The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Mitchell Sacks - Grand Slam Asset Management LLC - Analyst
: Just wanted to get kind of an update on what you're seeing on the M&A front, both North America and abroad?
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OCTOBER 09, 2025 / 6:00PM, TBRD.V - Q4 2025 Thunderbird Entertainment Group Inc Earnings Call
Question: Mitchell Sacks - Grand Slam Asset Management LLC - Analyst
: And can you talk a little bit more about the disruption, what's going on in the marketplace? And what do you think is driving it? And do you see
anything in the horizon that might slow some of this down?
Question: Gordon Hodge - Tracker Research LLC - Analyst
: Some of them were addressed, but I do have a couple remaining. Just curious on the greenlight -- sort of the lengthening of greenlight. And I'm
just wondering, the question of tariffs came up, I'm just curious if there were any other common reasons for things taking a little longer to greenlight
that you're hearing from your customers?
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OCTOBER 09, 2025 / 6:00PM, TBRD.V - Q4 2025 Thunderbird Entertainment Group Inc Earnings Call
Question: Gordon Hodge - Tracker Research LLC - Analyst
: Yes. No, no, that's a nice problem to have somebody move a show to a better timeframe.
Question: Gordon Hodge - Tracker Research LLC - Analyst
: But the quarter -- yes, exactly.
Question: Gordon Hodge - Tracker Research LLC - Analyst
: So I was going to ask you sort of another question related to that, depending on your answer, and it sounds like it's not really a difference in terms
of -- I was wondering if this environment changed. If you think it's a longer-term environment changes if that would make you want to focus more
on IP.
But even that, it sounds like you're still -- they're still in control of (inaudible) that sort of thing like finding a partner.
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OCTOBER 09, 2025 / 6:00PM, TBRD.V - Q4 2025 Thunderbird Entertainment Group Inc Earnings Call
Question: Gordon Hodge - Tracker Research LLC - Analyst
: So Surf's Up will be your IP?
Question: Gordon Hodge - Tracker Research LLC - Analyst
: Okay, very good. And then I just wanted to ask about BeddyByes. That sounds like a bigger opportunity. Do you have a merchandise partner yet?
Or is that something to come?
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