Earlier this week, IDW released their Q4 financial results.
After listening to the call held by CEO Davidi Jonas here is my summary:
- IDW made a cash profit in 2024, which was an improvement from 2023
- Generally optimistic about Q4 results
- "Diamond as a percentage of the company's revenue is significant"
- "We think that there will likely be an impact" but it is "too early to tell how substantial it will be"
- There are four entertainment/streaming projects in the works: The Kill Lock, Dungeon, Brutal Nature, and The Delicacy
- A weird comment about Joe Rogan being the new Rush Limbaugh
- "We were thinking about buying TikTok, but apparently it was a bit out of our price range"
- Likely to put IDW comics on GlobalComix in the future
- "We have worked with our auditors and provided additional information to an additional clarity, so that they share our opinion that IDW is not at substantial risk regarding continuing of the going concern"
One thing of note in IDW's 2024 Annual Report was their emphasis on their reliance on The Last Ronin to bail them out:
IDWP revenues decreased $266,000 in the fiscal year ended October 31, 2024, compared to the fiscal year ended October 31, 2023, primarily due to an increase in returns of $744,000, and decreases in games revenue of $577,000 as a result of our cessation of games fulfillment and digital sales of $419,000, partially offset by increases in book market publishing revenue of $781,000 driven by strong Teenage Mutant Ninja Turtles: The Last Ronin sales, comic market publishing revenue of $386,000 driven by strong Teenage Mutant Ninja Turtles: Re-Evolution and Teenage Mutant Ninja Turtles Ongoing Relaunch, direct-to-consumer revenue of $188,000, direct billing revenue of $94,000 driven mostly by increased retail incentive orders, and other licensing and royalty revenues of $25,000.
Also in the report, IDW hinted at ambitions for creating entertainment/streaming content for their licensed content as well:
IDWE seeks to turn the deep catalog of Controlled Content and, where possible, Licensed Content,
from IDWP into television, film and other franchise opportunities.
Last week, Bleeding Cool reported that Diamond's closure will mean that "Penguin Random House intends to pass on any unpaid debt they have from Diamond to IDW," which would leave IDW's "ability to continue as a going concern" according to a report from an auditor.
IDW didn't specifically address the possibility of being saddled with unpaid debt from Penguin Random House in their earnings call, but they did seem to downplay concerns.
