After a turbulent few years marked by a inventory market delisting and main downsizing in 2023, executives at IDW Media Holdings expressed hope {that a} turnaround is now underway. The remarks had been made by CEO Davidi Jonas and CFO Andrew DeBaker throughout a convention name discussing outcomes for the fiscal yr ended October 31, 2024.

Within the yr, the corporate was in a position to scale back its web loss from $4.9 million in fiscal 2023 to $1.4 million, largely by price cuts, together with the departure of 4 executives in September. (Two extra layoffs on the firm had been confirmed by the Beat a number of days after the convention name.) Total, by layoffs and different measures, IDW reduce its promoting, basic, and administrative prices by $2.3 million final yr.

Whole income was principally flat, slipping from $26.7 million to $26.5 million. IDW’s publishing section, whose properties embrace the High Shelf and IDW imprints, generated $26.4 million of the corporate’s general income, down barely from $26.6 million in fiscal 2023. E-book gross sales elevated by $781,000 within the yr, whereas comics gross sales rose $386,000, offset by increased returns and a lower in video games income. Gross sales within the leisure division, which in fiscal 2022 had gross sales over $10 million, had income of $91,000 and $64,000 in fiscal 2024 and 2023, respectively.

IDW generates gross sales in its leisure division by improvement of its comics and graphic novels into movies and streaming collection. Although its annual report listed 4 works which are underneath improvement consideration, each executives cautioned towards anticipating a windfall from a brand new deal. Fairly, Jonas and DeBaker stated, instant consideration can be dedicated to rising its comics and graphic novel enterprise.

That enterprise, nevertheless, shouldn’t be with out its challenges. The executives famous that it was nonetheless too early to say what the fallout from the Diamond Comedian Distributors chapter can be. The annual report did word, nevertheless, that IDW’s distributor and Diamond’s largest creditor, Penguin Random Home, had paid IDW for gadgets ordered by Diamond.

PRH has instructed IDW that it doesn’t know the way a lot cash it might be able to accumulate from Diamond, though it “informally indicated” to IDW that, in response to the phrases of the contract between the 2 events, “the numerous majority of such uncollected quantities can be debited by PRH from future funds from PRH to IDW.” At current, per the report, IDW can’t decide when or if PRH will debit any quantities towards future funds, and it’ll work to reduce the affect of any decrease funds “to the extent attainable.”

This text has been up to date with additional data.