What are the investment strengths of Cineverse Corp (CNVS)?

Asset-light content aggregator with 52% gross margins and 1.3x asset turnover - if revenue stabilizes, operating leverage could drive rapid margin expansion. P/S of 0.47x vs industry median 0.92x - trading at 50% discount despite superior gross margins, implying market prices in permanent decline.

What are the investment risks for Cineverse Corp (CNVS)?

Revenue declining 3% YoY while burning -2.9M FCF with only 2.3M cash - 9 months of runway without financing or turnaround. Intangibles 73% of equity with negative returns (ROE -3.9%, ROIC -2.8%) - value destruction continues despite positive EBITDA.

Cineverse Corp

CNVS

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Cineverse Corp AI Insights

Informational only. Not investment advice.

As of 2026-01-09

Snapshot

Goodwill & intangibles of 25.2M represent 73% of equity (34.5M) - acquisition-heavy model with impairment risk if content underperforms.[Goodwill and Other Intangible Assets]
Gross margin TTM 52.3% vs industry median 38.5% - strong content economics, but negative FCF (-2.9M) signals reinvestment pressure.[Gross Margin TTM]
Current debt of 6.6M exceeds cash (2.3M) with working capital negative (-1.3M) - near-term liquidity stress despite low total leverage.[Working Capital]

Watch Triggers

Free Cash Flow TTM: Turns positive or cash drops below 1.5M — At -2.9M burn with 2.3M cash, FCF inflection or dilution is imminent within 2-3 quarters.
Total Revenue 1Y Growth: Returns to positive growth (>0%) — Revenue decline must reverse for operating leverage thesis - fixed costs require scale.
Operating Margin TTM: Exceeds 5% (approaches industry median) — Would signal SG&A discipline translating gross margin advantage to bottom line.

Bull Case

Asset-light content aggregator with 52% gross margins and 1.3x asset turnover - if revenue stabilizes, operating leverage could drive rapid margin expansion.

Gross Margin TTMAsset Turnover TTM

P/S of 0.47x vs industry median 0.92x - trading at 50% discount despite superior gross margins, implying market prices in permanent decline.

P/S RatioGross Margin TTM

Bear Case

Revenue declining 3% YoY while burning -2.9M FCF with only 2.3M cash - 9 months of runway without financing or turnaround.

Free Cash Flow TTMCash and EquivalentsTotal Revenue 1Y Growth

Intangibles 73% of equity with negative returns (ROE -3.9%, ROIC -2.8%) - value destruction continues despite positive EBITDA.

ROE TTMROIC TTMGoodwill and Other Intangible Assets

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Path to profitability hinges on operating leverage - 3% operating margin must expand to cover debt service.

1-3ylow

Gross margin 52% provides headroom
SG&A of 10.1M (13% of revenue) has cut potential
Revenue decline (-3% YoY) must reverse

Operating margin TTM 3.1% vs industry 5.7%Net loss of -1.2M TTM despite positive EBITDA 6.8MAsset turnover 1.3x (2.5x industry median)

Valuation Context

Caveats

Public Strategies Rankings

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CNVS Fundamentals

Information → Motion Picture and Video Industries

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$46.51M		—
Enterprise Value	$52.8M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$55.34M	-23.6%	—
Earnings Per Share (diluted) - TTM	$-0.53		—
Operating Margin - TTM	-13.8%	-21.8%	—
Net Margin - TTM	-16.7%	-0.1%	—
Free Cash Flow - TTM	$-12.56M		—
Return on Common Equity - TTM	-26.8%	+5.2%	—
Beta 5Y (Monthly)	unknown		—

CNVS Dividend History

No dividends

CNVS Stock Splits

2 stock splits

06/09/2320:1 split

05/10/1610:1 split

CNVS SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/17/26	12/31/25	10-Q	0001193125-26-055008
11/14/25	09/30/25	10-Q	0001193125-25-283349
08/14/25	06/30/25	10-Q	0000950170-25-109033
06/30/25	03/31/25	10-K	0000950170-25-091741
02/14/25	12/31/24	10-Q	0000950170-25-021401
11/14/24	09/30/24	10-Q	0000950170-24-127165
08/14/24	06/30/24	10-Q	0000950170-24-097132
07/01/24	03/31/24	10-K	0000950170-24-079718
02/14/24	12/31/23	10-Q	0000950170-24-015311
11/14/23	09/30/23	10-Q	0000950170-23-063839
08/14/23	06/30/23	10-Q	0000950170-23-042524
06/29/23	03/31/23	10-K	0000950170-23-030833
02/14/23	12/31/22	10-Q	0000950170-23-002791
11/14/22	09/30/22	10-Q	0001213900-22-072392
08/16/22	06/30/22	10-Q	0001213900-22-048325
07/01/22	03/31/22	10-K	0001213900-22-036616
02/14/22	12/31/21	10-Q	0001213900-22-007623
11/15/21	09/30/21	10-Q	0001213900-21-059466
09/09/21	06/30/21	10-Q	0001213900-21-047247
07/30/21	03/31/21	10-K	0001213900-21-039361
02/22/21	12/31/20	10-Q	0001213900-21-010870
11/16/20	09/30/20	10-Q	0001628280-20-016496
08/14/20	06/30/20	10-Q	0001628280-20-012703
07/06/20	03/31/20	10-K	0001628280-20-010192
02/14/20	12/31/19	10-Q	0001628280-20-001605
11/14/19	09/30/19	10-Q	0001628280-19-014216
08/14/19	06/30/19	10-Q	0001628280-19-010746
07/16/19	03/31/19	10-K	0001628280-19-008761
02/14/19	12/31/18	10-Q	0001628280-19-001411
11/14/18	09/30/18	10-Q	0001628280-18-014364
08/14/18	06/30/18	10-Q	0001628280-18-011116
06/26/18	03/31/18	10-K	0001628280-18-008341
02/14/18	12/31/17	10-Q	0001628280-18-001674
11/16/17	09/30/17	10-Q	0001173204-17-000007
08/14/17	06/30/17	10-Q	0001628280-17-008655
06/29/17	03/31/17	10-K	0001628280-17-006835
02/14/17	12/31/16	10-Q	0001628280-17-001329
11/14/16	09/30/16	10-Q	0001628280-16-021320
08/15/16	06/30/16	10-Q	0001628280-16-019066
07/14/16	03/31/16	10-K	0001628280-16-017605
02/09/16	12/31/15	10-Q	0001173204-16-000017
11/09/15	09/30/15	10-Q	0001173204-15-000014
08/12/15	06/30/15	10-Q	0001173204-15-000012
06/30/15	03/31/15	10-K	0001173204-15-000008
03/17/16	12/31/14	10-Q/A	0001173204-16-000020
02/12/15	12/31/14	10-Q	0001173204-15-000002
11/14/14	09/30/14	10-Q	0001173204-14-000010
08/14/14	06/30/14	10-Q	0001173204-14-000008
06/26/14	03/31/14	10-K	0001173204-14-000006
02/14/14	12/31/13	10-Q	0001173204-14-000002
11/14/13	09/30/13	10-Q	0001173204-13-000016
08/14/13	06/30/13	10-Q	0001173204-13-000012
06/20/13	03/31/13	10-K	0001173204-13-000005
02/13/13	12/31/12	10-Q	0001173204-13-000003
11/13/12	09/30/12	10-Q	0001173204-12-000006
08/14/12	06/30/12	10-Q	0001173204-12-000004
06/18/12	03/31/12	10-K	0000932440-12-000157
02/15/12	12/31/11	10-Q	0001445305-12-000328
11/14/11	09/30/11	10-Q	0001518519-11-000008
08/12/11	06/30/11	10-Q	0001445305-11-002494
06/14/11	03/31/11	10-K	0001445305-11-001107
02/10/11	12/31/10	10-Q	0001445305-11-000215
11/15/10	09/30/10	10-Q	0001445305-10-001339
08/13/10	06/30/10	10-Q	0000932440-10-000175
06/14/10	03/31/10	10-K	0000932440-10-000126
02/12/10	12/31/09	10-Q	0000932440-10-000039
11/13/09	09/30/09	10-Q	0000932440-09-000714
08/12/09	06/30/09	10-Q	0000932440-09-000618
06/15/09	03/31/09	10-K	0000932440-09-000479
02/09/09	12/31/08	10-Q	0000932440-09-000077
11/07/08	09/30/08	10-Q	0000932440-08-000768
08/11/08	06/30/08	10-Q	0000932440-08-000514
06/16/08	03/30/08	Unknown	--
02/08/08	12/31/07	10-Q	0000932440-08-000089
11/09/07	09/30/07	10-Q	0000932440-07-000655
08/09/07	06/30/07	10-Q	0000932440-07-000478
03/31/07	03/30/07	Unknown	--
12/31/06	12/31/06	10QSB	0000932440-07-000114
09/30/06	09/30/06	10QSB	0000932440-06-000525
06/30/06	06/30/06	10QSB	0000932440-06-000408
03/31/06	03/31/06	4	0000932440-06-000146
12/31/05	12/31/05	8-K	0000932440-06-000059
09/30/05	09/30/05	8-K	0000932440-05-000528
06/30/05	06/30/05	8-K	0000932440-05-000407
03/31/05	03/30/05	Unknown	--
12/31/04	12/31/04	10QSB	0000932440-05-000074
09/30/04	09/30/04	10QSB	0000932440-04-000423
06/30/04	06/30/04	10QSB	0000932440-04-000316
03/31/04	03/30/04	Unknown	--
12/31/03	12/31/03	10QSB	0000932440-04-000074
09/30/03	09/30/03	10QSB	0000898432-03-001268
06/30/03	06/30/03	Unknown	--
03/31/03	03/30/03	Unknown	--
02/17/04	12/31/02	10QSB	0000932440-04-000074