Business
Dolphin Entertainment FY 2022 Revenue Increases 13% to a Record $40.5 Million
MIAMI, FL / ACCESSWIRE / March 30, 2023 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company,
About this update from Dolphin Entertainment, Inc.
[{"type":"text","content":"MIAMI, FL / ACCESSWIRE / March 30, 2023 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, announces its financial results for the fourth quarter and full year ended December 31, 2022.Bill O'Dowd, CEO of Dolphin Entertainment, commented, \"2022 was a great year, and we expect 2023 to be even better. In 2022, we reached our stated operational goal, exceeding $40 million in revenue. We also grew our entertainment marketing Super Group with the acquisition of influencer powerhouse Socialyte in Q4. And, finally, we enjoyed our first full year of Dolphin 2.0 ventures, highlighted by entering into production on \"The Blue Angels,\" the first project under our partnership with IMAX for feature documentaries that was announced at the Cannes Film Festival, and by the soft opening of Midnight Theatre later in the year.Mr. O'Dowd continued, \"Moving ahead in 2023, we anticipate completing our marketing Super Group with the acquisition of a live events production company. We also expect to begin to recognize revenues from our current Dolphin 2.0 ventures, including The Blue Angels which is expected to be released in the second half of this year. With the hiring of Fortune 500 industry veteran Ellie Doty as our Chief Marketing Officer, announced earlier today, we now have the leadership in place for the selection and execution of an increased cadence of new Dolphin 2.0 ventures that compensate Dolphin in both cash fees and equity upside.\"2022 and Recent HighlightsTotal Q4 2022 revenue increased 6% to a record $11.1 million; full year 2022 revenue increased 13% to a record $40.5 million.Operating loss for the year ended December 31, 2022, of $4.6 million includes non-cash items from depreciation and amortization of $1.8 million, impairment of goodwill of $0.9 million, gain on the change in fair value of contingent consideration of $47,285, and non-recurring costs of (i) $0.5 million related to acquisition costs and (ii) legal and professional fees of approximately $0.6 million related to the restatement of our financial statements of the 3rd quarter of 2021, change of audit firm, financing arrangement with Lincoln Park Capital LLC and filing of our Form S-1. This compares to an operating loss for the year ended December 31, 2021 of $5.5 million, which includes non-cash items...