MoviePass' parent company, Helios and Matheson Analytics, said Thursday that MoviePass' monthly losses ramped up to $40 million in May due to rapid increases in subscriber growth.

The company said it expects its cash deficit to reach $45 million in June.

Helios and Matheson said it will "require a significant amount of additional capital for MoviePass" that could potentially exceed $1.2 billion.

MoviePass has been hemorrhaging cash since it initiated a $9.95-a-month service for seeing one movie per day in theaters, but the bleeding is getting worse as its popularity increases.

MoviePass' parent company, Helios and Matheson Analytics, said in an SEC filing on Thursday that MoviePass' monthly losses ramped up to $40 million in May due to rapid increases in subscriber growth. The company also said it expects its cash deficit to reach $45 million in June. That's up from nearly $23 million per month in the first quarter of this year.

"As the MoviePass subscriber base increases rapidly, and as we increase our investments in movies through MoviePass Ventures and MoviePass Films, and make other acquisitions, our monthly cash deficit will continue to increase in the coming months," the company said in the filing.

The company said that between May 1 and June 15, it acquired approximately 545,000 new paying subscribers.

In describing MoviePass as a "hypergrowth company" in the filing — citing its acquisition of over 3 million paying subscribers since it lowered its prices in August 2017 — Helios and Matheson said that it will "require a significant amount of additional capital for MoviePass" that could potentially exceed $1.2 billion.

"We expect to continue raising debt or equity capital to achieve our objectives, as and when available. If we maintain our access to capital, we expect the rapid growth of MoviePass to continue for the foreseeable future," the company said in the filling. "To maintain our growth and continue to fundamentally transform the movie industry, for the benefit of the entire movie ecosystem, we will continue to incur a significant monthly cash deficit, until or unless we achieve positive cash flow or profitability, of which there is no assurance."

Helios and Matheson was trading at 34 cents per share on Thursday. It has crashed over 98% from its 52-week high.