TOON Kartoon Studios
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Executive Summary
Kartoon Studios reported Q1 2026 revenue of $7.2M, down 24% YoY from $9.5M, driven by timing of production deliveries at Mainframe Studios. Distribution revenue grew 15% to $2.3M, and operating expenses fell 20%, narrowing the operating loss to $2.8M (improved 9% YoY). The company highlighted record paid subscriber levels and >80% engagement growth on Kartoon Channel!, but total revenue decline and lack of EPS guidance make this a mixed-to-bearish report for a $37M market cap company.
Actionable Insight
The 24% revenue decline is the headline risk, but the company attributes it to production timing rather than demand loss. Watch for Q2 2026 revenue recognition from the deferred Mainframe pipeline and any franchise commercialization milestones (Hundred Acre Wood, Stan Lee Universe) that could drive a re-rating. The $6M cash position against $30.7M current assets provides a modest runway, but continued operating losses require monitoring.
Key Facts
- Total revenue $7.2M, down 24% YoY from $9.5M due to production delivery timing
- Distribution revenue $2.3M, up 15% YoY
- Operating expenses $10.0M, down 20% YoY; G&A $5.1M, down 10% YoY
- Loss from operations $2.8M, improved 9% YoY
- Cash & marketable securities $6.0M; total current assets $30.7M; stockholders' equity $22.6M
- Kartoon Channel! subscriber engagement up >80% YoY; Ameba up >200% YoY
- Licensed Masters of the Universe (2002) and American Girl (2016) from Mattel
- No EPS or guidance provided; no analyst consensus available for comparison
Financial Impact
Revenue decline of $2.3M (24% YoY) partially offset by 15% distribution revenue growth and 20% opex reduction; operating loss narrowed by $0.3M
Risk Factors
- Revenue concentration in production timing; Q1 decline may recur if pipeline delays persist
- Cash burn from operating losses; $6M cash may require financing if losses continue
- Franchise commercialization (Hundred Acre Wood, Stan Lee Universe) is pre-revenue and unproven
- Low market cap ($37M) amplifies volatility on any news
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3295854 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 8, 2026
1d ago
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8-K
| $0.7289 awaiting T+5 | awaiting T+5 | — | $0.7290 (+0.01%) |
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May 15, 2026
25d ago
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8-K
| $0.6300 $0.6340 | ▲ +0.63% | ▼ −0.33% | $0.7290 (+15.71%) |
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May 15, 2026
25d ago
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Press Release
| $0.6300 $0.6340 | ▼ −0.63% | ▲ +0.33% | $0.7290 (−15.71%) |
|
Apr 24, 2026
6w ago
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8-K
| $0.6640 $0.6240 | ▲ +6.02% | ▲ +6.42% | $0.7290 (−9.79%) |
|
Mar 31, 2026
10w ago
|
8-K
| $0.6240 $0.6000 | ▼ −3.85% | ▼ −7.79% | $0.7290 (+16.83%) |
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Mar 31, 2026
10w ago
|
Press Release
| $0.6240 $0.6000 | ▼ −3.85% | ▼ −7.79% | $0.7290 (+16.83%) |
|
Mar 27, 2026
10w ago
|
Press Release
| $0.6160 $0.6300 | ▲ +2.27% | ▼ −1.59% | $0.7290 (+18.34%) |
US Market Status
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