Blue Ant Media (BAMI) Q3 2025 earnings summary

Executive summary

• Q3 marked the first quarter as a public company after a reverse takeover completed on August 1, 2025, which improved the balance sheet, increased available capital, and added three new production companies, enhancing scale and diversity.

• Adjusted EBITDA rose 31% year-over-year, driven by strong growth in Global Channels & Streaming and increased Connected TV (CTV) ad sales.

• Revenues increased 7% year-over-year, with global advertising growth offsetting declines in production revenues due to delayed greenlights.

• Net income was negatively impacted by one-time items, including transaction costs, goodwill impairment, and accelerated share-based compensation from the reverse takeover.

• Results discussed are for Blue Ant only, excluding the newly acquired businesses, and are reported in Canadian dollars for the period ended May 31, 2025.

Financial highlights

• Revenues for Q3 F2025 were $55.7M, up from $51.8M in Q3 F2024, representing a 7% increase year-over-year.

• Adjusted EBITDA for the quarter was $14.6M, up from $11.1M year-over-year, a 31% increase.

• Loss from continuing operations was approximately CAD 11.2 million, compared to income of CAD 3 million in the prior year, due to significant one-time charges.

• Operating cash inflow for the first nine months was $5.0M, down from $5.6M, mainly due to RTO-related costs.

Outlook and guidance

• Anticipates future quarters will reflect increased scale and strength post-RTO, with opportunities for organic and acquisition-driven growth.

• Expects continued softness in the ad market in the near term, with industry forecasts suggesting improvement as advertiser demand rebounds.

• Management sees current industry conditions as an opportunity for content and business acquisitions at attractive valuations, leveraging improved financial position.