Revenue growth remains highly volatile, with the company reporting a 2026Q1 operating margin of -16.7% and a gross margin that fluctuated significantly from 98.1% in 2024Q2 to 6.0% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 57.33M | 56.7M | 51.68M | 43.12M | 40.51M | 35.73M | 24.05M | 25M | 22.55M | 22.41M | 9.4M | 3M | 2.07M | 2.29M | 3.86M | 472.82K | 207.91K | 0 | 914.55K | 218.98K | 494.87K | 329.93K | 330K |
| Revenue Growth % | 17.92% | 9.7% | 19.85% | 6.46% | 13.37% | 48.53% | -3.79% | 10.87% | 0.62% | 138.55% | 213.26% | 44.88% | -9.75% | -40.63% | 717.2% | 127.42% | - | -100% | 317.64% | -55.75% | 49.99% | -0.02% | - |
| Cost of Goods Sold | 24.86M | 2.27M | 3.27M | 872.55K | 3.57M | 3.88M | 2.58M | 5.04M | 2.18M | 4.64M | 10.66M | 2.29M | 159.54K | 683.03K | 3.42M | 3.27K | 0 | 0 | 346.41K | 118.53K | 239.25K | 114.87K | 110K |
| COGS % of Revenue | - | 4% | 6.32% | 2.02% | 8.8% | 10.86% | 10.71% | 20.17% | 9.65% | 20.7% | 113.47% | 76.37% | 7.71% | 29.78% | 88.41% | 0.69% | - | - | 37.88% | 54.13% | 48.35% | 34.82% | 33.33% |
| Gross Profit | 32.48M | 54.43M | 48.42M | 42.25M | 36.94M | 31.85M | 21.48M | 19.96M | 20.37M | 17.77M | -1.27M | 708.63K | 1.91M | 1.61M | 447.79K | 469.55K | 207.91K | 0 | 568.14K | 100.45K | 255.62K | 215.06K | 220K |
| Gross Margin % | 56.65% | 96% | 93.68% | 97.98% | 91.2% | 89.14% | 89.29% | 79.83% | 90.35% | 79.3% | -13.47% | 23.63% | 92.29% | 70.22% | 11.59% | 99.31% | 100% | - | 62.12% | 45.87% | 51.65% | 65.18% | 66.67% |
| Gross Profit Growth % | - | 12.41% | 14.6% | 14.38% | 15.99% | 48.28% | 7.61% | -2.04% | 14.63% | 1504.4% | -278.6% | -62.91% | 18.61% | 259.73% | -4.63% | 125.84% | - | -100% | 465.59% | -60.7% | 18.86% | -2.25% | - |
| Operating Expenses | 33.64M | 54.81M | 58.9M | 62.36M | 41.51M | 37.35M | 24.09M | 24.04M | 22.67M | 18.88M | 16.44M | 3.91M | 3.16M | 3.56M | 3.84M | 1.77M | 4.41M | 3.84M | 3.63M | 8.37M | 1.09M | 915.49K | 680K |
| OpEx % of Revenue | - | 96.67% | 113.97% | 144.61% | 102.49% | 104.55% | 100.14% | 96.17% | 100.51% | 84.23% | 174.94% | 130.52% | 152.82% | 155.1% | 99.35% | 374.11% | 2121.17% | - | 396.4% | 3822.1% | 220.29% | 277.48% | 206.06% |
| Selling, General & Admin | 53.48M | 52.45M | 48.37M | 45.95M | 38.42M | 31.67M | 22M | 22.1M | 20.69M | 17.62M | 16.44M | 5.89M | 3.16M | 3.56M | 3.84M | 1.77M | 4.41M | 3.82M | 3.34M | 2.76M | 1.08M | 908.31K | 680K |
| SG&A % of Revenue | - | 92.51% | 93.58% | 106.56% | 94.86% | 88.64% | 91.48% | 88.38% | 91.73% | 78.64% | 174.94% | 196.27% | 152.82% | 155.1% | 99.35% | 374.11% | 2121.17% | - | 365.09% | 1259.51% | 219.12% | 275.31% | 206.06% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -828.52K | 2.35M | 10.54M | 16.41M | 3.09M | 5.68M | 2.09M | 1.95M | 1.07M | 1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.23K | 286.4K | 5.61M | 5.8K | 7.18K | 0 |
| Operating Income | -1.16M | -379.46K | -10.49M | -20.11M | -4.58M | -5.5M | -2.61M | -4.09M | -4.15M | -1.1M | 17.7M | 3.21M | 1.25M | 1.95M | 3.39M | -1.3M | 4.41M | 4.7M | 3.06M | 8.27M | 834.55K | 700.44K | -460K |
| Operating Margin % | -2.02% | -0.67% | -20.29% | -46.64% | -11.3% | -15.4% | -10.86% | -16.34% | -18.4% | -4.93% | 188.41% | 106.89% | 60.52% | 84.87% | 87.76% | -274.8% | 2121.17% | - | 334.28% | 3776.23% | 168.64% | 212.3% | -139.39% |
| Operating Income Growth % | - | 96.38% | 47.86% | -339.56% | 16.87% | -110.75% | 36.07% | 1.53% | -275.46% | -106.24% | 452.17% | 155.88% | -35.65% | -42.59% | 360.99% | -129.46% | -6.14% | 53.69% | -63.03% | 890.85% | 19.15% | 252.27% | - |
| EBITDA | 1.14M | 1.98M | -8.1M | -17.86M | -2.82M | -3.6M | -581.29K | -2.14M | -1.97M | 3.51M | 25.55M | 4.87M | 1.27M | 2.47M | 6.33M | -1.51M | -3.38M | 4.72M | 3.34M | 8.29M | 840.36K | 706.13K | -459.12K |
| EBITDA Margin % | 1.99% | 3.48% | -15.68% | -41.41% | -6.97% | -10.07% | -2.42% | -8.55% | -8.72% | 15.64% | 271.88% | 162.47% | 61.47% | 107.59% | 163.83% | -318.91% | -1625.95% | - | 365.59% | 3787.61% | 169.81% | 214.03% | -139.13% |
| EBITDA Growth % | 111.41% | 124.38% | 54.62% | -532.34% | 21.52% | -519.02% | 72.81% | -8.75% | -156.07% | -86.27% | 424.23% | 282.92% | -48.44% | -61.01% | 519.8% | 55.39% | -171.59% | 41.22% | -59.69% | 886.98% | 19.01% | 253.8% | - |
| D&A (Non-Cash Add-back) | 2.3M | 2.35M | 2.38M | 2.25M | 1.75M | 1.91M | 2.03M | 1.95M | 2.18M | 4.61M | 7.84M | 1.67M | 19.63K | 521.01K | 2.94M | -208.59K | -7.79M | 23.23K | 286.4K | 24.93K | 5.8K | 5.7K | 0 |
| EBIT | -1.21M | -824.38K | -10.43M | -20.11M | -3.49M | -5.64M | 57.39K | -200.89K | -2.95M | 8.85M | -32.47M | -5.28M | -1.21M | -1.9M | -3.05M | -1.08M | -4.64M | -4.7M | -2.7M | -8.27M | -708.35K | -700.44K | -460.77K |
| Net Interest Income | -2.14M | -2.2M | -2.07M | -2.08M | -555.8K | -785.21K | -2.13M | -2.55M | -1.05M | -1.59M | -4.72M | -3.56M | -660.58K | -562.67K | -335.69K | -141.13K | 0 | 0 | -38.46K | -121.12K | -28.88K | -1.49K | 0 |
| Interest Income | 15.37K | 0 | 11.46K | 2.88K | 309.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 198 | 557 | 1.01K | 0 | 0 | 0 | 28 | 0 | 0 | 0 |
| Interest Expense | 2.16M | 2.2M | 2.08M | 2.09M | 864.81K | 785.21K | 2.13M | 2.55M | 1.05M | 1.59M | 4.72M | 3.56M | 660.58K | 562.87K | 336.25K | 142.14K | 198.93K | 221.19K | 38.46K | 121.15K | 28.88K | 1.49K | 0 |
| Other Income/Expense | -2.23M | -2.64M | -2.03M | -4.23M | -28.01K | -921.26K | 535.25K | 1.34M | -1.71M | 8.36M | -21.58M | -4.11M | -734.05K | -514.73K | -994.96K | 72.19K | -1.23M | -221.19K | -17.77M | -5.54M | -1.7M | -1.49K | 0 |
| Pretax Income | -3.39M | -3.02M | -12.52M | -24.34M | -4.6M | -6.42M | -2.08M | -2.75M | -4M | 7.25M | -37.19M | -4.05M | -1.87M | -2.46M | -3.39M | -1.09M | -5.64M | 3.84M | 2.79M | 2.73M | -863.43K | -700.44K | -460K |
| Pretax Margin % | -5.91% | -5.33% | -24.21% | -56.45% | -11.36% | -17.98% | -8.63% | -10.98% | -17.75% | 32.35% | -395.82% | -135.03% | -90.5% | -107.31% | -87.63% | -230.68% | -2712.06% | - | 305.58% | 1247.67% | -174.48% | -212.3% | -139.39% |
| Income Tax | 65.49K | 69.36K | 87.85K | 53.5K | 176.98K | 37.36K | -137.07K | -418.2K | -1.09M | 338.87K | 4.24M | 957.84K | 665.33K | 562.87K | 629.98K | 141.13K | 9.02M | 1.08M | 300.96K | -1.2M | 6.05K | 3.68K | 0 |
| Effective Tax Rate % | -1.93% | -2.3% | -0.7% | -0.22% | -3.84% | -0.58% | 6.6% | 15.23% | 27.24% | 4.67% | -11.41% | -23.65% | -35.51% | -22.87% | -18.61% | -12.94% | -159.95% | 28.04% | 10.77% | -44.02% | -0.7% | -0.53% | 0% |
| Net Income | -3.45M | -3.09M | -12.6M | -24.4M | -4.78M | -6.46M | -1.94M | -2.33M | -2.91M | 6.91M | -37.19M | -4.07M | -1.88M | -2.46M | -3.39M | -1.23M | -5.64M | -4.92M | -3.36M | -7.02M | -869.49K | -704.12K | -460K |
| Net Margin % | -6.02% | -5.45% | -24.38% | -56.57% | -11.8% | -18.09% | -8.06% | -9.31% | -12.92% | 30.84% | -395.82% | -135.61% | -90.73% | -107.31% | -87.63% | -260.53% | -2712.06% | - | -367.19% | -3204.4% | -175.7% | -213.42% | -139.39% |
| Net Income Growth % | 76.37% | 75.49% | 48.34% | -410.38% | 26.03% | -233.25% | 16.7% | 20.09% | -142.15% | 118.59% | -814.32% | -116.56% | 23.7% | 27.3% | -174.87% | 78.15% | -14.61% | -46.5% | 52.14% | -707.03% | -23.49% | -53.07% | - |
| Net Income (Continuing) | -3.45M | -3.09M | -12.6M | -24.4M | -4.78M | -6.46M | -1.94M | -2.33M | -2.91M | 6.91M | -37.19M | -8.84M | -1.87M | -2.46M | -3.39M | -1.23M | -4.84M | -4.92M | -14.72M | -8.39M | -869.49K | -704.12K | -460K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.98M | 2.98M | 3M | 3M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.28 | -0.27 | -1.22 | -1.69 | -1.11 | -0.85 | -0.30 | -0.28 | -0.90 | -1.00 | -42.37 | -9.93 | -4.59 | -6.01 | -8.27 | -3.01 | -14.31 | -18.25 | -18.91 | -153.14 | -80.56 | -79.50 | -51.94 |
| EPS Growth % | 77.54% | 77.87% | 27.81% | -52.25% | -30.59% | -183.33% | -7.14% | 68.89% | 10% | 97.64% | -326.69% | -116.34% | 23.63% | 27.33% | -174.75% | 78.97% | 21.59% | 3.49% | 87.65% | -90.09% | -1.33% | -53.06% | - |
| EPS (Basic) | - | -0.27 | -1.22 | -1.69 | -0.98 | -0.85 | -0.69 | -0.36 | -0.90 | 3.60 | -42.37 | -9.93 | -4.59 | -6.01 | -8.27 | -3.01 | -14.31 | -18.25 | -13.64 | -153.14 | -80.56 | -79.50 | -51.94 |
| Diluted Shares Outstanding | 12.33M | 11.56M | 10.31M | 14.41M | 9.8M | 7.61M | 6.38M | 4.29M | 3.23M | 2.12M | 877.82K | 409.46K | 409.46K | 409.46K | 409.46K | 409.46K | 393.91K | 269.63K | 246.18K | 45.82K | 10.79K | 8.86K | 8.86K |
| Basic Shares Outstanding | 12.33M | 11.56M | 10.31M | 14.41M | 9.8M | 7.61M | 5.62M | 3.3M | 3.23M | 1.92M | 877.82K | 409.46K | 409.46K | 409.46K | 409.46K | 409.46K | 393.91K | 269.63K | 246.18K | 45.82K | 10.79K | 8.86K | 8.86K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Losses
As indicated by the company's quarterly financial data, revenue growth has fluctuated significantly, ranging from a 20.1% contraction in 2025Q1 to a 27.0% expansion in 2025Q4, reflecting the inherent instability of project-based content production cycles compared to the more predictable agency-side retainer revenue streams.
The top-line performance appears heavily influenced by the timing of content deliveries, which creates lumpy quarterly comparisons. Investors should monitor whether the company can achieve consistent organic growth as it attempts to transition toward a more scalable intellectual property ownership model.
Based on reported financial statements, DLPN exhibits extreme gross margin variance, with figures swinging from 6.0% in 2026Q1 to 98.1% in 2024Q2, suggesting that the company's accounting treatment of labor costs as operating expenses rather than cost of goods sold significantly distorts underlying profitability metrics.
The headline gross margin is largely an artifact of accounting classification rather than operational efficiency. A more accurate assessment of the company's true margin profile requires reclassifying personnel-related expenses, which currently appear to be buried within SG&A, to better reflect the true cost of service delivery.
According to the provided income statement data, the company has struggled to achieve positive operating leverage, as evidenced by the 2026Q1 operating loss of $2.1M, which highlights the difficulty of scaling a high-fixed-cost agency model without a corresponding surge in high-margin content production revenue.
The persistent inability to scale operating income faster than revenue suggests that the current cost structure is too rigid for the company's current revenue volume. Management appears to be trapped in a cycle where headcount and overhead costs grow in tandem with, or faster than, the top line.
As reported in recent filings, DLPN has failed to generate consistent GAAP net income, with net losses reaching as high as $9.6M in 2023Q4, indicating that the company's current business model is not yet self-sustaining without continued reliance on external capital or equity-based financing.
The recurring net losses warrant further investigation into the company's long-term viability, particularly as the firm navigates the end of earn-out periods for its acquired subsidiaries. The lack of consistent bottom-line performance suggests that the current roll-up strategy has yet to deliver the promised synergies to shareholders.
Data from the income statement suggests that the company's reliance on high-cost talent and acquisition-driven growth creates a vulnerable financial profile, as the potential for key principal attrition could rapidly erode the core agency revenue that currently subsidizes the company's speculative content production ambitions.
Short-sellers would likely focus on the company's inability to convert its high-profile agency reputation into tangible GAAP earnings. The risk of margin compression is elevated if wage inflation for elite publicists continues to outpace the company's ability to pass costs through to clients.
Quick answers to the most common questions about buying DLPN stock.
For fiscal year 2025, Dolphin Entertainment, Inc. (DLPN) reported total revenue of $56.7M. This represents a 17081.6% increase compared to $0.3M in 2004.
Dolphin Entertainment, Inc. (DLPN) reported a net loss of $3.1M for the fiscal year ending 2025.
Dolphin Entertainment, Inc. (DLPN) reported an operating income of $-0.4M, resulting in an operating profit margin of -0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Dolphin Entertainment, Inc. (DLPN) generated $54.4M in gross profit for the year, representing a gross profit margin of 96.0%. This demonstrates the company's core pricing power and production efficiency.