Earnings call transcript: Thunderbird Entertainment Q3 2025 posts strong growth

Thunderbird Entertainment Group reported a robust financial performance for the third quarter of 2025, surpassing analyst expectations. The company achieved earnings per share (EPS) of $0.04, exceeding the forecast of $0.00. Revenue reached $45.5 million, outperforming the anticipated $40.64 million. Following the announcement, Thunderbird’s stock experienced a modest increase of 0.78%, closing at $1.29. According to InvestingPro analysis, the company maintains a "GOOD" financial health rating, with particularly strong scores in relative value and growth metrics.

Discover 10+ additional exclusive InvestingPro Tips for Thunderbird Entertainment, including detailed insights into the company’s valuation and growth potential.

Key Takeaways

• Thunderbird Entertainment’s Q3 revenue surged by 29% year-over-year.
• The company maintained a debt-free balance sheet, enhancing financial stability.
• New content expansions included 24 programs in production and a Mermicorno Roblox game launch.
• The company is exploring potential acquisitions in gaming and media technology.

Company Performance

Thunderbird Entertainment demonstrated significant growth in Q3 2025, with revenue increasing to $45.5 million, a 29% rise compared to the previous year. The company’s impressive 5-year revenue CAGR of 23% and current EV/EBITDA ratio of 2.46x suggest strong operational efficiency. This growth is attributed to the company’s strategic diversification across multiple content mediums and a robust pipeline of productions. Thunderbird’s adaptability in content delivery and strong partnerships with major buyers have positioned it favorably in the competitive media landscape.

Financial Highlights

• Revenue: $45.5 million, up 29% year-over-year
• Earnings per share: $0.04, surpassing the forecast of $0.00
• Net income: $2.2 million, a substantial improvement from $5,000 the previous year
• Adjusted EBITDA: $5.9 million, up from $3.3 million
• Gross margin: 24.2%, a slight increase from 23.3%

Earnings vs. Forecast

Thunderbird Entertainment exceeded expectations with an EPS of $0.04 against a forecast of $0.00, marking a positive surprise. Revenue also surpassed predictions, reaching $45.5 million compared to the expected $40.64 million. This performance highlights the company’s effective execution of its growth strategy and operational efficiencies.

Market Reaction

Following the earnings announcement, Thunderbird’s stock saw a slight increase of 0.78%, closing at $1.29. This movement reflects investor confidence in the company’s robust financial results and strategic direction. InvestingPro data shows the stock has experienced significant pressure recently, with a -12.93% return over the past week and a -23.81% return over six months. The stock remains within its 52-week range, with a high of $1.59 and a low of $0.73, indicating potential recovery opportunities. Current analysis suggests the stock may be undervalued based on InvestingPro’s Fair Value calculations.

Outlook & Guidance

Thunderbird Entertainment is maintaining its fiscal 2025 revenue and adjusted EBITDA growth targets of 20% and 10%, respectively. The company is exploring growth opportunities in content creation, potential acquisitions in games and media technology, and geographic expansion. These initiatives are aimed at sustaining long-term resilience and market adaptability.

Executive Commentary

CEO Jennifer Twiner McCarron emphasized the importance of content, stating, "Content remains king." CFO Simon Bodimore highlighted the company’s financial strength, noting, "We continue to operate with a strong balance sheet that carries no corporate debt." McCarron also expressed confidence in Thunderbird’s ability to navigate changing market conditions: "Thunderbird remains uniquely positioned to continue nimbly navigating any situation."

Risks and Challenges

• Potential US media tariffs could impact international operations.
• The evolving digital media landscape requires constant adaptation.
• Maintaining competitive advantage amidst rapid industry changes.
• Managing costs while pursuing strategic acquisitions.
• Ensuring successful integration of new technologies and platforms.

Thunderbird Entertainment’s Q3 2025 results underscore its strategic focus on content diversification and financial prudence, positioning the company for continued growth in a dynamic media market.

Full transcript - Thunderbird Entertainment Group Inc (TBRD) Q3 2025:

Conference Moderator: Thank you for joining Thunderbird Entertainment Group’s fiscal twenty twenty five Q3 earnings call. Frank Alfano from Bristol Capital will read the forward looking statement disclaimer. Please go ahead.

Frank Alfano, Representative from Bristol Capital, Bristol Capital: Thank you for joining us. We are here to provide a corporate update and report on Thunderbird Entertainment Group’s Q3 twenty twenty five results for the three months ended 03/31/2025. Speaking on today’s call are Ms. Jennifer Twiner McCarron, CEO and Chair of the Thunderbird Board and Mr. Simon Bodimore, Thunderbird’s CFO.

Ms. Tyler McCarran will provide a strategic overview of Thunderbird Entertainment Group and Mr. Bodimore will review the company’s financial Q3 twenty twenty five. Following the corporate update and financial review, the call will open for a Q and A session.

Tv, and the company will follow-up directly after the call. At this time, all lines have been placed on mute to prevent any background noise. I’d like to remind everyone that certain statements made on today’s call contain forward looking information for purposes of applicable securities laws. Forward looking statements and information discussed on this conference call include, but are not limited to, statements regarding the implementation and effect of tariffs on the film and television industry anticipated adjusted EBITDA growth, sustained growth and the ability to add more scripted content and grow our production slate consumer product and ancillary licensing opportunities, Mermacord North Starfall, Rocket Saves the Day, The Day You Begin and Super Team Canada resonating with North American audiences, the production and success of Sideline two Intercepted, Thunderbird’s ability to navigate industry headwinds, produce and sell more content and execute on growth strategies, changes in total revenue and timing for filming new productions.

Forward looking statements are based on estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors, which are set out in the company’s most recent MD and A and other public documents filed under the company’s profile on SEDAR. Although the company believes that the assumptions and the factors used in preparing these forward looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of today’s date, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the company disclaims any intention or obligation to update or revise any forward looking statement, whether as a result of new information, future events or otherwise. This conference call is being webcast live and the archive will be available on the company’s website at www.thunderbird.tv following today’s call. Please note that Thunderbird reports in Canadian dollars unless otherwise stated.

Ms. McCarron will now provide the corporate update.

Jennifer Twiner McCarron, CEO and Chair of the Board, Thunderbird Entertainment Group: Thank you so much, Frank. My name is Jennifer Twiner McCarron, and I am the CEO and Chair of Thunderbird Entertainment Group. On behalf of the company, I’d like to thank you for joining today’s call to discuss Thunderbird’s fiscal twenty twenty five Q3 results. Thunderbird’s CFO, Simon Bodimore, is with me, and we appreciate you taking the time to hear the company’s earnings update. Once Simon and I are finished, we will happily answer any and all of your questions and provide clarity where needed.

We started our last Q2 earnings call by addressing the global tariff situation and we wanted to follow suit with Q3, specifically the recent news around the Trump administration starting to reevaluate the movie production industry. Right now, the entire industry is just waiting to learn more as limited details have been shared outside of John Voigt’s proposal to make Hollywood great again. As we meet with our partners and wait for more concrete information, we will continue to focus on the health of the business and creating premium content for audiences to enjoy worldwide. At this current juncture, is no impact to the production we are currently handling. What we do know is that if tariffs are introduced on foreign production, the likelihood of retaliatory tariffs increases at a global level.

We also know that The U. S. Entertainment industry still maintains a positive trade balance with every market in the world. In fact, according to the Motion Picture Association, the business exports more than three times as much as it imports. Add to this, the world’s tenth highest grossing movies last year were all released by US studios.

Hollywood benefits from exporting its product all over the world, and movies make a lot of money from international sales. With all this said, this is a fluid situation and one that we will monitor. Our focus is still on just what we can control. We have great relationships with our partners, a busy production slate, and are so proud of the content we regularly deliver to our partners. In the past, Thunderbird has demonstrated resiliency and the ability to thrive in other macro situations, and we will hit this situation in the very same manner.

Our company’s resilience underpins our success. With or without the possibility of tariffs, it continues to be a time of disruption and opportunity in our industry. This is witnessed in the evolution of how people consume content with social media platforms further establishing themselves. The 2025 digital media trends report by Deloitte highlights that the average US consumer consumes about six hours of media and entertainment a day. What’s more, the report underscores that each user has a different mix of SVOD, UGC, social, music, podcasts, and more that make up these hours.

Not one form of media commands all six hours. Looking across generations, preferences are shifting towards streaming, video services, social platforms, gaming, music, and podcasts. This trend report also highlights that the average household subscribes to four streaming platforms, but consumers are feeling stretched and many are dropping or considering dropping one or two to ensure that they still have access to content while also mindfully cutting expenses. An underlying message in this report from our perspective is that business success is relying on diversification, and this extends across products, content, genres, partnerships. This is where Thunderbird’s business model really shines.

And let me explain briefly, starting with our partnerships. Thunderbird has trusted partnerships with the major buyers. Many of you heard me say our company is a go to for reliable premium content. This is demonstrated by renewals and repeat business. Highway through Hell is currently in production on season fourteen, and Spidey and His Amazing Friends were renewed for season five.

Earlier this week, it was announced that Tubi has greenlit the new film, had a list of popularity contest based on the twenty twenty four Loveless script by Caitlin Riley and Doria Keys. This high school rom com about a bad boy and a type a overachiever teaming up to win student body president is being produced by Lindsey McAdam and Jason Fisher on behalf

Unidentified Speaker: of

Jennifer Twiner McCarron, CEO and Chair of the Board, Thunderbird Entertainment Group: GBM. This exciting announcement demonstrates the traction we are making and the strong reputation we’ve established in young adult, all underscoring our ability to diversify and thrive. It should be noted in q three, our company was working on 15 with 15 different clients on 24 productions. Cultivating trust and relationships across many productions mitigates risk, spreading our work across multiple channels and connecting with viewers worldwide. When it comes to products, we’re also diversifying this respect.

For example, JPM’s hit series Dead Man’s Curse has a companion podcast Dead Man’s Curse Volcanic Gold, which has been recognized with a gold 2024 signal award for best history series two years in a row. Thunderbird brands, together with Tokidoki and Space Junk Studios, launched a Mermicorno Roblox game on May 1. The Roblox game just got to the surface on the Mermaid Corner opportunity, and we look forward to more content and consumer products soon to come. Speaking of Roblox, acquired preschool series mittens and pants is also featured on the platform with My Carrot Simulator game. Eventually launched this past winter, this game is continually updated with new quest systems and weekly leaderboards.

Working with partners like Roblox allows us to tap into new audiences while strengthening brand awareness. Roblox also recently shared its Q1 earnings and there are no signs of this company slowing down. The gaming platforms revenue increased by 29% to exceed US1 billion dollars in Q1, while its daily active user count climbed to 97,800,000. Mittens and pants content is also available on several social platforms such as YouTube, Instagram, TikTok with a growing region of followers across all platforms. This is an addition to Mittens and Pants being available in 78 territories, including US streamers Peacock, Happy Kids, Kadoodle TV, Canadian French language broadcasters, TFO, and Radio Canada.

Adding podcasts, video games, and social channel content are examples of the new mediums where our content is now being showcased. Increasingly, are being thought of as a company whose skills in creating content can build and support brands in all industries, not just media. This, of course, in addition to the premium productions we’re already widely recognized for is another great growth area that we see emerging. Premium content continues to set the bar across the industry and its demand remains constant even in times of economic volatility as people still look to content for healthy escapes. In the premium content space, our company is diversifying our portfolio.

Atomic Super Team Canada, which premieres on May 16 on Crave, represents our first official foray into adult animation with company owned IP. We’re super excited for this series, and we couldn’t ask for better timing to launch a show that rallies behind Canada. It truly meets the moment of renewed patriotism, and we’re excited to see how this series is being received. Speaking of premieres, Mermaid Corneaux season two will be available on May 15. And Sideline two intercepted recently wrapped production.

The scripted movie will build on the success of Sideline one and the popular Wattpad novel. After its release on to be, Sideline was the number one movie in Canada and The US on Tubi, drawing the largest number of viewers of any title on the platform in its first seven days. With all this said, Thunderbird remains a very healthy company and our Q3 numbers do reflect this. We are busy today and into the future. While we’re seeing again a settling back to pre pandemic levels in terms of demand, Thunderbird’s future remains incredibly bright and our progress reflects the strength of the company’s growth strategy and our ability to adapt and be nimble in an ever changing marketplace.

As supply and demand continues to settle and other companies unfortunately will go away, it won’t be us. And we will get more looks at everything, be it service sales or our own IP. Our multiple locations, including an LA studio, conservative approach, and debt free balance sheet set us apart from other competitors, demonstrating the incredible upside of working with us. From every angle, Thunderbird has tremendous potential. Content consumption is evolving, but it’s not diminishing.

Just look at Disney’s recent numbers. The company posted US23.6 billion dollars in revenue in their Q2, representing a 7% increase over the same period last year and operating income was up 15% to US4.4 billion The streamer added 1,400,000 subscribers in q two and is forecasting more growth for q three. Content remains king. The fact is that multiple players are looking for this content and this has expanded to content for many mediums, sports, games, social, podcasts, you name it. And while the recent threat of media tariffs from U.

S. Government compounds an already uncertain environment, our focus will remain on long term resiliency for the company, which includes capitalizing and seizing opportunities in a time of media disruption while continuing to operationally strengthen our business. These opportunities include exploring deals such as game acquisitions, IP acquisitions, media and entertainment technology, geographic expansion and other synergistic forms of content creation. All of this is within our means. In fact, we believe initiatives and opportunities like these will provide greater future earnings than a share buyback.

We believe we do believe our stock is undervalued. However, in an uncertain environment, will remain king. Thunderbird’s strong balance sheet provides us with the financial flexibility to act on the right opportunities and ensure the ongoing health of our business. At this time, I will now pass to Simon to go over the numbers. Thank you so much.

Simon Bodimore, CFO, Thunderbird Entertainment Group: Thanks, Jen, and hi, everyone. I’ll now walk you through the highlights of our third quarter results. Revenue for the third quarter was $45,500,000 compared to $35,400,000 for the same period last year, a 29 increase. Year to date, this brings our total revenue to $138,300,000 which is a 22% increase over the $113,500,000 recorded for the first nine months last year. The year on year growth this quarter is driven by a mix of continued growth in production services as well as a strong quarter for licensing and distribution revenue.

Production services revenue increased 6% year on year in the current quarter, totaling $34,600,000 and has grown 31% to a hundred and $23,400,000 for the year to date. While the majority of this revenue comes from our animation division, the current year has seen a meaningful contribution from scripted and unscripted engagements, including for the current quarter where $3,500,000 of revenue was contributed. While we haven’t traditionally performed a large amount of production services engagement outside of our kids and family division, this year, we’ve been able to secure some high profile wins in this area. We’ve previously discussed the work we carried out on the hit movie Sideline, the QB and Me, and we’re excited that the current quarter has benefited from the filming of the sequel sideline two intercepted. Licensing and distribution revenue also increased by $8,100,000 to 10,800,000.0 this quarter compared to the same period last year.

This represents a 302% increase and is due to the delivery of 26 episodes of Murmacorn of Starfall and 12 episodes of the thirteenth season of Highway Through Hell. During the same quarter last year, the main source of license revenue was the delivery of season one of Timber Titans. Year to date licensing and distribution revenue has decreased $4,300,000 or 22% to 14,900,000.0. This reflects the market conditions we’ve mentioned in previous calls where the demand for unscripted IP shows has been weaker in the current year. The revenue decline in this area has been filled out through scripted and unscripted production service engagements, although that work does generally attract lower margins.

And on that front, our gross margin for the quarter was 24.2% compared to 23.3% in the same period last year. This is in line with our expectations and primarily as a result of the higher level of license revenue we recorded this year. For the nine months ended March 31, our gross margin is 21.7% compared to 22.9 for the same period last fiscal year and reflects the larger trend we’ve seen this year of production service engagements representing a larger portion of our overall revenue. For the third quarter, we recorded our sixth straight quarter of positive earnings with net income of $2,200,000 This compares to a profit of $5,000 for the same period last year. Management continues to work hard to streamline costs and increase efficiencies wherever possible with the intent of returning the company to profitability on a consistent basis.

Like many other companies, we’re experiencing pricing pressures from some of our vendors as well as a small impact from tariffs on certain purchases. We continue to manage these challenges as best we can, and where possible, we’ll source other vendors. However, options are limited with respect to certain purchases of software used in our production workflow, and therefore, were impacted whenever vendors of those products increase their pricing. Third quarter adjusted EBITDA increased to $5,900,000 compared to $3,300,000 in the same period last year as a result of our lower cost base and growth seen in revenues year on year. For the nine month period, adjusted EBITDA increased 46% from $9,700,000 to 14,200,000.0 As we move forward, we continue to be optimistic and see opportunities to maintain top line growth.

However, the recent announcement of potential tariffs directed towards non U. S. Produced content has created a large amount of uncertainty. At this time, we believe our previously announced fiscal twenty twenty five revenue and adjusted EBITDA guidance holds and are targeting revenue growth of 20% and adjusted EBITDA growth of over 10%. While we have a good level of visibility beyond 2025 with several ongoing productions that will continue into the next fiscal year, the potential impact of threatened tariffs is unknown and could lead to buyers changing or delaying their plans.

We’ll continue to monitor this situation and adapt our plans if required as further details are announced and any policy changes in The US are enacted. Despite the recent uncertainty in the industry, we continue to operate with a strong balance sheet that carries no corporate debt, providing the financial flexibility to pursue growth opportunities as they present themselves or to weather any short term disruption from broader market conditions. And with that, I’ll pass back over to Jen to continue with our corporate update.

Jennifer Twiner McCarron, CEO and Chair of the Board, Thunderbird Entertainment Group: Thank you so much, Simon. And I’ll now provide a corporate update for the third quarter. In fiscal twenty twenty five Q3, the company had 24 programs in various stages of production and was working with more than 15 clients. Of the 24 programs in production, six were Thunderbird IP and 18 were service productions. Thunderbird Kids and Family producing under Atomic was in production on 17 programs and working for 10 clients, including Superteam Canada for Bell’s Media Crave, The Day You Begin for PBS Kids, Zombies, the reanimated series for Disney plus, Marvel’s Iron Man and his Austin Friends for Disney Junior, Marvel’s Spidey and his Amazing Friends season three and four for Disney Junior among others, and atomic original Mermicorno Starfall for Warner Brothers Discovery.

Thunderbird unscripted producing under JPM was in production on six unscripted series for five clients in q three, including Timber Titan season two for USA Network Canada, Highway through Hell season 14 for US Network Canada, Rocky Mountain Records season one for The Weather Channel US, and USA Network Canada. Extracted season one for Fox, Sony Pictures, and Wild Roseset season two for APTN. GPM was also in production on the scripted movie sideline two Intercepted, which is a sequel to the Tubi movie original Sideline to QB and E. During the quarter, the company had seven scripted projects in active development, of which three are in paid network development. Thunderbird Brands also announced new distribution agreements for Boost New with LRT Lithuania seasons one and two, PTS in Taiwan seasons one and two, ERR in Estonia season one, and SVT in Sweden season two.

Thunderbird Brands acquisitions of mittens and pants, which is produced by Toronto based Windy Isle Entertainment, was greenlit for a third season by CBC with Sky Kids UK and Ireland on board as a broadcast partner. The series is now available in 78 territories. During and subsequent to the quarter, we celebrated Molly’s Nolly winning a children and family Emmy Award for outstanding writing for preschool animated series for the episode, Not a Mascot, and Thunderbird Productions being recognized with eight twenty twenty five Canadian Screen Awards nominations and two BAFTA nominations. In closing, we recognize that there continues to be industry headwinds, and Thunderbird remains uniquely positioned to continue nimbly navigating any situation. As demonstrated by our earnings report, we continue to progress and be profitable.

Because of the uber talented teams and operational prowess, we continue to stand out and shine and more opportunities are continually coming our way. We are so proud of the achievements and dedicated to putting in the work to continue to build on them. This concludes the formal part of our corporate update, and Simon and I are more than happy to take all of your questions.

Conference Moderator: Thank you. We will now begin the question and answer session. We’ll take our first question from David McFadgen at Cormark.

Unidentified Speaker: Hi. Yes. Thanks. Yes, just a couple of questions. I mean,

David McFadgen, Analyst, Cormark: so you talked about the potential for tariffs and how it’s creating more uncertainty. Have you have you noticed, say, a greater hesitation now to greenlight new shows just just given what’s going on? And I and I thought and maybe I’m wrong, but at least right now, the Trump administration is just proposing to put tariffs on feature films. So maybe you could just I’d love to hear your comments on that.

Jennifer Twiner McCarron, CEO and Chair of the Board, Thunderbird Entertainment Group: Yeah. I think what we do know is that there’s not any details right now, David. And, know, the feature films mean movie industry as a whole. I think there’s just no details, and there is no visibility. And our buyers don’t have any visibility either.

So it’s not like they’re working with a set of information that we don’t have. Anytime in any industry, there’s sort of these types of threats that creates uncertainty. We have not yet seen any immediate impact on our business. It’s just we’re being prudent because, you know, this has been stated with no detail, and, we can only continue to operate on what we know, but it’s certainly in the water. Simon, don’t know if you wanna add to any of that.

Simon Bodimore, CFO, Thunderbird Entertainment Group: No. I think we’re just dealing with a situation where we know that the industry in general is potentially being targeted, and we’re all waiting to see how that that lands. It’s more just flagging that there’s a lot of uncertainty in the market right now.

Unidentified Speaker: Okay. Alright. So then just just moving on.

David McFadgen, Analyst, Cormark: Just wondering what your thoughts are on your NCIB.

Jennifer Twiner McCarron, CEO and Chair of the Board, Thunderbird Entertainment Group: Yeah. I, you know, I addressed that in the call. At this point, we are continuing to operate with the uncertain waters that with the premise that cash remains king. And so that we believe there’s other more beneficial ways of spending our cash at this current juncture to create meaningful value for our shareholders and make sure, most importantly, with all of these unknowns without any details, that our cash balance sheet remains so strong. So that as in the past, the pandemic has evidenced how we handle macro situations.

We can continue to navigate these with you know, skill fill skillfully as a company and maintaining the inherent health.

Unidentified Speaker: Okay. Okay. That’s it. Thanks.

Jennifer Twiner McCarron, CEO and Chair of the Board, Thunderbird Entertainment Group: Thanks, David.

Conference Moderator: We’ll go next to Michael Kay at Kay Associates.

Simon Bodimore, CFO, Thunderbird Entertainment Group: Hello?

Conference Moderator: Hi, Michael.

Unidentified Speaker: Well, I congratulate you on your relative positive but realistic outlook in dealing with uncertainty. And I and I always like, that’s why we’re here and not the dinosaurs. Dinosaurs weren’t able to adapt to changing conditions, but humans were. Anyhow, it came to mind, you know, after I learned that that one of the Qatar is giving the president Trump, pardon the expression, a gift of a multi million dollar airplane, perhaps you could have some of your talented people make a documentary concerning Trump’s life in Korea, extremely, you know, positive, but if and hand it to him, and then maybe he would take an interest. Okay.

Now to get serious

Jennifer Twiner McCarron, CEO and Chair of the Board, Thunderbird Entertainment Group: It’s an interesting idea.

Unidentified Speaker: I I have a lot of things in that. And I think also, the prime your prime minister should make a counter offer that The United States would be interested in acquiring wash the state of Washington, California, and Oregon because I think it’s just ludicrous and idiotic to his proposal to want to acquire Canada, but it gets people’s interest anyhow. Okay. But I did mean it that you are very, you know, we spot we could only control certain things and those we can’t. We just have to adapt as well as we could.

Okay. Just two questions. Could you please discuss what the impact is on artificial intelligence and how that may impact the company either positively or negatively. I think there’s still a lot of uncertainty there as well regarding laws and regulations and such. And the second thing is the company seems to be doing well under the circumstances and, you know, the the balance sheet and the, you know, the profitability is is very excellent and seems that it will continue.

So have any others have many steps been taken to publicize the company and let, you know, investment managers know of its existence? I think some may perceive it, especially after hearing your presentation, which was very candid and realistic but positive as kind of like an undiscovered gem. So those are my two questions. Sorry

Jennifer Twiner McCarron, CEO and Chair of the Board, Thunderbird Entertainment Group: for the speech. No. I no. It’s I appreciate your commentary, Michael. And, certainly, you know, with regards to the first question, AI, we are very, you know, very much embracing it right now as a company and as a tool.

Things are evolving all of the time. I do see it as a positive for the industry, not a negative. It’ll you know, the the another means, another tool, the same way three d animation came in or motion capture came in of of creating content as another vertical. So more to come. I wish I could say more because there is, I think, a lot of compelling developments happening for our company that are positive for all of our stakeholders, employees, buyers, and shareholders alike.

So, yes, it’s here to stay. It’s a tool. It’s a powerful one and, one that we are embracing. With regards to your second question, you know, thank you for thinking we’re an undiscovered gem. I think so too.

We’ve been through a lot of, you know, situations in the last couple years as a company, be it proxy fights or, you know, pandemics and whatnot. We’re here. We’re well. We’re alive and thriving. And Simon and I are continuing to get the word out in more meaningful ways from an investor relations perspective.

And, you know, we welcome that commentary because we do believe that it’s a special story and that content is one thing we know here to stay. People use it as a happy escape and will continue to do so. And within all of this disruption, there’s a lot of opportunity for companies like ours to pivot and grow. So I appreciate all of your commentary and those two great questions.

Unidentified Speaker: Okay. Thank you very much, and I look forward to you and the company continuing its success.

Jennifer Twiner McCarron, CEO and Chair of the Board, Thunderbird Entertainment Group: Thank you very much, Michael. Appreciate it. And

Conference Moderator: that concludes our Q and A session. I will now turn the conference back over to Jennifer for closing remarks.

Jennifer Twiner McCarron, CEO and Chair of the Board, Thunderbird Entertainment Group: Thank you so much, and please don’t hesitate to reach out, to Simon and I directly or through Bristol. If we fail to address any of your concerns or interested in in one on one, we’ll be happy to meet with you then and really appreciate everyone taking the time out of their busy schedule to hear our q three update and story.

Conference Moderator: And this concludes our call today. If you have any questions, please call +1 604683555 or email investorsthunderbird. Tv. Thank you. You may now disconnect.

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