2025 Revenue Rises 10% to $56.7M; Q4’25 Revenue Up 27% YoY to $15.6M
2025 Net Loss Decreases by $9.5M and 2025 Adjusted EBITDA More than Triples to $2.9M compared to 2024
Q4’25 Net Income of $1.0M vs. Net Loss of $2.0M in Q4 24
Q4’25 Adjusted EBITDA Swings to $1.7M Profit vs. $(0.5)M Year-Ago Loss
Expects Continued Revenue Growth and Adjusted EBITDA Margin Expansion in 2026
MIAMI, FL / ACCESS Newswire / March 25, 2026 / Dolphin (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, today announced its financial results for the fourth quarter and full year ended December 31, 2025.
"2025 marked a turning point for Dolphin. After several years of strategic acquisitions and growth investments, we are now reaping the benefits. Full-year revenue grew approximately 10% to $56.7 million, with fourth quarter revenue up 27% year-over-year to $15.6 million. Full-year Adjusted EBITDA reached $2.9 million, up 209% from $0.9 million. Q4 was particularly strong, with Adjusted EBITDA of $1.7 million compared to Adjusted EBITDA loss of $0.5 million in Q4 2024, a $2.2 million swing that underscores the operating leverage in our model.
Our recently announced strategic partnership with DealMaker, our AI capabilities through Dolphin Intelligence, and our disciplined venture investments represent additional growth catalysts requiring little to no upfront capital. We expect continued top-line growth in 2026 and, just as in 2025, we expect Adjusted EBITDA to expand significantly faster than revenue. We have built the infrastructure and team to support a meaningfully larger revenue base, in which incremental revenue is able to flow disproportionately to the bottom line and we expect continued Adjusted EBITDA margin expansion in 2026.
We are excited about 2026, 2027 and beyond. Our bank debt matures within roughly two and a half years, which will save us almost $2.2 million in principal and interest payments on an annual basis. Furthermore, we expect approximately $1 million in annualized lease savings to be achieved after our large leases in New York City and Los Angeles terminate by the end of 2026 and 2027, respectively. These lease savings will enhance our operational leverage, and just as with our expectations of continued organic growth and margin expansion, nearly all these savings will flow directly to our free cash flow given our NOL federal and state carryforwards of $127 million.
2025 and Recent Highlights
Total revenue for the year ended December 31, 2025, was $56.7 million, an increase of 10% from $51.7 million last year.
Operating loss was $0.04 million for the year ended December 31, 2025, compared to an operating loss of $10.5 million for the year ended December 31, 2024.
Operating expenses for full year 2025 were $56.7 million, including non‑cash expenses of $2.4 million related to depreciation and amortization. This compares to operating expenses of $62.2 million in 2024, including depreciation and amortization of $2.4 million, and non‑recurring or non‑cash expenses of $8.0 million, consisting primarily of a $6.7 million goodwill impairment and a $1.3 million write‑off of notes receivable.
Net loss for full year 2025 was $3.1 million, including non‑cash expenses of approximately $2.4 million related to depreciation and amortization and non-recurring net expenses of $0.5 million related to acquisition costs, debt extinguishment costs and a gain on the sale of a subsidiary. This compares to a net loss of $12.6 million for 2024, including depreciation and amortization of $2.4 million and non‑recurring and non‑cash expenses of approximately $8.0 million, primarily consisting of a $6.7 million goodwill impairment and a $1.3 million write‑off of notes receivable.
Basic and diluted loss per share for full year 2025 was $(0.27) based on 11,558,485 weighted average shares outstanding compared to basic and diluted loss per share in 2024 of $(1.22) based on 10,306,904 weighted average shares outstanding.
Adjusted EBITDA for full year 2025 was $2.9 million, compared to $0.9 million in 2024;
Adjusted EBITDA for Q4 2025 was $1.7 million, compared to $(0.5) million in Q4 2024.
Dolphin
Partnered with DealMaker to Unlock Community Capital for Celebrity and Influencer Brands
Dolphin’s Powerhouse Subsidiaries Lead Major Brand Activations During Super Bowl LX
CEO Featured on Variety’s "Strictly Business" Podcast, Discusses the Creator Economy’s Transformation of Marketing and Consumer Product Launches
Expanded Miami Footprint to Support Continued Growth Across Subsidiaries
Unveiled New ‘Dolphin Intelligence’ Division to Power AI-Driven Marketing and Communications Strategy and Execution for Partners
Named One of Crain’s Best Places to Work in NYC 2025
CEO Bill O’Dowd Named to PRNEWS 2025 People of the Year List; Company Recognized on Agency Elite 120
42West
Celebrated Oscar Win as "Mr. Nobody Against Putin" Takes Best Documentary Feature at the 98th Academy Awards
At Super Bowl LX, generated national media buzz for Funko’s limited-edition Seattle Seahawks Pop! release and led widespread coverage of Puppy Bowl XXII, amplifying multi-network visibility and pet adoption awareness during the Big Game weekend.
Landed Six Nominations for Clients at the 98th Academy Awards
Brought Exciting and Diverse Projects to the 2026 Sundance Film Festival
Garnered Four Nominations for Clients at the 83rd Golden Globe Awards
Shore Fire Media
Clients Named 2 of the 10 Best Podcasts in 2025, Including the No. 1 Pick
Shore Fire Media and 42West’s Clients Presented, Performed and Took Home Honors at the 2026 GRAMMY Awards
Shore Fire Media and 42West Clients Earn 35 Nominations for the 2026 GRAMMY Awards
The Door
DISRPT Agency, a Division of The Door, Powered "Art of Glam" During Oscars Week, Driving Cultural Momentum Into Camille Rose’s Upcoming Beauté Noir
DISRPT delivered a headline-making moment at the Super Bowl LX Halftime Show by orchestrating the debut of Bad Bunny’s first adidas Originals signature shoe
The Door Provided Strategic Communications Leadership for Hooters as the Iconic Brand Enters a New Era of Ownership and Cultural Relevance
Elle Communications
At Super Bowl LX in the Bay Area, drove national visibility for City Year and its NFL partnership by spotlighting the opening of East Palo Alto’s first regulation-sized football field and related community activation
Client Harbor Fund Announced Sundance Mountain Resort as New Long-Term Home of Harbor Film Forum
Named Agency of Record for FDA-Cleared Neurostimulation Device
Launched "The Shift," a Quarterly Report, Weekly Newsletter, and Live Workshop Series on the Future of Communications
Led Press For "A Day of Unreasonable Conversation" Summit At The Getty Center
The Digital Dept.
The Digital Dept. Signed Reality TV Show Stars, Top Beauty Creators
Ahead of Super Bowl LX, built social buzz for T-Mobile’s Big Game commercial by activating creator Becca Tilley for exclusive behind-the-scenes content and talent interviews.
Special Projects
Had Another Successful Year of Talent Relations for the Academy Museum of Motion Pictures Fifth Annual Gala Honoring Penélope Cruz, Walter Salles, Bruce Springsteen, And Bowen Yang
Youngblood
As Hockey Has a Hollywood Moment, Dolphin’s Adaptation of Cult Classic Youngblood Premiered in Los Angeles
Dolphin Partnered with Vaneast Pictures To Bring Sports Drama Youngblood to Berlin for International Sales
Official Trailer and Key Art Released for Hubert Davis’ Adaptation of Hockey Classic "Youngblood"
Partnered with Well Go USA for U.S. Distribution of YOUNGBLOOD
Los Angeles Kings Joined Feature Film Youngblood
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This press release contains ‘forward-looking statements’ within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, Dolphin Entertainment Inc.’s offering of common stock as well as expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by the use of words such as "will," "would," "anticipate," "expect," "believe," "designed," "plan," or "intend," the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, Dolphin Entertainment’s actual results may differ materially from the results discussed in its forward-looking statements. Dolphin Entertainment’s forward-looking statements contained herein speak only as of the date of this press release. Factors or events Dolphin Entertainment cannot predict, including those described in the risk factors contained in its filings with the Securities and Exchange Commission, may cause its actual results to differ from those expressed in forward-looking statements. Although Dolphin Entertainment believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved, and Dolphin Entertainment undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.
Dolphin (NASDAQ:DLPN) is where cultural creation meets marketing execution. Founded in 1996 by Bill O’Dowd, Dolphin operates as both a venture studio-developing and investing in breakthrough content, products, and experiences-and a marketing consortium, featuring leading agencies across every communications discipline.
At its core, the venture studio creates, produces, finances, markets, and promotes new businesses and cultural ideas – ranging from acclaimed film, television, and digital content to consumer goods, live events and partnerships that define entertainment and lifestyle. Surrounding this entrepreneurial engine, Dolphin’s marketing prowess brings together best-in-class firms including 42West, The Door, Shore Fire Media, Elle Communications, Special Projects and The Digital Dept. Together, this collective delivers unmatched cross-marketing expertise and relationships across every vertical of pop culture – from film, television, music, influencers, sports, hospitality, and fashion to consumer brands and purpose-driven initiatives. Dolphin marketing has been the recipient of many accolades, including #1 Agency of the Year on the Observer PR Power List in 2025, The PR Net 100, and the PR News Elite 120.
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES Consolidated Balance Sheets As of December 31, 2025 and 2024
2025
2024
ASSETS
Current
Cash and cash equivalents
$
8,756,585
$
8,203,842
Restricted cash
925,004
925,004
Accounts receivable:
Trade, net of allowance of $445,523 and $1,327,808, respectively
7,848,970
5,113,157
Other receivables
5,243,931
5,451,697
Other current assets
1,179,498
373,399
Total current assets
23,953,988
20,067,099
Capitalized production costs, net
520,338
594,763
Employee receivable
1,196,085
1,007,418
Right-of-use assets
3,012,941
4,738,997
Goodwill
21,507,944
21,507,944
Intangible assets, net
7,898,607
10,189,026
Property, equipment and leasehold improvements, net
50,961
114,011
Other long-term assets
189,296
218,021
Total Assets
$
58,330,160
$
58,437,279
(Continued)
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Continued) As of December 31, 2025 and 2024
2025
2024
LIABILITIES
Current
Accounts payable
$
3,096,715
$
2,344,272
Term loans, current portion
1,813,760
1,686,018
Revolving line of credit
400,000
400,000
Notes payable, current portion
3,500,000
3,750,000
Convertible notes payable, current portion
1,250,000
–
Contingent consideration
–
486,000
Accrued interest – related party
2,043,087
1,857,986
Accrued compensation – related party
2,625,000
2,625,000
Lease liabilities, current portion
1,912,482
1,919,672
Deferred revenue
794,177
341,153
Other current liabilities
11,096,820
11,104,036
Total current liabilities
28,532,041
26,514,137
Noncurrent
Term loans, noncurrent portion
2,976,930
4,782,271
Notes payable, noncurrent portion
4,580,000
3,130,000
Convertible notes payable
6,460,000
5,100,000
Convertible notes payable- related party
2,904,357
–
Convertible notes payable at fair value
270,000
320,000
Loans from related party
983,112
3,225,985
Lease liabilities
1,469,386
3,306,033
Deferred tax liability
463,909
394,547
Other noncurrent liabilities
–
18,915
Total Liabilities
48,639,735
46,791,888
Commitments and contingencies (Note 25)
STOCKHOLDERS’ EQUITY
Preferred Stock, Series C, $0.001 par value, 50,000 shares authorized, 50,000 shares issued and outstanding at December 31, 2025 and 2024
1,000
1,000
Common stock, $0.015 par value, 200,000,000 shares authorized, 12,221,432 and 11,162,026 shares issued and outstanding at December 31, 2025 and 2024, respectively
183,321
166,688
Additional paid in capital
158,809,301
157,692,132
Accumulated deficit
(149,303,197
)
(146,214,429
)
Total Stockholders’ Equity
9,690,425
11,645,391
Total Liabilities and Stockholders’ Equity
$
58,330,160
$
58,437,279
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES Consolidated Statements of Operations For the years ended December 31, 2025 and 2024
2025
2024
Revenues
$
56,699,389
$
51,684,984
Expenses:
Direct costs
2,269,874
3,266,461
Payroll and benefits
41,916,885
38,123,040
Selling, general and administrative
7,813,177
7,795,610
Acquisition costs
416,171
164,044
Impairment of goodwill
–
6,671,557
Write-off of notes receivables
–
1,270,000
Change in fair value of contingent consideration
–
50,000
Gain on sale of Always Alpha Sports Management LLC
(756,574
)
–
Depreciation and amortization
2,354,585
2,382,361
Legal and professional
2,724,329
2,447,083
Total expenses
56,738,447
62,170,156
Loss from operations
(39,058
)
(10,485,172
)
Other (expenses) income:
Change in fair value of convertible note
50,000
35,000
Change in fair value of warrant
–
5,000
Loss on extinguishment of debt
(835,324
)
–
Interest expense, net
(2,195,024
)
(2,070,199
)
Total other (expense) income, net
(2,980,348
)
(2,030,199
)
Loss before income taxes
$
(3,019,406
)
$
(12,515,371
)
Income tax expense
(69,362
)
(87,854
)
Net loss
(3,088,768
)
(12,603,225
)
Loss per share:
Basic
$
(0.27
)
$
(1.22
)
Diluted
$
(0.27
)
$
(1.22
)
Weighted average number of shares used in per share calculation
Basic
11,558,485
10,306,904
Diluted
11,558,485
10,306,904
Use of Non-GAAP Financial Measures
In order to provide greater transparency regarding our operating performance, the financial results in this press release refer to a non-GAAP financial measure that involves adjustments to GAAP results. Non-GAAP financial measures exclude certain income and/or expense items that management deems are not directly attributable to the Company’s core operating results and/or certain items that are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance.
Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is defined by Dolphin as net (loss) or income adjusted for (i) interest, (ii) taxes, (iii) depreciation and amortization, (iv) write-off of assets, (v) impairment of goodwill or intangible assets, (vi) acquisition costs, (vii) equity based compensation, (viii) change in fair value of contingent consideration, convertible notes and warrants, (ix) allowance for credit losses, (x) loss on extinguishment of debt, (xi) gains or losses on sale of subsidiaries, (xii) litigation costs; and (xiii) impairment of capitalized production costs.
Management believes that the presentation of operating results using this non-GAAP financial measure provides useful supplemental information for investors by providing them with the non-GAAP financial measure used by management for financial and operational decision making, planning and forecasting and in managing the business. This non-GAAP financial measure does not replace the presentation of financial information in accordance with U.S. GAAP. These non-GAAP financial results should not be considered a measure of liquidity and is unlikely to be comparable to non-GAAP financial measures provided by other companies.
Reconciliation of GAAP net (loss) income to non-GAAP Adjusted EBITDA
Twelve Months Ended
December 31,
Three Months Ended
December 31,
2025
2024
2025
2024
Net (loss) income (GAAP)
$
(3,088,768
)
$
(12,603,225
)
$
1,019,706
$
(1,959,611
)
Adjustments to GAAP measure:
Interest expense
2,195,024
2,070,199
467,203
520,914
Income tax expense
69,362
87,854
26,317
43,148
Depreciation and amortization
2,354,585
2,382,361
582,093
636,782
Write off of assets
–
1,270,000
–
–
Impairment of goodwill
–
6,671,557
–
–
Acquisition costs
416,171
164,044
–
–
Equity based compensation
12,399
364,650
456
3,933
Change in fair value of contingent consideration
–
50,000
–
50,000
Change in fair value of convertible note and warrant
