Dolphin posted Q1 revenue of $12.8 million, up 5.2% year-over-year, with operating loss increasing to $2.1 million from $1.8 million. Adjusted EBITDA loss improved 25% to $467,000, while net loss widened to $2.7 million, or $(0.22) per share, driven by higher operating expenses including one-time charges.

With $127 million in net operating loss carryforwards shielding taxable income, Dolphin’s bank debt matures in under 2.5 years, freeing $2.2 million in annual payments, and New York and Los Angeles lease expirations in H2 2027 are expected to save $1 million annually. Management expects these savings to bolster free cash flow and support expanded adjusted EBITDA margins through 2026 and beyond.

The company is advancing its DealMaker collaboration to unlock community capital for celebrity and influencer brands and launched a no-capex publishing imprint venture with Copper Books and Simon & Schuster. Subsidiaries expanded their Miami footprint and delivered marquee event activations, positioning the group for continued growth in entertainment marketing and premium content production.