WILDBRAIN REPORTS Q3 2024 RESULTS By Investing.com

Q3 2024  Highlights

• Revenue was $100.1 million, compared to $140.9 million in Q3 2023.
• Net loss was $14.7 million, compared with net income of $19.4 million in Q3 2023.
• Adjusted EBITDA¹ was $19.6 million, compared to $32.9 million in the prior-year period.
• Cash provided in operating activities was $23.3 million, compared to cash provided in operating activities of $24.0 million in Q3 2023.
• Free Cash Flow¹ was negative $2.9 million, compared to negative $4.6 million in Q3 2023.

TORONTO, May 9, 2024 /PRNewswire/ – WildBrain Ltd. (“WildBrain” or the “Company”) (TSX: WILD), a global leader in kids’ and family entertainment, today reported its third quarter (“Q3 2024”) results for the period ended March 31, 2024.

Josh Scherba, WildBrain President and CEO, said: “As I reflect on my first year as President and CEO, I am encouraged by the significant progress we’ve made to focus on our key franchises and in solidifying our position as a leader in content creation, audience engagement and global licensing. Despite the industry headwinds in content production brought on this year by the slowdown in greenlights, our production pipeline for Fiscal Years 2025 and 2026 is returning to a more normalized output. Major streaming platforms are now looking to WildBrain as a ‘go to’ partner for premium animation”as reflected by projects such as our new Peanuts feature greenlit by Apple (NASDAQ:) TV+ and the success of Sonic Prime as a top-ten show on Netflix (NASDAQ:). Additionally, in the third quarter, we saw strength in our AVOD business and in licensing for our owned brands in Asia-Pacific. I am optimistic and excited about the path ahead, as we remain committed to executing on our long-term strategy of simplifying and growing our business and improving our balance sheet.”

Nick Gawne, WildBrain CFO, added: “We continue to focus our business on our key franchises that can generate the greatest returns from our integrated 360-degree capabilities. While Fiscal Year 2024 has been impacted by the slowdown in production greenlights, we remain committed to our key financial goals of addressing our 2024 convertible debentures and reducing our leverage over time. We also continue to pursue the sale of non-core assets as announced back in September. While we have nothing to announce today, we’ve made significant progress on both these fronts, and we look forward to providing updates in due course.”

Q3 2024  Performance “ Executing on Priorities