The following is a summary of the Thunderbird Entertainment Group Inc. (THBRF) Q3 2024 Earnings Call Transcript:
Financial Performance:
Thunderbird reported Q3 2024 revenue of $35.4 million and a total revenue for the first nine months of the fiscal year of $113.5 million.
The company reported a net income after tax for Q3 2024 of $5,000 and a net loss after tax of $100,000 for the first nine months of the fiscal year.
There was an 11% decrease in the adjusted EBITDA for Q3 compared to the same period last year. For the first nine months, there was a reduction of 20% in adjusted EBITDA from the same period of last year.The company expects a 3% decrease in revenue for the fiscal year but anticipates adjusted EBITDA growth for fiscal 2024 to be above 20%.
Despite lower-than-expected revenues, the company managed profitability for the second consecutive quarter.
Business Progress:
Thunderbird is focused on 22 programs in various production stages with 18 clients, including Marvel's Spidey and His Amazing Friends and Mermicorno: Starfall.
The company identifies growth potential in kids and family content genres and unscripted content due to high demand.
Thunderbird plans to attend key industry events to increase brand awareness and has secured additional platform and licensing partners for the Mermicorno: Starfall series.
Thunderbird maintains its commitment to a resilient balance sheet and prudent management decisions to tackle market changes while pursuing sustainable growth.
The company expects to see industry recovery signs and increased activity in the latter part of the year and plans to reinvest in its intellectual property using service business revenue.
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