Gains in Boat Rocker Media’s TV and representation segments drove the TSX-listed company to revenue of $62.1 million in Q2 of 2021, up 22% from $51 million the year prior. However the ongoing impact of the pandemic has caused the Toronto-headquartered company to lower its revenue forecast for the fiscal year.

On Thursday (Aug. 12), Boat Rocker reported that TV revenue increased by 26% to $41.7 million in Q2, from $33.1 million the year prior, while its representation business – which is made up of its talent management services and licensing of third-party content – climbed 72.3% to $8.6 million, up from $5 million. Quarterly revenue was offset slightly by its kids and family division, which dipped 8.5% to $11.8 million, compared with $13 million a year ago.

For the first half of the year, overall revenue is up 23% to $114.6 million, compared to $93.2 million in the first two quarters of last year.

The company reported a net loss of $8.8 million in the most recent quarter, versus $6.5 million in Q2 2020, and a net loss of $13.8 million in the first half of 2021, versus $20.4 million in the same period in 2020. Adjusted EBITDA was $2.8 million in Q2, compared with $3.8 million the year prior.

Boat Rocker shares were valued at $8 per share at press time. The company’s share price has increased steadily over the past two months after dipping to its lowest point ($6.55 per share) in mid-June. The company debuted on the TSX with a share price of $8.70.

While execs maintained that the financial outlook was positive, the continued impact of the pandemic has caused Boat Rocker to adjust its revenue projections. For 2022, CEO John Young said the company now expects overall revenue to fall between $600 million and $635 million – a decrease from the $700 million forecast by Boat Rocker in its preliminary IPO documents earlier this year – though still two and a half times more than the $226.8 million achieved in 2020.

Specifically, Boat Rocker said the lowering of its projected revenue for 2021 was caused by incurring additional costs on some of its productions, delays in production timelines, a stronger Canadian dollar than initially forecast, and the absence of a greenlight for a big-budgeted series that it had expected to deliver in 2021. The unnamed show does not currently have a buyer, said Young, though the company remains optimistic it will eventually be greenlit.

Despite the revenue-forecast adjustment, Boat Rocker says it remains on course to produce 50 IP and service projects in 2021, with Young noting that “in the second half of the year we hope to truly solidify our transformation, with some of the largest shows in the company’s history [being delivered], and our production slate growing.”

Among them are two big-budgeted scripted offerings: American Rust, starring Jeff Daniels, which is scheduled to premiere on Showtime in the U.S. on Sept. 12; and the sci-fi series Invasion, set to debut on Apple TV+ on Oct. 22.

In the U.S., Boat Rocker is also in pre-production on Beacon 23 for AMC/Spectrum, starring Lena Headey (Game of Thrones). The show, based on the best-selling book by Hugh Howey, is being showrun by Zak Penn (X-Men: The Last Stand, The Avengers).

In Canada, Boat Rocker-owned unscripted entities are producing Motel Makeover (Netflix), LOL: Last One Laughing Canada (Amazon Prime), Man vs. History (History) and Dark Side of the 90s (Vice).

The company continued to tout the promise of its kids property Dino Ranch (pictured), as Boat Rocker looks realize its franchise potential. The TV show, which was renewed last month by Disney, is the No. 1 preschool U.S. cable show for kids aged two to five, according to Boat Rocker. The Dino Ranch toy line is scheduled to roll out later this year through online retailers including Walmart.com, Target.com and Amazon.