Earnings
Blue Ant Media Reports First Quarter 2026 Financial Results
BAMI · Price
Executive Summary
- Blue Ant Media reported Q1 FY2026 revenue of C$80.5 M, a 65% YoY increase driven by acquisitions and studio growth.
- The company posted a net loss of C$6.8 M (vs. C$1.2 M profit year‑over‑year) due to non‑recurring items including a C$3.1 M accounting loss on the VTB Note sale and C$3.4 M transaction/restructuring costs related to the RTO and recent acquisitions.
- Strong liquidity was highlighted: cash of C$34.0 M, bank debt reduced by C$19.1 M, and undrawn credit capacity of C$63.2 M; a C$13.6 M net cash proceeds from the VTB Note sale were used to repay debt.
Key Details
- Revenue: C$80.5 M (up 65% YoY from C$48.7 M).
- Adjusted EBITDA: C$5.0 M (down 21% YoY).
- Net loss: C$6.8 M (vs. net income of C$1.2 M in Q1 2025).
- Operating cash flow: Generated C$5.2 M cash from operations.
- Liquidity: Cash balance C$34.0 M; bank indebtedness C$0.5 M; undrawn credit facility C$63.2 M.
- Debt repayment: Reduced operating debt by C$19.1 M during the quarter.
- VTB Note sale: Net cash proceeds of C$13.6 M; realized non‑cash loss of C$3.1 M.
- Capital contribution pending: Anticipated C$34.7 M from Fairfax under the Value Assurance Agreement (expected by March 2026).
Operational Highlights
- Acquired MagellanTV LLC for US$12 M; integration progressing alongside Insight Productions, Jam Filled Entertainment, and Proper Television.
- Expanded FAST channel footprint on Roku, Samsung, Vizio, PlutoTV, LG, FireTV; launched five Magellan‑branded channels.
- Launched Love Nature Pay TV channel on Telia (Nordic/Baltic).
- New content releases: Slaycation S2 (Crave), Canada’s Drag Race S6 (Crave) and greenlit S7, The Great Canadian Baking Show S9 (CBC) with S10 greenlit.
- Major distribution deals: “Matthew Perry: A Hollywood Tragedy” to 50+ territories; “Mike Holmes: Building a Legacy” S1‑2 licensed to Warner Bros. Discovery (HGTV US).
M&A Activity
- Definitive arrangement agreement signed on Nov 26 2025 to acquire all outstanding shares of Thunderbird Entertainment Group Inc.
- Thunderbird shareholder vote scheduled for Jan 22 2026; final court hearing set for Jan 26 2026. Transaction subject to customary closing conditions.
Segment Performance (Q1 2026 vs. Q1 2025)
| Segment | Revenue | YoY % | Adjusted EBITDA |
|---|---|---|---|
| Global Channels & Streaming | C$22.7 M | +8% | C$3.3 M (‑47%) |
| Canadian Media | C$14.4 M | –7% | Flat YoY |
| Production & Distribution | C$43.4 M | +259% | +95% YoY (loss of C$0.2 M) |
Conference Call
- Date/Time: Jan 14 2026, 8:30 am EDT
- Webcast link and dial‑in details provided for investors.
Notable Quotes
“Our Q1 results were in line with expectations and reflected the scale we have been building through disciplined execution of our growth strategy,” – Michael MacMillan, CEO.
Materiality Assessment: Material – Negative (significant net loss and major acquisition activity impacting future outlook).
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