Dolphin Entertainment Q3 revenue up 8.3% to record $16.0M; swings to $0.2M net income

Dolphin Entertainment, Inc.

Q3 revenue $16.0M, +8.3% YoY from $14.8M and a company record; nine-month revenue $43.3M, +5.4%. Excluding spun-out Always Alpha, Q3 growth was 9.7%.
Net income $0.2M ($0.02 EPS) vs a $0.4M loss a year ago; income from operations $0.8M, up 167%. Adjusted EBITDA $1.6M, +42.9% YoY; nine-month adjusted EBITDA $1.4M, +24.2%.
Q3 operating expenses $15.2M included ~$0.4M of litigation-related legal costs and $0.5M non-cash depreciation/amortization; cash was $8.1M at Sept 30 vs $8.8M at Dec 31, 2025.
Expects four ventures in 2027 with the first in market in Q1 2027; Graviteur Studios' debut feature "Crush Party," directed by Kristen Brancaccio, starts production in 1H 2027.
CEO Bill O'Dowd cites >$1M/yr savings from NY and LA leases expiring 2H 2027 and ~$2.2M/yr freed when the bank term loan matures Sept 2028, with ~$127M in NOL carryforwards.

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