The company, which has built a portfolio of streaming services such as CONtv and Docurama, reported total revenue of $39.3 million in the quarter ending March 31, a 27% drop from the year-ago period. The company blamed the slide on the decline of its legacy cinema equipment business. Net losses per share narrowed to 34 cents from 44 cents in the year-ago period.
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The news was better in the streaming unit, where adjusted EBITDA was $700,000 in the period, a $3.5 million swing into positive territory.
The company’s portfolio of 16 streaming services collectively reached 13.2 million monthly ad-supported viewers by May 31 and 9.7 million by March 31, nearly triple the level