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olivLaw · US equity research

Dolphin Entertainment, Inc. DLPN

Services-Personal Services · SIC 7200 · Vertical: Services-Personal Services (SIC 7200)

0.94USD+3.89% · 1 dayClose 04 Nov 2026

Dolphin Entertainment is an entertainment marketing and publicity company that combines PR agencies, influencer marketing and celebrity booking with a small content production arm. Revenue rose modestly in the first half of 2026, but the company is still loss-making and highly indebted, so the path to profitability is worth following closely.

At the close of 04 Nov 2026, Dolphin Entertainment, Inc. (DLPN) stock was 0.94 USD (+3.89% on the day), with market capitalisation 12.2 m USD, beta 1.16, 52-week range 0.90–1.80 USD. Latest reported quarter (Q2 2026): revenue of 14.4 m USD (+2.5% YoY), net income of -1.6 m USD, diluted EPS -0.13 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
12.2 m USD
shares as of 10 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.30 · TTM to 30 Jun 2026
E/P (TTM)
-31.64%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.16
Volatility (1y) 58%
52-week range
0.901.80

Price history

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Technical reading

RSI (14)
42.9
weak (30–45)
Bollinger (20, 2)
0.91 – 1.06
in the lower half of the band · %B 0.18 · band width 14.9%
SMA 50 / 200
1.06 / 1.29
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.03 / -0.03
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−15.0%−1.1%−13.9 pp—
3 months−15.8%−0.5%−15.3 pp—
6 months−36.0%+4.4%−40.4 pp—
Year to date−40.1%+12.3%−52.4 pp—
1 year−43.3%+13.5%−56.9 pp−9.9%
3 years−71.0%+76.4%−147.4 pp+22.1%
5 years−95.5%+63.7%−159.1 pp—
Max drawdown (1y)
−50.0%
17 Nov 2025 → 03 Nov 2026
Max drawdown (5y)
−96.0%
09 Nov 2021 → 07 Apr 2025
Compound annual growth (5y)
−46.1%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
14.4 m USD
+2.5% YoY
Net income
-1.6 m USD
unavailable YoY
Diluted EPS
-0.13
unavailable YoY
net / operating
-11.1% / -7.1%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue12.7 m12.3 m12.2 m14.1 m14.8 m15.6 m12.8 m14.4 m
Cost of revenue254.6 k476.4 k344.4 k742.2 k643.9 k539.4 k784.7 k1.0 m
SG&A1.8 m2.1 m1.8 m1.9 m2.0 m2.1 m2.0 m1.8 m
Operating income-8.2 m-1.4 m-1.8 m-57.1 k308.3 k1.5 m-2.1 m-1.0 m
Depreciation & amortisation636.8 k636.8 k591.6 k591.6 k589.4 k582.1 k537.3 k534.0 k
Interest expense533.5 k510.9 k554.0 k561.2 k628.0 k445.8 k548.0 k578.6 k
Pre-tax income-8.7 m-1.9 m-2.3 m-1.4 m-365.5 k1.0 m-2.7 m-1.6 m
Income tax-2.4 k43.1 k21.5 k21.5 k0 ≈26.3 k17.7 k17.7 k
Net income-8.7 m-2.0 m-2.3 m-1.4 m-365.5 k1.0 m-2.7 m-1.6 m
Diluted EPS-0.80-0.17 ≈-0.21-0.13-0.030.08 ≈-0.22-0.13
Operating cash flow-1.7 m ≈850.2 k-1.7 m1.5 m ≈-2.4 m ≈576.6 k-2.0 m-162.4 k ≈
Capex0 ≈21.1 k0 ≈29 ≈01.9 k0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue22.6 m25.0 m24.1 m35.7 m40.5 m43.1 m51.7 m56.7 m
Revenue YoY+0.6%+10.9%−3.8%+48.5%+13.4%+6.5%+19.9%+9.7%
Net income-2.9 m-2.3 m-1.9 m-6.5 m-4.8 m-24.4 m-12.6 m-3.1 m
Net income YoY−142.1%unavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS-0.23-1.20-0.58-0.85-0.56-3.39-1.22-0.27
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-12.9%-9.3%-8.1%-18.1%-11.8%-56.6%-24.4%-5.4%
Free cash flow-714.4 k-3.0 m-1.6 munavailable-4.1 m-5.0 m-159.4 k-2.0 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
8.8 m USD
Financial debt
24.5 m USD
Net debt
15.7 m USD
Equity
9.7 m USD
Total assets
58.3 m USD
Debt / equity
2.53x
Current ratio
0.84x
ROE
-29.0%
ROA
-5.3%
FCF margin
-3.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
43.1 m
2024
51.7 m
2025
56.7 m

SEC (XBRL)· 27 Mar 2026verified

Cost of revenue
2023
922.0 k
2024
3.3 m
2025
2.3 m

SEC (XBRL)· 27 Mar 2026verified

Gross profit
2023
3.0 m
2024
3.0 m
2025
3.0 m

SEC (XBRL)· 27 Mar 2026verified

SG&A
2023
8.4 m
2024
7.8 m
2025
7.8 m

SEC (XBRL)· 27 Mar 2026verified

Operating income
2023
-20.1 m
2024
-10.5 m
2025
-39.1 k

SEC (XBRL)· 27 Mar 2026verified

Depreciation & amortisation
2023
2.3 m
2024
2.4 m
2025
2.4 m

SEC (XBRL)· 27 Mar 2026verified

EBITDA
2023
-17.9 m ≈
2024
-8.1 m ≈
2025
2.3 m ≈

SEC (XBRL)· 27 Mar 2026derived

Interest expense
2023
2.1 m
2024
2.1 m
2025
2.2 m

SEC (XBRL)· 27 Mar 2026verified

Pre-tax income
2023
-22.2 m
2024
-12.5 m
2025
-3.0 m

SEC (XBRL)· 27 Mar 2026verified

Income tax
2023
53.5 k
2024
87.9 k
2025
69.4 k

SEC (XBRL)· 27 Mar 2026verified

Net income
2023
-24.4 m
2024
-12.6 m
2025
-3.1 m

SEC (XBRL)· 27 Mar 2026verified

Diluted EPS
2023
-3.39
2024
-1.22
2025
-0.27

SEC (XBRL)· 27 Mar 2026verified

Weighted average diluted shares
2023
7.2 m
2024
10.3 m
2025
11.6 m

SEC (XBRL)· 27 Mar 2026verified

Balance sheet · USD

Cash
2023
6.4 m
2024
8.2 m
2025
8.8 m

SEC (XBRL)· 27 Mar 2026verified

Receivables
2023
—
2024
—
2025
—

SEC (XBRL)· 15 Apr 2021verified

Current assets
2023
20.7 m
2024
20.1 m
2025
24.0 m

SEC (XBRL)· 27 Mar 2026verified

Property, plant & equipment, net
2023
194.2 k
2024
114.0 k
2025
51.0 k

SEC (XBRL)· 27 Mar 2026verified

Goodwill
2023
25.2 m
2024
21.5 m
2025
21.5 m

SEC (XBRL)· 27 Mar 2026verified

Intangibles (excl. goodwill)
2023
11.2 m
2024
10.2 m
2025
7.9 m

SEC (XBRL)· 27 Mar 2026verified

Total assets
2023
66.3 m
2024
58.4 m
2025
58.3 m

SEC (XBRL)· 27 Mar 2026verified

Accounts payable
2023
6.9 m
2024
2.3 m
2025
3.1 m

SEC (XBRL)· 27 Mar 2026verified

Short-term debt
2023
19.3 m
2024
22.4 m
2025
24.5 m

SEC (XBRL)· 27 Mar 2026verified

Long-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 31 Mar 2023verified

Current liabilities
2023
27.5 m
2024
26.5 m
2025
28.5 m

SEC (XBRL)· 27 Mar 2026verified

Total liabilities
2023
46.3 m
2024
46.8 m
2025
48.6 m

SEC (XBRL)· 27 Mar 2026verified

Equity
2023
20.0 m †
2024
11.6 m †
2025
9.7 m †

SEC (XBRL)· 27 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-5.0 m
2024
-157.9 k
2025
-2.0 m

SEC (XBRL)· 27 Mar 2026verified

Capex
2023
29.0 k
2024
1.5 k
2025
1.1 k

SEC (XBRL)· 27 Mar 2026verified

Free cash flow
2023
-5.0 m ≈
2024
-159.4 k ≈
2025
-2.0 m ≈

SEC (XBRL)· 27 Mar 2026derived

Investing cash flow
2023
-4.5 m
2024
-2.5 m
2025
233.1 k

SEC (XBRL)· 27 Mar 2026verified

Financing cash flow
2023
9.9 m
2024
4.2 m
2025
2.3 m

SEC (XBRL)· 27 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
9.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
11.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
18.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
5.2%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
1.5%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-2.4%
computed by olivLawTTM to 30 Jun 2026
Net margin
-6.3%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-7.0%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-51.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-6.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-4.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-5.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
17.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
19.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Debt / equity
4.0x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-0.6x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.3x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-4.0 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
1.9 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-4.0 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
-465.4%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
346 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
12.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
29.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-31.6%
computed by olivLawTTM to 30 Jun 2026
P/B
2.0x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
33.9x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBIT
unavailable
insufficient data
EV/Sales
0.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-33.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.94 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 12.2 m USD

Key indicators

Market capitalisation
12.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
2.0x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
33.9x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROE
-51.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-6.3%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
9.7%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 10 Aug 2026
Source: SEC (XBRL)published 12 Aug 2026
verified 2025derived 178

Score by group

65% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · insufficient data
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Personal Services (SIC 7200)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-4.9%0 (vs peers)16%
Net margin · Quality-6.3%10 (vs peers)10%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth11.9%99 (on a fixed band)13%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet19.8x0 (on a fixed band)16%
Interest coverage · Balance sheet-0.6x0 (on a fixed band)10%
Current ratio · Balance sheet0.8x0 (on a fixed band)6%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuation33.9x0 (on a fixed band)16%
FCF yield · Valuation-33.1%0 (on a fixed band)13%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 3/3 factors with a value
  • Growth· partial99/100 · 1/2 factors with a value
  • Quality4/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation0/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

DOLPHIN ENTERTAINMENT, INC. (DLPN). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 56.7 m USD in 2025; YoY growth 9.7%; net margin -6.3%; ROE -51.6%; net debt/EBITDA 19.8x.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 11.9%

What contradicts it

  • ROIC: -4.9%
  • Net margin: -6.3%
  • Net debt / EBITDA: 19.8x
  • Interest coverage: -0.6x
  • Current ratio: 0.8x
  • EV/EBITDA: 33.9x
  • FCF yield: -33.1%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Personal Services (SIC 7200) · same industry (4-digit SIC) · compared with 10 companies

Multiples and returns vs the median

P/E
—
vertical median 13.0x
EV/EBITDA
33.9x
vertical median 6.0x
above median (+462.3%)
P/S
0.2x
vertical median 0.7x
below median (−70.8%)
P/B
2.0x
vertical median 1.9x
at median
ROE
-51.6%
vertical median 18.2%
below median (−383.7%)
Net margin
-6.3%
vertical median 6.5%
below median (−197.7%)
EBIT margin
-2.4%
vertical median 5.4%
below median (−144.2%)
Revenue YoY
9.7%
vertical median 3.7%
above median (+159.3%)
Net debt/EBITDA
19.8x
vertical median 3.9x
above median (+406.2%)
Dividend yield
—
vertical median 1.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SCIService Corporation International10.5 bn19.235.7%12.7%+2.9%−3% / +26%
HRBH&R Block Inc6.8 bn9.8710.9%18.6%+4.9%+32% / +22%
YELPYelp Inc1.2 bn10.618.2%8.6%+3.7%−24% / −50%
CSVCarriage Services, Inc.571.4 m12.817.3%10.7%+3.3%−17% / +59%
EVIEVI Industries, Inc.282.3 m45.35.3%1.7%+14.6%+6% / −16%
WWWw International, Inc.121.3 m0.1332.6%148.1%−11.6%−57% / unavailable
RGSRegis Corporation79.4 m13.23.7%3.1%+6.8%+18% / +362%
DLPNDolphin Entertainment, Inc.12.2 m—-51.6%-6.3%+9.7%−43% / −71%
XWELXWELL, Inc.5.1 m——-82.9%−13.8%−21% / −75%
UNFUnifirst Corporation—41.75.0%4.3%+3.7%+45% / +45%
MRMMedirom Healthcare Technologies Inc.——26.0%1.8%+21.5%−85% / −94%

1- and 3-year price returns: for DLPN from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Dolphin Entertainment is an entertainment marketing and publicity company that combines PR agencies, influencer marketing and celebrity booking with a small content production arm. Revenue rose modestly in the first half of 2026, but the company is still loss-making and highly indebted, so the path to profitability is worth following closely.

    SWOT

    Strengths

    • The group was ranked the number one PR firm in the country in the 2025 Observer rankings and its agencies hold recognised positions in their niches 1.
    • Combining PR agencies with influencer marketing and celebrity booking allows cross-selling to existing clients 1.
    • Revenue has grown in the first half of 2026, and according to the company's release the pace of heavy development spending appears to be easing 2.

    Weaknesses

    • The company has recorded repeated net losses, and profitability is not yet stable 1.
    • Total indebtedness is significant, and working capital was negative at the end of 2025 1.
    • Internal control over financial reporting was not considered effective, with management identifying several material weaknesses 1.

    Opportunities

    • Dolphin 2.0 projects such as Graviteur Studios and the DealMaker platform could generate new revenue if they progress as planned 2.
    • Lower debt payments and reduced lease costs after major leases expire could improve free cash flow 2.
    • Expansion into new music markets and new influencer verticals could broaden the client base 1.

    Threats

    • Client budget cuts during difficult economic periods could quickly reduce revenue 1.
    • Departure of key individuals or clients following individual agencies could weaken the subsidiaries' business 1.
    • Ongoing litigation and legal costs could reduce operating results in coming periods 2.

    Risks

    • High indebtednesshigh

      Total debt, including bank term loans, convertible notes and related-party borrowings, could limit cash flow and access to additional financing 1.

    • Need for additional financinghigh

      Management anticipates needing further funding for the next twelve months, and the main source could be equity issuance, with dilution for shareholders 1.

    • Dependence on discretionary client spendingmedium

      Cuts in client marketing budgets during weak economic periods could materially weigh on revenue 1.

    • Ineffective internal controlsmedium

      The material weaknesses identified in internal control could lead to restatements of financial results and regulatory action 1.

    • Litigation and legal costslow

      Legal costs linked to litigation rose in the second quarter of 2026, and their development could affect profitability 2.

    Investment thesis

    What would need to be true (bull case)

    • If revenue keeps growing and adjusted profitability improves, the company could generate meaningful free cash flow, supported by its tax loss carryforwards and lower debt payments 2.
    • Its leading position in entertainment PR and the combination of several agencies could allow cross-selling to existing clients and attract new ones 1.
    • If Dolphin 2.0 projects generate revenue, the company could diversify its income beyond publicity services 2.

    What would break the thesis

    • Repeated net losses and the need for additional financing could lead to shareholder dilution or a scaling back of operations 1.
    • High indebtedness could limit financial flexibility if revenue falls during difficult economic periods 1.
    • Internal control problems and ongoing litigation could generate extra costs and weigh on investor confidence 12.

    What to watch

    • Trend in profitability and net loss after the reduction of retention bonuses and litigation costsQ3 2026
    • Progress of the DealMaker project and the launch of its first deal to market2026
    • Remediation of the material weaknesses in internal control described in the annual reportnext 10-K
    • Maturity of the bank term loan and its effect on the company's annual debt payments2028

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Dolphin Entertainment, Inc., listed on The Nasdaq Capital Market under the symbol DLPN, operates through subsidiaries that provide strategic marketing and publicity services to brands and individuals in film, television, music, gaming, culinary, hospitality, lifestyle and charitable sectors. The company presents itself as an earned media marketing super group, in which 42West, Shore Fire, The Door and Elle are complemented by The Digital Dept. for influencer marketing and Special Projects for celebrity booking. According to the annual report, the group was ranked the number one PR firm in the country in the 2025 Observer rankings. Beyond these services, Dolphin develops its own projects through the Dolphin 2.0 initiative in content, live events and consumer products.

    Segments

    Entertainment publicity and marketing (EPM)

    This is the dominant segment, generating 99.5% of revenue in fiscal 2025 1. It includes talent publicity, entertainment marketing, strategic communications, influencer campaigns and celebrity booking for events. Revenue comes mainly from monthly retainers, multiyear master service agreements and engagements lasting three to six months 1.

    Market context

    Dolphin operates in the market for earned media and influencer marketing services for the entertainment and lifestyle industries, where demand depends on content launches, corporate marketing budgets and the growth of streaming and social media platforms 1. The company notes that the large number of streaming services launched in recent years has created organic opportunities for 42West 1. However, client spending is discretionary and can contract in periods of economic slowdown 1.

    Trends

    • Growth of influencer marketingtailwind

      The company argues that influencer campaigns have become essential to the earned media efforts of consumer products, which could raise average revenue per client through cross-selling of The Digital Dept. services 1.

    • Expansion of streaming platformstailwind

      The launch of many streaming services could bring more new clients and more projects to promote for 42West, according to the company's growth plan 1.

    • Economic pressure on marketing budgetsheadwind

      Economic slowdown, inflation and higher interest rates could lead corporate clients to cut discretionary marketing budgets, which would weigh on the company's revenue 1.

    • Artificial intelligence and technological changemixed

      Rapid development of artificial intelligence and shifts in digital content consumption could reshape demand for publicity services and require additional investment, with effects that may be positive or negative 1.

    Competitive position

    The annual report describes the market as highly competitive but does not name any direct competitors. Clients may freely choose other PR and marketing professionals, and client relationships are often tied to key individuals rather than to the firm 1. The company's stated advantage lies in combining several specialised agencies under one structure and in its ability to cross-sell 1.

    • Independent entertainment PR agencies

      Independent firms offering publicity and marketing in film, television and music; the source does not name them, so they are not individualised.

    • Influencer marketing and celebrity booking agencies

      Firms that run creator campaigns and arrange celebrity appearances at brand events.

    • Hospitality and lifestyle PR agencies

      Firms working for restaurants, hotels and consumer brands, an area where The Door holds a market-leading position.

    • Non-profit and impact PR agencies

      Firms providing communications for foundations and social enterprises, similar to the activity of Elle.

    News & filings

    In the press

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Dolphin Entertainment, Inc. · 27 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Dolphin Entertainment, Inc. · 12 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Dolphin Entertainment, Inc. · 12 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.