Thunderbird Entertainment Group (TBRD) Status Update summary

Business overview and strategic positioning

• Operates as a global content company with a focus on high-quality factual, animated, and scripted content, serving over 250 partners including major global platforms.

• Fiscal 2024 revenue reached CAD 165.3 million, exceeding guidance by 30%, with Adjusted EBITDA at CAD 16.7 million and no corporate debt.

• Expanding into ancillary businesses such as distribution, games, consumer products, and toys, leveraging Canadian studio advantages and tax credits.

• Recognized for industry excellence with multiple awards and strong revenue growth over three years.

Divisional performance and content strategy

• Atomic Cartoons (kids/family) and Great Pacific Media (factual) are key divisions, producing for major brands and focusing on both service and owned IP.

• Recent successes include hit shows like Sidelines: The QB and Me, and long-running series such as Highway Thru Hell, with new IP launches and renewals.

• Consumer products and distribution divisions are growing, with new partnerships (e.g., Jazwares for Mermicorno: Starfall) and global sales of third-party IP.

• Digital expansion includes content on YouTube, Roblox, and TikTok, targeting new audiences and revenue streams.

Financial performance and guidance

• 80% of revenue is from service work, mainly animation, providing stable cash flow to invest in IP.

• Cost reductions of CAD 3 million implemented in late 2023, leading to a return to EBITDA growth and strong Q1 2025 results (36% revenue growth, 64% EBITDA growth YoY).

• Fiscal 2025 guidance targets 20% revenue growth and 10%+ EBITDA growth, with margin differences due to lower-margin new service projects.

• Strong balance sheet with no corporate debt, robust cash flow, and a market cap under CAD 100 million.