Dolphin Entertainment (DLPN) investor relations material

Executive summary

• Achieved 10% year-over-year revenue growth to $56.7 million in 2025, with Q4 revenue up 27% year-over-year to $15.6 million, all organic growth.

• Adjusted EBITDA for the year rose over 200% to $2.9 million, with Q4 adjusted EBITDA at $1.7 million versus a $500,000 loss in Q4 2024.

• Operating loss narrowed significantly to $39,058 in 2025 from $10.5 million in 2024; net loss improved to $3.1 million from $12.6 million.

• Strategic partnership with DealMaker and launch of Dolphin Intelligence division highlighted as major growth catalysts.

• Q4 2025 swung to $1.0 million net income from a $2.0 million loss in Q4 2024.

Financial highlights

• Revenue for 2025 was $56.7 million, up from $51.7 million in 2024.

• Operating expenses decreased to $56.7 million from $62.2 million, with non-cash expenses of $2.4 million.

• Net loss for 2025 was $3.1 million, including $2.4 million in non-cash expenses and $500,000 in non-recurring net expenses.

• Basic and diluted loss per share improved to $0.27 from $1.22 year-over-year.

• Cash and cash equivalents at year-end 2025: $8.76 million.

Outlook and guidance

• Expects continued organic revenue growth and significant adjusted EBITDA margin expansion in 2026, with incremental contributions from DealMaker and Dolphin Intelligence.

• Anticipates adjusted EBITDA to grow faster than revenue in 2026; free cash flow profile to strengthen as NOLs shield taxes and capital expenditures remain low.

• Lease savings of approximately $1 million annually expected as New York and Los Angeles leases expire in 2026 and 2027.

• Full repayment of bank debt targeted by September 2028, reducing interest expense.

• Notes seasonality: Q1 is typically lightest, with revenue building through the year and Q4 strongest.