Kartoon Studios (AMEX:TOON), a global company specializing in creating, producing, distributing, marketing and licensing entertainment brands, has announced its 2023 financial results to shareholders. With a diverse portfolio of original animated content, including popular shows such as Stan Lee’s Superhero Kindergarten, Shaq’s Garage, Rainbow Rangers and Llama Llama, Kartoon Studios has established itself as a prominent player in the children's media industry.
For the quarter that ended on December 31, 2023, Kartoon Studios recorded revenue of $8.8 million, contributing to the annual revenue of $44.1 million. As of December 31, 2023, Kartoon Studios had assets totaling $57.1 million, working capital amounting to $11.5 million and a total stockholders’ equity of $53.3 million.
The company's streaming platform Kartoon Channel! was key to 2023's results. Notably, the company reached a break-even point for operating income in the fourth quarter of last year. In comparison, it took Netflix (NASDAQ:NFLX) six years to break even. The paid subscriber base for Kartoon Channel! grew by 19% in 2023 compared to the previous year.
The company's production arm, Mainframe Studios, also experienced growth in 2023, having seemingly recovered with ease after industry-wide strikes by actors and writers last year.
With a growing sales pipeline and newly greenlit projects, the company projects that Mainframe ...