Vancouver-based Thunderbird Entertainment saw a slight decrease in revenue for Q3 2022, according to its latest financial statement, earning $36.9 million compared with $37.7 million in the same period in fiscal 2021.

The media company says the 2% decrease is due to the “timing of deliveries” for its original IP productions, noting that the final season of Kim’s Convenience was delivered in the same quarter in the last fiscal year. It says the majority of its IP projects are expected to be caught up by year-end.

Thunderbird remains on track to report an overall revenue increase for its year-end fiscal 2022, with revenue for the combined quarters coming to $104.9 million, a 23% increase from $85.4 million in the previous nine-month period.

The decrease was also greatly offset by an increase in service production revenue, which came in at $32.1 million for Q3 2022, a 66% increase from $19.4 million in Q3 2021. Its licensing and distribution revenue came to $4.6 million in Q3 2022, a 74% decrease from $18.2 million in the same period in 2021. Adjusted EBITDA came in at $6.4 million for the quarter, a 14% decrease from $7.3 million in Q3 2021.

Thunderbird also reported a loss of $5.2 million in its free cash flow for Q3 2022, compared to a positive cash flow of $1.8 million in the previous Q3, attributed to an increase in production volume, which it expects will pay dividends in the 2023 fiscal year. The company’s two live action scripted series – Syfy’s Reginald the Vampire (pictured), produced by Thunderbird-owned Great Pacific Media (GPM), Modern Story Company, December Films and Cineflix Studios, and season two of Kim’s Convenience spinoff Strays for CBC – were in production during the quarter.

Overall Thunderbird had 26 projects in various stages of production in Q3 2022, 12 of which were considered company IP, where the company owns the rights or receives a portion of certain revenue streams. Among them were seven factual series from GPM, including three new projects for Corus Entertainment: Deadman’s Curse, Gut Job and Styled.

Thunderbird CEO Jennifer Twiner McCarron said in a statement that the “strategy of investing time and resources into a number of key initiatives” will set the company on a path to “accelerated growth in fiscal 2023 and beyond.”