Lions Gate reported QQ3 2025 revenue of 970.5 million, flat year over year (YoY) and up 2.3% quarter over quarter (QoQ). The gross profit was 403.2 million for a gross margin of 41.5%, while EBITDA stood at 491.7 million (EBITDAR 0.5067). Despite a positive EBITDA contribution, the quarter delivered a net loss of 21.9 million and earnings per share (EPS) of -0.09. The discrepancy is driven by substantial depreciation and amortization (443.4 million) and notable total other income/expenses (-50.3 million), alongside a modest tax expense (4.0 million) and interest expense (72.5 million). The operating income was a slim 35.8 million, yielding an operating margin of 3.69%. From a cash perspective, operating cash flow was negative at -118.8 million and free cash flow was -124.2 million, contributing to a net decrease in cash of 35.2 million in the period. Cash at period-end stood at 254.1 million, while total debt aggregated to 4.50 billion with net debt of 4.30 billion and negative stockholders’ equity (-168.3 million). Liquidity metrics are weak, with a current ratio of 0.315 and a cash ratio of 0.059. The company’s leverage and negative equity imply meaningful near-term refinancing and liquidity risks, even as EBITDA demonstrates operational scale. The results underscore a duality: robust EBITDA relative to revenue in a high-D&A environment, and ongoing cash-generation challenges that constrain leverage management and capital allocation.