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Critical incident detected

Existential event

Time-sensitive event — see the red-flag panel below for the source-quoted detail.

Red Flags Detected

  • Going Concern (new) — Management now discloses substantial doubt about ability to continue as a going concern for at least one year due to accumulated deficit, low cash, and minimal working capital.
  • Material Weakness (new) — Previously identified material weakness in IT general controls has been remediated; internal controls now deemed effective as of December 31, 2025.
  • Asset Impairment (new) — Company recorded $0.8M intangible asset impairment on Frederator and Wow tradenames due to reduced expected future cash flows.
  • Securities Litigation (improved) — Securities litigation significantly narrowed with court dismissing all claims against one defendant and most claims against remaining defendants, leaving only one narrow claim about Rainbow Rangers airing frequency.
NYSE: TOON Kartoon Studios, Inc. 10-K

revenue $39.4M, net income -$24.5M. Kartoon Studios flags going-concern doubt despite 21% revenue growth; cash

Filed March 31, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 31, 2025 · ~2 min read

Key Changes

  • high

    Management disclosed substantial doubt about ability to continue as a going concern for at least one year, citing $763.8M accumulated deficit, $2.9M cash, and $33.5M current liabilities against $35.8M current assets.

    Risk Factors: Going Concern verify on EDGAR →
  • high

    Customer concentration increased to 81.9% of revenue from four customers (up from 75.7% prior year), heightening revenue volatility and credit risk if any relationship is lost.

    Business: Customer Concentration verify on EDGAR →
  • high

    Operating cash outflow tripled to $11.4M from $3.5M, driven by $9.3M lower tax credit receipts and $3.8M higher receivables, despite 21% revenue growth to $39.4M.

    MD&A: Cash Flow verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Figures/quotes linked to EDGAR · Narrative written by AI · Jun 10, 2026 · How we verify