Friday, November 13, 2026
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
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.
Q1’27 Results. The company reported fiscal Q1 revenue of $278.8 million, up 9.8% year over year and 3.9% above our estimate. Growth reflected stronger movie, physical music, and collectibles sales, which more than offset weakness in gaming. Adj. EBITDA increased approximately 1% to $12.3 million, while margin declined to 4.4% from 4.8% as higher operating expenses absorbed much of the gross profit increase.
Strength in Physical Media. Movie revenue increased 20% to $101.1 million, supported by expanded distribution through Paramount and Amazon MGM Studios. Higher unit sales and pricing drove vinyl and CD revenue growth of 14% and 22%, respectively. Collectibles revenue rose 87% to $11.9 million, benefiting from expanded licensed offerings and Handmade by Robots. Gaming sales declined 40%, reflecting reduced availability of Microsoft products.
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