The Q2 guidance implies a sharp revenue rebound to $57-63M, which would be the highest quarterly revenue since Q4 2024. Monitor the upcoming film slate and advertiser demand to validate this trajectory. The cost savings program could improve margins in H2 2026.
Price Chart
Executive Summary
National CineMedia reported Q1 2026 revenue of $34.0M, down 2.6% YoY from $34.9M, and a GAAP net loss of $0.31 per share, slightly better than the $0.32 loss a year ago. Results were within the company's guidance range, and management announced an operational transformation targeting $11.0M in annualized cost savings. The Q2 2026 revenue guidance of $57M-$63M implies a significant sequential rebound driven by a strong film slate.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $34.0M, down 2.6% YoY from $34.9M
- GAAP net loss per diluted share of $0.31 vs $0.32 loss in Q1 2025
- Adjusted OIBDA was -$10.5M vs -$9.0M in Q1 2025
- Operational transformation targeting $11.0M in annualized cost savings; $3.0M realized to date
- Q2 2026 revenue guidance of $57.0M to $63.0M, with Adjusted OIBDA of $1.0M to $5.0M
- Quarterly dividend of $0.03 per share declared, consistent with prior quarter
- Total attendance grew 15.1% YoY to 83.2M, but revenue per attendee declined to $0.409 from $0.483
- Cash and equivalents increased to $51.6M from $37.6M at year-end 2025
Financial Impact
Revenue declined $0.9M YoY; operating loss widened by $3.0M; cost savings program targets $11.0M annualized
Risk Factors
- Revenue per attendee declining despite attendance growth suggests pricing pressure or mix shift
- Adjusted OIBDA margin worsened to -30.9% from -25.8% YoY
- Workforce and system transformation costs of $4.7M weighed on operating results
- Seasonal Q1 weakness typical for cinema advertising; Q2 guidance dependent on film slate strength
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-219406 |
| Document: ncmi-20260507.htm | 0001193125-26-219406 |
| Document: 0001193125-26-219406-index-headers.html | 0001193125-26-219406 |
| Document: 0001193125-26-219406-index.html | 0001193125-26-219406 |
| Document: 0001193125-26-219406.txt | 0001193125-26-219406 |
| 8-K Data (Synthetic) | 0001193125-26-219406 |
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