Blue Ant Media (BAMI) investor relations material

Executive summary

• Fiscal 2026 was transformational, marked by a go-public transaction, three acquisitions including MagellanTV and Thunderbird, and major operational changes, resulting in significant scale and output growth.

• Q3 2026 revenue surged to $125.6 million, up 124% year-over-year, driven by acquisitions and strong production and distribution performance.

• Adjusted EBITDA reached $16.8 million, a 15% increase from the prior year, despite a net loss of $17.5 million due to a $33.1 million non-cash impairment in Canadian Media.

• Organizational restructuring unified Kids, Family & Young Adult studios and consolidated rights, channels, and streaming into a single monetization unit.

• The company remains well-capitalized with $59.9 million in cash and $73.6 million in undrawn credit capacity.

Financial highlights

• Q3 2026 revenue: $125.6 million vs. $56.0 million in Q3 2025, driven by a 541% increase in Production & Distribution revenues following the Thunderbird acquisition.

• Adjusted EBITDA for Q3 2026 was $16.8 million, up 15% year-over-year; nine-month Adjusted EBITDA was $25.6 million.

• Net loss for Q3 2026 was $17.5 million, impacted by $33.1 million in impairment charges in the Canadian Media segment.

• Cash from operations: $7 million after $2.7 million in one-time costs, up from $1.8 million last year.

• Thunderbird contributed $186 million revenue and $18.3 million Adjusted EBITDA in FY2025.

Outlook and guidance

• Margins expected to improve as one-time costs subside and acquisition synergies and scale efficiencies are realized.

• Continued focus on organic growth, new global brand launches, expanded digital ad sales, and increased content production.

• Pursuing further M&A, targeting synergistic, scalable, and IP-rich assets as sector consolidation continues.

• Anticipate ongoing softness in Canadian Media due to structural declines in linear advertising; no change in overall outlook from Q2.

• Plans to report under three new segments (Rights & Streaming, Studios, Canadian Media) starting Q4 2026.