CNVS
Cineverse Corp.
Next earnings Jun 25, 2026 · consensus $-0.02 EPS, $22.3M rev
Last earnings +17.5% on 2026-06-26
$2.95
▲ +2.43%$2.95▼ -38.54%
over 1Y
L $1.83H $7.05
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+2.4%
1W+10.1%
1M+12.2%
3M+21.9%
YTD+40.5%
1Y-38.5%
Avoid
Conviction
Horizon
Medium (3–12mo)
Street · 8 analysts
Buy
Cash-strapped micro-cap burning $26.5M/yr on falling revenue, with negative working capital and a serial-dilution capital structure — not investable.
Revenue $65.7M · FY2026
Cineverse is a sub-$70M streaming-tech roll-up whose FY2026 numbers describe a liquidity problem, not an investment opportunity. Revenue fell 15.9% to $65.7M and the company swung to a -$8.66M net loss with a -23.1% operating margin, while operating cash flow was -$26.5M. Against that burn it held just $3.39M of cash (down 75.7% YoY). The 10-K confirms the squeeze in its own words: an accumulated deficit of $510.1 million and negative working capital of $(12.2) million as of March 31, 2026. Current assets ($50.8M) sit below current liabilities ($63.0M), so the balance-sheet stress is structural, not a one-off.
The revenue history shows there is no durable franchise to underwrite: $56M → $68M → $49M → $78M → $66M, with net income flipping between small profits and large losses (-$21.3M in FY2024, +$3.76M in FY2025, -$8.66M in FY2026). Total assets jumped 79.7% but were funded by liabilities up 150.3% (liabilities/equity now 1.96x) — growth bought with leverage rather than earned. D&A rose 57.3% to $5.97M, consistent with capitalized content/acquisitions that have yet to produce reliable cash returns. ROE is -19.5%.
Is CNVS a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~60d expiry
- Long put 3 @ ~0.38 est
- Short put 2.5 @ ~0.15 est
debit $23max +$27max −$23BE 2.77
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | $56.1M | $68.0M | $49.1M | $78.2M | $65.7M |
| Gross profit | — | — | — | — | — |
| Operating income | -$925K | -$8.92M | -$15.7M | $7.92M | -$15.2M |
| Net income | $2.27M | -$9.69M | -$21.3M | $3.76M | -$8.66M |
| Diluted EPS | $0.20 | -$1.13 | -$1.78 | $0.16 | -$0.49 |
| Net margin | 4.1% | -14.3% | -43.3% | 4.8% | -13.2% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$73.5M
EV / EBITDA—
EV / Sales1.1
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-12.5%
FCF yield-39.9%
Quality & risk
ROIC (est.)-23.0%
Free cash flow-$27.6M
Total debt$7.79M
Net cash-$4.40M
Altman Z-Score-5.00 distress
Piotroski F-Score1/8
Capital returns
Buyback yield0.0%
Dividend yield (est.)—
Shareholder yield0.0%
Shares Δ YoY+36.9%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Earnings results2026-06-26
FY26: loss, cash -76% to $3.4M, negative $12.2M working capital, liquidity risk
- 10-K Annual report2026-06-26
FY26: loss, cash -76% to $3.4M, negative $12.2M working capital, liquidity risk
- 8-K Officer / director change2026-05-28
Officer/board change announced (Item 5.02); no financial impact disclosed
- 8-K Material agreement2026-05-01
New material agreement + unregistered share issuance — added dilution
- 8-K Officer / director change2026-04-15
Management/board change (Item 5.02); routine governance update
- S-3 Shelf registration (potential raise)2026-03-17
Shelf registration for future stock/debt sales — dilution overhang
- 8-K Earnings results2026-02-17
Q3 FY26: revenue declining, continued operating losses and cash burn
- 8-K Material agreement2026-02-17
Q3 FY26: revenue declining, continued operating losses and cash burn
- 10-Q Quarterly report2026-02-17
Q3 FY26: revenue declining, continued operating losses and cash burn
Recent filings
all on EDGAR ↗10-KPeriod ending 2026-03-312026-06-26open ↗8-KPeriod ending 2026-06-262026-06-26open ↗424B5Filing2026-06-08open ↗8-KPeriod ending 2026-05-282026-05-28open ↗SCHEDULE 13G/AFiling2026-05-15open ↗4Period ending 2026-05-012026-05-05open ↗4Period ending 2026-05-012026-05-05open ↗4Period ending 2026-05-012026-05-05open ↗4Period ending 2026-05-012026-05-05open ↗4Period ending 2026-05-012026-05-05open ↗4Period ending 2026-05-012026-05-05open ↗8-KPeriod ending 2026-04-272026-05-01open ↗
Frequently asked
- Is Cineverse Corp. (CNVS) a buy?
- CNVS currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. Cash-strapped micro-cap burning $26.5M/yr on falling revenue, with negative working capital and a serial-dilution capital structure — not investable.
- What is Cineverse Corp.'s quality score?
- CNVS scores 41.90079022988507/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001173204, latest 10-K filed 2026-06-26) · EODHD · Proprietary analysis · as of 6/30/2026, 1:02:24 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 30, 2026, 9:02 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.