Thursday, November 13, 2025
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overachieves fiscal first quarter. Total revenues increased a solid 10.9% to $253.9 million, better than our $244.0 million estimate, bolstered by a 59% increase in movie sales. In addition, adj. EBITDA of $12.2 million, up roughly 260% y-o-y, was better than our $9.5 million estimate, reflecting a 330 basis point improvement in margins. Figure #1 Q3 Results highlights our estimates and the recent results.
Strong movie sales likely to continue. Movie sales revenues increased 59% to $84.0 million, well above our $74.9 million estimate, a reflection of a recent licensing agreement with Paramount Pictures, and, to a smaller extent, strong Steelbook sales. The Paramount Pictures licensing revenue lift is likely to bolster total company revenues for the next few quarters.
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