Boat Rocker has reported a net loss of $26.9 million for fiscal 2023, despite ending with a more than 50% increase in revenue.

The Toronto-headquartered media company said in its year-end financial report that the dual strikes from the Writers Guild of America (WGA) and Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) caused delays of its core business activities, including development, content deliveries and representation for actor clients.

Boat Rocker CEO John Young told investors on Monday (April 1) that the strikes “exacerbated industry trends that slowed progress in key areas of our business,” and the company is awaiting a “return to more steady pattern of orders” from traditional buyers.

In the meantime, he said Boat Rocker will be doubling down on its strategy to invest in IP, including scripted series and premium documentaries. The company has also seen “strong sales” for its owned-IP titles, including Beacon 23 (pictured) and Orphan Black: Echoes.

Co-executive chairman David Fortier added that the industry is adjusting in other positive ways, such as more openness from buyers to partner on rights ownership, and additional coproduction opportunities on the international market.

As a result of the challenges, Boat Rocker has modified its adjusted EBITDA target to $20 million in fiscal 2024, down from the previous year target of $30 million. The company reported an adjusted EBITDA of $25 million for year-end 2023, a nearly 45% increase from $17.3 million in the prior fiscal year.

Overall revenue for the fiscal year came to $475.4 million in 2024, a 56.2% increase from $304 million in 2022, which was largely attributed to the delivery of more premium scripted dramas, compared to a higher volume of unscripted deliveries in the prior fiscal year.

Broken into segments, the majority of the revenue came from television, coming in at $342 million; kids and family revenue came to $45.1 million, down 32% from the prior year; representation revenue came to $23.3 million, down 19% from 2023.

“Our television segment generated significant results through the delivery and sale of our owned IP, notably our premium sci-fi series Beacon 23. Despite our solid output, we are still operating against a backdrop of considerable industry disruption,” said Young in a statement. “The WGA strike was prolonged and the SAG-AFTRA strike is ongoing, both of which have slowed progress in key areas of our business, therefore impacting our outlook for 2023 and 2024. Nevertheless, we remain confident in Boat Rocker’s IP, diverse and international capabilities, strong balance sheet and cash position, and streamlined studio to build for and perform in the long-term.”

Image courtesy of Boat Rocker