Toronto-based Boat Rocker Media’s Q3 revenue ending Sept. 30 fell to $36.8 million.

The company reported an 81.2% drop from its Q3 2023 revenue of $196.4 million.

Boat Rocker’s year-to-date saw a similar decrease, as the company reported a revenue of $127.4 million, a 67.1% decrease compared to the $387.5 million in the 2023 year-to-date results.

“Despite continuing to operate in a challenging industry environment, our performance this quarter included greenlights and renewals on a number of key projects across divisions that showcase the power of our studio engine,” said Boat Rocker CEO John Young in a statement. “We continue to be well positioned for a wider industry recovery with our strong balance sheet, robust development slate and distribution catalogue and deep relationships with top global content buyers. We remain committed to disciplined cost management, while deploying our strategy focused on targeted content investments and owned IP, to rebuild shareholder value for the long-term.”

When looking at specific revenue streams for the company, television revenue dropped 87% to $23.3 million from Q3 2023’s $185.5 million. Year-to-date television revenue saw a similar decrease of 74% to $90.2 million from $342.3 million in the same period last year.

Kids and family revenue experienced a 25% increase in Q3 rising from $10.8 million in the previous Q3 to $13.5 million. However, year-to-date, the stream saw a decrease of 18% as it dropped from $45.1 million to $37.1 million. Recently, the organization secured sales for three kids series in its catalogue and greenlit a spinoff of its preschool Dino Ranch series, Dino Ranch: Island Explorers (pictured).

Boat Rocker also posted an adjusted EBITDA loss of $4.6 million for the quarter, compared to a $21.3 million profit in Q3 2023. Boat Rocker’s year-to-date adjusted EBITDA fell 95.3% to $1.2 million compared to $25 million in the prior comparative period. In the report, Boat Rocker stated that it expects its full year adjusted EBITDA to be $10 million as a few titles are scheduled to be delivered in the last month of the year.

The company posted a loss of $18 million in net income, a 111% decrease from the 2023 Q3 loss of $8.5 million. Year-to-date, Boat Rocker has reported a net income of $21.4 million, a 190% increase compared to the $23.8 million loss the company recorded in the same period last year. According to Boat Rocker’s financial review, the net loss of continuing operations was offset by the net income of discontinued operations, which also included the post-tax gain on the sale of Untitled Entertainment along with Untitled’s operating results.

Boat Rocker is debt-free with $73.2 million in total cash, including $52.7 million available for use. In its outlook the company said it’s in a strong balance sheet position to rebuild revenue growth and improve adjusted EBITDA. The company also intends to, where possible, repurchase its subordinate voting shares pursuant to its NCIB, which expires next September.

Boat Rocker stated that it is honing in on co-financing, co-production and co-ownership opportunities and will also target material cost reductions across the organization.

Image courtesy of Boat Rocker Media