Charlotte, N.C., March 29, 2024 (GLOBE NEWSWIRE) — Strong Global Entertainment, Inc. (NYSE American: SGE) (the “Company” or “Strong Global Entertainment”) as we speak introduced working outcomes for the fourth quarter and full yr ended December 31, 2023.

Operational Highlights – Fourth Quarter and Full Year 2023

• Revenue elevated 9.4% to $42.6 million for the yr and decreased 2.1% to $10.3 million for the quarter.

  • Upgrades to laser projection proceed to drive buyer demand.

  • Services income grew 26.6% throughout the fourth quarter of 2023, and 34.0% for the complete yr, with elevated market share, new service choices, and contribution from the Innovative Cinema Solutions (“ICS”) acquisition including to revenues in late 2023.

  • Screen programs income elevated 5.3% throughout the fourth quarter of 2023, and grew 7.2% for the complete yr, largely associated to market momentum round laser display screen replacements and growth into Europe. This progress was partially offset by the timing of immersive display screen tasks.

• The Company expanded its set up, venture administration, content material supply and different service choices to handle buyer demand and increase market share.

• Strengthened European presence with fast ship applications and native ending operations.

• Expanded immersive product options and put in the Company’s first Seismos immersive flooring venture.

• Completed the acquisition of sure property of Innovative Cinema Solutions LLC (“ICS”), including extra scale to the Strong Technical Services operations throughout the fourth quarter.

Mark Roberson, Chief Executive Officer, commented, “We delivered solid results for full year 2023, achieving revenue growth and improved gross margins as demand for laser projection and customer upgrade initiatives increased as the year progressed. The Company also completed the acquisition of ICS assets in the fourth quarter, increasing the scale and scope of our services business. As part of our annual planning process, we evaluated the performance of all our lines of business and initiated a plan to exit the content business, as we strategically focus the Company’s resources on driving cash flow from our core entertainment products and services lines.”

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About Strong Global Entertainment, Inc.

Strong Global Entertainment, Inc. a majority owned subsidiary of Fundamental Global Inc (NASDAQ: FGF) is a pacesetter within the leisure trade, offering mission essential services and products to cinema exhibitors and leisure venues for over 90 years. The Company manufactures and distributes premium massive format projection screens, offers complete managed providers, technical help and associated services and products primarily to cinema exhibitors, theme parks, academic establishments, and comparable venues. In addition to conventional projection screens, the Company manufactures and distributes its Eclipse curvilinear screens, that are specifically designed for theme parks, immersive exhibitions, in addition to simulation functions. It additionally offers upkeep, restore, set up, community help providers and different providers to cinema operators, primarily within the United States.

About Fundamental Global Inc.

Fundamental Global Inc. (Nasdaq: FGF, FGFPP) and its subsidiaries have interaction in numerous enterprise actions together with reinsurance, asset administration, service provider banking, manufacturing and managed providers.

The FG^® brand and Fundamental Global^® are registered logos of Fundamental Global LLC.

Use of Non-GAAP Measures

Strong Global Entertainment, Inc. prepares its consolidated monetary statements in accordance with United States usually accepted accounting ideas (“GAAP”). In addition to disclosing monetary outcomes ready in accordance with GAAP, the Company discloses info concerning Adjusted EBITDA (“Adjusted EBITDA”), which differs from the generally used EBITDA (“EBITDA”). Adjusted EBITDA each adjusts web earnings (loss) to exclude earnings taxes, curiosity, and depreciation and amortization, and excludes share-based compensation, impairment costs, severance, international forex transaction good points (losses), transactional good points and bills, good points on insurance coverage recoveries, and different money and non-cash costs and good points.

EBITDA and Adjusted EBITDA are usually not measures of efficiency outlined in accordance with GAAP. However, Adjusted outcomes EBITDA is used internally in planning and evaluating the Company’s working efficiency. Accordingly, administration believes that disclosure of those metrics affords buyers, bankers and different stakeholders an extra view of the Company’s operations that, when coupled with the GAAP outcomes, offers a extra full understanding of the Company’s monetary.

EBITDA and Adjusted EBITDA shouldn’t be thought of as an alternative choice to web earnings (loss) or to web money from working actions as measures of working outcomes or liquidity. The Company’s calculation of EBITDA and Adjusted EBITDA will not be akin to equally titled measures utilized by different firms, and the measures exclude monetary info that some could think about essential in evaluating the Company’s efficiency.

EBITDA and Adjusted EBITDA have limitations as analytical instruments, and you shouldn’t think about them in isolation, or as substitutes for evaluation of the Company’s outcomes as reported underneath GAAP. Some of those limitations are: (i) they don’t mirror the Company’s money expenditures, or future necessities for capital expenditures or contractual commitments, (ii) they don’t mirror modifications in, or money necessities for, the Company’s working capital wants, (iii) EBITDA and Adjusted EBITDA don’t mirror curiosity expense, or the money necessities essential to service curiosity or principal funds, on the Company’s debt, (iv) though depreciation and amortization are non-cash costs, the property being depreciated and amortized will usually have to get replaced sooner or later, and EBITDA and Adjusted EBITDA don’t mirror any money necessities for such replacements, (v) they don’t alter for all non-cash earnings or expense objects which might be mirrored within the Company’s statements of money flows, (vi) they don’t mirror the impression of earnings or costs ensuing from issues administration considers to not be indicative of the Company’s ongoing operations, and (vii) different firms within the Company’s trade could calculate these measures otherwise than the Company does, limiting their usefulness as comparative measures.

Management believes EBITDA and Adjusted EBITDA facilitate working efficiency comparisons from interval to interval by isolating the results of some objects that change from interval to interval with none correlation to core working efficiency or that change broadly amongst comparable firms. These potential variations could also be attributable to variations in capital constructions (affecting curiosity expense), tax positions (such because the impression on durations or firms of modifications in efficient tax charges or web working losses) and the age and e-book depreciation of services and tools (affecting relative depreciation expense). The Company additionally presents EBITDA and Adjusted EBITDA as a result of (i) administration believes these measures are steadily utilized by securities analysts, buyers and different events to judge firms within the Company’s trade, (ii) administration believes buyers will discover these measures helpful in assessing the Company’s capacity to service or incur indebtedness, and (iii) administration makes use of EBITDA and Adjusted EBITDA internally as benchmarks to judge the Company’s working efficiency or examine the Company’s efficiency to that of its rivals.

Forward-Looking Statements

In addition to the historic info included herein, this press launch comprises “forward-looking statements” which might be topic to substantial dangers and uncertainties. All statements, aside from statements of historic reality, contained on this press launch are forward-looking statements. Forward-looking statements contained on this press launch could also be recognized by means of phrases corresponding to “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the detrimental of those phrases or different comparable expressions, though not all forward-looking statements comprise these phrases. Forward-looking statements are based mostly on the Company’s present expectations and are topic to inherent uncertainties, dangers and assumptions which might be tough to foretell. Further, sure forward-looking statements are based mostly on assumptions as to future occasions that will not show to be correct. These and different dangers and uncertainties are described extra absolutely within the part titled “Risk Factors” within the closing prospectus associated to the general public providing filed with the SEC. Forward-looking statements contained on this announcement are made as of this date, and the Company undertakes no responsibility to replace such info besides as required underneath relevant legislation.

Investor Relations Contacts:

Mark Roberson
Strong Global Entertainment, Inc. – Chief Executive Officer
(704) 471-6784
IR@strong-entertainment.com

Strong Global Entertainment, Inc. and Subsidiaries
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