MoviePass Losses Higher Than Previously Disclosed
MoviePass parent company Helios and Matheson clarified that the beleaguered subscription service has fewer subscribers than previously disclosed, causing the firm to restate its revenue downward by 8.2% and its losses upward by 7.7%.
Helios and Matheson said in a regulatory filing that in the quarter ending September 30 its revenue was $74.7 million, down from the $81.3 million it had previously reported. Its loss from operations was $93.1 million, while it previously stated the loss was $86.4 million.
The company's net loss in the quarter soared 6.9 percent to $146.7 million, up from the $137.2 million loss it had previously reported.
"The company's previously issued quarterly and year-to-date unaudited consolidated financial statements for September 30, 2018, should no longer be relied upon," Helios and Matheson said in its filing.
Shares of Helios and Matheson are off more than 99 percent and are trading for a little over a penny a share.