07:49 AM EDT, 04/01/2024 (MT Newswires) -- Boat Rocker Media Inc. ( BRMIF ) , an independent, integrated global entertainment company, over the holiday weekend reported a fourth-quarter net loss of near $3.1 million, as compared with net income of $5.7 million a year earlier.

Total revenue for the quarter ended Dec. 31, 2023, was $65 million, down from $111.3 million a year earlier.

Adjusted EBITDA for Q4 was near $7.6 million, down from $17.3 million a year earlier.

Citing industry-wide trends exacerbated by the 2023 WGA and SAG-AFTRA strikes, the company expects 2024 to be a softer year because of the delays in new content commissions, renewals, production, and paid development. This would impact the company's overall financial performance.

As such, the company is expecting adjusted EBITDA of about $20 million for fiscal 2024. The company, however, believes this downturn will be temporary and that industry conditions should normalize, resulting in production levels at Boat Rocker returning to those more typical of past performance.

With $37.0 million of cash available for use,*= it said management intends to "assertively invest in content in 2024 in order to seed future growth."