Streamer and specialty film distributor Cineverse has revealed that layoffs have hit its workforce of 300 employees.
In its report of fiscal first-quarter earnings on Thursday, the company said it completed a “reduction in force” after the June 30 end of the quarter. The move will result in $1.8 million in annual cost savings, the company said. Executives did not offer specific estimates for the number of positions affected by the cuts, and a spokesperson contacted by Deadline also declined to provide details about the layoffs.
Along with the job cuts, the company said it has identified $4.8 million in cost reductions and synergies, bringing the target number to $13 million in “annualized cost reductions and synergies.” Most of those efficiencies will be realized by the end of September.
As of the March 31 end of its fiscal year, Cineverse said its workforce consisted of 291 full-time employees and nine others classified as part-time, on leave or temporary. Of the total, the company’s annual report states, 159 work in operations, 50 are in sales and marketing, and 91 are in executive, finance, technology and administrative roles. There are 145 employees based in the U.S. and 155 based in India.
During the quarter, total revenue nearly tripled to $30.6 million, driven by the recent acquisitions of media services firm Giant Worldwide and ad tech company IndiCue. Net losses widened to 28 cents a share from 21 cents in the year-earlier quarter.
Originally a cinema technology company known as Cinedigm, the company has rebranded and re-oriented itself toward streaming in recent years under CEO Chris McGurk, former head of MGM and Overture Films. Cineverse operates a portfolio of AVOD, SVOD and FAST services like Docurama and Fandor, and also provides streaming tech and tools via its Matchpoint platform.
In its feature film business, Cineverse has also released breakout installments in the Terrifier franchise, part of a slate of titles based on proven IP like Toxic Avenger, Wolf Creek and the upcoming Air Bud. The company is also handling this fall’s 20th anniversary re-release of Guillermo del Toro’s Pan’s Labyrinth.
Shares in Cineverse rose nearly 5% in early trading Friday to hit $3. They have risen more than 30% in 2026 to date.
