Genius Brands International Inc GNUS Shares traded higher on Monday. The company announced a 691% increase in sales for 2022 and provided an update on one of its shows featuring the 15-time NBA All-Star Shaquille O’Neal.

What happened: In a new business update, Genius Brands said sales grew 691% last year to $63 million. The company too highlighted a 31% reduction in operating losses and a 64% reduction in net losses year over year.

Brilliant brands said it believes the company is making “significant progress” in achieving positive cash flow from operations. The company ended 2022 with assets of $139.5 million and working capital of $28.6 million.

Genius Brands filed an extension for its quarterly report due in part to its recent acquisitions. Accordingly Gasoline ProGenius Brands is expected to report a net loss of 9 cents per share on revenue of $22.8 million for the fourth quarter.

Separately, Genius Brands announced that “Shaq’s Garage” will premiere June 5 on Pluto TV.

“I’m thrilled that our hard work over the last few years is finally bearing fruit with our new series. I’m very proud of what we’ve created and I look forward to inspiring children around the world with ‘Shaq’s Garage,'” said O’Neal.

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GNUS Price Promotion: Genius Brands shares closed Monday up 6.96% at $2.92.

The stock was up another 2.4% after the close of business to $2.99 ​​at the time of publication Gasoline Pro.

Photo: mohamed_hassan from Pixabay.