Alliance Entertainment

The model is working‑capital‑intensive with minimal cash on hand and reliance on an asset‑based revolver. As of March 31, 2026, cash was about 1.2 million, revolver balance net was 64.3 million, and total availability under the facility was approximately 56 million, indicating liquidity headroom.

The company repaid a 10 million shareholder loan and transitioned from a higher‑cost facility to a SOFR‑based revolver. Interest expense remains material. Asset turns and cash conversion need to remain disciplined to avoid stress in downturns.