Thunderbird Entertainment Group (TBRD) Q1 2026 earnings summary

Executive summary

• Global content studio focused on premium, award-winning content across animation, unscripted, and scripted genres, with a mission to create diverse and inclusive stories that resonate worldwide.

• Headquartered in Vancouver with teams in Ottawa and LA, working with major streamers and broadcasters, distributing content in over 40 languages and 200+ territories.

• Revenue for Q1 fiscal 2026 was CAD 36.8M, a 19% decrease year-over-year due to production delays shifting revenue to later quarters.

• Net loss for the quarter was CAD 0.53M, compared to net income of CAD 1.58M in the prior year, mainly due to no IP project deliveries.

• 76% of expected production revenue for the year is already approved and in progress, providing strong visibility.

Financial highlights

• Revenue for the quarter ended September 30, 2025, was CAD 36.8M, down 19% from CAD 45.7M in the same quarter last year.

• Net loss for the quarter was CAD 0.53M, compared to net income of CAD 1.58M in the prior year quarter.

• Adjusted EBITDA for the quarter was CAD 1.44M, down from CAD 4.08M year-over-year; margin decreased from 8.9% to 3.9%.

• Gross margin was 16.9%, compared to 19.6% in the prior year quarter.

• Cash and cash equivalents as of September 30, 2025, were CAD 19.97M.

Outlook and guidance

• Full-year revenue growth expected in the mid- to high-single digits year-over-year.

• Adjusted EBITDA and margins anticipated to increase, with margins consistent with the prior year.

• Positioned to benefit from new Canadian regulatory changes, with $200M in annual funding expected for Canadian productions starting September 2024.

• Strategic focus on expanding IP ownership, global distribution, and consumer products to drive recurring revenue.

• Management remains confident in future performance due to a strong production slate and sustained demand.