Thunderbird Entertainment Group Reports Fiscal 2025 Year End Results

Thunderbird Entertainment Group Inc. (TSXV: TBRD, OTCQX: THBRF) (“Thunderbird” or the “Company”) today announced its financial results for its fourth quarter and fiscal 2025, which ended June 30, 2025, and provided a corporate update.

Fiscal 2025 Highlights

• Revenue increased from $165.3 million to $185.7 million. Record-high revenues are attributed to an increase in production service engagements.
• Net income was $6.3 million compared to $2.4 million in fiscal 2024.
• Adjusted EBITDA¹ was $18.3 million up 10% over fiscal 2024.

Q4 2025 Highlights

• Revenue was $47.4 million compared to $51.8 million in Q4 2024.
• Net income was $1.8 million compared to $2.5 million in Q4 2024.
• Adjusted EBITDA¹ was $4.2 million compared to $7 million in Q4 2024.

“Fiscal 2025 was a successful year for the Company, with double-digit topline growth driving strong profitability. Today’s results reflect our progress and showcase momentum, whether through partnerships with major brands, the development of our own IP, or key production milestones such as renewals and awards,” said Jennifer Twiner McCarron, Thunderbird CEO and Chair. “While certain fourth quarter milestones have shifted into the next fiscal year, our core business remains strong. We remain confident in our financial position, the strength of our pipeline, and our long-term value creation strategy, and we are focused on delivering for our customers and executing our strategy with confidence for our shareholders.”

Financial Outlook

The entertainment industry is evolving, shaped by changing audience habits, shifting distribution models, and broader market dynamics. Over the past year, Thunderbird earned new commissions across every division, underscoring the depth of its creative pipeline and strong industry relationships. However, production cycles are lengthening and greenlight timelines are extending, which makes predicting the timing of new business closings challenging.

In light of this, the Company will not be providing forward-looking guidance at this time. Thunderbird remains focused on disciplined execution, careful cost management, and positioning the business to take advantage of strategic opportunities as they arise. The Company’s fundamentals remain strong, with sustained demand, healthy operations, and a clear strategy for long-term growth and value creation.

Thunderbird’s Fiscal 2025 Corporate Highlights

• At June 30, 2025, the Company had 25 programs in various stages of production and was working with 16 clients. Of the 25 programs in production, three were Thunderbird’s intellectual property (“IP”), and 22 were service productions.
  
  
  
  
• Throughout fiscal 2025, Thunderbird Kids & Family, producing under Atomic Cartoons (“Atomic”), was in production on several animated series including, but not limited to: Super Team Canada (Seasons 1 and 2) for Bell Media’s Crave, The Day You Begin for PBS Kids, Zombies: The Re-Animated Series for Disney+, Marvel’s Iron Man and his Awesome Friends for Disney Junior, Marvel's Spidey and his Amazing Friends (Seasons 3 and 4) for Disney Junior, and Atomic original Mermicorno: Starfall for Warner Bros. Discovery.·
  
  
  
  
• Thunderbird Unscripted, producing under Great Pacific Media (“GPM”), was in production on several series in fiscal 2025, including, but not limited to: Timber Titans (Season 2) for USA Network (Canada), Highway Thru Hell (Season 14) for USA Network (Canada), Rocky Mountain Wreckers (Season 1) for The Weather Channel (US) and USA Network (Canada), Extracted (Season 1) for Fox/Sony Pictures and Wild Rose Vets (Season 2) for APTN.
  
  
  
  
• In fiscal 2025, GPM was also in production on several scripted films, including Sidelined: The QB and Me, Sidelined 2: Intercepted, and How to Lose a Popularity Contest. The original Sidelined film was released on Tubi in fall 2024, ranking as the #1 title in the US and Canada, and drawing the largest number of viewers of any title on the platform in its first week. Sidelined 2: Intercepted is expected to premiere on Tubi in November 2025. Subsequent to the fiscal, the Company announced it had started production on Crew Girl, a new coming-of-age drama series. Crew Girl is a Thunderbird/GPM owned-IP production for Netflix.
  
  
  
  
• The Company received more than 14 awards in fiscal 2025, with production recognitions ranging from a Children's & Family Emmy Award (Molly of Denali for Outstanding Writing for a Preschool Animated Series) to a Kidscreen Award (LEGO Pixar: BrickToons for Best Animated Series, Kids Programming category) to a Gold Signal Award for Best History Series (Deadman's Curse), to eight Leo Award wins, among others.
  
  
  
  
• Thunderbird Distribution secured a range of new distribution deals for key properties throughout the fiscal including: Mittens & Pants sales to streamers Peacock USA, HappyKids USA, Kidoodle.TV USA, Xumo USA, Canadian French-language broadcasters TFO and Radio-Canada, and EDYE USA and Latin America, which is owned by HITN; and BooSnoo! sales to EDYE USA and Latin America, LRT Lithuania, PTS Taiwan, Estonia ERR, and SVT Sweden. The series is also being dubbed into Spanish for broadcast in the US and Latin America.
  
  
  
  
• Thunderbird Distribution also acquired global media (excluding the UK, Ireland, and Finland, and certain rights in Denmark and Sweden) and global consumer products rights to BeddyByes in fiscal 2025. The CG-animated preschool series created to help young children prepare for sleep time is produced by Ireland’s JAM Media and is an original production for BBC Children’s and Education. BeddyByes made its debut on CBeebies and BBC iPlayer this spring and quickly became a top rated preschool series. The series is also available on RTÉ Player (Ireland) and Nordic pubcasters DR (Denmark), YLE (Finland) and SVT (Sweden) have prebought the series. Subsequent to the fiscal, the Company announced a landmark collaboration with Disney Branded Television, bringing BeddyByes to audiences worldwide on Disney Jr. in the U.S. and Disney+ globally, with the series set to premiere early next year.
  
  
  
  
• In fiscal 2025, Thunderbird IP Mermicorno: Starfall, an original animated series produced by Atomic in partnership with tokidoki, made its debut on Max (HBO Max), and ranked #11 in the Kids & Family category. The series also premiered on YTV and STACKTV's Teletoon+ (Canada), Max and Discovery Kids (LATAM), POP (UK), and Cartoon Network in Southeast Asia, and ejunior has licensed the series in the Middle East. Along with distribution deals, a Mermicorno: Starfall game launched on Roblox in collaboration with Space Junk Studios. Subsequent to the fiscal, the Company announced new consumer product licensing partnerships for the series, in categories spanning publishing, personal care, footwear, bedding and bath and sleepwear.

Results of Operations

	For the three months ended		For the year ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
($000’s, except per share data)	$	$	$	$
Revenue	47,374	51,814	185,677	165,323
Expenses	45,593	49,334	179,356	162,945
Net income for the period	1,781	2,480	6,321	2,378
Adjusted EBITDA1	4,177	6,954	18,328	16,693
Adjusted EBITDA Margin1	8.8%	13.4%	9.9%	10.1%
Basic and Diluted income per share	0.05	0.05	0.13	0.05

1

These items are Non-IFRS Measures. See “Non-IFRS Measures” and “Reconciliations Tables” section of this MD&A for further information.

For more information, please see the financial statements and the management’s discussion and analysis (MD&A) for the year end results for fiscal 2025, which ended June 30, 2025, available on SEDAR+ and the Company’s website.

Thunderbird’s Fiscal 2025 Conference Call & Webcast Information

Conference Call & Webcast Information

Date: October 9, 2025

Time: 11 a.m. PT/ 2 p.m. ET

Pre-Registration:

To pre-register for this call, please go to the following link and you will receive access details via email: https://registrations.events/direct/Q4I9843872

If you are unable to pre-register, please see the information for joining by webcast or telephone:

Webcast: https://events.q4inc.com/attendee/123015648

Canada Toll Free: +1 (800) 715-9871

United States (Toll-Free): +1 (800) 715-9871

All other locations: +1 (646) 307-1963

Access Code: 98438

Press *1 to ask a question, press *1 again to withdraw your question, or *0 for operator assistance.

Participants joining by phone are requested to call the conference line 10 minutes early to avoid wait times while connecting to the call. The conference call will be webcast live and available for replay via the “Investors” section of the Thunderbird website.

For information on Thunderbird and to subscribe to the Company’s investor list for news updates, go to www.thunderbird.tv.

ABOUT THUNDERBIRD ENTERTAINMENT GROUP INC.

Thunderbird Entertainment Group Inc. is a global award-winning, full-service multiplatform production, distribution and rights management company, headquartered in Vancouver, with teams in Los Angeles and Ottawa. Thunderbird creates award-winning scripted, unscripted, and animated programming for the world’s leading digital platforms, as well as Canadian and international broadcasters. The Company develops, produces, and distributes animated, factual, and scripted content through its various content arms, including Thunderbird Kids and Family (Atomic Cartoons), Thunderbird Unscripted (Great Pacific Media) and Thunderbird Scripted. Productions under the Thunderbird umbrella include Mermicorno: Starfall, Super Team Canada, Molly of Denali, Highway Thru Hell, Kim’s Convenience, Boot Camp and Sidelined: The QB and Me. Thunderbird Distribution and Thunderbird Brands manage global media and consumer products rights, respectively, for the Company and select third parties. Thunderbird is on Facebook, X, and Instagram at @tbirdent. For more information, visit: www.thunderbird.tv.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release, which has been prepared by management.

Cautionary Statement Regarding Forward-Looking Information

Certain statements in this press release contain “forward-looking information” or may be “forward-looking statements” for the purposes of applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements of information may be identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “plan”, “project”, “should”, “believe”, “intend”, or similar expressions concerning matters that are not historical facts.

Financial outlook and future-oriented financial information, as with forward-looking statements generally, are, without limitation, based on the assumptions and estimates and subject to various risks. The targets, forecasts and projections included herein, and the related assumptions, involve known and unknown risks and uncertainties that may cause actual results to differ materially. While management of Thunderbird believes there is a reasonable basis for these targets, forecasts and projections, such targets, forecasts, or projections may not be achieved. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, among other things, the Company’s future revenue and Adjusted EBITDA¹ may differ materially from the financial outlooks and future-oriented information provided in this press release. Accordingly, investors are cautioned not to place undue reliance on the foregoing information.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; market segment conditions; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; impacts of potential tariffs; product capability and acceptance; international risk and currency exchange rates; and technology changes. An assessment of these risks that could cause actual results to materially differ from current expectations is contained in the “Risks and Uncertainties” section of the Company’s June 30, 2025, MD&A. The foregoing is not an exhaustive list. Additional risks and uncertainties not presently known to Thunderbird or that management believes to be less significant may also adversely affect the Company. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements contained in this document (including statements containing future-oriented financial information) are reasonable, undue reliance should not be placed on these statements, which represent the Company’s views as of the date hereof and therefore such information should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained in this press release, whether because of new information, future events or otherwise, unless so required by applicable securities laws. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.

NON-IFRS MEASURES

In addition to the results reported in accordance with IFRS, the Company uses various non-IFRS financial measures which are not recognized under IFRS and therefore do not have standardized meanings prescribed by IFRS, as supplemental indicators of our operating performance and financial position. The Company’s method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, our definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. These non-IFRS financial measures are provided to enhance the user’s understanding of our historical and current financial performance and our prospects for the future. Management believes that these measures provide useful information in that they exclude amounts that are not indicative of our core operating results and ongoing operations and provide a more consistent basis for comparison between periods. The following discussion explains the Company’s use of Adjusted EBITDA, and Adjusted EBITDA Margins and provides reconciliations to the most directly comparable financial measures under IFRS.

“Adjusted EBITDA” is calculated based on EBITDA before share-based compensation, unrealized foreign exchange gain/loss and items of an unusual or one-time nature that do not reflect our ongoing operations. Adjusted EBITDA is commonly reported and widely used by investors and lenders as an indicator of a company’s operating performance and ability to incur and service debt, and as a valuation metric. The most directly comparable measure under IFRS is net income.

“Adjusted EBITDA Margins” is calculated as a ratio of Adjusted EBITDA over total revenues. Adjusted EBITDA Margin is a non-IFRS ratio when applied to non-IFRS financial measures.

Non-IFRS Measures Reconciliations

The following table presents the reconciliation from net income to EBITDA and Adjusted EBITDA, for the three months and years ended June 30, 2025, and 2024.

	For the three months ended				For the year ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
($000’s)	$		$		$		$
Net income for the period	1,781		2,480		6,321		2,378
Income tax expense (recovery)	(201	)	584		1,892		930
Deferred income tax expense	983		343		728		431
Finance costs
Interest expense	124		472		586		1,461
Dividends on redeemable preferred shares	7		7		29		29
Amortization
Property and equipment	165		359		1,546		1,734
Right-of-use assets	1,370		1,661		5,959		7,079
Intangible assets	-		67		136		270
	2,448		3,493		10,876		11,934
EBITDA	4,229		5,973		17,197		14,312
Share-based compensation	248		117		896		739
Unrealized foreign exchange loss (gain)	(36	)	22		366		28
Loss (gain) on disposal of property and equipment	579		(37	)	223		(29	)
Loss (gain) on termination of leases	(793	)	-		(793	)	40
Restructuring and other costs	(50	)	879		439		1,603
	(52	)	981		1,131		2,381
Adjusted EBITDA	4,177		6,954		18,328		16,693

 

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