Thunderbird Entertainment Group (TBRD) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue reached CAD 185.7 million, up 12% year-over-year, with strong profitability and a focus on premium, award-winning content across animation, unscripted, and scripted genres.

• Net income for fiscal 2025 was CAD 6.3 million, more than doubling from CAD 2.4 million in 2024, and Adjusted EBITDA rose 10% to CAD 18.3 million.

• Strategic highlights included the acquisition of Beddybyes, a landmark Disney partnership, and the launch of new IP such as Surf’s Up, Crew Girl, and Mermicorno: Starfall.

• The company was recognized for resilience, adaptability, and industry leadership, earning multiple awards including Daytime Emmys, Peabody, and Kidscreen Gold Star, and a spot on The Globe and Mail's top growing companies list.

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

Financial highlights

• Full-year revenue reached CAD 185.7 million, up from CAD 165.3 million in 2024, with Q4 revenue at CAD 47.4 million (down from CAD 51.8 million in Q4 2024).

• Net income for 2025 was CAD 6.3 million, up from CAD 2.4 million in 2024; Q4 net income was CAD 1.8 million (down from CAD 2.5 million in Q4 2024).

• Adjusted EBITDA for 2025 was CAD 18.3 million, up 10% from 2024; free cash flow rose to CAD 9.6 million.

• Gross margin for the year was 21%, with a net margin of 3.4%.

• Cash position as of June 30, 2025 was CAD 28.0 million, with no corporate debt.

Outlook and guidance

• No forward-looking guidance provided due to unpredictability in project greenlight timing, industry uncertainty, and shifting buyer strategies.

• Positioned to benefit from new Canadian regulatory changes, with an expected CAD 200 million annually in additional funding for Canadian productions.

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

• Management remains focused on disciplined execution, cost control, and leveraging industry trends and partnerships.