Thunderbird Entertainment Group Inc (TSX-V:TBRD, OTCQX:THBRF) announced its financial results for its fiscal first quarter ended September 30, revealing a major revenue increase.
The company posted revenue of $43.7 million, a 25% increase from $35.1 million in the same period of fiscal 2021. Both the number of episodes of owned IP projects delivered and recognized, as well as the number and magnitude of production services projects increased quarter-over-quarter.
As of September 30, the company had 28 programs in various stages of production, compared to 27 at the same time last year. Of those, 10 were Thunderbird IP and 18 were service productions.
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Free cash flow also increased, growing 29% year-over-year to $4.4 million from $3.4 million. Thunderbird attributed the increase is primarily to positive changes in working capital, partially offset by net production loan repayments.
Adjusted EBITDA decreased 35% to $4.1 million compared to $6.3 million a year earlier, thanks in part to several key hires in its kids and family and other divisions.
Thunderbird Kids & Family, producing under the brand Atomic Cartoons, was in production on 18 programs, including Oddballs for Netflix, Molly of Denali (Season 2) for GBH/PBS, CoComelon Lane for Moonbug for Netflix, Young Love for Sony and HBO Max, Teenage Euthanasia (Season 2) for Adult Swim and Little Demon for FX Network, among others.
"Our award-winning teams are continuing to deliver outstanding content," CEO Jennifer Twiner McCarron said in a statement. "We are making excellent progress lifting and developing long-term value through the leveraging of our owned and controlled intellectual property. The last half of FY23 will showcase our strongest quarters and we can’t wait to share more great news with you in the months to come."
Thunderbird Unscripted, known as Great Pacific Media, was in production on 6 unscripted series and a documentary, including Mud Mountain Haulers (Season 2), Highway Thru Hell (Season 11) Heavy Rescue: 401 (Season 7), Deadman’s Curse (Season 1), Styled (Season 2), Dr. Savannah: Wild Rose Vet (Season 2) and After the Storm, a documentary based on the 2021 flooding in British Columbia premiering December 15.
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