"Fiscal 2026 is a transformation year for Blue Ant as we position the Company for sustainable long-term growth," said Michael MacMillan, Chief Executive Officer of Blue Ant. "Over the past several months, we have completed three strategic acquisitions, including Thunderbird Entertainment in Q2, more than doubling our revenue base and significantly expanding the scale of our studio and rights businesses. We are executing a disciplined integration strategy and are on track to achieve our Thunderbird synergy target.
Our second quarter results reflect integration-related costs, product mix, and a softer advertising market, which are impacting near-term margins. As previously disclosed, our results typically ramp up in the back half of the fiscal year, and we expect a similar trajectory in 2026, supported by a solid content pipeline. We remain well-capitalized, with a strong liquidity, modest leverage, and the recent receipt of the $34.7 million Value Assurance capital contribution from Fairfax Financial, enabling us to execute on our strategy and drive long-term shareholder value."
Financial Highlights
Q2 2026 revenue of $70.0 million versus $38.4 million in the prior year period.
Q2 2026 Adjusted EBITDA1 of $3.8 million versus $4.1 million in the prior year period.
Q2 2026 net loss of $6.2 million versus $5.0 million in the prior year period.
Strong liquidity position, with $50.7 million of cash at February 28, 2026, bank indebtedness2 of $41.7 million and $41.3 million of undrawn capacity under the Company's corporate credit facility. For further details, please refer to the table under "Cash and Indebtedness Summary."
Subsequent to quarter end, the Company received the full $34.7 million Value Assurance capital contribution from Fairfax Financial Holdings Limited ("Fairfax")3 in connection with the reverse take-over transaction completed by the Company in August 2025 ("RTO"). As planned and previously disclosed, proceeds were used to repay a significant portion of the outstanding balance of a corporate debt facility that was used to fund the Thunderbird Entertainment Inc. ("Thunderbird") acquisition.
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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 April 14, 2026 for the three and six months ended February 28, 2026 available under the Company's profile on SEDAR+ (www.sedarplus.ca).
2 The Company's bank indebtedness is listed under the 2025 Credit Agreement. It does not include interim production financing. For full details, please see "Note 8: Bank Indebtedness and interim production financing" in the Company's interim condensed consolidated financial statements for the three and six months ended February 28, 2026.
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. These targets were not met and accordingly, Blue Ant received the full amount on April 2, 2026.
Operational Highlights
On January 28, 2026, the Company completed its acquisition of Thunderbird by way of plan of arrangement. Integration is progressing as planned and the Company remains on track to achieve $7 million of synergies.
Strategically repositioned Blue Ant Studios by introducing a genre-based operating model, streamlined studio branding, and a strengthened senior leadership team designed to accelerate growth across development, production, and global content monetization. Under the new structure, Blue Ant Studios is now organized around genre-based centres of expertise, being Kids, Family and Young Adult (YA), Unscripted, and large scale franchises and reality competition series under Insight Productions. Previous studio brands Thunderbird Entertainment, Great Pacific Media, and Proper Television have been sunset. This structure better reflects how content is developed, financed, and produced in the global market.
Secured several greenlights for long-running series Top Chef Canada season 13 (Flavour Network), The Amazing Race Canada season 12 (CTV), both produced by Blue Ant's Insight Television, The Great Canadian Baking Show season 10 (CBC), and Emmy-winning series All-Round Champion season 7 (TVO), produced by Blue Ant Studios Unscripted.
Blue Ant expanded its Pay TV channels in multiple territories including Love Nature on Canal+ in France, on INEA and Orange in Poland, on Vivacom in Bulgaria, and on Singtel in Singapore. Makeful launched on Singtel in Singapore and Magellan launched in Latin America on Millicom.
Media Pulse launched the first 3D campaign for Connected TV. As part of an exclusive Canadian relationship with 3Rock, a U.K.-based Creative and 3D Production company, Media Pulse successfully created a no-glasses-needed 3D campaign for flat TV screen.
The Amazing Race Canada season 11 (CTV) was the top Canadian linear series of 2025 averaging 1.33 million viewers and continues to be the most watched summer series for 11 straight years.
Blue Ant received 50 Canadian Screen Award nominations, illustrating the scale and power of the Company's newly expanded Studio. Key titles recognized with multiple nominations include Canada's Drag Race (Crave), Old Enough (TVO), Top Chef Canada (Flavour Network), The Amazing Race Canada (CTV), The Great Canadian Baking Show (CBC), and Super Team Canada (Crave).
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 monthsended February28,
Change
Six months endedFebruary 28,
Change
2026
2025
$
%
2026
2025
$
%
Revenues
69,961
38,377
31,584
82 %
150,425
87,084
63,341
73 %
Net income (loss)
(6,181)
(4,960)
(1,221)
(25) %
(12,931)
(3,742)
(9,189)
(246) %
Net income (loss) attributable to non-controlling interests
(151)
(138)
(13)
(9) %
(59)
(19)
(40)
(211) %
Net income (loss) attributable to shareholders
(6,030)
(4,822)
(1,208)
(25) %
(12,872)
(3,723)
(9,149)
(246) %
Net income (loss) per share attributable to shareholders - basic
(0.23)
(0.30)
0.07
23 %
(0.53)
(0.23)
(0.30)
(130) %
Net income (loss) per share attributable to shareholders - diluted
(0.23)
(0.30)
0.07
23 %
(0.53)
(0.23)
(0.30)
(130) %
Adjusted EBITDA*
3,824
4,121
(297)
