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Genius Brands International Inc (NASDAQ:GNUS) shares traded higher on Monday. The company announced a 691% revenue increase for 2022 and provided an update on one of its shows, starring 15-time NBA all-star Shaquille O'Neal.
What Happened: In a new business update, Genius Brands said revenue climbed 691% last year to $63 million. The company also highlighted a 31% reduction in operating losses and a 64% reduction in net losses year-over-year.
Genius Brands said it believes the company is making "significant progress" towards achieving positive cash flow from operations. The company ended 2022 with $139.5 million in assets and $28.6 million in working capital.
Genius Brands filed an extension for its quarterly report partly due to recent acquisitions. According to Benzinga Pro, Genius Brands is expected to report a net loss of 9 cents per share on revenue of $22.8 million for the fourth quarter.
Separately, Genius Brands announced that "Shaq's Garage" is set to premiere on Pluto TV on June 5.
"I am thrilled that our hard work over the past couple of years is finally coming to fruition with our new series. I am extremely proud of what we have created, and I am looking forward to inspiring kids all over the world with 'Shaq's Garage,'" O'Neal said.
See Also: NBA Drops Cannabis Testing For Players, Can The NFL Be Far Behind?
GNUS Price Action: Genius Brands shares closed Monday up 6.96% at $2.92.
The stock was up another 2.4% after hours at $2.99 at time of publication, according to Benzinga Pro.
Photo: mohamed_hassan from Pixabay.
Posted In: GNUS
