By Kelly Townsend

Thunderbird Entertainment’s future is in its own hands, now that its board of directors is no longer actively seeking a sale of the company. That key message was delivered earlier this week at the presentation of the company’s year-end financial results. 

“After a thorough strategic review process…the board determined that remaining a standalone public company and executing on our strategic business plan is in the best interests of our stakeholders,” said Thunderbird CEO Jennifer Twiner McCarron in a statement. She noted, however, that the company was looking at listing itself on the Toronto Stock Exchange as a way to drive new investment. 

Conversations around Thunderbird’s position as an acquisitions target first began in November 2022 in connection with a proxy battle between the company and minority shareholder Voss Capital.

As part of an agreement with Voss, Thunderbird brought in ACF Investment Bank to conduct a strategic review of the company. ACF concluded that while Thunderbird was a premium acquisitions asset, it was in the best interest of shareholders to wait on a sale. At the time, Twiner McCarron told investors that a potential sale was on the table for the 2024 calendar year.

“The board of directors is aligned in the decision to maintain Thunderbird as an independent, publicly traded company after considering all available strategic options,” said Taylor Henderson, a Thunderbird board member and investment analyst at Voss Capital. “We believe remaining a standalone public company will lead to the best opportunity for significant mid- to long-term value creation.”

Henderson added that the board believes Thunderbird is “significantly undervalued,” and the company has “navigated challenging industry dynamics better than most.”

In December 2023, it embarked on a plan to buy back shares and shore up its own holdings. As of June 30, 2024, Thunderbird had repurchased 591,400 common shares worth roughly CA$1.2 million at a price of CA$2.08 per share.

In presenting its fiscal 2024 results, Thunderbird reported a very slight 1% year-over-year revenue decline, and a 30% increase in adjusted EBITDA. The company credited cost-saving measures that reduced spending by more than CA$3 million, and also noted that it has zero corporate debt.

For fiscal 2025, Thunderbird is forecasting more growth—20% in revenue and more than 10% in adjusted EBITDA—targets that are “supported by a strong content pipeline, strategic investments and signs of a stabilizing market environment.”

Thunderbird had 24 projects in various stages of production as of June 30, including six proprietary titles, one of which was Atomic Cartoon’s Mermicorno: Starfall (pictured).

A version of this story originally appeared in Kidscreen Daily’s sister publication Playback Daily.