05:23 PM EST, 11/20/2024 (MT Newswires) -- Thunderbird Entertainment Group ( THBRF ) on Wednesday said it swung to a profit in its fiscal first-quarter on higher revenue.

The company said it earned $1.58 million, or $0.03 per share, in the quarter ended Sept.30, compared with a loss of $0.73 million, or $0.02, in the year-prior period.

Revenue rose to $45.67 million from $33.6 million. It said the rise came on an increase in production service engagements in the quarter.

The company maintained its forecast of a return to top-line growth in fiscal 2025, targeting 20% revenue growth.

"Thunderbird's performance this quarter underscores our resilience and strategic focus on driving profitable growth in a challenging entertainment industry landscape. With a 36% increase in revenue, a 64% rise in AEBITDA, and a substantial boost in free cash flow, we are not only navigating industry headwinds but beginning to thrive once again," said chief executive Jennifer Twiner McCarron.

The company's shares closed up $0.06 to $1.74 on the TSX Venture Exchange.