TOONMEDIUM SIGNALFINANCIAL10-K

TOON shows mixed financial performance with strong revenue growth (+20.7%) and improved gross profit (+96.1%) offset by deteriorating operating cash flow (-226.9%) and increased net losses.

The company demonstrates operational improvements with revenue growth and better gross margins, suggesting core business momentum. However, the significant deterioration in operating cash flow to -$11.4M raises concerns about cash management and working capital efficiency despite the increased cash position.

Comparing 2026-03-31 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

TOON's financial picture reveals a company in transition with revenue growing 20.7% to $39.4M and gross profit nearly doubling to $835K, indicating improved operational efficiency. However, operating cash flow deteriorated sharply to -$11.4M while net losses increased to -$24.5M, creating a disconnect between revenue growth and cash generation. The company's cash position strengthened significantly to $7.4M, but total assets declined 17% and stockholders' equity dropped 25.1%, suggesting potential dilution or asset restructuring that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+261.1%
$2.1M→$7.4M

Cash position surged 261.1% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
-226.9%
-$3.5M→-$11.4M

Operating cash flow fell 226.9% — earnings quality concerns; investigate working capital changes and non-cash items.

Gross Profit
P&L
+96.1%
$426K→$835K

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Capital Expenditure
Cash Flow
+29.1%
$117K→$151K

Capex increased 29.1% — ongoing investment in capacity or infrastructure for future growth.

Stockholders Equity
Balance Sheet
-25.1%
$35.0M→$26.2M

Equity decreased 25.1% — buybacks or losses reducing book value, monitor solvency ratios.

Operating Income
P&L
+24%
-$17.0M→-$12.9M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Revenue
P&L
+20.7%
$32.6M→$39.4M

Revenue growing 20.7% — solid top-line momentum, watch margins for quality of growth.

Accounts Receivable
Balance Sheet
-19.6%
$12.0M→$9.6M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Net Income
P&L
-18.3%
-$20.7M→-$24.5M

Net income declined 18.3% — review whether driven by operations, interest costs, or non-recurring items.

Total Assets
Balance Sheet
-17%
$85.5M→$70.9M

Total assets contracted 17% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-31
ADDED
As of March 31, 2026, the registrant had 56,336,035 shares of common stock outstanding.
(formerly, Genius Brands International, Inc.) (the Company, Kartoon Studios, we, us or our ) is a global content and brand management company focused on the creation, production, licensing, and distribution of multimedia animated content for children.
Led by experienced industry personnel, the Company s core business includes original intellectual property ( IP ) development, third-party IP production services, media agency, and content monetization through licensing and owned distribution platforms.
Kartoon Studios owned and produced titles include Stan Lee s Superhero Kindergarten (starring Arnold Schwarzenegger), Llama Llama (starring Jennifer Garner), Rainbow Rangers , KC!
The Company s library also includes titles such as Baby Genius , Thomas Edison s Secret Lab , Warren Buffett s Secret Millionaires Club , Team Zenko Go!
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REMOVED
As of March 31, 2025, the registrant had 47,784,964 shares of common stock outstanding.
Reverse Stock Split On February 10, 2023, we effected a 1-for-10 reverse stock split of our outstanding shares of common stock.
Unless noted, all references to shares of common stock and per share amounts contained in this Annual Report on Form 10-K have been retroactively adjusted to reflect a 1-for-10 reverse stock split.
Summary of Risk Factors We are providing the following summary of the risk factors contained in this Annual Report on Form 10-K to enhance the readability and accessibility of our risk factor disclosures.
We encourage you to carefully review the full risk factors contained in this Annual Report on Form 10-K in their entirety for additional information regarding the material factors that make an investment in our securities speculative or risky.
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