Thank you for joining Thunderbird Entertainment Group's fiscal 2025 year-end earnings call. Sandy Martin from Three Part Advisors will read the forward-looking statement disclaimer. Thank you for joining us. Today, we will provide a corporate update and report on Thunderbird Entertainment Group's results for the three and twelve months ended June 30, 2025. Speaking on today's call are Ms. Jennifer Twiner- McCarron, CEO and Chair of the Thunderbird Board, and Mr. Simon Bodymore, Thunderbird's CFO. Ms. Twiner- McCarron will provide a strategic overview, and Mr. Bodymore will review the company's detailed financials. Following the corporate update and financial review, the call will open for a Q&A session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. Alternatively, if you have any questions, you can call 1- 604- 683- 3555 extension two or email investors@thunderbird.tv, and the company will follow up directly after the call. At this time, all lines have been placed on mute to prevent any background noise. I'd like to remind everyone that certain statements made on today's call contain forward-looking information for purposes of applicable Securities Laws. Forward-looking statements and information discussed on this conference call include, but are not limited to, statements regarding our momentum and the ability to enter into new partnerships with major brands, turn on new content, continue to develop our own IP, or hit key production milestones such as renewals and awards, our long-term value creation strategy, the use of AI to create efficiencies, our ability to seize new opportunities to drive strategic growth, market growth, and the growth of entertainment and new media in general. Using the NCIB opportunistically, uplisting to the TSX, yielding cost savings, our ability to leverage IP for merchandise, video games, mobile, and other cross-media channels, future updates from broadcasters, and timing for filming and broadcast of new productions. Forward-looking statements are based on estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which are set out in the company's most recent management discussion and analysis and other public documents filed under the company's profile on CEDAR. Although the company believes that assumptions and factors used in preparing these forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of today's date. No assurance can be given that such events will occur in the disclosed timeframes or at all. Except where required by law, the company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. This conference call is being webcast live, and the archive will be available on the company's website at www.thunderbird.tv following today's call. Please note that Thunderbird reports in Canadian dollars unless otherwise noted. I would now like to turn the call over to Jennifer Twiner- McCarron. Thank you so much, Sandy, and thank you for joining us today to discuss Thunderbird 's fiscal 2025 year-end results. Simon and I very much appreciate you taking the time to hear the company's earnings update. After our prepared comments today, we plan to address questions from the investment community. I am so proud of the year, our incredible teams, and what we've accomplished. Our industry, like many others, is in a time of disruption, but within this lies the chance to innovate and seize new opportunities. Due to the health of Thunderbird, no one is better positioned than us to thrive in a time of disruption. Fiscal 2025 was a successful year for the company, with double-digit top-line growth driving strong profitability. While Simon will go into the numbers in more detail, today's results reflect our progress and showcase real momentum, whether through partnerships with major brands, the development of our own IP, or key production milestones such as renewals and awards. At our core, the business remains strong. We are confident in our financial position, the depth of our pipeline, visibility, and our long-term value creation strategy. We remain focused on delivering for our customers and executing with confidence for our shareholders. This can be witnessed with some of our exciting recent announcements. I will highlight just three of many key examples. First, there is a ton of excitement around Thunderbird's acquisition of Beddybyes including a landmark collaboration with Disney and Bulldog Licensing, being appointed to managing licensing and merchandising in the U.K. and Ireland. This is the same configuration as the hit Louie, so let's see what transpires. Plus, solving parents' number one problem of getting kids to go to sleep is always well received. Example two, [Potomac's] developing Surf’s Up, a series, a new animated adventure for kids six to nine, based on the beloved Sony Pictures Animation hit film. We are so excited to bring back fan-favorite characters: Cody Maverick, Big Dad, Big Z, Chicken Joe, alongside new additions like Flip, a fearless teen penguin. I can't believe the reaction to this IP announcement. Honestly, even hearing from famous big wave surfers that this is the best surfing IP of all time. Another example, number three, a young adult scripted production work is gaining huge traction. Netflix's greenlighting Crew Girl, which is a new coming-of-age drama series. Blue Fox Entertainment acquired international sales rights to the TV original, How to Lose a Popularity Contest, which is produced by Great Pacific Media, and Disney greenlit a pilot for Eerie Academy, a new series based on the Eerie Elementary children's books by Jack Chabert, which is a pen name for Max Brallier, who we also did Lost Kids on Earth with. Thunderbird is getting an A+ reputation as the go-to provider of young adult scripted and extremely high-quality production. These examples show that there's a strong demand for premium content. PricewaterhouseCoopers projects global entertainment and media revenues will grow from about CAD 2.9 trillion. in 2024 to roughly CAD 3.5 trillion by 2029. At the same time, new consumption habits are emerging. Connected TV, mobile video, and social platforms are reshaping how audiences engage with content. Ad placements on connected TV are especially valuable, offering both scale and premium experiences. Short-form platforms like TikTok and YouTube continue to grow, providing low-cost, high-engagement opportunities. The takeaway is clear: content producers must be adaptable, meeting audiences across multiple platforms, creating high-quality, cost-efficient content, and embracing hybrid monetization models. One way to adapt is through the use of AI, which continues to gain momentum. For us, creativity remains at the heart of what we do, and we see AI as a great facet and tool of our business to complement, not substitute, for the imagination and artistry of our teams. AI is making us more efficient and competitive, but it will never replace human creativity, emotional insight, and authenticity. Demand for kids' content is rising sharply worldwide. A recent report by Parrot Analytics notes that in the last 12 months, global demand for preschool titles grew by 25%, and this is a key area of focus for Thunderbird. Content for school-aged kids' shows is behind at 21%. Tons of kids' content. And below. This is the operator. I apologize, but there will be a slight delay in today's call. Please hold, and we will resume momentarily. You may resume the meeting. I'm not sure what happened other than the line went dead, but I think I really threw down the gauntlet with the demand for kids' content is rising sharply worldwide. Carrying on, the bottom line is there's a continued need for high-quality, scalable children's programming that can appeal across languages, cultures, and platforms. We remain focused on children's programming that's aligned with what families are asking for: stories that emphasize fun, imagination, and positive values. From a regional standpoint, mature markets are projected to see modest growth of 1% to 2%, but emerging markets such as India, Indonesia, and Saudi Arabia are expected to grow at compound annual growth rates above 7.5%, signifying that local or adaptable content is becoming more important than ever, and tremendous growth and opportunity lies within. At Thunderbird, we've seen the power of adaptable content in action. In Fiscal 2025, Mermicorno: Starfall debuted on Max, which is now HBO Max, and ranked number 11 in the kids and family category. The series then rolled out globally to YTV and STACKTV's TELETOON+ in Canada, Max and Discovery Kids, [LaDama Pop,] and in the U.K, and Cartoon Network in Southeast Asia. e- Junior has also licensed the series in the Middle East. In addition, together with Tokidoki, we launched a Mermicorno game on Roblox. Subsequent to the fiscal, the company announced a new consumer product licensing partnership for the series in categories spanning publishing, personal care, footwear, bedding, bath, and sleepwear. The franchise is clearly resonating on many levels worldwide. The Mermicorno franchise is just one great example of the value of IP. Building a strong content development pipeline is a priority for us at Thunderbird, with projects spanning multiple genres and formats. One of our focuses is on IP that can be leveraged for merchandise, video games, mobile, and other cross-media channels to continue to maximize both reach and revenue. We really get excited when we hear about the kids playing our Mittens & Pants Roblox game or see the Mermicorno toys available in Target coming soon, so head out and get them. Additionally, consolidation and partnerships remain central to our growth. M&A activity is accelerating across all media, advertising, and tech. Companies are strategically integrating content, data, and distribution. With respect to this, Thunderbird is well positioned and ready to seize new opportunities to drive strategic growth and ensure shareholder value. Speaking of which, the share buyback remains very much in place, and alongside our Board, we continually evaluate the best use of cash for the company, always keeping the best interest of all audiences at the forefront. The company spent $1 million in the fourth quarter on the normal course issuer bid, also referred to as the NCIB, and a further CAD 0.5 million subsequent to the fiscal year end. Additionally, our recently announced Thunderbird Revolving Credit Facility provides enhanced flexibility to scale operations and invest in new opportunities, reinforcing confidence in our business model and supporting our continued focus on delivering long-term value to our investors. Management also continues to be ready for the upgrade to the TSX, and we will provide more details as soon as we're able. In terms of the disruption, the greenlighting timing of work is harder to predict as buyer strategies shift and larger companies consolidate. For example, while Thunderbird has secured new commissions across all of our divisions, it is taking longer for projects to move from early engagement to the predicted start of greenlight. The work is there, it's committed, but the timeframes keep shifting on us. Because of this impact that shifting timelines can have on the predictability of quarters, we will not be providing forward-looking guidance today. We always want to underpromise and overdeliver. When greenlights can slip in and out of quarters, we want to be as transparent as possible with our shareholder base. What we will say is this: our fundamentals are so strong. Demand for our content is healthy. Our visibility is fantastic. We are focused on disciplined execution, careful cost management, and seizing strategic opportunities to drive long-term value. While this recognition came after the fiscal, I would be remiss not to share that Thunderbird was. This is the operator. I apologize, but there will be a slight delay in today's meeting. Please hold, and we will resume momentarily. You may resume. I really think I'm saying such seismic information the conference line keeps dropping, so I apologize to all our listeners. What I'll say is this: our fundamentals remain strong, demand is healthy, our visibility is strong. We're focused on disciplined execution, careful cost management, and seizing strategic opportunities. We were named Thunderbird to The Globe and Mail's annual ranking of Canada's top growing companies for the third consecutive year, achieving a three-year revenue growth rate of 48%. We are healthy. We are strong. Resilience and adaptability are in Thunderbird' s wheelhouse, and content is here to stay. People will always need a happy escape, perhaps now more than ever. There is incredible opportunity in times of disruption, and the Thunderbird team will seize it. With that, I'll now hand things over to Simon and hope his line doesn't crank out either to go over the numbers. Thank you, Simon. Thanks, Jen. Hello, everyone. I'll spend some time now walking through the key highlights of our fourth quarter and full-year results. Revenue for the fourth quarter was CAD 47.4 million compared to CAD 51.8 million for the same period last year. Full-year revenue was CAD 185.7 million, a 12% increase over 2024. Fourth quarter revenue came in below the prior year, primarily influenced by a mix of factors, including fewer animation production service engagements during the quarter. The pipeline of new opportunities remains strong, but as Jen has noted, it's taking longer for new shows to be greenlit. At the same time, it's important to underscore the benefits of having a diversified portfolio and a healthy mix of customers for service productions. Some of the year-on-year decline in animation production services revenue has been made up by a year-on-year increase in scripted services work as Thunderbird worked on How to Lose a Popularity Contest and Sidelined 2: Intercepted for Tubi. License and distribution revenue was CAD 1 million lower in the fourth quarter than in the same period last year due to the timing of IP projects being delivered. Revenue from these sales is recognized at specific points in time, unlike that earned from our services work, so we expect to see variations from quarter- to- quarter. During the fourth quarter, we were proud to see revenue being recognized from the animated series Super Team Canada and the unscripted shows Timber Titans, Dead Man’s Curse, and Rocky Mountain Wreckers. Full-year revenue showing 12% annual growth was below our earlier expectations due to timing and the delay of certain productions into the beginning of fiscal 2026. Consistent with the trends we've seen throughout 2025, revenue growth has been driven by production services, with 19% year-on-year growth being recorded in this area. While animation contracts remain the largest components of this revenue stream, scripted and unscripted work continues to be more meaningful for us, with revenues being earned from three scripted projects for Tubi, as well as the unscripted game show Extracted on behalf of Fox and Sony Pictures during the year. License and distribution revenue declined year-on-year by 15% to $27.4 million, the largest contributor to this being the non-renewal of the scripted show Reginald the Vampire at the start of the fiscal year. Despite this, we're very proud of the performance of our own IP slate this year, with revenue being recorded from our unscripted shows Highway Thru Hell, Dead Man’s Curse, Rocky Mountain Wreckers, and Timber Titans. While on the animation side, we launched both Super Team Canada and Mermicorno: Starfall into the market. Our gross margin ended the year at 21%, consistent with the levels we saw for the first nine months of the year and slightly lower than the 23% we recorded during the prior fiscal year. This aligns with our expectations and reflects the broader trend we've seen this year, with production representing a growing share of overall revenue, particularly through increased activity in scripted and unscripted projects. While these engagements typically carry lower margins, they provide steady volume, enhance operational leverage and cash flow, and position Thunderbird well for future higher margin opportunities. For the fourth quarter, we recorded net income of CAD 1.8 million compared to net income of CAD 2.5 million in the same period last year. Full-year net income was CAD million compared to CAD 2.4 million in the prior year. This year-on-year improvement was driven by a conscious effort to continue to manage costs carefully, following the cost reduction measures we put in place during the previous fiscal year. The fourth quarter results came in below the prior year as a result only of lower revenue rather than an increase in cost year-on-year. As we move forward and face the industry changes that Jen previously mentioned, particularly the lengthening timelines for greenlight, we'll continue to manage costs proactively. Fourth quarter adjusted EBITDA was CAD 4.2 million compared to CAD 7 million in the prior year, bringing our full-year adjusted EBITDA to CAD 18.3 million, 10% higher than fiscal 2024 and in line with expectations. As we look back at the year, we're proud of the results that we've been able to achieve and the way our teams have adapted to the market changing around them. Our business remains strong across all divisions, and the work we carry out continues to attract industry recognition while delighting our customers. Our service production dominant business model provides us with a good level of visibility throughout fiscal 2026, while we work with customers to greenlight new productions across all divisions. We enter 2026 with a strong balance sheet that carries no corporate debt and provides the company with financial flexibility to pursue growth opportunities as they present themselves. Coupled with disciplined financial oversight, we believe we're well positioned to succeed in an evolving market landscape. I'll now pass things back to Jen to continue with the corporate update. Thanks so much, Simon. As this is the corporate update for the entire fiscal, we will discuss things more holistically. Throughout the entire fiscal, we worked on 38 productions and with more than 22 clients. At the end of Q4, on June 30, 2025, the company had 25 programs in various stages of production. Of the 25 programs in production, three were Thunderbird IP and 22 were service production. Throughout fiscal 2025, Thunderbird Kids and Family, producing under Atomic, was busy bringing stories to life for some of the biggest streamers and broadcasters. This is including, but not limited to, Super Team Canada Seasons 1 and 2 for Bell Media's Crave, The Day You Begin for PBS Kids, Zombies, the reanimated series for Disney, Betty Blue Fish for Netflix, which exceeded the streamer's expectations, Marvel's Iron Man and His Awesome Friends Season 1, and Marvel's Spidey and His Amazing Friends Seasons 3 and 4 for Disney Junior, and Atomic original Mermicorno: Starfall for Max. Meanwhile, Thunderbird Unscripted, producing under Great Pacific Media, was also hard at work in fiscal 2025. Productions worked on throughout the fiscal year included Timber Titans Season 2 for USA Network and Canada, Highway Thru Hell Season 14 for USA Network and Canada, Rocky Mountain Wreckers Season 1 for The Weather Channel in the U.S. and USA Network and Canada, Extracted Season 1 for Fox and Sony Pictures, and Wild Rose Vets Season 2 for APTN. It should be noted that in fiscal 2025, Highway Thru Hell hit an incredible milestone. Its 200th episode aired on USA Network and Canada in March 2025. The excitement doesn't stop there. Season 14 of this global sensation will premiere on USA Network and Canada this fall. Fans can also catch the series on The Weather Channel in the U.S. and more than 180 territories worldwide, including a dedicated Highway Thru Hell FAST channel in the U.K. and Australia. As I mentioned earlier, we're also making strong traction in the young adult market. In fiscal 2025, Great Pacific Media was in production on several scripted films, including Sidelined 2: Intercepted, which will premiere in North America in November, a big Thanksgiving release, and How to Lose a Popularity Contest. Following the close of the fiscal year, we announced another exciting development: production has begun on Crew Girl, a new coming-of-age drama series fully owned by Thunderbird and Great Pacific Media for Netflix. Thunderbird Distribution also had a strong year, securing a wide range of new deals for our key properties, Mittens & Pants, which is available globally in more than 100 territories, and Booth New continues to expand its international footprint with sales to EDYE in the U.S. and Latin America, LRT in Lithuania, PTS in Taiwan, ERR in Estonia, and SVT in Sweden. The series is also being dubbed into Spanish for audiences in the U.S. and Latin America, with plans underway for a Brazilian Portuguese version for broadcast in Brazil. While we're proud of all of our production, Booth New is a unique one in that it's designed to captivate neurotypical and neurodiverse kids. Those watching will follow the journey of the Red Ball as it moves through fantastic landscapes that dazzle and entertain from start to finish. Reception to Booth New has been overwhelmingly positive, with many viewers sharing feedback that speaks to the calming and entertainment Booth New effect, which is bringing families together for co-viewing. Another Thunderbird acquisition gaining traction is Beddybyes. In fiscal 2025, Thunderbird Distribution acquired global media, including the U.K., Ireland, and Finland, with certain rights in Denmark and Sweden, and global consumer product rights to the CG animated preschool series. Beddybyes made its debut on BBC iPlayer and CBeebies in the spring and quickly became the number two preschool series on iPlayer. The series is available on CBeebies, BBC iPlayer, and RTE Player in Ireland. Several Nordic public broadcasters have also licensed the series. In 2026, the series is gaining even more global notoriety. Subsequent to the fiscal, we are thrilled to have recently announced that Disney Branded Television has picked up Beddybyes in a global television deal that will grant Disney Junior U.S. linear television rights and Disney Plus Global SVOD rights. This places the series amongst a portfolio of preschool favorites and beloved brands like Bluey, Mickey Mouse Clubhouse+, and Atomic Zone, Marvel's Spidey and His Amazing Friends. We can't wait for Beddybye s to reach new audiences when it premieres on Disney Junior and Disney+ early next year. Further company achievements in fiscal 2025 included, but are not limited to, a Children and Family Emmy Award for Molly of Denali Outstanding Writing in a Preschool Series, a Kidscreen Award for LEGO Pixar Brick Tunes for Best Animated Series Kids Programming Category, and eight Leo Awards for Great Pacific Media productions, including Highway Thru Hell, Dead Man’s Curse, and Reginald the Vampire. Just this week, Thunderbird received Kidscreen's Gold Star Award. This recognition is due to the exciting buzz surrounding last week's announcement that Disney Branded Television had acquired JAM Media's Beddybyes. Thunderbird Distribution acquired global media and consumer product rights for all of Beddybyes. On behalf of the company, I was named to The Hollywood Reporter's list of the Most Powerful Women in Canadian Entertainment. Of course, this is really not me, just a recognition which is truly the amazing teams I'm so privileged to work with every day. Throughout the year, our team continued to strengthen Thunderbird's industry presence by participating in the most prestigious global conferences and festivals, being featured at events such as Annecy Festival, Banff World Media Festival, Licensing Expo, Kidscreen Summit, Realscreen Summit, MIPJunior, and MIPCOM, which I'm heading to tomorrow. These underscore our reputation and keep Thunderbird at the center of the conversation shaping the future of the industry. These opportunities not only allow us to showcase our work, but also reinforce the partnerships that drive our continued growth. This concludes our corporate update. Before we open for questions, I want to acknowledge the remarkable company we've built together, the journey we've been on. With the right people, the projects, the partners, and the portfolio of offerings, we continue to deliver quality content and adapt accordingly. Above all, we know Thunderbird is defined by resilience and adaptability, and these are the qualities that have let us navigate change, seize opportunities, and deliver exceptional results. We remain committed to maximizing shareholder value and are confident in our ability to evolve, grow, and lead in this dynamic industry. With that, I will open it to questions. We will now begin the question-a nd- answer session. In order to ask a question, press star followed by the number one on your telephone keypad. Again, for any questions, please press star followed by one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Our first question will come from the line of Mitchell Sacks of Grand Slam Asset Management. Please go ahead. Hey, guys. I just wanted to get kind of an update on what you're seeing on the M&A front, both, you know, North America and abroad. Yeah. Hi, Mitch. Great to hear from you. What we're seeing is that there are more distressed assets out there that aren't us. We remain, as we've just outlined, very healthy. As the supply and demand has shifted since the time of peak TV in 2020, where there were a lot of suppliers for the amount of content needed, some companies are stumbling or even going away. This just gives us more looks at content, be it service or IP, and the ability to enter into these fields of picking up IP or other compelling areas of opportunity, be it Roblox, YouTube, geographic changes, that we could do so in a compelling manner that would work within our financial realm and grow the long-term value of the company for our shareholders. A lot of opportunity is defined by the disruption and distressed assets. Can you talk a little bit more about the disruption, what's going on in the marketplace, what do you think is driving it, and do you see anything in the horizon that might slow some of this down? I think it's changing consumer habits and consolidating buyers. There's a lot of places to find content right now. Companies are coming together, consolidating, viewers are finding their content in all different means, be it FAST channels, social media, traditional media sources, streamers. Only the strongest companies are certainly rising to the top, which is Thunderbird, as evidenced by our financial results and track record. This is giving us more looks at everything again, be it service or selling our own IP or monetizing it through consumer products and distribution. In a nutshell, changing viewing habits and changing strategies of buyers are providing the disruption, but there's always opportunity within that. Thanks. Our next question will come from the line of [Anker Sagar] with Private Investor. Please go ahead. Hi. Good afternoon. Thank you for taking my questions. I have a few. There is definitely the narrative about the tariffs. I mean, I know nothing has been formally announced, and even there is a set of a group of individuals who say, "How can you even tariff a movie?" That whole narrative does add to the uncertainty in the environment. Would you say that is what drove the service production revenue lower in Q4, where you just had some partners delaying the greenlighting of those projects? That is the trend which doesn't allow you to provide guidance. I would appreciate it if you could share some color on that. Yeah, you're exactly right. It was the latter, just timing of when the work is here, it's committed, it's happening, just shifting greenlighting and timing, which has affected and influenced, as I sort of outlined in the speech, our, you know, we always want to give guidance and stand behind it. It's timing predictability of greenlight, which shifted out of Q4 and into Q1. That has also informed management and the board's decision to hold off on guidance due to that unpredictability. Simon, I don't know if you want to add any more color to that. Yeah, let me just say, first and foremost, we can't link tariffs directly to the delay in greenlights. I think it just creates more uncertainty in the market, which, when coupled with all the other items that Jen's mentioned, just means that we're facing more challenges in kind of predicting the actual timing of work starting. It's kind of a combination. It's not just one specific cause. Got it. In terms of the number of active projects which you have today, I think you did put some numbers. I mean, 35 during this fiscal year, 25 are right now, three IP. The number of active projects, if you compare year- over- year, this time last year, is that number lower than last year? It's actually a little bit higher. I think we reported 24 active productions at the end of fiscal 2024, so it's one higher. Obviously, every production is a different size, so the devil's in the detail there, but it is actually one more production that's active this year versus last year. Got it. Okay. I would commend you on, I mean, just looking at how your team has executed since the pandemic. I think you guys have done really well. With this changing environment, with this tariff uncertainty, at least in the rhetoric there is, and this consolidation with this content, how does your team plan to sort of like tackle this going forward? I mean, do you think you put more focus on the IP portion of the business, or what are any thoughts you could share? That would be great. Yeah, I think that's such a great question, and I appreciate you asking it. Getting through the pandemic and coming out as one of the companies that emerged the strongest, as noted by most of our buyers, how well we performed just gave us confidence to face any challenge head-on. How we approached that was plan for the worst, hope for the best, and we continue to do that with the tariff situation. While there's still a lot of unknowns, we're always looking for ways to pivot and grow in other areas. The U.S. remains a huge partner to us, but we're cultivating relationships around the globe and continuing to strengthen those, never keeping our eggs in one basket. That remains paramount. Absolutely. I mean, I think you have such a diversified business with this partnership service IP. When you say global, I mean, you mentioned India, South Asia. All these streamers are also growing over there. Are you looking at that from a content side? Are you in conversations for service side or even from an M&A perspective? Is that what your thought process is, to diversify beyond geographies in the U.S. and Canada? 100%. You can see it just in the numbers of where content is growing so dramatically. It's really, you know, again, I noted in the speech, but regionally, there's still modest growth, 1% to 2%. Emerging markets, India, Indonesia, Saudi Arabia, they're at a compound annual growth rate of above 7.5%. Huge opportunity for a company like Thunderbird in these markets. Got it. There was a recent news release about, I think, Beddybyes, the IP right that you acquired and then distributed with Disney, a Disney deal. Is it possible that you could please share some sort of financial specifics on the deal or just provide some perspective on what that deal entails? I can try there. We acquired the rights to distribute Beddybyes around the world with the exception of a couple of carve-out territories. What that means is when we make a sale, we recognize the revenue as we would any kind of owned IP, which is at that point in time when the deal goes live and the production goes to air. You will see the impact financially of that later in the year when Disney starts rolling out the content. We obviously don't talk about specific numbers relating to individual productions, but it's a great deal. We're very happy with it. With it being a worldwide deal, it's definitely more significant than some of the other distribution deals that you would have seen from us over the last little while. Okay. I think you applied to the prior caller's question regarding the content side. I think after the pandemic, there was a huge rush with this content. Streamers were spending a lot towards the content. I think you mentioned recently, just to the prior caller, about the consolidation trend in that where you could see it in the industry, the streamers are more profit-driven and they're doing what they can do in-house. Does that also could be a benefit to a company like Thunderbird because you have the IP and you also have the service side where you partner with all these, where the economics would make sense for them to bring in a partner like Thunderbird and outsource the production for some of the marquee names that they do. Could that be a positive to that as well? Absolutely. We're really well known as handling major global brands, be it Star Wars, Spider-Man, My Little Pony. I mean, the list goes on and on. A word I hear all the time is we're well considered the industry darling, not because of myself or Simon, but the teams and the amazing work and how we execute, even in the face of adversity getting through the pandemic. So many buyers called out Thunderbird. It's just seamless in its delivery and approach to content. Because we handle major global brands, because we offer very competitive pricing out of Canada, because we continue to walk alongside our partners in this time of disruption and explore new technologies and ways to hit speed to market and different types of viewing platforms like socials, this gives us an increased sort of stake in the marketplace. As other companies stumble, it's not us. We remain stronger than ever, and we'll continue to get more looks at everything, be it service or our own IP. Got it. Got it. Just one last one, and I apologize for taking too long. No, these are great questions. Appreciate your interest. I will definitely be reaching out to schedule a call because I have so many more. Just one last one. I think your team has done an amazing job with what you can control over the years, running a profitable business on a cash flow, you know, gap, non-gap, growth and revenue. You have control of what you can control, but the valuation of the company still suffers. It's amazing if I just look at some private market deals in the same areas that you guys work in, some enterprises on what they have sold, what multiples they have sold, even for the service production side. It's just amazing. Any thoughts on that, on how that can be cured or what you can do or aim for to really cure that? It's a great, it's a great thank you, and thank you for your compliments. The team has worked exceedingly hard, and I too am proud of how we've navigated the headwinds and remained strong, profitable, and growing throughout. I think as we have hit some of the headwinds, they've involved not being able to market ourselves properly as a public company, all of that. As those headwinds clear, that would be the goal. We've got a great company. We want to get the message out there. Nothing would make Simon and I happier to do right by all of our long-term and hopefully new-term valued shareholders. It drives us every day. Okay. There could be more of those conversations, sort of like roadshow conferences that we could probably? Exactly. Yeah. Okay. That would be ideal. Great. I appreciate that. Great job. Thank you for taking my questions. I really appreciate it. Thank you for your thoughtful questions. We appreciate them. Again, for questions, press star one. Our next question comes from the line of Gordon Hodge with Tracker Research LLC. Please go ahead. Thank you for taking my question. Some of them were addressed, but I do have a couple remaining. I am curious on the greenlight, sort of the lengthening of greenlight. I am just wondering, the question of tariffs came up. I am curious if there were any other common reasons for things taking a little longer to greenlight that you are hearing from your customers. Great, great question, Gordon. I think certainly tariffs are in the ecosystem. Everyone's carrying on because it's very hard to define tariffs as it applies to digital goods. We're not completely dismissing them. As Simon noted, it just creates some uncertainty. I think, with buyers really trying to get it right, they are taking longer to develop things to make sure it's a hit. Everyone wants things to stand out. While we have commitments on shows, sometimes where they place them, where they air them, how they develop them, changes the timing. With our own IP, we get paid when it delivers and airs. They might change the strategy on that. We've had good news stories where we've delivered things. I can think of an instance on the Great Pacific Media side that we delivered in June. It was supposed to air in June, and the network said, "We actually really love this. We're going to air it in September because we think it's a hit, and fall lineups do better." We're saying, "That's amazing, but oh my gosh, please no, because June 30th is our year-end." There are certain things like that that are just beyond our control. The goal is to scale our business to a point where we can offer guidance because there's more ins and outs. Even if we can't control everything, we're at a certain scale where all engines are firing. Some outs and some ins will come and go in this industry, but we can more confidently recognize a year or a quarter. We do have work booked across all areas of the business. It's just, solidifying that timing is more challenging right now than it used to be. It doesn't mean it always won't be and that we would reintroduce guidance. It's just a prudent, I think the word's prudent, form of making sure that we don't promise something and then maybe for reasons beyond our control aren't able to deliver on that. Yeah, no, that's a nice problem to have, somebody move a show to a better time frame. A nice problem for everything except the year-end. The quarter, yeah, exactly. Yeah. I was going to ask you sort of another question related to that, depending on your answer. It sounds like it's not really a difference in terms of, I was wondering if this environment change, if you think it's a longer-term environment change that would make you want to focus more on IP. Even that, it sounds like you're still, you know, they're still in control of the best when it airs, that sort of thing, like you find a partner. I think focusing more on IP is our goal anyway. We want to keep building the long-term value of the company. We see opportunities such as the recently acquired Surf’s Up to continue to build the long-term value of our company for our shareholders. Surf’s Up will be your IP? Yes, that's right. That will be our fully owned IP. Okay, very good. I just wanted to ask about Beddybyes, because that sounds like a big opportunity. Do you have a merchandise partner yet, or is that something to come? Stay tuned. Yeah, stay tuned. Yeah. Nothing announced, but I'm hoping to talk to you soon. Sounds good. Thanks so much. That's all I had. Thank you, Gordon. Appreciate your questions. We have a follow-up question from [Anker Sagar,] Private Investor. Please go ahead. Hi. Sorry, just have one more follow-up. I know from a, I'm trying my luck on it. I know from a guidance perspective, you mentioned the uncertainty, but you know, just looking at Q1, you have this big relief coming for the Sidelined sequel, and you have this Disney partnership for Beddybyes. Anything you can share directionally from a Q1 perspective? You know, year- over- year, do you still expect growth on the revenue and, you know, the profitability? I'm sorry. We're not providing any guidance at all, even for a quarter-by-quarter basis. Sidelined 2 is production services. That has been recognizing some of the revenue already that kind of comes in over time. We're not providing any guidance, I'm afraid. Okay. Just based on the fact that if I just look back in the history and see that you had the sidelines first, that would not be meaningful to a single quarter. That would be just spread out over a few quarters. Yes, production services, the revenue comes in over the period of time where we're doing the work. That's been contributing for a couple of quarters now for us. Got it. Okay, thank you. That will conclude our question- and- answer session. I'll hand the call back to you, Jennifer, for any closing comments. Thank you so much. I truly apologize for whatever happened with the conference line going down. Thank you for everyone that stuck through the call with us, that stuck through the year with us. We are so excited about what's to come. Really appreciate all of our valued shareholders. If there's anything we didn't address or you'd like to dig into further, someone is always available to speak with you later about that. Wishing everyone a wonderful weekend ahead. Thank you. This concludes our call today. If you have any questions, please call 1-6 04- 683- 3555 or email investors@thunderbird.tv. Thank you. You may now disconnect.