WildBrain is capitalizing on strong licensing growth, notably from Strawberry Shortcake, offsetting studio revenue volatility post-Peanuts sale. WILD:CA's Licensing revenue rose 35% to $25.1M, driving a 38% EBITDA increase to $5.8M; studio revenue fell due to project timing. With $113M cash, no debt, and active buybacks, the company trades below 6x FY26 EBITDA, with further upside from cost cuts and segment clarity.