Legion M Entertainment, Inc. filed its 2025 annual report (Form C-AR) under Reg CF. A few things from the filing:

The company reported $2,004,184 in revenue for 2025, up from $1,024,059 in 2024, and a net loss of $1,540,433. Legion M is a Los Angeles fan-owned entertainment company (incorporated in Delaware, 2016) that produces and distributes film content and lets fans invest in its projects. Eight employees. Its latest raise priced at $2.25 per share, valuing the company at $99.6M.

Strengths:

\- Revenue nearly doubled, driven by the theatrical and VOD release of My Dead Friend Zoe in 750+ U.S. theaters; international rights acquired by Universal Pictures.

\- Gross profit was $336,366, versus a gross loss of $372,876 in 2024.

\- Year-end cash was $789,082, up from $249,562.

\- Released a William Shatner documentary in 500+ theaters and launched a fan-driven Film Fund for distribution financing.

Risks:

\- The lower net loss is largely from one-time items, not operating improvement: total operating expenses were $5,306,096, up from $3,170,948, including a $2,754,456 impairment of production investments.

\- Both management and the auditor flagged substantial doubt about the company's ability to continue as a going concern.

\- Year-end cash of $789,082 sits against $3,047,358 in current liabilities; the filing notes short-term and defaulted debt.

\- Negative operating cash flow, with dependence on continued fundraising.

All figures are from Legion M's SEC filings, organized by Owntric. Educational only, not investment advice.

For those who follow Reg CF raises: how do you weigh a film slate that's now generating revenue against a going-concern flag and a net loss that's lower mainly due to one-time gains?

Legion M Entertainment's 2025 annual report: $2.0M revenue (up from $1.02M), $1.54M net loss, raising at a $99.6M valuation