Monday, November 24, 2025
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Loss narrows from year earlier. The company reported Q3 revenue of $1.1 million and an adj. EBITDA loss of $0.7 million. The adj. EBITDA loss was lower than the $1.0 million loss a year earlier reflecting the company’s structural cost reductions. The revenue and adj. EBITDA were modestly lower than our estimates of $1.6 million and a loss of $0.2 million, respectively. Notably, sales for C. Wonder and Christie Brinkley’s TWRHLL were disrupted by tariff-related vendor issues and HSN’s studio transition during Q3, which have since been resolved.
Q4 largely on track. In spite of the HSN disruptions, we believe that Q4 revenue appears on target with expectations, although we are tweaking up expenses slightly to compensate for the prospect of some added transition costs. As such, we are tweaking our adj. EBITDA loss estimate modestly from $100,000 to $450,000.
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