Dolphin Entertainment (DLPN) investor relations material

Executive summary

• Q3 revenue reached a record $16.0M, up 8.3% YoY; net income was $230K versus a $365K loss, and adjusted EBITDA rose 42.9% to $1.6M.

• Nine-month revenue increased 5.4% to $43.3M; net loss was $4.07M versus $4.11M, while adjusted EBITDA rose 24.2% to $1.4M.

• Revenue grew 9.7% YoY excluding Always Alpha, spun out in November 2025; cross-selling supported organic growth and profitability.

Financial highlights

• Q3 operating income increased 167% to $824K from $308K; operating expenses were $15.2M versus $14.5M.

• Q3 operating expenses included $0.5M of non-cash depreciation and amortization and ~$0.4M of litigation-related legal costs.

• Nine-month operating loss was $2.34M versus $1.52M; net loss was $4.07M versus $4.11M.

• Nine-month operating cash use narrowed to $1.59M from $2.60M; cash, cash equivalents and restricted cash totaled $9.07M.

Outlook and guidance

• Q4 is expected to be strong; Q1 is typically the weakest quarter and Q4 the strongest, with Q3 2026 performing like a Q4.

• At least one DealMaker venture is expected to enter the market in Q1 2027, with four ventures targeted for 2027, subject to diligence and launch timing.

• Graviteur’s first feature, Crush Party, is slated to film in H1 2027 for a targeted Q1 2028 release; its ~$1.5M budget may be funded partly or fully by partners.

• Cross-selling and agency scale are expected to support improved results; a Q1 book-related announcement and further growth in Shore Fire’s estates vertical are anticipated.

• Film production depends on third-party financing, distribution advances, presales, tax credits and potentially equity or debt; no assurance funding will be secured.