Revenue increased 65% year-over-year to $80.5 million, reflecting contributions from recent strategic acquisitions and continued execution of the Company’s growth strategy
Generated $5.2 million of cash from operations
Strong balance sheet with surplus cash, minimal debt, and substantial undrawn credit capacity to support growth
TORONTO, Jan. 14, 2026 /CNW/ – Blue Ant Media Corporation (“Blue Ant” or the “Company”) (TSX:BAMI), an international streamer, production studio and rights business, today announced its financial results for the three months ended November 30, 2025, the first quarter of its fiscal 2026. All dollar ($) amounts in this news release are in Canadian dollars.
“Our Q1 results were in line with expectations and reflected the scale we have been building through disciplined execution of our growth strategy,” said Michael MacMillan, Chief Executive Officer of Blue Ant Media. “Revenue increased 65% year-over-year, driven by strong performance in our Studio business and contributions from recent acquisitions. Adjusted EBITDA and margins in the quarter were impacted by planned, non-operational accounting items related to the Reverse Takeover (“RTO”), while underlying operating performance remained solid. We also generated $5.2 million in operating cash, significantly reduced corporate debt, and exited the quarter with a strong balance sheet with access to more than $100 million of current and expected capital to support continued growth. Looking ahead, we expect to further accelerate growth and earnings power with the planned acquisition of Thunderbird Entertainment Group, which we expect to close in the first quarter of calendar 2026. With increased scale and significant financial flexibility, we are well positioned for the future.”
Financial Highlights
- Q1 2026 revenue of $80.5 million versus $48.7 million in the prior year period.
- Q1 2026 Adjusted EBITDA1 of $5.0 million versus $6.4 million in the prior year period.
- Q1 2026 net loss of $6.8 million versus a net income of $1.2 million in the prior-year period, reflecting non-recurring items including a planned non-cash accounting loss related to the monetization of the vendor take-back promissory note (the “VTB Note”) issued to the Company in connection with the Company’s RTO and transaction and restructuring costs associated with acquisition activity.
- In Q1 2026, generated $5.2 million of cash from operations
- Strong liquidity position, with $34.0 million of cash at November 30, 2025, bank indebtedness2 of $0.5 million and $63.2 million of undrawn capacity under the Company’s corporate credit facility. During the quarter, the Company made a significant repayment of $19.1 million to its operating debt facility, reducing interest expenses and providing additional financial flexibility to support the Company’s M&A plans. For further details, please refer to the table under “Cash and Indebtedness Summary.”
- Completed the sale of the VTB Note, generating net cash proceeds of $13.6 million consistent with the value disclosed at the time of the RTO announcement. Proceeds from the sale were applied to the repayment of amounts outstanding under the Company’s operating debt facility. As anticipated, the transaction resulted in a non-cash accounting loss of $3.1 million and reflects IFRS fair value accounting.
- As previously disclosed, by March 2026, the Company anticipates receiving an additional $34.7 million capital contribution in connection with the RTO from the Value Assurance Payment from Fairfax Financial Holdings Limited (“Fairfax”).3
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1 Adjusted EBITDA is a Non-IFRS measure. For more information on non-IFRS financial measures, see “Non-IFRS Measures” and “Reconciliation of Non-IFRS Measures” in this news release and the Company’s MD&A dated January 14, 2026 for the three months ended November 30, 2025 available under the Company’s profile on SEDAR+ (www.sedarplus.ca). |
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2 The Company’s bank indebtedness is listed under the 2025 Credit Agreement. It does not include interim production financing. For full detail, please see “Note 8: Bank Indebtedness and interim production financing” in the Company’s interim condensed consolidated financial statements dated January 14, 2026 for the three months ended November 30, 2025. |
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3 Pursuant to a Value Assurance Agreement dated March 23, 2025, between (among others) the Company and Fairfax Financial Holdings Limited and certain of its affiliates (the “Value Assurance Agreement”), Fairfax and/or its affiliates agreed to, among other things, provide a capital contribution of up to $34.7 million if the businesses retained by the Company as part of the RTO (being Jam Filled Entertainment, Proper Television and Insight Productions) (the “Retained Business”) do not meet certain Adjusted EBITDA targets in the 2025 calendar year. |
Operational Highlights
- On October 2, 2025, the Company acquired MagellanTV LLC (“Magellan”), a U.S.-based, global factual streaming service for $12 million USD. Magellan expands Blue Ant’s Global Channels and Streaming business, enhances monetization opportunities, and strengthens its position as a leading provider of premium factual content worldwide.
- Integration of Magellan, as well as the newly acquired production companies Insight Productions, Jam Filled Entertainment, and Proper Television, is progressing as planned.
- Continued expansion of the Company’s free ad-supported television (FAST) footprint during the quarter, with multiple channel feeds launched across several platforms globally, including Roku, Samsung, Vizio, PlutoTV, LG and FireTV. The launches included five Magellan-branded channels, further expanding the Company’s global advertising distribution.
- Launched our Love Nature Pay TV channel on Telia, the largest telecommunications company in the Nordic and Baltic regions.
- Slaycation season 2 premiered on Crave on December 12th.
- Canada’s Drag Race season 6 premiered on Crave on November 20th and season 7 was greenlit.
- Production continued on The Great Canadian Baking Show season 9 (CBC) and season 10 was greenlit.
- Several other titles are in production including Extracted season 2 (Fox), Top Chef Canada season 8 (Global), Canada Shore (Paramount+ Canada), and The Loud House season 9 (Nickelodeon).
- Major distribution sales in the quarter include Matthew Perry: A Hollywood Tragedy to over 50 territories and Mike Holmes: Building a Legacy seasons 1 and 2 licensed to Warner Bros. Discovery for HGTV US.
- On November 26, 2025, the Company entered into a definitive arrangement agreement under which Blue Ant will acquire all of the issued and outstanding common shares of Thunderbird Entertainment Group Inc. ((TSXV: TBRD, OTCQX:THBRF) (“Thunderbird”).
- Thunderbird is expected to hold its shareholder vote on the transaction on January 22nd, 2026 and a final hearing order from the Supreme Court of British Columbia has been scheduled for January 26th, 2026. The transaction is subject to other customary closing conditions.
Consolidated Financial Summary
The following table provides selected financial information from the Company’s consolidated statements of income/(loss):
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(dollars, in thousands, except per share amounts) |
Three months ended November 30, |
Change |
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2025 |
2024 |
$ |
% |
|||
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Revenues |
80,464 |
48,707 |
31,757 |
65 % |
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Net income (loss) |
(6,750) |
1,218 |
(7,968) |
(654) % |
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Net income attributable to non-controlling interests |
92 |
119 |
(27) |
(23) % |
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Net income (loss) attributable to shareholders |
(6,842) |
1,099 |
(7,941) |
(723) % |
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Net income (loss) per share attributable to shareholders – basic |
(0.31) |
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