Dolphin Reports $14.8 Million Revenue in 2025, Up 16.7%
Dolphin issued a letter to shareholders from Dolphin CEO, Bill O'Dowd, which read in part, "As we settle into the New Year, I wanted to take a moment to reflect on what was a pivotal 2025 for Dolphin and share why we are entering 2026 with such tremendous momentum.The revenue and operating income trajectory established throughout 2025 has been undeniable. As we discussed in our last earnings call, after a very strong second quarter, the third quarter of 2025 was yet another milestone for the company. We delivered revenue of $14.8 million, up 16.7% year-over-year, and, perhaps most importantly, we turned positive on GAAP operating income, despite the large non-cash amortization expenses we record as a result of our years-long acquisition strategy. This was achieved entirely through organic growth, as 2025 was the first year since uplisting to NASDAQ in 2017 that we did not make an acquisition. We expect this momentum to continue, proving the power of our collaborative model where our best-in-class marketing agencies are delivering outstanding results and creating further tailwinds simply by working better together. And the strength of this group, and of our team-first approach, has been recognized within our industry...We have reported back-to-back strong quarters, and we expect to deliver more of the same for Q4 and in 2026. We are growing, and we are doing so organically. As set forth above, we have additional operational and cash flow tailwinds coming in each of the next 3 years. And we have near term opportunities to create optionality, with our December announcements of the launch of Dolphin Intelligence and the theatrical release on March 6 of our feature film "Youngblood" representing just two recent examples. This is our vision at work. Continuous revenue growth towards positive net income and free cash flow with upside "options" created by opportunities in content, consumer products and live events."
Trade with 70% Backtested Accuracy
Analyst Views on DLPN

No data
About DLPN
About the author

- Innovative Treatment Device: NET Recovery's NET Device™ is FDA-cleared, with research indicating it can significantly reduce opioid and stimulant use. Patients using the device for over 24 hours during opioid withdrawal reported fewer days of drug use in the three months post-discharge, highlighting its potential in addiction treatment.
- National Launch Program: The company has launched a national treatment program aimed at expanding access to non-pharmacological support for patients across the U.S. This initiative allows patients to receive withdrawal relief and early stabilization support from home for the first time, reducing barriers related to cost, geography, and stigma.
- Research Findings Release: A recent peer-reviewed study shows the NET Device™ as the first medical device to demonstrate a reduction in both opioid and stimulant use, underscoring its significance in addressing the addiction crisis. CEO Joe Winston noted that quick and safe withdrawal relief helps patients stay in treatment longer, increasing the likelihood of long-term recovery.
- Brand Communication Strategy: Elle Communications is tasked with establishing NET Recovery's brand, aiming to reshape public and medical perceptions of opioid withdrawal management. Through comprehensive strategic communication services, Elle ensures NET Recovery effectively conveys the value of its treatment solutions, engaging diverse stakeholders' attention and support.
Record Financial Performance: Dolphin Entertainment reported a record revenue of $14.1 million for Q2 2025, marking a 23% year-over-year increase and achieving positive adjusted operating income, while launching its Tastemakers division to enhance long-term value creation.
Cost Reduction and Margin Expansion: The company anticipates significant annualized savings from lease expirations and loan repayments by late 2028, which will contribute to margin expansion and increased cash flow, alongside ongoing investments in new revenue streams.

Earnings Performance: Dolphin Entertainment reported a record revenue of $14.1 million for Q2 2025, marking a 23% year-over-year increase, alongside an adjusted operating income of $600,000 and a narrowed net loss of $1.4 million.
Strategic Initiatives: The company launched the Tastemakers division to enhance integrated services, expects significant free cash flow in the coming years as investments decrease, and remains optimistic about growth from subsidiary performance and upcoming content ventures like Youngblood.







