BusinessBusiness Insider•13 hours agoThe owner of MoviePass is crashing after saying it burns $21.7 million per month — but only has $15.5 million in cash
The company said it had $15.5 million of available cash and another $27.9 million on deposit. Shares of MoviePass' parent company, Helios & Matheson Analytics (HMNY), crashed more than 30% Tuesday after it released updated financials that paint a dire picture for the subscription cinema service. The new filing comes just as MoviePass recently implemented measures in April to help it reduce the rate at which its hemorrhaging cash. In late April, the company enhanced its technology to prevent subscribers from sharing accounts with non-subscribers, and stopped allowing subscribers to see a movie title more than once while using the service.
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