Thunderbird Entertainment has its eyes on international expansion as the company reports a 20% revenue increase in the first quarter of fiscal 2021.

On a call with investors, CEO Jennifer Twiner McCarron said the Vancouver-based prodco’s growth strategy in 2021 includes the acquisition of new companies to boost its work with streaming services as they continually look outside of North America to produce original content, especially in countries where governments have mandated content regulations.

“If we have ownership in those areas we can recognize that content, get it set up and run that product through our consumer division,” said McCarron. “Now is the time for us to be nimble and opportunistic, but only as it ties into our core strategy and how we get stronger; not just get bigger for the sake of getting bigger.”

Thunderbird reported $19.8 million in revenue for Q1 2021, up from $16.5 million in the previous year. The revenue growth was attributed to its kids and family division, which is on par with previous financial statements.

Revenue from production services came in at $14.7 million, a 41% increase from $10.4 million in the previous year, while revenue from licensing and distribution was $5 million, a 17% decrease from last year’s $6.1 million. The decrease is due to timing, since the company delivered three new episodes of The Last Kids on Earth in Q1 2020. Adjusted EBITDA came in at $4.8 million, a 32% increase from $3.6 million in Q1 2020.

The company did report a significant decrease of free cash flow with $1.2 million in Q1 2021 compared to $4 million in the previous year. The decline, however, is due to a “significant investment in content of $3.6 million during the quarter,” which the company anticipates will bring in positive returns over the next two fiscal years.

Overall, Thunderbird had 25 titles in production during the recent quarter, with 10 considered owned or partnered-IP, and largely in the factual division. McCarron noted that the COVID-19 pandemic has not resulted in production delays for the company, as its factual series are shot with small guerrilla crews that maintain social distance, and scripted series Kim’s Convenience (pictured) was able to wrap production in Toronto this fall.

The company is currently partnered with Netflix, Peacock, Nickelodeon, AppleTV+, Sony, PBS, Bell Media’s Discovery, Disney+, Corus Entertainment and CBC, and is in development on two new properties: the social media brand and digital series What If and a scripted drama based on the life of aerospace engineer Wernher Von Braun, with Warrior Nun creator Simon Barry attached as writer, director and executive producer.