Dolphin Announces Record Q3 Revenue of $14.8 Million, up 16.7% YoY

Operating Income Turns Positive $300,000 Even With Almost $600,000 of Non-Cash Amortization Expenses

CEO believes Dolphin is undervalued, purchases approximately 2% of outstanding shares since April 2025

MIAMI, FL / ACCESS Newswire / November 12, 2025 / Dolphin (NASDAQ:DLPN), a leading entertainment marketing and content production company, today announced its financial results for the third quarter ended September 30, 2025.

Bill O'Dowd, CEO of Dolphin Entertainment, stated:

"Dolphin delivered another record-setting quarter in Q3, with revenue rising 16.7% year over year to $14.8 million and operating income turning positive with $300,000 despite almost $600,000 of non-cash amortization expenses related to our historical acquisitions. Furthermore, the first nine months of 2025 have now surpassed the first nine months of 2024 in revenue despite "The Blue Angels" generating over $3.4 million in revenues in Q1 2024. In fact, Q3 2025 is the second-highest revenue quarter in Dolphin's history, only slightly behind "The Blue Angels" fueled $15.2 million in Q1 2024.

Equally important, the quarter's results were entirely organic, as our last acquisition was Elle Communications on July 1, 2024. Thus, the same agencies delivered this outstanding year‑over‑year revenue and operating income growth. This healthy organic growth is the primary driver behind our continued margin expansion, with adjusted operating income exceeding $1.0 million, or 6.9% of revenue, up from 4.5% in Q2. This performance reflects both the consistency and strength of our core subsidiaries and the growing scalability of our cross-selling operating model.

Beyond the financials, we are honored by the recognition our teams received in being named among Crain's Best Places to Work in NYC, inclusion on The PR Net 100, and our selection to PRNEWS' Agency Elite 120 list. All of this on top of our PR group's recognition earlier in the year as the #1 PR Agency in the country by the Observer. These recognitions validate the strength of our culture, creativity, and leadership in entertainment marketing.

And finally, as a long‑term believer in Dolphin's potential, I've personally purchased approximately 2% of our outstanding shares since April 2025. I continue to believe our share price undervalues the company's proven performance, strategic positioning, and significant growth opportunities ahead. With record results and a unified, award‑winning team, Dolphin moves ahead in Q4 and 2026 with tremendous momentum."

Q3 2025 and Recent Highlights

Total revenue for the quarter ended September 30, 2025, was $14.8 million, an increase of 16.7% from $12.7 million in the same period last year.

Operating income was $308,296 for the quarter ended September 30, 2025, compared to an operating loss of $8.2 million for the quarter ended September 30, 2024.

Adjusted operating income was approximately $1.0 million for the quarter ended September 30, 2025, as compared to an adjusted operating income of $492,620 for the same period in 2024.

Operating expenses for Q3 2025 were $14.5 million, including depreciation and amortization of $589,388 and non-cash expenses of $127,365. This compares to operating expenses of $20.8 million in Q3 2024, including depreciation and amortization of $636,782, and non-recurring or non-cash expenses of $8.0 million.

Net loss for Q3 2025 was $365,494, including depreciation and amortization of $589,388 and non-cash expenses of $177,365. This compares to a net loss of $8.7 million for Q3 2024, including depreciation and amortization of $636,782 and non-recurring and non-cash expenses of $8.0 million.

Net loss per basic and diluted share in Q3 2025 was $0.03 based on 11,770,195 weighted average shares, compared to net loss per basic and diluted share in Q3 2024 of $0.80 based on 10,930,286 weighted average shares

Dolphin

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

Named to The PR Net 100

Forms new division, Dolphin Tastemakers, to elevate culinary and lifestyle talent

A network of Dolphin's PR and marketing agencies to represent The Lumistella Company, a global toy and entertainment brand

42West

Drives global reveal of 30 Ninjas' Asteroid, backed by Google's Android XR and CAA

Clients score 15 Primetime Emmy Nominations and 5 Primetime Emmy Wins

Prepares for the fall festival season with a prolific client slate

Dominates at San Diego Comic-Con (SDCC) 2025

The Door

Expands hospitality footprint as Jesse Gerstein rejoins with a top-tier hospitality client roster

DISRPT Agency, a division of The Door, rolls out its 2025 client roster, reinforcing its cultural influence

Shore Fire Media

Clients earn 30 Grammy Nominations across multiple categories, including Songwriter of the Year

Named PR agency of record for the Miles Davis Estate ahead of the 2026 Centennial

Elle Communications

Launches "The Shift," a quarterly report, weekly newsletter, and live workshop series on the future of communications

Leads press for "A Day Of Unreasonable Conversation" summit at The Getty Center

Expands literary footprint, driving acclaimed book launches across social justice, memoir, and cultural commentary

The Digital Dept.

Hosts largest-ever Fashion Week experience, BRANDEdit, immersing top creators in the future of fashion, beauty, and wellness

Special Projects

Manages talent relations for The Academy Museum of Motion Pictures Fifth Annual Gala honoring Penélope Cruz, Walter Salles, Bruce Springsteen, and Bowen Yang

Remains a driving force at New York Fashion Week, partnering with CHANEL, FENDI, J.Crew, W Magazine, and NYLON

Dolphin Films

Youngblood feature adaptation selected to premiere at the 2025 Toronto International Film Festival

Youngblood enters production and marketing partnership with the LA Kings

About Dolphin

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, The Digital Dept. and Always Alpha. 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.

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.

CONTACT:

James Carbonara

HAYDEN IR

(646)-755-7412

james@haydenir.com

DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30, 2025

December 31, 2024

7,832,402

8,203,842

925,004

8,490,035

5,113,157

6,238,120

5,451,697

993,453

373,399

24,479,014

20,067,099

640,216

594,763

1,148,085

1,007,418

3,465,591

4,738,997

21,507,944

8,466,300

10,189,026

65,360

114,011

189,298

218,021

59,961,808

58,437,279

2,797,753

2,344,272

1,778,083

1,686,018

3,350,000

3,750,000

500,000

400,000

2,095,812

1,857,986

2,625,000

2,042,738

1,919,672

1,811,631

341,153

486,000

12,471,309

11,104,036

29,872,326

26,514,137

3,446,960

4,782,271

4,330,000

3,130,000

7,250,000

5,100,000

300,000

320,000

3,062,823

983,112

3,225,985

1,848,732

3,306,033

437,592

394,547

18,915

51,531,545

46,791,888

1,000

179,736

166,688

158,572,430

157,692,132

(150,322,903

)

(146,214,429

)

8,430,263

11,645,391

59,961,808

58,437,279

DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

2025

2024

2025

2024

14,796,309

12,682,437

41,053,549

39,367,418

643,931

254,574

1,730,516

2,790,043

10,397,559

9,575,596

31,004,544

28,344,865

2,041,440

1,838,765

5,735,759

5,665,365

589,388

636,782

1,772,492

1,745,579

6,480,992

6,671,557

1,270,000

148,798

416,171

164,044

815,695

631,629

1,916,351

1,825,588

14,488,013

20,837,136

42,575,833

48,477,041

308,296

(8,154,699

)

(1,522,284

)

(9,109,623

)

(50,000

)

(10,000

)

20,000

55,000

5,000

(835,324

)

4,164

3,391

21,443

9,991

(627,954

)

(533,454

)

(1,749,264

)

(1,559,276

)

(673,790

)

(540,063

)

(2,543,145

)

(1,489,285

)

Loss before income taxes

(365,494

)

(8,694,762

)

(4,065,429

)

(10,598,908

)

2,373

(43,045

)

(44,706

)

(365,494

)

(8,692,389

)

(4,108,474

)

(10,643,614

)

(0.03

)

(0.80

)

(0.36

)

(1.07

)

(0.03

)

(0.80

)

(0.36

)

(1.07

)

11,770,195

10,930,286

11,370,007

9,964,607

11,770,195

10,930,286

11,370,007

9,964,607

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 operating income or loss is defined by Dolphin as (loss) income from operations before: (i) depreciation and amortization, (ii) write-off of assets, (iii) impairment of goodwill or intangible assets, (iv) acquisition costs, (v) employee stock compensation, (vi) change in fair value of contingent consideration, (vii) bad debt expense and (viii) and 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 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 loss from operations to non-GAAP income from operations

2025

2024

2025

2024

14,796,309

12,682,437

41,053,549

39,367,418

643,931

254,574

1,730,516

2,790,043

10,397,559

9,575,596

31,004,544

28,344,865

2,041,440

1,838,765

5,735,759

5,665,365

148,798

416,171

164,044

589,388

636,782

1,772,492

1,745,579

6,480,992

6,671,557

1,270,000

815,695

631,629

1,916,351

1,825,588

14,488,013

20,837,136

42,575,833

48,477,041

308,296

(8,154,699

)

(1,522,284

)

(9,109,623

)

589,388

636,782

1,772,492

1,745,579

115,422

14,051

264,583

301,030

148,798

416,171

164,044

6,480,992

6,671,557

1,270,000

11,943

96,696

11,943

346,440

1,025,049

492,620

942,905

1,389,027

SOURCE: Dolphin Entertainment