DLPN earnings analysis
What we found in DLPN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Dolphin delivered $14.443 million of revenue, up 2.5% year over year, and EPS improved sequentially to $(0.13), but the company missed the $(0.07) consensus estimate. Profitability deteriorated, with an approximately $1.0 million operating loss and adjusted EBITDA declining to $242,923 from $627,905. The $400,000 convertible-note financing improves near-term liquidity but adds 10% interest costs and potential dilution. Management provided no numerical guidance, but expects meaningful sequential improvement in Q3 profitability.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Returned to Sequential Growth
- Revenue was $14.443 million, up 2.5% year over year and approximately 11% sequentially from $13 million in Q1 2026.
- EPS Improved Sequentially, Missed Estimates
- EPS improved to $(0.13) from $(0.22) in Q1 2026, although it was below the $(0.07) consensus estimate.
- Adjusted EBITDA Declined
- Adjusted EBITDA declined to $242,923 from $627,905 in the prior-year quarter, reflecting weaker operating leverage despite revenue growth.
- Convertible Financing Added Liquidity
- The company raised $400,000 through three convertible notes bearing 10% annual interest, providing additional working-capital liquidity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Operating Loss Expanded
- Operating loss widened to approximately $1.0 million, versus an operating loss of approximately $56,000 in Q2 2025 based on the reported 0.4% operating margin, resulting in an operating margin of approximately negative 6.9%.
- Profitability Headwinds Persist
- Adjusted EBITDA fell to $242,923 from $627,905, indicating that retention-bonus and litigation-cost headwinds materially offset the $14.443 million of quarterly revenue.
- Convertible Debt and Dilution Risk
- The company issued $400,000 of convertible notes at 10% interest; conversion prices range from $1.09 to $1.19 per share, creating interest expense and potential dilution.
- Existing Note Terms Became More Dilutive
- A previously issued $100,000 note was amended to extend maturity to July 27, 2028 and reduce the conversion price to $1.00 per share, increasing potential dilution at a lower conversion price.
- Limited Risk-Factor Update
- Item 1A states that risk-factor disclosure was not required because the company is a smaller reporting company, limiting the filing's update on changes to material risks.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.13
- Operating margin
- -6.9%
What they said about what is next.
No formal numerical revenue or EPS guidance was provided. Management expects a meaningful sequential improvement in Q3 profitability as retention-bonus and litigation-cost headwinds subside; quantitative outlook was deferred to the earnings release/call.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 12, 2026
- Dolphin Entertainment reported a strong Q4 2025 with revenue reaching $15.6 million, outperforming both its estimates and prior periods. The company achieved a notable EPS of $0.09, reflecting significant operational…
- 10-K · April 30, 2026
- Dolphin Entertainment reported a strong Q4 2025, achieving revenue of approximately $16 million, and a GAAP diluted EPS of $0.09, surpassing both its revenue and EPS estimates. For the full year 2025, revenue improved…
- 10-K · March 27, 2026
- Dolphin Entertainment reports continued topline recovery with fiscal 2025 revenue of approximately $57.0M (Q1–Q4 sum) versus $51.0M in 2024, driven by strength in its entertainment publicity and marketing businesses.…
- 10-Q · August 14, 2025
- Dolphin Entertainment reported Q2 revenue of $14,087,529, beating the prior-year quarter ($11,449,089) and prior quarter (~$12.0M), while GAAP diluted EPS was a loss of $(0.13). Gross margin remained very high at ~94.7%…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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