November 26, 2025, Toronto, ON – Blue Ant Media Corporation (“Blue Ant” or the “Company”) (TSX: BAMI), an international streamer, production studio and rights business, today announced its fourth quarter and full year 2025 financial results for its fiscal year ended August 31, 2025. All dollar ($) amounts in this news release are in Canadian dollars. Results include one month of financial contributions from Insight Productions, Proper Television, and Jam Filled Entertainment (the “Retained Business”) which were acquired as part of the Company’s reverse takeover of the Company (formerly Boat Rocker Media Inc.) by Blue Ant Media Inc. completed on August 1, 2025 (the “RTO”).
Michael MacMillan, Blue Ant’s Chief Executive Officer, said:
“Our fourth quarter results highlight Blue Ant’s ability to effectively monetize content through licensing, subscriptions and advertising, across multiple consumer platforms. Looking forward, with year-over-year revenue growth, a strengthened balance sheet, and significant organic and inorganic growth initiatives, we believe we are well positioned to accelerate our transformation into a more diversified, resilient, and profitable, modern media company.”
Financial highlights1
- Full year 2025 revenue of $204.0 million versus $196.4 million in the prior-year period. Q4 2025 revenue of $60.8 million versus $54.2 million in Q4 2024.
- Full year 2025 Adjusted EBITDA1 of $37.1 million versus $37.0 million in the prior-year period. Q4 2025 Adjusted EBITDA of $12.0 million versus $14.2 million in Q4 2024.
- Full year 2025 net income of $14.3 million versus a net income of $18.5 million in the prior-year period. Q4 2025 net income of $29.2 million versus a net loss of $14.1 million in Q4 2024. Q4 2025 net income was higher versus the prior year period primarily due to a one-time gain related to the Company’s RTO.
- Total cash at August 31, 2025 of $54.5 million. By March 2026, the Company anticipates receiving an additional $48.3 million cash in connection with the RTO. This is comprised of $34.7 million as part of the previously disclosed Value Assurance Payment from Fairfax Financial and $13.6 million from the expected monetization of a vendor takeback promissory note issued to the Company in connection with the RTO.
Operational highlights1
- On August 1, 2025, announced the closing of “go public” reverse takeover transaction whereby the Company acquired the Retained Businesses. The integration of the assets and team into Blue Ant is proceeding as anticipated.
- On August 7, 2025, Blue Ant’s subordinate voting shares commenced trading on Toronto Stock Exchange (“TSX”) under the symbol BAMI.
- Subsequent to quarter end, on October 2, 2025, announced the acquisition of MagellanTV, a global factual streaming service. Integration efforts remain on track.
- Subsequent to quarter end, on October 16, 2025, received approval from the TSX to establish a normal course issuer bid.
- Subsequent to quarter end, on November 26 2025, Kathryn Houlden stepped down from the Blue Ant Board of Directors. The Board thanks her for her service to the Company.
- Subsequent to quarter end, on November 26, 2025, announced the Company has enteredinto a definitive arrangement agreement under which Blue Ant will acquire all of the issued and outstanding common shares of Thunderbird Entertainment Group Inc. (“Thunderbird”). Under the terms of the arrangement agreement, each Thunderbird shareholder will have the option to elect to receive, for each Thunderbird common share (i) 0.2165 Blue Ant subordinate voting shares, (ii) $1.77 in cash, or (iii) a combination thereof, subject to rounding and proration based on a maximum cash consideration of $40 million.
Consolidated Financial Summary
The following table provides selected financial information from the Company’s consolidated statements of income/(loss):
Financial Summary by Segment
Fourth Quarter and Full Year 2025 Conference Call
Blue Ant will hold a conference call to discuss the Company’s fourth quarter and full year 2025 results as well as discuss the recent Thunderbird transaction announcement:
DATE: November 26, 2025
TIME: 9 a.m. Eastern Time
WEBCAST: https://app.webinar.net/4e9dgbvgoR5
A link to the webcast will also be available on Blue Ant’s website at https://blueantmedia.com/investor-relations. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available until December 2 by dialing 1-289-819-1450 (Toronto), 1-888-660-6345 (North America), Entry Code 72653#.
DIAL-IN: To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3KC8RrD to receive an instant automated call back. You can also dial direct to be entered to the call by an Operator: 1-416-945-7677 or 1-888-699-1199.
1 Non-IFRS Measures
This news release makes reference to certain non-IFRS measures including “Adjusted EBITDA” and other measures. These measures are not recognized measures under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures and other measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. Our management uses these non-IFRS measures and other measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. We also believe that securities analysts, investors and other interested parties frequently use certain of these non-IFRS measures and other measures in the evaluation of issuers. As required by Canadian securities laws, we reconcile the non-IFRS measures to the most comparable IFRS measures. For a reconciliation of Adjusted EBITDA to net income, please see the section entitled “Reconciliation of Non-IFRS measures at the end of this news release. For more information on non-IFRS measures and other measures, see the MD&A for the three months and year ended August 31, 2025 filed on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile and available on the Company’s investor relations website.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws in Canada.
Forward-looking information may relate to our future business, financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, market share, budgets, operations, financial results, taxes, operating environment, business plans and objectives. Particularly, information regarding our expectations of future results, performance, growth, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “financial outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding possible future events or circumstances, and are therefore subject to a variety of risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.
Forward-looking information may include, among other things, the proposed acquisition of Thunderbird, as well as Blue Ant’s ability to accelerate its transformation to a more diversified, resilient, and profitable, modern media company.
Although the Company believes that the expectations reflected in such forward-looking information and statements are reasonable, such information and statements involve risks and uncertainties, and undue reliance should not be placed on such information and statements. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include, without limitation, the expectations and beliefs of the Company, and its management and board of directors, as of the date hereof. The Company cautions that the foregoing list of material factors and assumptions is not exhaustive. Many of these assumptions are based on factors and events that are not within its control, and there is no assurance that they will prove correct. Consequently, there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences for, or effects on, the Company, its shareholders, or the future results and performance of the Company. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this news release, see the MD&A for the three months and year ended August 31, 2025 and the Annual Information Form dated November 26, 2025 available on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile.
Readers, therefore, should not place undue reliance on any such forward-looking statements. The forward-looking information and statements in this news release are based on beliefs and opinions of the Company at the time the statements are made, and there should be no expectation that these forward-looking statements will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and the Company disavows and disclaims any obligation to do so except as required by applicable law. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Company.
About Blue Ant Media Corporation
Blue Ant is an international streamer, production studio and rights business. The Company’s studio creates and distributes a premium slate of programming, in all content genres, for streaming and broadcasting platforms around the world. Blue Ant also operates free streaming and pay TV channels under several media brands internationally, including Love Nature, Cottage Life, Smithsonian Channel Canada, BBC Earth Canada, HauntTV, Homeful, Total Crime, Declassified and Love Pets. Blue Ant is headquartered in Toronto, with presence in Los Angeles, New York, Singapore, London, Washington, Sydney, Halifax and Ottawa. blueantmedia.com⼁Instagram⼁LinkedIn
For further information, please contact:
Dervla Kelly, Chief Marketing and Communications Officer: dervla.kelly@blueantmedia.com
Madeleine Cohen, Vice President, Corporate Planning & Investor Relations:
ir@blueantmedia.com
RECONCILIATION OF NON-IFRS MEASURES
Reconciliation from Net Income (Loss) to Adjusted EBITDA
The following table presents the reconciliation from net income (loss) from continuing
operations to Adjusted EBITDA for the three months and year ended August 31, 2025 and 2024:
*This item is a non-IFRS measure. For more information on non-IFRS financial measures, see “Non-IFRS Measures” and “Reconciliation of Non-IFRS Measures” in the MD&A dated November 26, 2025 for the three months and year ended August 31, 2025 available under the Company’s profile on SEDAR+ (www.sedarplus.ca).
1 Non-cash expenses associated with share-based compensation granted to certain officers, directors and employees.
2 Impairment of certain program rights and owned content titles, and goodwill in the Canadian Media group of CGUs in both the year ended August 31, 2025 and 2024.
3 Amortization of deferred financing costs, gain on put option, and other finance-related costs outside the normal course of business.
4 Realized and unrealized net losses on foreign currency exchange.
5 Change in fair value of warrants, including gain on expiry of unexercised warrants in the year ended August 31, 2024.
6 Gain realized on closing of the Transaction.
7 Professional fees associated with the Transaction in the current year periods, and with other non-recurring similar costs in the 2024 periods.
8 Restructuring charges primarily relating to personnel costs.