Blue Ant Media Reports Fourth Quarter and Full Year 2025 Financial Results

TORONTO, Nov. 26, 2025 /CNW/ - 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 Businesses") which were acquired as part of the reverse takeover of the Company (formerly, Boat Rocker Media Inc.) by Blue Ant Media Inc. completed on August 1, 2025 (the "RTO").

"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		37,103	36,995

Financial Summary by Segment

	Three Months Ended		Year Ended
	August 31, 2025	August 31, 2024	August 31, 2025	August 31, 2024
Revenues
Global Channels and Streaming	16,854	14,519	76,483	56,012
Canadian Media	11,038	12,054	60,716	67,404
Production and Distribution	32,947	27,599	66,756	72,964
Segment Revenues	60,839	54,172	203,955	196,380
EBITDA
Global Channels and Streaming	4,319	5,088	19,467	17,772
Canadian Media	2,711	2,113	18,696	20,636
Production and Distribution	6,570	8,707	4,343	4,309
Corporate	(1,608)	(1,680)	(5,403)	(5,722)
Adjusted EBITDA	11,992	14,228	37,103	36,995

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 Thunderbird transaction announcement:

DATE: November 26, 2025
TIME: 9 am EDT
WEBCAST: https://app.webinar.net/4e9dgbvgoR5
RAPID CONNECT URL: https://emportal.ink/3KC8RrD
DIAL-IN: 1-416-945-7677 (Toronto), 1-888-699-1199 (North America Toll-Free)

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#.

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 Company's 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 in this news release includes, among other things, statements relating to the proposed acquisition of Thunderbird, as well as statements relating to 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 Company's 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

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:

	Three Months Ended		Year Ended
	August 31, 2025	August 31, 2024	August 31, 2025	August 31, 2024
Income / (loss) from continuing operations	29,179	(13,904)	14,281	12,411
Add back:
Depreciation and intangible amortization	1,962	1,208	6,268	5,097
Interest expense, net of interest income	626	1,032	3,247	4,619
Income taxes	6,143	(3,441)	13,499	375
EBITDA* from continuing operations	37,910	(15,105)	37,295	22,502
Adjustments:
Share-based compensation^1	901	(739)	10,484	3,419
Impairment of assets^2	880	28,661	9,197	28,531
Other finance costs^3	1,053	53	1,589	646
Net losses on foreign exchange^4	187	32	423	1,110
(Gain) / loss on warrants^5	311	(328)	311	(22,568)
Gain on bargain purchase^6	(36,828)	--	(36,828)	--
(Gain) / loss on sale of assets	4	(82)	4	(82)
Gain on contingent consideration	(152)	--	--	--
Transaction and other related costs^7	5,834	89	12,098	704
Restructuring costs^8	1,888	1,647	2,530	2,733
Adjusted EBITDA* from continuing operations	11,988	14,228	37,103	36,995

*This item 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). 

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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 cash generating units 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 RTO.

⁷ Professional fees associated with the RTO in the current year periods, and with other non-recurring similar costs in the 2024 periods.

⁸ Restructuring charges primarily relating to personnel costs.

SOURCE Blue Ant Media Corporation

For further information, please contact: Dervla Kelly, Chief Marketing and Communications Officer: [email protected] or Madeleine Cohen, Vice President, Corporate Planning & Investor Relations: [email protected]