Genius Brands International Inc (NASDAQ:GNUS) is going up on Tuesday on high volume. Will the rally continue?
Market Action
As of 3:26, GNUS stock surged 4.60% to $1.59. Total volume was 16.46 million shares. The stock opened at $1.48 and moved in a range of $1.4700 -1.6500.
GNUS Issues News
Genius Brands CEO Provides Letter to Shareholders; Announces Three-Fold Increase in Revenue for the First Quarter of 2021
- posted a letter to shareholders from the Company’s Chairman & CEO, Andy Heyward, which is available in the blog section of the Company’s website.
- Revenues for the first quarter of 2021 were approximately $1.1 million compared to approximately $335,000 for the same period last year, reflecting a year over year increase of 218%.
- Results for the first quarter of 2021 included just 2 months of revenue from the acquisition of ChizComm Ltd. and ChizComm Beacon Media, which closed on Feb. 1st.
- Genius Brands also reported $143.6 million of cash and cash equivalents and no long-term debt as of March 31, 2021.
- Contributing to the strong cash balance, the Company received $57 million from the exercise of warrants during the first quarter of 2021; however the company also recorded an offsetting non-cash expense of $69.1 million as a result of granting the new warrants.
- Among other updates in the letter to shareholders, Mr. Heyward reported that Stan Lee’s Superhero Kindergarten starring Arnold Schwarzenegger has now surpassed 16 million views, exceeding an average of 3.2 million views per episode.
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