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Dolphin Entertainment(DLPN) - 2024 Q3 - Quarterly Results
DLPNDolphin Entertainment(DLPN)2024-11-14 21:20

Financial Performance - Q3 2024 revenue increased by 24.5% year-over-year to 12.7million,upfrom12.7 million, up from 10.2 million in Q3 2023[1] - Adjusted operating income for Q3 2024 was 0.5million,comparedtoanadjustedoperatinglossof0.5 million, compared to an adjusted operating loss of (0.8) million in Q3 2023[1] - Nine-month 2024 revenue rose 26.6% to 39.4million,withadjustedoperatingincomeof39.4 million, with adjusted operating income of 1.4 million versus a (2.7)millionlossinthesameperiodlastyear[1]−RevenuesforthethreemonthsendedSeptember30,2024,were(2.7) million loss in the same period last year[1] - Revenues for the three months ended September 30, 2024, were 12,682,437, a 24.6% increase from 10,184,511forthesameperiodin2023[19]−Adjustedincome(loss)fromoperationsfortheninemonthsendedSeptember30,2024,was10,184,511 for the same period in 2023[19] - Adjusted income (loss) from operations for the nine months ended September 30, 2024, was 1,389,027, compared to a loss of (2,730,278)forthesameperiodin2023[23]ExpensesandLosses−OperatingexpensesforQ32024totaled(2,730,278) for the same period in 2023[23] Expenses and Losses - Operating expenses for Q3 2024 totaled 20.8 million, significantly higher than 12.3millioninQ32023,drivenbygoodwillimpairmentof12.3 million in Q3 2023, driven by goodwill impairment of 6.5 million[3] - Total expenses for the three months ended September 30, 2024, were 20,837,136,comparedto20,837,136, compared to 12,295,867 in the prior year, reflecting a 69.8% increase[19] - The net loss for the three months ended September 30, 2024, was 8,692,389,comparedtoanetlossof8,692,389, compared to a net loss of 3,863,328 for the same period in 2023, indicating a 125.5% increase in losses[19] - The company reported a basic loss per share of 0.80forthethreemonthsendedSeptember30,2024,comparedtoalossof0.80 for the three months ended September 30, 2024, compared to a loss of 0.55 per share in the same period of 2023[19] - The company incurred impairment of goodwill amounting to 6,671,557fortheninemonthsendedSeptember30,2024[19]EquityandLiabilities−Totalstockholders′equitydecreasedto6,671,557 for the nine months ended September 30, 2024[19] Equity and Liabilities - Total stockholders' equity decreased to 13,601,069 as of September 30, 2024, down from 19,956,845attheendof2023,representingadeclineof31.619,956,845 at the end of 2023, representing a decline of 31.6%[18] - The accumulated deficit increased to (144,254,818) as of September 30, 2024, compared to (133,611,204)attheendof2023,reflectingaworseningof8.5(133,611,204) at the end of 2023, reflecting a worsening of 8.5%[18] - Total liabilities and stockholders' equity decreased to 57,300,517 as of September 30, 2024, down from 66,254,974attheendof2023,adeclineof13.966,254,974 at the end of 2023, a decline of 13.9%[18] Market and Strategic Developments - The company has a market cap trading at approximately 0.25x the current year 2024 estimated revenue guidance of 50 million[1] - Dolphin acquired Elle Communications in July 2024, a profitable PR firm with access to the 1.164trillionglobalimpactinvestingindustry[4]−ThelaunchofAlwaysAlpha,thefirstmanagementfirmdedicatedtowomen′ssports,aimstorevolutionizetalentmanagementforfemaleathletes[5]−PartnershipwithLotiAIprovidesclientswithAI−poweredprotectionagainstunauthorizeddigitalcontent,markingDolphin′sstrategicentryintoAItechnology[7]−Dolphinreceivedacashinstallmentof1.164 trillion global impact investing industry[4] - The launch of Always Alpha, the first management firm dedicated to women's sports, aims to revolutionize talent management for female athletes[5] - Partnership with Loti AI provides clients with AI-powered protection against unauthorized digital content, marking Dolphin's strategic entry into AI technology[7] - Dolphin received a cash installment of 2.6 million from its content licensing agreement related to The Blue Angels, with box office numbers surpassing initial projections[8] Share Information - The weighted average number of shares outstanding for the three months ended September 30, 2024, was 10,930,286, compared to 7,060,638 for the same period in 2023, indicating a 54.5% increase[19]