Boat Rocker Media (BRMI) Q2 2025 earnings summary

Executive summary

• Entered into a definitive agreement for a reverse takeover by Blue Ant Media, with a concurrent management buyout of Boat Rocker Studios; transaction expected to close around August 1, 2025.

• Net loss from continuing operations was $11.6M for the six months ended June 30, 2025, compared to a $7.4M loss in the prior year period.

• Discontinued operations posted a net loss of $128.6M, primarily due to a $111.7M impairment on assets held for sale and the absence of prior year gains from the sale of Untitled.

• Revenue from continuing operations declined 28% year-over-year to $45.1M, driven by lower production and service activity in the Television segment.

Financial highlights

• Revenue for the six months ended June 30, 2025 was $45.1M, down from $62.6M in 2024.

• Adjusted EBITDA from continuing operations was a loss of $4.5M, compared to a $0.2M loss in the prior year.

• Cash on hand at June 30, 2025 was $29.7M, with $15.5M available for use; no corporate debt outstanding, only production-related interim financing.

• Net loss attributable to shareholders was $140.1M for the six months, compared to net income of $34.7M in 2024.

Outlook and guidance

• Transaction with Blue Ant Media and management buyout expected to close in Q3 2025, with most regulatory approvals received.

• The resulting issuer will focus on the global media industry, combining retained Canadian production businesses with Blue Ant's operations.

• Management did not set a full annual budget for 2025 due to anticipated strategic changes but is adhering to budgets for the retained businesses.