Dolphin Entertainment(DLPN) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenue for the year ended December 31, 2024, was $51.7 million, an increase of 20% compared to $43 million in 2023[4] - Adjusted operating income for 2024 was $0.9 million, a turnaround from an adjusted operating loss of $2.4 million in 2023, representing an increase of approximately $3.3 million[5] - Net loss for 2024 was $12.6 million, significantly reduced from a net loss of $24.4 million in 2023[7] - Loss per share for 2024 was $1.22 based on 10,306,904 weighted average shares outstanding, compared to $3.39 per share in 2023 based on 7,206,577 shares[8] - Revenues increased to $51.68 million in 2024, up 19.8% from $43.12 million in 2023[30] - Net loss narrowed to $12.60 million in 2024 compared to a net loss of $24.40 million in 2023, representing a 48.5% improvement[30] - Adjusted income from operations improved to $922,613 in 2024 from a loss of $2.42 million in 2023[35] - Basic loss per share improved to $(1.22) in 2024 from $(3.39) in 2023, indicating a significant reduction in loss per share[30] Operating Expenses - Operating expenses for 2024 were $62.2 million, down from $63.2 million in 2023, despite nonrecurring expenses including a $6.7 million impairment of goodwill[6] - Total expenses decreased slightly to $62.17 million in 2024 from $63.23 million in 2023, reflecting a reduction of 1.7%[30] Cash and Assets - Cash and cash equivalents rose to $8.20 million in 2024 from $6.43 million in 2023, an increase of 27.5%[28] - Total assets decreased to $58.44 million in 2024 from $66.25 million in 2023, a decline of 11.6%[28] - Total liabilities increased slightly to $46.79 million in 2024 from $46.30 million in 2023, an increase of 1.0%[28] - Employee receivable increased to $1.01 million in 2024 from $796,085 in 2023, a rise of 26.8%[28] - Goodwill decreased to $21.51 million in 2024 from $25.22 million in 2023, a reduction of 14.7%[28] Strategic Initiatives - The company launched "The Pod," a new shareholder loyalty program offering perks such as gift cards and access to events[22] - Dolphin was named '2025 Agency of the Year' by Observer's PR Power List, highlighting its industry recognition[3] - The company is focusing on sustainable growth and profitability through investments in growth initiatives and opportunistic hiring[2] - Dolphin achieved milestones with 137 new talent signings in 2024, indicating expansion in its talent management division[17] - The company plans to expand its digital identity protection services through a partnership with Loti AI[11]