VANCOUVER — Thunderbird Entertainment Group announced Friday its Q2 2020 and year-to-date financial results, reporting $14.3 million in revenue for the quarter and $31.3 million in revenue for the six months ended December 31, 2019. These represent increases of $2.7 million and $5.3 million, respectively, over the comparative periods of fiscal 2019.
In its news release, Thunderbird attributed the majority of the revenue increase to growth in its Atomic Cartoons kids and family division.
The company’s consolidated net losses were $1.4 million and $500,000 for the second quarter and first half of 2020, respectively. However, this is an improvement over the net losses of $6.1 million and $4.7 million the company reported for the comparative periods of fiscal 2019.
Adjusted EBITDA was $800,000 and $3.9 million for the three months and six months ending December 31, 2019, compared to $1.5 million and $5.6 million for the comparative periods of fiscal 2019, a decrease of $700,000 and $1.7 million, respectively.
In terms of the company’s Q2 highlights, Thunderbird says it had 21 programs in various stages of production, and deals with Netflix, NBCUniversal, Nickelodeon, PBS, WGBH, Bell Media’s Discovery, APTN, Corus Entertainment and the CBC, among others. Throughout the second quarter of 2019, 32 half-hour episodes and 15 one-hour episodes were delivered collectively from the company’s factual, scripted, and kids and family divisions.
“This quarter Thunderbird made steady progress across all of our divisions, and continued our work producing brands with longevity, building successful partnerships with great customers, and supporting our talented team to enable extraordinary work,” said Jennifer Twiner McCarron, CEO, in the news release. “While there is a typical seasonality to revenue flow within the industry because of the timing of deliveries, we demonstrated our commitment to being good stewards of shareholder capital by strengthening our balance sheet, paying off our term loan, and ensuring that we are well-positioned to invest in the growth of our business.”
“In Q2, Thunderbird’s factual and kids and family divisions delivered excellent operational results,” said Brian Paes-Braga, chairman of Thunderbird Entertainment. “The company executed on its high growth, global strategy with total revenues for the six months ending December 31, 2019, increasing by 21% over the prior year. With a strong balance sheet, evolving business model from service to partner and owned IP, incredible organic growth, and scalable infrastructure, Thunderbird continues to position itself to benefit from a monumental shift in content consumption as streamers come online and demand more quality content.”
