Dolphin Entertainment(DLPN) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 2024 was $11.4 million, a 4% increase compared to Q2 2023[2] - Adjusted operating income for H1 2024 was $0.9 million, compared to an adjusted operating loss of $1.9 million for H1 2023[3] - Operating loss for Q2 2024 was $1.1 million, significantly improved from an operating loss of $7.5 million in Q2 2023[2] - Revenues for the three months ended June 30, 2024, were $11,449,089, a 3.9% increase from $11,024,935 for the same period in 2023[19] - Net loss for the three months ended June 30, 2024, was $(1,624,458), compared to a net loss of $(7,959,244) for the same period in 2023, representing a 79.6% improvement[19] - Adjusted (loss) income from operations (non-GAAP) for the three months ended June 30, 2024, was $(136,956), compared to $(52,758) for the same period in 2023[22] - The company reported a loss per share of $(0.08) for the three months ended June 30, 2024, compared to $(0.60) for the same period in 2023[19] Cash and Liabilities - Cash and cash equivalents increased to $9.8 million as of June 30, 2024, up from $7.6 million as of December 31, 2023[4] - Total current liabilities decreased to $26,010,166 as of June 30, 2024, from $27,454,045 as of December 31, 2023, a reduction of 5.3%[17] - Total liabilities decreased to $45,145,965 as of June 30, 2024, from $46,298,129 as of December 31, 2023, a decline of 2.5%[17] - Total stockholders' equity increased to $20,427,970 as of June 30, 2024, from $19,956,845 as of December 31, 2023, a growth of 2.4%[18] Operating Expenses - Operating expenses for Q2 2024 were $12.6 million, down from $18.5 million in Q2 2023[3] - Total expenses for the three months ended June 30, 2024, were $12,568,554, a decrease from $18,475,674 for the same period in 2023, reflecting a 32.0% reduction[22] - Payroll and benefits expenses increased to $9,195,018 for the three months ended June 30, 2024, from $8,677,493 for the same period in 2023, an increase of 6.0%[19] Business Developments - The film "Blue Angels" grossed $2,082,327 at the box office during its one-week IMAX run, debuting at 1 on Prime Video[5] - The newly launched Staple Gin received a Double Gold and a 96-point rating at the 15th Annual New York International Spirits Competition[5] - The acquisition of Elle Communications aims to enhance Dolphin's capabilities in the Impact PR space[6] - Dolphin anticipates launching a sports company to complement its entertainment market position[1] - The company expects to close on its next Ventures opportunity, continuing its strategy of generating immediate service revenues[1] Share Information - The company had a weighted average number of shares outstanding of 19,446,310 for the three months ended June 30, 2024, compared to 13,212,311 for the same period in 2023, an increase of 47.0%[19]