Paul Tudor Jones sees potential market rally after late October
Introduction & Market Context
Thunderbird Entertainment Group Inc. (TSXV:TBRD) presented its fiscal year 2025 results in an October 2025 investor presentation, highlighting a year of significant financial growth and strategic expansion in a rapidly evolving media landscape. The Vancouver-based content creation studio has positioned itself to capitalize on the projected growth of the OTT market, which is expected to reach USD 1390.8 billion by 2032.
The company operates in a media environment where major players are increasing their content investments, with Netflix planning to spend $18 billion on content in 2025 and Disney+ projected to increase its content spend by 82% by 2027. This growing demand for premium content creates favorable conditions for Thunderbird’s multi-division approach to content creation.
Executive Summary
Thunderbird Entertainment reported revenue of $185.7 million for fiscal year 2025, a 12.3% increase from $165.3 million in 2024. Net income surged 165.8% to $6.3 million, up from $2.4 million in the previous year. The company maintained its zero corporate debt position while holding $28 million in cash and cash equivalents as of June 30, 2025.
The company’s strategy centers on creating premium, award-winning content across three primary divisions: Kids & Family (Atomic Cartoons), Unscripted (Great Pacific Media), and Scripted productions. This content airs in more than 40 languages across 200+ territories globally.
As shown in the following slide highlighting the company’s executive summary:
Thunderbird’s recent quarterly performance reinforces its annual results, with Q3 2025 showing revenue of $45.5 million, a 29% increase year-over-year, and earnings per share of $0.04, significantly outperforming the forecast of $0.00.
Detailed Financial Analysis
The company’s financial statements reveal consistent improvement across key metrics. The income statement shows EBITDA of $17.2 million in 2025, up 20.2% from $14.3 million in 2024. Adjusted EBITDA reached $18.3 million, representing a 9.8% increase from the previous year’s $16.7 million.
The balance sheet demonstrates Thunderbird’s strong financial position, with total assets of $165.3 million and net assets of $75.4 million as of June 30, 2025. The company’s liabilities decreased from $103.3 million in 2024 to $89.9 million in 2025, further strengthening its financial foundation.
As illustrated in the following condensed income statement:
Trading at CAD 1.50 as of October 7, 2025, Thunderbird’s market capitalization stands at CAD 73.72 million. The stock has traded in a 52-week range of CAD 1.02 to CAD 2.08, suggesting potential upside based on the company’s improving financials.
Strategic Initiatives
Thunderbird’s strategy focuses on developing owned intellectual property that generates recurring revenue streams through global distribution and consumer products. The company categorizes its revenue into two main streams: Intellectual Property (IP) and Service.
IP-based revenue comes from content that is 100% owned by Thunderbird and lives permanently in the company’s library, allowing for full control over distribution, consumer products, and other ancillary revenue streams. Examples include "Highway Thru Hell," "Kim’s Convenience," and "The Last Kids on Earth."
The Kids & Family division, led by Joel Bradley, had 18 series in production as of June 30, 2025. This division focuses on high-end content across multiple pipelines and genres, with an emphasis on IP ownership for ancillary revenue opportunities.
As shown in the following slide detailing the Kids & Family division:
The Unscripted division, Great Pacific Media (GPM), led by David Way, had five unscripted series in production as of June 30, 2025. GPM has created and owns the "Highway Thru Hell" franchise, which has surpassed 200 episodes and continues to generate cash flow through global library sales.
Thunderbird’s Scripted division, led by Lindsay Macadam, has been expanding its library with notable successes. "Sidelined: The QB and Me," released on Tubi in fall 2024, ranked as the #5 movie across all streamers with 170.5 million estimated minutes watched. The company is already working on "Sidelined 2: Intercepted," expected to premiere in November 2025.
As illustrated in the following slide about the Scripted division’s performance:
The company has also established a Distribution & Consumer Products division, led by Richard Goldsmith, which builds value by extending company IP into merchandise, distribution, video games, mobile, and other cross-media opportunities. A key initiative is expanding "Mermicorno: Starfall" into a cross-platform brand with tokidoki, with toy lines launching throughout 2025.
Thunderbird has successfully monetized its owned IP through various sales channels. For example, "Super Team Canada" was sold to Bell Media’s streamer Crave, "Mermicorno: Starfall" to WBD’s Max in Latin America and other international platforms, and "Highway Thru Hell" was renewed for Season 14 by Bell Media.
Forward-Looking Statements
Thunderbird is maintaining its fiscal 2025 revenue and adjusted EBITDA growth targets of 20% and 10%, respectively. The company is well-positioned to benefit from recent regulatory changes in Canada, where the CRTC has mandated that foreign-owned streaming services with annual domestic revenues of $25 million or more will contribute 5% of those revenues to industry funds, generating an expected $200 million annually in additional funding for Canadian productions.
The company also benefits from various Canadian tax incentives, including a 25% Canadian Production Tax Credit, 25% broadcasting fees subsidized by the Canadian Media Fund, and a 40% Provincial Film and Television Tax Credit.
CEO Jennifer Twiner McCarron emphasized in the Q3 earnings call that "content remains king," while CFO Simon Bodimore highlighted the company’s financial strength, noting, "We continue to operate with a strong balance sheet that carries no corporate debt."
Looking ahead, Thunderbird is exploring growth opportunities in content creation, potential acquisitions in games and media technology, and geographic expansion. These initiatives aim to sustain long-term resilience and market adaptability in an industry where streaming has grown 71% within four years, and 95% of 18-24-year-olds watch streaming content weekly.
The company’s focus on developing its own IP across various genres positions it to capitalize on the growing demand for quality content in an increasingly competitive media landscape. With its strong financial foundation, diverse content portfolio, and strategic focus on owned IP, Thunderbird Entertainment appears well-equipped to continue its growth trajectory in fiscal year 2026 and beyond.
Full presentation:
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