Boat Rocker Media Reports Fourth Quarter and Full Year 2024 Financial Results
TORONTO, April 1, 2025 /CNW/ - Boat Rocker Media Inc. ("Boat Rocker" or the "Company" or "BRMI") (TSX:BRMI), an independent, integrated global entertainment company, today reported its financial results for the three months ended December 31, 2024 ("fourth quarter" or "Q4") and the full year ended December 31, 2024. The Company's audited consolidated financial statements and accompanying notes and Management's Discussion and Analysis ("MD&A") for the three months and year ended December 31, 2024 and 2023 are available under the Company's profile on SEDAR+ (www.sedarplus.ca). All dollar amounts are expressed in Canadian currency, unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures (see "Non-IFRS Measures" below).
Financial Highlights1
Q4 2024 Adjusted EBITDA2 of $7.0 million versus $7.6 million in 2023. Full year 2024 Adjusted EBITDA1 of $8.2 million versus $32.6 million in the prior year period.
Q4 2024 net loss of $36.2 million versus a net loss of $3.1 million in Q4 2023. Full year 2024 net loss of $14.8 million, versus a net loss of $26.9 million in the prior year period.
Q4 2024 revenue of $66.1 million versus $58.9 million in Q4 2023. Full year 2024 revenue of $193.5 million versus $446.3 million in the prior year period.
Debt-free3 with total cash at December 31, 2024 of $86.5 million, including $56.6 million of Cash Available for Use1.
Total non-cash impairment charges in Q4 2024 of $48.0 million and $56.4 million in the full year 2024 include impairment in goodwill, investment in content in the Television segment and investment in the Company's venture assets.
1
Selected Financial Highlights include net income (loss) and Adjusted EBITDA from both continuing and discontinued operations. Revenue excludes amounts from Untitled Entertainment, which are included in discontinued operations for all periods presented.
2
This is a non-IFRS measure. For more information on non-IFRS financial measures, see "Non-IFRS Measures" and "Reconciliation of Non-IFRS Measures" below and see "Non-IFRS Financial Measures" in the MD&A for the three months and full year ended December 31, 2024.
3
The Company currently has no corporate term debt, only interim production financing (including through two borrowing base facilities) in the ordinary course of operations.
Statement on Q4 and Full Year 2024 from Boat Rocker Media CEO John Young
"The continuing impact of macroeconomic headwinds is evident in our fourth quarter and full year results. While service production performed well across our business units, other areas, notably scripted production, did not meet historical levels. Here, the effect of pullbacks in spending with buyers delaying development and production orders and industry ...
https://www.benzinga.com/pressreleases/25/04/n44582176/boat-rocker-media-reports-fourth-quarter-and-full-year-2024-financial-results