"Our fourth quarter results highlight Blue Ant's ability to effectively monetize content through licensing, subscriptions and advertising, across multiple consumer platforms," said Michael MacMillan, CEO, Blue Ant. "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 Highlights
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 Aadjusted 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.2
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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 Table" 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).
2 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 have agreed to, among other things, provide a capital contribution of up to $34.7 million if the Retained Businesses do not meet certain Adjusted EBITDA targets in the 2025 calendar year (the "Value Assurance Payment"). Blue Ant anticipates that the full amount of the Value Assurance Payment will be payable based on financial performance to date. For further details, please refer to the management information circular dated May 9, 2025, which is available on Blue Ant's profile on SEDAR+.
Operational Highlights
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, Blue Ant announced the Company has 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. ("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):
(dollars, in thousands, except per share amounts)
Three Months Ended August 31,
Year ended August 31,
2025
2024
2025
2024
Revenues
60,837
54,172
203,955
196,380
Net income (loss)
29,179
(14,096)
14,281
18,462
Net income (loss), per share attributable to shareholders -basic
1.62
0.81
0.81
1.13
Net income (loss), per share attributable to shareholders -diluted
1.51
0.75
0.75
1.72
Adjusted EBITDA from continuing operations
11,988
14,228
