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Redbox Owner Posts 75% Q1 Revenue Decline, $53 Million Loss

Redbox Owner Posts 75% Q1 Revenue Decline, $53 Million Loss

Chicken Soup for the Soul Entertainment disclosed in a May 15 filing that it posted a net loss of $53 million on revenue of $27 million for the fiscal quarter ended March 31.

The company, which owns and operates Redbox rental kiosks and branded free ad-supported streaming television channels and related entertainment businesses, said quarterly revenue plummeted about 75% from $108 million in the previous-year period.

Chicken Soup attributed the worsening fiscal results to insufficient working capital and lack of new rental content this year. The company said it would be unable to formally file its first quarter fiscal results in full due to the ongoing management focus on “certain important strategic efforts” it has been undertaking, including a forbearance agreement with its largest creditor.

Chicken Soup’s annual 10K fiscal report for 2023 was filed on April 19.

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