach an inflection point soon.
Quick answers to the most common questions about buying TOON stock.
For fiscal year 2025, Kartoon Studios Inc. (TOON) reported total revenue of $39.4M. This represents a 1439.3% increase compared to $2.6M in 2013.
Kartoon Studios Inc. (TOON) reported a net loss of $24.5M for the fiscal year ending 2025.
Kartoon Studios Inc. (TOON) reported an operating income of $-12.1M, resulting in an operating profit margin of -30.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Kartoon Studios Inc. (TOON) generated $12.5M in gross profit for the year, representing a gross profit margin of 31.8%. This demonstrates the company's core pricing power and production efficiency.