Cinedigm Corp (NASDAQ:CIDM) stock fell 8.91% (As on June 28, 12:09:57 AM UTC-4, Source: Google Finance) though the company in the fourth quarter of FY 22 has reported 104% increase in the revenue to $16.9 million driven by organic user growth, increasing market demand for Cinedigm’s extensive connected television ad inventory, the launch of new streaming channels, as well as legacy digital cinema equipment sales. This also includes record-high streaming revenues that included a 109% increase in ad-supported streaming revenues, which were also up an incredible 793% on a two-year basis. Streaming revenue growth was also driven by continued expansion of distribution from more than 19 new distribution points. Additionally, the Company continued to optimize its advertising technology, which had a positive and material impact on render rate, fill rate, and CPMs.

On a two-year basis, full year streaming channel and ad-supported revenues rocketed up as well, higher by 290% and 514%, respectively. Combined with the successful monetization of the legacy Cinema Digital Equipment business, this rapid revenue growth had generated $7.1 million in Adjusted EBITDA for the full fiscal year. That helped eliminate all the debt, fund the bulk of the important Digital Media Rights (DMR) acquisition and generate positive net income for the full year. With the completion of the DMR acquisition at the end of the fourth quarter, the Company has acquired a total of 15 new streaming channels and 15,000 new films and TV episodes through seven roll-up acquisitions during the previous 16 months. The Company now has a portfolio of 30 streaming channels positioned in AVOD, SVOD and FAST with over 50 major advertising partners including 15 wholly owned and operated channels such as Fandor, Screambox and The Dove Channel, and several premium third-party branded channels such as The Bob Ross Channel and Real Madrid TV. Adjusted EBITDA was a negative $0.4 million in the current year quarter, an improvement of $2.1 million versus negative Adjusted EBITDA of $2.5 million in the prior year period. Net loss of $3.1 million, or $(0.02) per share, an improvement of $3.8 million or $0.03 per share, versus a net loss of $6.9 million, or $(0.05) per share, in the prior year quarter. The company has strong balance sheet with $13.1 million in cash and no debt.

Additionally, the total subscribers to the Company’s subscription video streaming services increased to approximately 970,000 in the quarter, representing an increase of 336% over the prior year quarter.