Kartoon Studios, Inc.

Listed Company

TOONCIK 0001355848NYSENon-AcceleratedSmaller ReportingServices-Motion Picture & Video Tape ProductionNevadaFY ends Dec 31

Period

FY 2025

Revenue

$39.35M

Net Income

$-24.53M

Total Assets

$70.91M

Equity

$26.21M

Shares Out

56.34M

Op. Cash Flow

$-11.41M

Business

Kartoon Studios, Inc. is a global content and brand management company that creates, produces, licenses, and broadcasts educational and multimedia animated content for children. It offers owned and for-hire animated series, consumer products licensing and merchandising, streaming channels and distribution services, and marketing through subsidiaries such as Mainframe Studios, Frederator, Beacon Media, Stan Lee Universe and Ameba. Key business segments include Kartoon Channel! networks, Channel Frederator, production services, consumer products/licensing, and subscription/AVOD/FAST distribution. The company distributes content across the United States and over 60 international territories via linear broadcasters, SVOD/AVOD/FAST platforms and digital app stores.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Revenues	39	33	44	62	8
Marketing and Sales	681,000	1	3	2	5
Direct Operating Costs	27	23	40	49	22
General and Administrative	24	25	35	46	36
Impairment of Intangible Assets	767,000	0	4	4	3
Total Operating Expenses	52	50	116	106	72
Loss from Operations	−13	−17	−72	−44	−64
Interest Expense	−656,000	−779,000	−3	−2	−20,000
Other Expense	−11	−3	—	—	—
Loss Before Income Tax Benefit	−25	−21	−78	−44	−126
Income Tax Benefit	135,000	43,000	973,000	−105,000	0
Net Loss	−25	−21	−77	−45	−126
Net Loss Attributable to Non-Controlling Interests	166,000	202,000	99,000	−1	76,000
Net Loss Attributable to Kartoon Studios, Inc.	−25	−21	−77	−46	−126
Net Loss per Share - Basic	−0.49	−0.54	−2.29	−1.45	−4.24
Net Loss per Share - Diluted	−0.49	−0.54	−2.29	−1.45	−4.24
Weighted Average Shares Outstanding - Basic	50	38	34	31	30
Weighted Average Shares Outstanding - Diluted	50	38	34	31	30

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2023 2023-06-30
Cash	3	8	4	—	—
Restricted Cash	0	506,000	501,000	—	—
Investments in Marketable Securities (amortized cost of $3,953 and $2,116, respectively)	4	2	—	—	—
Accounts Receivable (net of allowance of $3 and $239, respectively)	10	12	18	—	—
Tax Credits Receivable (net of allowance of $423 and $187, respectively)	17	10	21	—	—
Other Receivable	2	1	103,000	—	—
Prepaid Expenses and Other Assets	841,000	606,000	740,000	—	—
Total Current Assets	36	35	56	—	—
Property and Equipment, net	2	2	2	—	—
Operating Lease Right-of-Use Assets, net	5	6	7	—	—
Finance Lease Right-of-Use Assets, net	312,000	278,000	2	—	—
Notes and Accounts Receivable from Related Party	0	1	—	—	—
Film and Television Costs, net	5	3	—	—	—
Tax Credits Receivable (net of allowance of $0 and $421, respectively)	0	2	—	—	—
Investment in Your Family Entertainment AG	5	16	19	—	—
Intangible Assets, net	18	20	23	—	—
Other Assets	118,000	117,000	125,000	—	—
Total Assets	71	85	111	138	180
Accounts Payable	12	12	17	—	—
Participations Payable	1	1	—	—	—
Accrued Expenses	744,000	405,000	691,000	—	—
Accrued Salaries and Wages	1	1	2	—	—
Deferred Revenue	4	6	3	—	—
Margin Loan	0	900,000	782,000	—	—
Production Facilities, net	12	9	2	—	—
Current Portion of Operating Lease Liabilities	1	1	908,000	—	—
Current Portion of Finance Lease Liabilities	156,000	249,000	1	—	—
Due to Related Party	5,000	8,000	3,000	—	—
Other Current Liabilities	750,000	1	0	—	—
Total Current Liabilities	33	33	46	—	—
Deferred Revenue	3	3	3	—	—
Operating Lease Liabilities, Net Current Portion	4	5	7	—	—
Finance Lease Liabilities, Net Current Portion	144,000	54,000	928,000	—	—
Deferred Tax Liability, net	1	1	1	1	1
Factoring Liability	689,000	0	—	—	—
Warrant Liability	0	5	—	—	—
Other Noncurrent Liabilities	8,000	5,000	14,000	—	—
Total Liabilities	43	49	58	64	92
Commitments and Contingencies (Note 19)	—	—	—	—	—
Preferred stock value	0	0	0	—	—
Common Stock, $0.001 par value, 190,000,000 shares authorized; 55,282,150 and 46,285,078 shares issued and 54,857,000 and 46,209,081 shares outstanding as of December 31, 2025 and December 31, 2024, respectively	55,000	45,000	352,000	—	—
Additional Paid-in Capital	794	778	774	770	770
Treasury Stock at Cost, 425,150 and 75,997 shares of common stock as of December 31, 2025 and December 31, 2024, respectively	−604,000	−340,000	−339,000	—	—
Accumulated Deficit	−764	−739	−719	−693	−678
Accumulated Other Comprehensive Loss	−3	−3	−4	—	—
Total Kartoon Studios, Inc. Stockholders' Equity	26	35	52	—	—
Non-Controlling Interests in Consolidated Subsidiaries	1	1	2	—	—
Total Stockholders' Equity	28	36	53	74	88
Total Liabilities and Stockholders Equity	71	85	111	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of Film and Television Costs	904,000	231,000	—	—	—
Depreciation and Amortization of Property, Equipment and Intangible Assets	3	2	3	3	599,000
Amortization of Right-of-Use Asset	1	2	3	2	298,000
Amortization of Premium on Marketable Securities	7,000	67,000	391,000	1	659,000
Share-Based Compensation Expense	331,000	667,000	3	11	16
Impairment of Film and Television Costs	28,000	0	7	7	18
Loss on Debt Settlement	2	0	—	—	—
Gain on Early Lease Termination	−4,000	0	258,000	0	0
Loss on Share Exchange	286,000	0	—	—	—
Deferred Income Taxes	−135,000	7,000	−973,000	−45,000	0
Loss on Partial Disposal of Equity Investment in Your Family Entertainment AG	2	0	—	—	—
Loss on Revaluation of Equity Investments in Your Family Entertainment AG	10	2	—	—	—
Unrealized (Gain) Loss on Foreign Currency of Equity Investments in Your Family Entertainment AG	−2	1	−533,000	1	−6,000
Loss (Gain) on Warrant Revaluation	232,000	−63,000	−10	−557,000	−342,000
Accounts Payable Balance Settled in Stock	2	0	—	—	—
Loss on Transaction	0	985,000	0	—	—
Realized Loss on Marketable Securities	37,000	611,000	—	—	—
Non-cash Interest Expense	73,000	0	—	2	0
Stock Issued for Services	228,000	306,000	1	312,000	41,000
Stock Options Issued to Consultants	43,000	30,000	—	—	—
Credit Loss Expense	135,000	232,000	401,000	337,000	22,000
Other Non-Cash Items	34,000	0	−2,000	18,000	3,000
Accounts Receivable	2	6	−3	2	228,000
Other Receivable	−58,000	−36,000	1	347,000	−504,000
Tax Credits Earned (less capitalized)	−12	−9	−15	−14	0
Tax Credits Received	9	16	21	10	0
Employee Retention Tax Credit Receivable	0	−1	0	—	—
Film and Television Costs, net	−4	−2	—	—	—
Prepaid Expenses and Other Assets	−244,000	118,000	622,000	1	3
Accounts Payable	108,000	−5	5	3	−169,000
Accrued Salaries and Wages	114,000	−627,000	−592,000	191,000	370,000
Accrued Expenses	334,000	−280,000	−277,000	−2	54,000
Accrued Production Costs	233,000	2	1	−1	2
Participations Payable	−415,000	−449,000	−1	−784,000	−721,000
Deferred Revenue	−2	3	−6	−8	−509,000
Lease Liability	−911,000	−788,000	−622,000	−613,000	−186,000
Due to Related Party	3,000	−1,000	−4,000	−61,000	60,000
Other Liabilities	−15,000	−113,000	−19,000	−25,000	0
Net Cash Used in Operating Activities	−11	−3	−16	−26	−24
Repayments from Related Party for Note Receivables	400,000	83,000	1	−2	—
Proceeds from Sales and Maturities of Marketable Securities	5	10	72	14	186
Investment in Marketable Securities	−7	0	—	0	−305
Purchase of Property and Equipment	−151,000	−117,000	−72,000	−592,000	−302,000
Net Cash (Used in) Provided by Investing Activities	−2	10	74	−31	−129
Proceeds from Margin Loan	6	11	13	11	—
Repayments of Margin Loan	−7	−11	−18	−9	—
Proceeds from Production Facilities	10	9	—	—	—
Repayments of Production Facilities	−9	−15	—	—	—
Repayments of Bank Indebtedness, net	0	−3	—	—	—
Proceeds from Factoring Transaction	484,000	0	—	—	—
Principal Payments on Finance Lease Obligations	−393,000	−2	−2	−1	0
Debt Issuance Costs	−79,000	−2,000	−18,000	−54,000	0
Proceeds from Sale of Investment	829,000	0	—	—	—
Placement Agent Fee Paid in Cash	−511,000	−390,000	0	—	—
Proceeds from Securities Purchase Agreement, net	7	8	0	—	—
Shares Withheld for Taxes on Vested Restricted Shares	−1,000	−1,000	−49,000	−5,000	0
Proceeds from Warrant Exercise	1,000	2,000	—	—	—
Net Cash Provided by (Used in) Financing Activities	8	−3	−61	54	62
Effect of Exchange Rate Changes on Cash	−551,000	898,000	−301,000	−212,000	−16,000
Net (Decrease) Increase in Cash and Restricted Cash	−5	4	−3	−3	−90
Cash Paid for Interest	40,000	129,000	2	252,000	19,000
Cash Paid for Taxes	0	0	64,000	19,000	0
Reduction in Leased Asset Due to Modified Lease Liability	106,000	0	219,000	—	—
Leased Assets Obtained in Exchange for New Finance Lease Liabilities	356,000	0	—	—	—

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