Retail

Redbox owner Chicken Soup for the Soul Entertainment improves Q3 2022 results

Image courtesy of Chicken Soup for the Soul Entertainment Inc.

November 15, 2022

Chicken Soup for the Soul Entertainment Inc., which merged with Redbox Entertainment earlier this year, boosted its Q3 2022 sales and improved its loss, according to an earnings release. Highlights include:

• Net revenue rose 149%, from $37.6 million in Q3 2021 to $72.4 million for the quarter ending Sept. 30, 2022.
• Net loss dipped from $20.8 million to $20.1 million for the comparative quarters.
• Basic and diluted loss per common share rose from $1.04 to $1.13.
• Adjusted EPS was 54 cents.

Shares traded Monday at $7.08 against a 52-week range of $4.35-$17.52.

"This has been the best financial quarter in our history, and our position in the free and low-cost streaming ecosystem is stronger than ever after completing the acquisition of Redbox during the quarter," William J. Rouhana, Jr., chairman and chief executive officer, said in the press release. "Despite a slowing economy, I am optimistic about the days ahead as we continue to serve value-conscious consumers across kiosk, transactional and ad-supported video on demand services."

The company also promoted Jason Meier from chief accounting officer to chief financial officer, effective today.