Thunderbird Entertainment Group Inc (TSX-V:TBRD, OTCQX:THBRF) saw its fiscal 2Q 2022 revenue grow by 18% year-over-year to $33 million as its production services continue to grow.
For the three-month period ended December 31, 2021, the Canadian entertainment company reported $33 million in revenue compared to $28 million in the same year-ago quarter.
Thunderbird attributed the increase to growth in production service projects, partially offset by a decrease in intellectual property revenues, which it said was “due to timing.”
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The firm saw gross margins stay consistent year-over-year, while adjusted EBITDA was down around 4% to $5 million for the quarter. The firm reported net income of $1.4 million, a slight decrease from the $1.5 million it saw in 2Q 2021.
Free cash flow, meanwhile, was up to $12 million.
"I am extremely proud of Thunderbird’s progress in 2Q," said Jennifer Twiner McCarron, the firm’s CEO, in a statement.
"In fiscal 2022, we have made significant investments into key strategic growth initiatives – including our Global Distribution and Consumer Products Division and investments in IP which are now starting to contribute to our business in a meaningful way. Initiatives like this build on our already solid foundation – further paving the way for Thunderbird to become the next major global studio."
Thunderbird Entertainment Group is a global award-winning, full-service multiplatform production, distribution and rights management company, headquartered in Vancouver, with additional offices in Los Angeles, Toronto, and Ottawa.
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