Blue Ant Media Announces Third Quarter Fiscal 2025 Results
Adjusted EBITDA1 increases 31% driven by strong growth in Global Channels & Streaming
Significant increase in Connected TV (CTV) advertising sales reflecting strong operational execution to capitalize on industry shift of advertising budgets from traditional linear TV to CTV
Net income impacted by one-time items
TORONTO, Aug. 11, 2025 /CNW/ - Blue Ant Media Corporation ("Blue Ant" or the "Company") (TSX:BAMI), an international streamer, production studio and rights business, today announced the financial results of its operating subsidiary, Blue Ant Media Inc. ("BAM"), for the third quarter ("Q3 F2025") ended May 31, 2025. BAM was the reverse takeover acquiror of the Company in a go-public transaction that closed on August 1, 2025 (the "RTO"). The Company, being the resulting company of the RTO, now comprises BAM's business as well as Jam Filled Entertainment, Proper Television and Insight Productions retained divisions. The quarterly and year-to-date results discussed in this news release are for BAM only and do not incorporate results from the businesses retained by the Company in connection with the RTO.
Blue Ant will hold a conference call/webcast to discuss BAM's results on, August 12, 2025, at 11:00 a.m. ET. Unless otherwise noted, all dollar ($) amounts are in Canadian dollars.
Michael MacMillan, Blue Ant's Chief Executive Officer, said:
"Blue Ant delivered a solid third quarter driven by significant growth in our Global Channels & Streaming segment. Contribution from our Connected TV digital ad solutions business grew significantly, reflecting the convergence of content, commerce and advertising on the biggest screen in the house. Our global focus on growth and our interconnected streaming, production, and distribution operations have provided us stability this year despite ad market softness, cord cutting, and muted greenlights from global commissioners. Our recently completed reverse takeover has further increased Blue Ant's dry powder, which will enable us to invest in key areas to accelerate growth, both organically and through acquisitions, while enhancing the scale and diversity of our studio. The result is that the current challenging industry conditions present a unique opportunity for us to pursue significant content and business acquisitions at attractive valuations."
Financial highlights1
Revenues increased by 7% year-over-year in the quarter as strong growth in global advertising revenue offset a decline in production revenues from delayed greenlights. The increase in revenues combined with a decline in cost of sales expense drove a 31% increase in Adjusted EBITDA for the same time period.
Global Channels and Streaming segment profit increased significantly to $5.3 million in the third quarter from $3.3 million in the same period last year driven by an increase in CTV ad sales and channel revenues.
Canadian Media segment profit was $8.6 million in the third quarter compared to $9.0 million in the prior year period reflecting a modest decrease in revenues due to headwinds in the traditional broadcast advertising market, partially offset by growth in consumer show revenue attributable to continued post-Covid recovery in the sector.
Production and Distribution segment profit for the third quarter was $2.1 million compared to $1.3 million in the third quarter of the prior year, as a decline in production revenues due to several productions that were anticipated for this year that have not been greenlit, was more than offset by an increase in international distribution revenues as well as a decline in associated cost of revenues and a reduction in sales, general and administrative expenses.
Loss from continuing operations was $11.2 million for the third quarter compared to income of $2.7 million in the prior year period, as the increase in Adjusted EBITDA was offset by one-time items that included $4.2 million in transaction related costs, an $8.3 million goodwill impairment charge, and $8.5 million in share-based compensation related to accelerated recognition of certain RSUs which fully vested and settled on closing of the reverse takeover.
Operating cash inflow in the first nine months of fiscal 2025 was $5.0 million compared to $5.6 million in the prior year period with the decline due in part to RTO transaction-related costs. Including working capital changes, net cash provided by operating activities was $11.1 million compared to $10.4 million for the first nine months of fiscal 2025. Cash generated in the period was primarily used for debt repayment, capital expenditures and investments in library content.
Financial Summary C$M
3 months ended May 31,
9 months ended May 31,
Operations
2025
2024
2025
2024
Revenues
Global Channels and Streaming
21.4
13.0
59.9
41.8
Canadian Media
22.2
23.5
50.3
56.4
Production and Distribution
15.1
17.6
35.6
47.7
Inter-segment eliminations
(3.0)
(2.3)
(5.6)
(3.7)
Revenues
55.7
51.8
140.2
142.2
