Dolphin Reports Record Q2 Revenue of $11.4 Million; H1 2024 Delivers $26.7 Million Revenue and $0.9 Million Adjusted Operating Income

About this update from Dolphin Entertainment, Inc.

[{"type":"text","content":"MIAMI, FL / ACCESSWIRE / August 14, 2024 / Dolphin (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, announces its financial results for the second quarter ended June 30, 2024.Bill O'Dowd, CEO of Dolphin Entertainment commented:\"Dolphin achieved record Q2 revenues this year, setting a solid foundation to exceed $50 million in annual revenues and deliver full year positive Adjusted Operating Income-the key financial metric by which we measure ourselves, and the one that we believe truly reflects our value creation. We are lining up for a strong second half of the year, with the acquisition of Elle Communications to concentrate our work in the Impact PR space, and our anticipated launch of a sports company to complement our market-leading position in entertainment. Furthermore, we expect to close on our next Ventures opportunity, continuing our strategy of generating immediate service revenues while amassing equity stakes typically without capital deployment, positioning us for potentially significant returns as our portfolio grows and matures.In summary, we believe that our record results provide solid progress towards our Revenue and Adjusted Operating Income goals which, along with new vertical expansion, and our Ventures strategy providing optionality, all together position us well for sustained growth, profitability and success.\"Q2 2024 and Recent HighlightsTotal revenue for the quarter ended June 30 2024 was $11.4 million, an increase of 4% over the same period in 2023.Operating loss of $1.1 million for the quarter ended June 30, 2024 as compared to an operating loss of $7.5 million for the quarter ended June 30, 2023. Operating loss of $0.9 million for the six months ended June 30, 2024 as compared to an operating loss of $10.0 million for the six months ended June 30, 2023.Adjusted operating loss(1) of $0.1 million for the three months ended June 30, 2024 and $0.05 million for the three months ended June 30, 2023. Adjusted operating income of $0.9 million for the six months ended June 30, 2024 as compared to adjusted operating loss of $1.9 million for the six months ended June 30, 2023.Operating expenses for the second quarter of 2024 were $12.6 million, including depreciation and amortization of $0.6 million and goodwill impairment of $0.2 million. Operating expense for the second ...

More updates from Dolphin Entertainment, Inc.