# EDGAR Filing Document

**Accession Number:** 0001282224
**File Stem:** 0001079973-26-000357
**Filing Date:** 2026-3
**Character Count:** 26849
**Document Hash:** 2f7f6ae1b65565e46a23d6739beda777
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001079973-26-000357.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001079973-26-000357

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260325

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dolphin Entertainment, Inc.
- **CENTRAL INDEX KEY:** 0001282224
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PERSONAL SERVICES [7200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 860787790
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38331
- **FILM NUMBER:** 26792607

**BUSINESS ADDRESS:**
- **STREET 1:** 150 ALHAMBRA CIRCLE
- **STREET 2:** SUITE 1200
- **CITY:** CORAL GABLES
- **STATE:** FL
- **ZIP:** 33134
- **BUSINESS PHONE:** 305-774-0407

**MAIL ADDRESS:**
- **STREET 1:** 150 ALHAMBRA CIRCLE
- **STREET 2:** SUITE 1200
- **CITY:** CORAL GABLES
- **STATE:** FL
- **ZIP:** 33134

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DOLPHIN DIGITAL MEDIA INC
- **DATE OF NAME CHANGE:** 20080818

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LOGICA HOLDINGS INC
- **DATE OF NAME CHANGE:** 20070716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MAXIMUM AWARDS INC
- **DATE OF NAME CHANGE:** 20040301

?xml version='1.0' encoding='ASCII'? Current Report

**UNITED STATES**

 **SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM 8-K** 

**Current Report**

 **Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **March 25, 2026**

**DOLPHIN ENTERTAINMENT, INC.**

*(Exact name of registrant as specified in its charter)*

---

| | | |
|:---|:---|:---|
| **Florida** | **001-38331** | **86-0787790** |
| *(State or other jurisdiction* | *(Commission* | *(IRS Employer* |
| *of incorporation)* | *File Number)* | *Identification No.)* |

---

**150 Alhambra Circle** **, Suite 1200, Coral Gables, Florida 33134**

*(Address of principal executive offices) (Zip Code)*

Registrant's telephone number, including area code (**305** **) 774 -0407**

**Not Applicable**

*(Former Name or Former Address, if Changed Since Last Report)*

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.015 par value per share | DLPN | The Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On March 25, 2026, Dolphin Entertainment, Inc., a Florida corporation (the "<u>Company</u>"), issued a press release announcing its financial results for the year ended December 31, 2025. A copy of the Company's earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

**Item 9.01. Financial Statements and Exhibits.**

***(d) Exhibits***

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Exhibit<br> Number** | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Description** |
| &nbsp;&nbsp;99.1 | &nbsp;&nbsp;[Press Release dated March 25, 2026](ex99x1.htm) |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

 

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **DOLPHIN ENTERTAINMENT, INC.** | **DOLPHIN ENTERTAINMENT, INC.** |
| Date: March 25, 2026 | By: | /s/ Mirta A. Negrini |
|  |  | Mirta A. Negrini |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

Exhibit 99.1

**Dolphin Entertainment Reports Record Fourth Quarter and Full-Year 2025 Results**

&nbsp;&nbsp;&nbsp;&nbsp;· 2025 Revenue Rises 10% to $56.7M; Q4'25 Revenue Up
27% YoY to $15.6M

&nbsp;&nbsp;&nbsp;&nbsp;· 2025 Net Loss Decreases by $9.5M and 2025 Adjusted EBITDA
More than Triples to $2.9M compared to 2024

&nbsp;&nbsp;&nbsp;&nbsp;· Q4'25 Net Income of $1.0M vs. Net Loss of $2.0M in
Q4 24

&nbsp;&nbsp;&nbsp;&nbsp;· Q4'25 Adjusted EBITDA Swings to $1.7M Profit vs. $(0.5)M
Year-Ago Loss

&nbsp;&nbsp;&nbsp;&nbsp;· Expects Continued Revenue Growth and Adjusted EBITDA Margin
Expansion in 2026

MIAMI, FL / March 25, 2026 / Dolphin (NASDAQ:DLPN) a leading entertainment marketing and premium content production company, today announced its financial results for the fourth quarter and full year ended December 31, 2025.

Bill O'Dowd, CEO of Dolphin, stated:

"2025 marked a turning point for Dolphin. After several years of strategic acquisitions and growth investments, we are now reaping the benefits. Full-year revenue grew approximately 10% to $56.7 million, with fourth quarter revenue up 27% year-over-year to $15.6 million. Full-year Adjusted EBITDA reached $2.9 million, up 209% from $0.9 million. Q4 was particularly strong, with Adjusted EBITDA of $1.7 million compared to Adjusted EBITDA loss of $0.5 million in Q4 2024, a $2.2 million swing that underscores the operating leverage in our model.

Our recently announced strategic partnership with DealMaker, our AI capabilities through Dolphin Intelligence, and our disciplined venture investments represent additional growth catalysts requiring little to no upfront capital. We expect continued top-line growth in 2026 and, just as in 2025, we expect Adjusted EBITDA to expand significantly faster than revenue. We have built the infrastructure and team to support a meaningfully larger revenue base, in which incremental revenue is able to flow disproportionately to the bottom line and we expect continued Adjusted EBITDA margin expansion in 2026.

We are excited about 2026, 2027 and beyond. Our bank debt matures within roughly two and a half years, which will save us almost $2.2 million in principal and interest payments on an annual basis. Furthermore, we expect approximately $1 million in annualized lease savings to be achieved after our large leases in New York City and Los Angeles terminate by the end of 2026 and 2027, respectively. These lease savings will enhance our operational leverage, and just as with our expectations of continued organic growth and margin expansion, nearly all these savings will flow directly to our free cash flow given our NOL federal and state carryforwards of $127 million.

**2025 and Recent Highlights**

Total revenue for the year ended December 31, 2025, was $56.7 million, an increase of 10% from $51.7 million last year.

Operating loss was $0.04 million for the year ended December 31, 2025, compared to an operating loss of $10.5 million for the year ended December 31, 2024.

Operating expenses for full year 2025 were $56.7 million, including non-cash expenses of $2.4 million related to depreciation and amortization. This compares to operating expenses of $62.2 million in 2024, including depreciation and amortization of $2.4 million, and non-recurring or non-cash expenses of $8.0 million, consisting primarily of a $6.7 million goodwill impairment and a $1.3 million write-off of notes receivable.

Net loss for full year 2025 was $3.1 million, including non-cash expenses of approximately $2.4 million related to depreciation and amortization and non-recurring net expenses of $0.5 million related to acquisition costs, debt extinguishment costs and a gain on the sale of a subsidiary. This compares to a net loss of $12.6 million for 2024, including depreciation and amortization of $2.4 million and non-recurring and non-cash expenses of approximately $8.0 million, primarily consisting of a $6.7 million goodwill impairment and a $1.3 million write-off of notes receivable.

Basic and diluted loss per share for full year 2025 was $(0.27) based on 11,558,485 weighted average shares outstanding compared to basic and diluted loss per share in 2024 of $(1.22) based on 10,306,904 weighted average shares outstanding.

**Adjusted EBITDA for full year 2025 was $2.9 million, compared to $0.9 million in 2024;**

**Adjusted EBITDA for Q4 2025 was $1.7 million, compared to $(0.5) million in Q4 2024.**

**Dolphin** 

* Partnered with DealMaker to Unlock Community Capital for Celebrity
and Influencer Brands

* Dolphin's Powerhouse Subsidiaries Lead Major Brand Activations During
Super Bowl LX

* CEO Featured on Variety's "Strictly Business" Podcast, Discusses
the Creator Economy's Transformation of Marketing and Consumer Product Launches

* Expanded Miami Footprint to Support Continued Growth Across Subsidiaries

* Unveiled New 'Dolphin Intelligence' Division to Power AI-Driven Marketing
and Communications Strategy and Execution for Partners

* Named One of Crain's Best Places to Work in NYC 2025

* CEO Bill O'Dowd Named to PRNEWS 2025 People of the Year List; Company
Recognized on Agency Elite 120

**42West**

* Celebrated Oscar Win as "Mr. Nobody Against Putin" Takes
Best Documentary Feature at the 98th Academy Awards

* At Super Bowl LX, generated national media buzz for Funko's
limited-edition Seattle Seahawks Pop! release and led widespread coverage of Puppy Bowl XXII, amplifying multi-network visibility and
pet adoption awareness during the Big Game weekend.

* Landed Six Nominations for Clients at the 98th Academy Awards

* Brought Exciting and Diverse Projects to the 2026 Sundance Film Festival

* Garnered Four Nominations for Clients at the 83rd Golden Globe Awards

**Shore Fire Media**

* Clients Named 2 of the 10 Best Podcasts in 2025, Including the No.
1 Pick

* Shore Fire Media and 42West's Clients Presented, Performed and Took
Home Honors at the 2026 GRAMMY Awards

* Shore Fire Media and 42West Clients Earn 35 Nominations for the 2026
GRAMMY Awards

**The Door**

* DISRPT Agency, a Division of The Door, Powered "Art of Glam"
During Oscars Week, Driving Cultural Momentum Into Camille Rose's Upcoming Beauté Noir

* DISRPT delivered a headline-making moment at the Super Bowl LX Halftime
Show by orchestrating the debut of Bad Bunny's first adidas Originals signature shoe

* The Door Provided Strategic Communications Leadership for Hooters
as the Iconic Brand Enters a New Era of Ownership and Cultural Relevance

**Elle Communications**

* At Super Bowl LX in the Bay Area, drove national visibility for City
Year and its NFL partnership by spotlighting the opening of East Palo Alto's first regulation-sized football field and related community
activation

* Client Harbor Fund Announced Sundance Mountain Resort as New Long-Term
Home of Harbor Film Forum

* Named Agency of Record for FDA-Cleared Neurostimulation Device

* Launched "The Shift," a Quarterly Report, Weekly Newsletter,
and Live Workshop Series on the Future of Communications

* Led Press For "A Day of Unreasonable Conversation" Summit
At The Getty Center

**The Digital Dept.**

* The Digital Dept. Signed Reality TV Show Stars, Top Beauty Creators

* Ahead of Super Bowl LX, built social buzz for T-Mobile's Big Game commercial by activating creator Becca Tilley for exclusive behind-the-scenes content and talent interviews.

**Special Projects**

* Had Another Successful Year of Talent Relations for the Academy Museum
of Motion Pictures Fifth Annual Gala Honoring Penélope Cruz, Walter Salles, Bruce Springsteen, And Bowen Yang

**Youngblood**

* As Hockey Has a Hollywood Moment, Dolphin's Adaptation of Cult Classic
Youngblood Premiered in Los Angeles

* Dolphin Partnered with Vaneast Pictures To Bring Sports Drama Youngblood
to Berlin for International Sales

* Official Trailer and Key Art Released for Hubert Davis' Adaptation
of Hockey Classic "Youngblood"

* Partnered with Well Go USA for U.S. Distribution of YOUNGBLOOD

* Los Angeles Kings Joined Feature Film Youngblood

**Conference Call Information**

To participate in this event, dial in approximately 5 to 10 minutes before the beginning of the call.

Date: March 25, 2026<br> Time: 4:30pm ET<br> Toll Free: 888-506-0062 International: 973-528-0011 Participant Access Code: 255728<br> Webcast: https://www.webcaster5.com/Webcast/Page/2225/53793

**Replay**

Toll Free: 877-481-4010 International: 919-882-2331 Replay Passcode: 53793<br> Webcast Replay: https://www.webcaster5.com/Webcast/Page/2225/53793

This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, Dolphin Entertainment Inc.'s offering of common stock as well as expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by the use of words such as "will," "would," "anticipate," "expect," "believe," "designed," "plan," or "intend," the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, Dolphin Entertainment's actual results may differ materially from the results discussed in its forward-looking statements. Dolphin Entertainment's forward-looking statements contained herein speak only as of the date of this press release. Factors or events Dolphin Entertainment cannot predict, including those described in the risk factors contained in its filings with the Securities and Exchange Commission, may cause its actual results to differ from those expressed in forward-looking statements. Although Dolphin Entertainment believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved, and Dolphin Entertainment undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

CONTACT:

James Carbonara<br> HAYDEN IR<br> (646)-755-7412<br> james@haydenir.com

**ABOUT DOLPHIN:**

Dolphin (NASDAQ:DLPN) is where cultural creation meets marketing execution. Founded in 1996 by Bill O'Dowd, Dolphin operates as both a venture studio-developing and investing in breakthrough content, products, and experiences-and a marketing consortium, featuring leading agencies across every communications discipline.

At its core, the venture studio creates, produces, finances, markets, and promotes new businesses and cultural ideas - ranging from acclaimed film, television, and digital content to consumer goods, live events and partnerships that define entertainment and lifestyle. Surrounding this entrepreneurial engine, Dolphin's marketing prowess brings together best-in-class firms including 42West, The Door, Shore Fire Media, Elle Communications, Special Projects and The Digital Dept. Together, this collective delivers unmatched cross-marketing expertise and relationships across every vertical of pop culture - from film, television, music, influencers, sports, hospitality, and fashion to consumer brands and purpose-driven initiatives. Dolphin marketing has been the recipient of many accolades, including #1 Agency of the Year on the Observer PR Power List in 2025, The PR Net 100, and the PR News Elite 120.

Follow us on Instagram here.

**DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES**

**Consolidated Balance Sheets**

**As of December 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **<u>ASSETS</u>** |  |  |
| Current |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $8756585 | $8203842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 925004 | 925004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade, net of allowance of $445,523 and $1,327,808, respectively | 7848970 | 5113157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 5243931 | 5451697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 1179498 | 373399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 23953988 | 20067099 |
| Capitalized production costs, net | 520338 | 594763 |
| Employee receivable | 1196085 | 1007418 |
| Right-of-use assets | 3012941 | 4738997 |
| Goodwill | 21507944 | 21507944 |
| Intangible assets, net | 7898607 | 10189026 |
| Property, equipment and leasehold improvements, net | 50961 | 114011 |
| Other long-term assets | 189296 | 218021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $58330160 | $58437279 |

---

**(Continued)**

**DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES**

**Consolidated Balance Sheets (Continued)**

**As of December 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **<u>LIABILITIES</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $3096715 | $2344272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term loans, current portion | 1813760 | 1686018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving line of credit | 400000 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable, current portion | 3500000 | 3750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible notes payable, current portion | 1250000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration |  | 486000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest – related party | 2043087 | 1857986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation – related party | 2625000 | 2625000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities, current portion | 1912482 | 1919672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 794177 | 341153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 11096820 | 11104036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 28532041 | 26514137 |
| Noncurrent |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term loans, noncurrent portion | 2976930 | 4782271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable, noncurrent portion | 4580000 | 3130000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible notes payable | 6460000 | 5100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible notes payable– related party | 2904357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible notes payable at fair value | 270000 | 320000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans from related party | 983112 | 3225985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 1469386 | 3306033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | 463909 | 394547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent liabilities |  | 18915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 48639735 | 46791888 |
| Commitments and contingencies (Note 25) |  |  |
| **<u>STOCKHOLDERS' EQUITY</u>** |  |  |
| Preferred Stock, Series C, $0.001 par value, 50,000 shares authorized, 50,000 shares issued and outstanding at December 31, 2025 and 2024 | 1000 | 1000 |
| Common stock, $0.015 par value, 200,000,000 shares authorized, 12,221,432 and 11,162,026 shares issued and outstanding at December 31, 2025 and 2024, respectively | 183321 | 166688 |
| Additional paid in capital | 158809301 | 157692132 |
| Accumulated deficit | (149303197) | (146214429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity | 9690425 | 11645391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity | $58330160 | $58437279 |

---

**DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES**

**Consolidated Statements of Operations**

**For the years ended December 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Revenues | $56699389 | $51684984 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct costs | 2269874 | 3266461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payroll and benefits | 41916885 | 38123040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 7813177 | 7795610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition costs | 416171 | 164044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 6671557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of notes receivables |  | 1270000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration |  | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of Always Alpha Sports Management LLC | (756574) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2354585 | 2382361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and professional | 2724329 | 2447083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 56738447 | 62170156 |
| Loss from operations | (39058) | (10485172) |
| Other (expenses) income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of convertible note | 50000 | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant |  | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | (835324) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (2195024) | (2070199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (expense) income, net | (2980348) | (2030199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes | $(3019406) | $(12515371) |
| Income tax expense | (69362) | (87854) |
| Net loss | (3088768) | (12603225) |
| Loss per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.27) | $(1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.27) | $(1.22) |
| Weighted average number of shares used in per share calculation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 11558485 | 10306904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 11558485 | 10306904 |

---

**Use of Non-GAAP Financial Measures**

In order to provide greater transparency regarding our operating performance, the financial results in this press release refer to a non-GAAP financial measure that involves adjustments to GAAP results. Non-GAAP financial measures exclude certain income and/or expense items that management deems are not directly attributable to the Company's core operating results and/or certain items that are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance.

Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is defined by Dolphin as net (loss) or income adjusted for (i) interest, (ii) taxes, (iii) depreciation and amortization, (iv) write-off of assets, (v) impairment of goodwill or intangible assets, (vi) acquisition costs, (vii) equity based compensation, (viii) change in fair value of contingent consideration, convertible notes and warrants, (ix) allowance for credit losses, (x) loss on extinguishment of debt, (xi) gains or losses on sale of subsidiaries, (xii) litigation costs; and (xiii) impairment of capitalized production costs.

Management believes that the presentation of operating results using this non-GAAP financial measure provides useful supplemental information for investors by providing them with the non-GAAP financial measure used by management for financial and operational decision making, planning and forecasting and in managing the business. This non-GAAP financial measure does not replace the presentation of financial information in accordance with U.S. GAAP. These non-GAAP financial results should not be considered a measure of liquidity and is unlikely to be comparable to non-GAAP financial measures provided by other companies.

**Reconciliation of GAAP net (loss) income to non-GAAP Adjusted EBITDA**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended**<br> **December 31,**  | **Twelve Months Ended**<br> **December 31,**  | **Three Months Ended** <br> **December 31,**  | **Three Months Ended** <br> **December 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income (GAAP) | $(3088768) | $(12603225) | $1019706 | $(1959611) |
| Adjustments to GAAP measure: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 2195024 | 2070199 | 467203 | 520914 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 69362 | 87854 | 26317 | 43148 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 2354585 | 2382361 | 582093 | 636782 |
| &nbsp;&nbsp;&nbsp;Write off of assets |  | 1270000 |  |  |
| &nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 6671557 |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition costs | 416171 | 164044 |  |  |
| &nbsp;&nbsp;&nbsp;Equity based compensation | 12399 | 364650 | 456 | 3933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration |  | 50000 |  | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of convertible note and warrant | (50000) | (40000) | (30000) | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | 441875 | 505173 | 177292 | 204143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 835324 |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain on sale of Always Alpha | (756574) |  | (756574) |  |
| &nbsp;&nbsp;&nbsp;Litigation costs | 333866 |  | 129099 |  |
| &nbsp;&nbsp;&nbsp;Impairment of capitalized production costs | 88127 |  | 88127 |  |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA (non-GAAP) | $2851391 | $922613 | $1703719 | $(480691) |

---