Revenue: As of FY2027 Q1, the actual value is USD 34 M, missing the estimate of USD 34.05 M.EPS: As of FY2027 Q1, the actual value is USD -0.31, missing the estimate of USD -0.275.EBIT: As of FY2027 Q1, the actual value is USD -26.9 M.<h3>Fiscal First Quarter 2026 Financial Performance Overview</h3>National CineMedia, Inc.’s total revenue for the first quarter ended April 2, 2026, decreased by 2.6% to $34.0 million, compared to $34.9 million for the first quarter of 2025. The operating loss increased to - $26.9 million for the first quarter of 2026 from an operating loss of - $23.9 million for the first quarter of 2025. Net loss decreased to - $28.6 million for the first quarter of 2026 from - $30.7 million for the first quarter of 2025. Adjusted OIBDA, a non-GAAP measure, was - $10.5 million for the first quarter of 2026, compared to - $9.0 million for the first quarter of 2025.<h4>Segment Revenue (Q1 2026 vs. Q1 2025)</h4><ul><li>National advertising revenue was $27.5 million in 2026, an increase from $27.4 million in 2025.</li><li>Local and regional advertising revenue was $4.4 million in 2026, a decrease from $4.9 million in 2025.</li><li>ESA Party advertising revenue from beverage concessionaire agreements was $2.1 million in 2026, down from $2.6 million in 2025.</li></ul><h4>Operating Expenses (Q1 2026 vs. Q1 2025)</h4>Total Operating Expenses for the first quarter of 2026 were $60.9 million, up from $58.8 million in the first quarter of 2025. Network operating costs were $4.0 million in 2026, an increase from $3.1 million in 2025. Theater exhibition fees were $24.6 million in 2026, up from $21.7 million in 2025. Selling and marketing costs were $9.5 million in 2026, a decrease from $10.7 million in 2025. Administrative and other costs were $13.3 million in 2026, an increase from $12.9 million in 2025. Depreciation expense was $1.5 million in 2026, up from $1.1 million in 2025. Amortization expense was $8.0 million in 2026, down from $9.3 million in 2025.<h4>Non-Operating Expense (Income) (Q1 2026 vs. Q1 2025)</h4>Total Non-Operating Expense (Income) was $1.7 million in 2026, a decrease from $6.8 million in 2025. Interest on borrowings remained constant at $0.2 million in both 2026 and 2025. Interest income was - $0.2 million in 2026, compared to - $0.6 million in 2025. Loss on re-measurement of the payable under the tax receivable agreement was $1.9 million in 2026, down from $5.5 million in 2025. Loss on debt extinguishment was $0 million in 2026, down from $1.8 million in 2025. Other non-operating income, net, was - $0.2 million in 2026, compared to - $0.1 million in 2025.<h4>Balance Sheet Data (As of April 2, 2026 vs. January 1, 2026)</h4><ul><li>Cash, cash equivalents, marketable securities and restricted cash were $51.6 million as of April 2, 2026, an increase from $37.6 million as of January 1, 2026.</li><li>Receivables, net, were $70.1 million as of April 2, 2026, a decrease from $96.5 million as of January 1, 2026.</li><li>Property and equipment, net, were $18.3 million as of April 2, 2026, down from $19.4 million as of January 1, 2026.</li><li>Total assets were $468.7 million as of April 2, 2026, a decrease from $490.6 million as of January 1, 2026.</li><li>Borrowings, gross, remained at $12.0 million as of both April 2, 2026, and January 1, 2026.</li><li>Total equity was $344.8 million as of April 2, 2026, a decrease from $375.4 million as of January 1, 2026.</li><li>Total liabilities and equity were $468.7 million as of April 2, 2026, down from $490.6 million as of January 1, 2026.</li></ul><h4>Operational Metrics (Q1 2026 vs. Q1 2025)</h4><ul><li>Total Screens (100% Digital) at Period End were 18,871 as of April 2, 2026, an increase from 17,875 screens as of March 27, 2025.</li><li>Total Attendance for the period was 83.2 million in 2026, up from 72.3 million in 2025.</li><li>Capital Expenditures were $0.6 million in 2026, a decrease from $0.9 million in 2025.</li></ul><h4>Per Attendee Data (Q1 2026 vs. Q1 2025)</h4><ul><li>National advertising revenue per attendee was $0.331 in 2026, down from $0.379 in 2025.</li><li>Local and regional advertising revenue per attendee was $0.053 in 2026, down from $0.068 in 2025.</li><li>Total advertising revenue (excluding beverage) per attendee was $0.383 in 2026, down from $0.447 in 2025.</li><li>Total revenue per attendee was $0.409 in 2026, down from $0.483 in 2025.</li></ul><h4>Operational Transformation Initiative</h4>National CineMedia, Inc. implemented an operational transformation during Q1 2026, aiming for approximately $11.0 million in annualized cost savings. The company has realized about $3.0 million in savings to date and anticipates realizing up to $6.0 million in savings in 2026.<h4>Dividend Declaration</h4>On May 12, 2026, National CineMedia, Inc. declared a cash dividend of $0.03 per share, totaling approximately $2.8 million.<h4>Q2 2026 Outlook</h4>For the second quarter of 2026, National CineMedia, Inc. expects total revenue to range from $57.0 million to $63.0 million. Adjusted OIBDA is projected to be between $1.0 million and $5.0 million for the same period.

National Cinemedia | 8-K: FY2027 Q1 Revenue Misses Estimate at USD 34 M