Page 1

THUNDERBIRD ENTERTAINMENT Thunderbird Entertainment Group Reports on Third Quarter Fiscal Year 2021 Results Q3 2021 Revenue $ 37.7 million , 27 % year - over - year increase Adjusted EBITDA $ 7.4 million , 8 % year - over - year increase Consolidated cash position at March 31 , 2021 $ 18.8 million , with no corporate debt 21 programs in production , with 10 being owned- or partnered - IP Conference call and webcast scheduled for May 27 at 11 a.m. PT / 2 p.m. ET Vancouver , Canada , May 27 2021 Thunderbird Entertainment Group Inc. ( TSXV : TBRD , OTCQX : THBRF ) ( Thunderbird or the Company ) today announced its financial results for the third quarter ended March 31 , 2021 and provided a corporate update . Financial Highlights • • The Company recognized revenue of $ 37.7 million and $ 85.4 million in the three and nine months ended March 31 , 2021 , increases of 27 % ( $ 8.1 million ) and 42 % ( $ 25.2 million ) over the comparative periods . The majority of the increases over the comparative periods in 2020 is related to growth in production services attributed to the Kids and Family Division . Adjusted EBITDA was $ 7.4 million and $ 17.3 million for the three and nine months ended March 31 , 2021 , increases of 8 % ( $ 0.5 million ) and 39 % ( $ 4.8 million ) , respectively . These increases were primarily due to growth in production services revenue , as well as increases in licensing and distribution revenue due to an increased number of proprietary shows delivered over the comparable periods . Production services revenue was $ 19.4 million and $ 53.2 million for the three and nine months ended March 31 , 2021 , increases of 52 % ( $ 6.6 million ) and 53 % ( $ 18.4 million ) over the comparative periods , due to an increase in the number and size of contracts . This revenue consists primarily of animation production services , which experienced continued growth . Licensing and distribution revenue was $ 18.3 million and $ 32.1 million for the three and nine months ended March 31 , 2021 , increases of 9 % ( $ 1.5 million ) and 27 % ( $ 6.8 million ) over the comparative periods , due mainly to the delivery of the animated series The Last Kids on Earth in the current period . In the current quarter , the Company recognized revenue from three episodes of The Last Kids on Earth , 13 episodes of a scripted series 123 West 7th Ave. , Vancouver BC V5Y 1L8 604.734.2866