Vancouver’s Network Media Group reported a significant revenue loss in Q1 2025 compared to the same period last year.

The company saw total revenues of $ 1,494,458 in the period ending February 28, compared to $2,128,816 in Q1 2024.

Consequently, Network’s adjusted EBITDA loss came in at $475,963 compared to $354,968. Its net income for the quarter stood at $293,709 compared to a Q1 2024 net loss of $605,971. In Q4 2024, the company reported a net income of $219,286.

According to a release, the company has a future production revenue backlog of $9.7 million with $6.2 million expected within the next six months and $3.5 million beyond that. This includes continued production on two feature documentaries as well as having recently commenced production on another feature documentary and a five-episode documentary series. Per the company’s MD&A filing, Network has $1 million in deferred revenue as of February 28.

“Revenue in the first quarter of 2025 was primarily attributed to the delivery of our [I Am Luke Perry (pictured)] feature documentary. Revenue in the first quarter of 2024 was higher as a result of increased production services at the time,” Network president Curtis White told Playback Daily. “However, the positive earnings we delivered in Q1 2025 is reflective of the value of our proprietary content and overall operational efficiencies.”

The company posted a $1.91 million loss for its 2024 year-end results at the end of March.

“This quarter demonstrates the strategic value of our proprietary content and our continued focus on cost-efficiency,” said White in a statement. “With multiple high-profile projects now in post-production and a compelling development slate, we are well-positioned to sustain growth through 2025 and beyond.”

Network’s quarterly report states the company has current liabilities in excess of current assets of $2,903,407 and an accumulated deficit of $5,104,660.

Image courtesy of Network Entertainment