Thunderbird Entertainment Group Inc. (TSXV: TBRD, OTCQX: THBRF) has posted a robust set of results for its third quarter of fiscal 2025, highlighting significant revenue growth, improved profitability, and a slate of creative achievements that reinforce its position in the global content production landscape.
For the quarter ended March 31, 2025, Thunderbird reported revenue of $45.5 million, a 29% increase from the $35.4 million posted in the same period last year. Over the first nine months of fiscal 2025, revenue climbed 22% to $138.3 million, up from $113.5 million a year ago. This growth was driven primarily by an uptick in production service engagements, as the company worked on a diverse mix of projects for major clients.
Profitability also saw a marked improvement. Adjusted EBITDA (AEBITDA) surged 79% year-over-year in the quarter, reaching $5.9 million, compared to $3.3 million in Q3 of fiscal 2024. For the nine-month period, AEBITDA rose 46% to $14.2 million. Margins improved as well, with AEBITDA margin for the quarter rising to 12.9% from 9.5% a year earlier, and 10.2% for the nine months, up from 8.6%.
Net income for the quarter came in at $2.2 million, a significant turnaround from the nearly break-even results last year. For the nine months, net income totaled $4.5 million, up from a slight loss in the comparable period. Thunderbird attributes these gains to both increased revenues and lower amortization and finance costs.
Thunderbird is maintaining its guidance for fiscal 2025, targeting 20% revenue growth and over 10% AEBITDA growth for the year. The company’s management notes that the difference between revenue and AEBITDA growth reflects the types of projects in the pipeline, which may have varying gross margins.
Notably, Thunderbird continues to operate with no corporate debt, giving it the flexibility to invest in new content and pursue growth opportunities. The company is actively seeking operational efficiencies but emphasizes that it will not compromise on the quality that has become its hallmark.
CEO and Chair Jennifer Twiner McCarron commented, “The company is on track to deliver a strong 2025 and the growth outlined in our guidance. Our diverse product offerings and partnerships ensure the health of our business, and Thunderbird is recognized for creating and delivering premium content that spans across many genres.”
During the third quarter, Thunderbird had 24 programs in various stages of production for more than 15 clients. Six of these were Thunderbird’s own intellectual property, while the remaining 18 were service productions.
Thunderbird’s Kids and Family division, operating under Atomic Cartoons, was especially active, with 17 programs in production for clients such as Bell Media’s Crave, PBS Kids, Disney+, and Warner Bros. Discovery. Highlights include “Super Team Canada,” “The Day You Begin,” and “Mermicorno: Starfall.”
The Unscripted division, Great Pacific Media, produced six series for five clients, including new seasons of “Timber Titans” and “Highway Thru Hell,” as well as new projects like “Rocky Mountain Wreckers” and “Extracted.” The company also continued to develop scripted content, with seven projects in active development and three in paid network development.
Thunderbird’s productions have garnered critical acclaim, with “Molly of Denali” winning a Children’s and Family Emmy Award for Outstanding Writing, and several other shows receiving nominations for Canadian Screen Awards and BAFTAs. The company’s live-action preschool series “Mittens & Pants” was greenlit for a third season by CBC and secured additional international sales, bringing its reach to 78 territories.
Looking ahead, Thunderbird is keeping a close watch on potential risks, including the recent US announcement of possible tariffs on non-US produced content. While details are still emerging, the company is prepared to adapt as necessary.
With a solid balance sheet, a growing roster of acclaimed content, and a clear strategic focus, Thunderbird appears positioned to build on its momentum through the rest of 2025 and beyond.
