Dolphin Entertainment Inc.

Total revenue was $14.4 million in Q2 2026, up 2.5% from $14.1 million in Q2 2025; first-half revenue was $27.2 million, up 3.8% from $26.3 million. Operating loss was $1 million versus about $100,000 last year; net loss was $1.6 million versus $1.4 million; EPS was $0.13, flat year over year. Adjusted EBITDA was about $243,000 versus about $628,000 a year ago, and first-half adjusted EBITDA was a loss of about $224,000 versus a loss of about $82,000. Cash and cash equivalents were $7.7 million at June 30, 2026, down from $8.8 million at December 31, 2025. Management did not give formal next-quarter or full-year revenue/EPS guidance, but said Q3 profitability should step up as one-time costs roll off and that the second half is typically stronger seasonally.

Bill O'Dowd emphasized that the core business is improving toward better free cash flow even without new initiatives, citing upcoming debt maturity and lease roll-offs as structural tailwinds. He framed Graviteur Studios, DealMaker, Dolphin Intelligence, and Copper Books as upside opportunities layered on top of the base business, not as required to make the company work. His tone was optimistic and strategic, with repeated emphasis on optionality, alignment with shareholders, and a stronger second half.

Mirta Sanchez Negrini said Q2 revenue reached $14.4 million, up from $14.1 million, while operating loss was $1 million and net loss was $1.6 million. She attributed the year-over-year pressure mainly to roughly $400,000 of non-recurring retention bonuses and roughly $400,000 of legal/professional fees related to litigation. She also noted cash and cash equivalents of $7.7 million at June 30, 2026 versus $8.8 million at December 31, 2025, and introduced adjusted EPS as an additional reporting metric going forward.

Analysts asked for more detail on Graviteur Studios, including ownership economics, financing, and how much capital Dolphin would provide; management said projects would generally be financed like Dolphin Films projects, often with risk laid off or sometimes shared, and budgets should be relatively small. On The Digital Department, management said the business is seasonal and should benefit from the stronger second half, with encouraging signs already in early August. On Youngblood, Bill O'Dowd said a streaming deal had not yet materialized and international sales may depend on Toronto and AFM later in the year. He also said Dolphin Intelligence is still being folded into existing contracts but management wants to push it as a standalone service, and that DealMaker could produce the first venture before year-end with a goal of building toward multiple deals per year.