Boat Rocker Media fell short of its revenue forecast for fiscal 2021, despite record gains in its year-end financial report.

The Toronto-based media company reported a 156% increase in annual revenue in fiscal 2021, up to $580.4 million compared to $226.8 million in fiscal 2020. That figure is also a significant increase from pre-pandemic revenues, which came in at $244 million in 2019, according to past filings from Boat Rocker.

However, the company had forecast it would earn $700 million in revenue in documents filed in March 2021, with the actuals falling more than $100 million short. At the time the company said it expected a jump in revenue due to the ongoing content boom in the film and TV industry. Share prices opened at $4.56 today (April 1), down slightly from $4.70 when the report was released on Thursday (March 31).

Looking to fiscal 2022, the company has identified adjusted EBITDA as an indicator of its financial performance, forecasting a 25 to 60% increase to between $40 million to $50 million. Adjusted EBITDA for fiscal 2021 came to $31.6 million, up 125% from $14.1 million in 2020.

Boat Rocker pointed to its television revenue as the main driver of the uptick. The company saw a 241% increase in TV revenue with $458 million in 2021 compared to $134.2 million in 2020. Its kids and representation divisions saw more modest gains. Kids and family revenue came to $84.3 million at year-end, up 32% from $63.8 million in the previous year, while representation came to $37.9 million, up 33% from $28.6 million in fiscal 2020.

The company credited its Apple TV+ series Invasion (pictured), which it says is one of its largest productions to date, as one of its key TV revenue drivers. Another major production for Boat Rocker was American Rust, which was cancelled by Showtime after one season.

Boat Rocker has an estimated six premium scripted series set for production in 2022. Five have already been announced, including a second season of Invasion, Mrs. American Pie, Robyn Hood, Slip and Beacon 23, while a sixth is expected to be announced soon.

The Slip greenlight was announced last week, one of the first commissions out of a first-look deal between Boat Rocker and TeaTime Pictures, co-founded by actor Dakota Johnson. Boat Rocker bought a minority stake in TeaTime in 2021, while Johnson is also one of the clients of its talent management company Untitled Entertainment.

During a call with investors, co-executive chairman Ivan Schneeberg pointed to the company’s work with Johnson and TeaTime Pictures as a “prime example of our synergistic overlap between our core areas of focus — content, talent and commerce — and the many exciting ways this overlaps and unlocks significant value for our partners.”

The company also saw a record Q4 in 2021, with revenue up to $262.5 million, up 372% from Q4 2020. Adjusted EBITDA came to $19 million in Q4, up by 155% from $7.4 million in the previous quarter. The company also reported its total cash at the end of fiscal 2021 at $96.9 million, up 35% from $71.7 million in the previous year.

“Our results for both the quarter and full year are proof of our ability to produce and deliver premium, multi-genre content, source and unlock the value of IP, and build brands with global reach and appeal,” said Boat Rocker CEO John Young in a statement. “Our adjusted EBITDA results in particular speak to our capacity to operate at our new scale, as well as the strength of our integrated platform. With a clean balance sheet, and against a backdrop of sustained and robust demand for content, we believe we have a long runway for continued success.”