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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): November 10, 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 November 10, 2026, Dolphin
Entertainment, Inc., a Florida corporation (the “Company”), issued a press release announcing its financial results
for the three and nine months ended September 30, 2026. 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
|
Exhibit
Number |
Description |
| 99.1 |
Press
Release dated November 10, 2026 |
| 104 |
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. |
| |
|
|
|
| Date: November 10, 2026 |
|
|
|
By: |
|
/s/
Mirta A. Negrini |
| |
|
|
|
|
|
Mirta A. Negrini |
| |
|
|
|
|
|
Chief Financial Officer |
Exhibit 99.1
Dolphin
Entertainment Reports Record Revenue in Third Quarter 2026
Q3’26 Revenue Rises 8.3% YoY to
a record $16.0 Million; Net Income of $0.2 Million or $0.02 per share; Adjusted EBITDA Up 42.9% YoY to $1.6 Million or $0.12 per share
Anticipates Four Ventures in 2027, with
First Expected in Q1 2027
MIAMI, FL / ACCESS Newswire / November 10, 2026 / Dolphin (NASDAQ:DLPN),
a leading entertainment marketing and premium content production company, today announced its financial results for the third quarter
ended September 30, 2026.
Bill O’Dowd, CEO of Dolphin, commented:
“Dolphin had an outstanding third quarter. Revenue for the
quarter grew 8.3% year-over-year to $16.0 million, the highest quarterly revenue in Dolphin’s history, even including Q1 2024 when
we reported $3.4 million from Blue Angels. This is all organic growth, and actually would have been 9.7% excluding Always Alpha, which
we spun-out in November 2025. For the first nine months, revenue grew 5.4% to $43.3 million, or 6.5% excluding Always Alpha.
Last quarter, we said to expect a meaningful step up in profitability
in the third quarter, and that is what we delivered. We reported net income of $0.2 million, compared to a net loss of $0.4 million a
year ago, and adjusted EBITDA increased 42.9% to $1.6 million versus $1.1 million a year ago. For the first nine months, adjusted EBITDA
increased 24% to $1.4 million versus $1.1 million a year ago. We believe that our large non-cash amortization expenses often obscure our
cash flow results, which is why we prefer to measure ourselves using adjusted EBITDA versus net income. We built Dolphin to grow steadily
and to grow profits faster than revenue, and this quarter shows it. Revenue grew more than 8%, well ahead of growth in our core operating
costs.
We expect continued improved operating results in the quarters
ahead, especially as we get stronger each quarter in cross-selling services between our various agencies. We expect to continue to be
able to leverage our horizontal scale across the major sectors of entertainment, and our vertical scale in the various disciplines of
earned media.
The free cash flow drivers we have discussed also remain on schedule.
The largest of our New York and Los Angeles leases expire in the second half of 2027, from which we expect to save more than $1 million
a year, and our primary bank term loan matures in September 2028, which will free up approximately $2.2 million a year in principal and
interest payments. With approximately $127 million in NOL carryforwards, we expect most of these savings to flow directly to free cash
flow.
We also expect 2027 to be a big year for our ventures. We have
identified our next two ventures and expect at least one to be in market in the first quarter of 2027, and we are on track for three more
during the year, for a total of four in 2027.
At Graviteur Studios, Kristen Brancaccio will direct our first
feature, “Crush Party.” Kristen directed Issa Rae’s vertical series Screen Time, the most-watched English-language microdrama
on TikTok, with more than 580 million views. Casting is underway, and production is slated to begin in the first half of 2027.
Finally, I have continued to buy Dolphin stock every week under
my 10b5-1 plan and now own over 5% of the common shares outstanding. Management remains closely aligned with shareholders in building
long-term value.”
Q3 2026 and Recent Highlights
| • | Total revenue for the three months ended September 30, 2026, was $16.0 million, the highest quarterly
revenue in the Company’s history and an increase of 8.3% from $14.8 million last year. Total revenue for the nine months ended September
30, 2026, was $43.3 million, an increase of 5.4% from $41.1 million last year. |
| • | Income from operations was $0.8 million for the three months ended September 30, 2026, an increase of
167% from $0.3 million for the three months ended September 30, 2025. |
| • | Operating expenses for Q3 2026 were $15.2 million, including non-cash depreciation and amortization
of $0.5 million and approximately $0.4 million of litigation-related legal costs. This compares to operating expenses of $14.5 million
in Q3 2025. |
| • | Net income for Q3 2026 was $0.2 million, compared to a net loss of $0.4 million for Q3 2025. |
| • | Basic and diluted earnings per share for Q3 2026 was $0.02 based on 13,029,555 and 13,093,494 weighted
average shares outstanding, respectively, compared to basic and diluted loss per share in Q3 2025 of $(0.03) based on 11,770,195 weighted
average shares outstanding. |
| • | Adjusted EBITDA for Q3 2026 was approximately $1.6 million, an increase of 42.9% from approximately
$1.1 million in Q3 2025. Adjusted EBITDA basic earnings per share for Q3 2026 was $0.12 based on 13,029,555 weighted average shares outstanding,
and fully diluted earnings per share was $0.08 based on 20,090,590 weighted average shares outstanding, compared to Adjusted EBITDA for
Q3 2025 of $1.1 million, or $0.09 basic earnings per share and $0.06 fully diluted earnings per share based on 11,770,195 and 17,842,349,
respectively, weighted average shares outstanding. |
| • | Adjusted EBITDA for the nine months ended September 30, 2026, was approximately $1.4 million, an increase
of 24.2% from approximately $1.1 million for the same period last year. |
| • | Cash and cash equivalents were $8.1 million as of September 30, 2026, compared to $7.7 million as of
June 30, 2026, and $8.8 million as of December 31, 2025. |
Dolphin
| • | Identified its next two ventures, with at least one expected to be in market in the first quarter of
2027, with two more expected during the year for a total of four in 2027 |
| • | Named to The PR Net 100 2026, the annual list of leading global agencies recognized for talent, innovation
and influence in marketing and communications |
| • | Graviteur Studios, the creator-driven film and television studio from Dolphin and KYNETIC Media Ventures,
set Kristen Brancaccio, director of Issa Rae’s vertical series Screen Time, to direct its first feature, “Crush Party”,
slated to begin production in the first half of 2027 |
| • | Subsidiaries Special Projects, 42West and The Digital Dept. delivered a wide-ranging presence at New
York Fashion Week |
| • | Presented at the 20th Annual LD Micro Main Event |
42West
| • | Delivered a slate of 16 titles at the 51st Toronto International Film Festival, including People’s
Choice Documentary Award winner Darlene Love: I Know Where I’ve Been |
| • | Handled Christian Siriano’s SS27 fashion show at New York Fashion Week |
Shore Fire Media
| • | Client Qobuz, the high-quality music streaming and download platform, was named one of TIME’s
Best Inventions of 2026 in the Entertainment & Gaming category |
| • | Client Angélique Kidjo became the first African musician honored with a star on the Hollywood
Walk of Fame |
| • | Supported estate clients through milestone years, including the John Coltrane and Miles Davis centennials
and Fela Kuti’s upcoming Rock & Roll Hall of Fame induction |
The Door
| • | Named U.S. public relations agency for Kewpie, Japan’s iconic mayonnaise and condiment brand |
| • | The Door’s DISRPT division returned as CultureCon’s agency of record for the fifth consecutive
year |
Elle Communications
| • | Named communications and thought leadership agency for The Longest Table, a movement that has supported
more than 200 community tables in more than 40 cities |
The Digital Dept.
| • | Grew its talent roster to more than 380 creators, up from roughly 250 a year ago, expanded its team
by 45% and started new teams in Dallas and Boston |
| • | Hosted an exclusive Ranch House for its creators at LTK Con 2026 |
Special Projects
| • | Produced events during Academy Museum Gala week with W Magazine, FENDI, Boucheron and Cartier |
| • | Partnered with Moncler, CHANEL and Rag & Bone on events during New York Fashion Week |
Conference Call Information
To participate in this event, dial in approximately 5 to 10 minutes
before the beginning of the call.
Date: November 10, 2026
Time: 4:30pm ET
Toll Free: 877-545-0320 International: 973-528-0002 Participant
Access Code: 268677
Webcast: https://www.webcaster5.com/Webcast/Page/2225/54781
Replay
Toll Free: 877-481-4010 International: 919-882-2331 Replay Passcode:
54781
Webcast Replay: https://www.webcaster5.com/Webcast/Page/2225/54781
Forward-Looking Statements
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 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
HAYDEN IR
(646)-755-7412
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 No. 1 Agency of the Year on the Observer PR Power List in 2025, The PR Net
100 and the PRNEWS Agency Elite Top 120. Follow us on Instagram here.
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | |
| | |
| |
| | |
September 30, 2026 | | |
December 31, 2025 | |
| ASSETS | |
| | | |
| | |
| Current | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 8,140,757 | | |
$ | 8,756,585 | |
| Restricted cash | |
| 925,004 | | |
| 925,004 | |
| Accounts receivable: | |
| | | |
| | |
| Trade, net of allowance of $369,863 and $1,327,808, respectively | |
| 8,754,978 | | |
| 7,848,970 | |
| Other receivables | |
| 6,007,017 | | |
| 5,243,931 | |
| Other current assets | |
| 994,414 | | |
| 1,179,498 | |
| Total current assets | |
| 24,822,170 | | |
| 23,953,988 | |
| | |
| | | |
| | |
| Capitalized production costs, net | |
| 532,908 | | |
| 520,338 | |
| Employee receivable | |
| 1,228,085 | | |
| 1,196,085 | |
| Right-of-use assets | |
| 2,084,146 | | |
| 3,012,941 | |
| Goodwill | |
| 21,507,944 | | |
| 21,507,944 | |
| Intangible assets, net | |
| 6,329,979 | | |
| 7,898,607 | |
| Property, equipment and leasehold improvements, net | |
| 316,813 | | |
| 50,961 | |
| Other long-term assets | |
| 189,151 | | |
| 189,296 | |
| Total Assets | |
$ | 57,011,196 | | |
$ | 58,330,160 | |
| | |
| | | |
| | |
| LIABILITIES | |
| | | |
| | |
| Current | |
| | | |
| | |
| Accounts payable | |
$ | 4,170,718 | | |
$ | 3,096,715 | |
| Term loans, current portion | |
| 1,925,510 | | |
| 1,813,760 | |
| Revolving line of credit | |
| 400,000 | | |
| 400,000 | |
| Notes payable, current portion | |
| 3,000,000 | | |
| 3,500,000 | |
| Convertible notes payable, current portion | |
| — | | |
| 1,250,000 | |
| Accrued interest – related party | |
| 2,407,175 | | |
| 2,043,087 | |
| Accrued compensation – related party | |
| 2,625,000 | | |
| 2,625,000 | |
| Lease liabilities, current portion | |
| 1,278,772 | | |
| 1,912,482 | |
| Deferred revenue | |
| 302,466 | | |
| 794,177 | |
| Other current liabilities | |
| 12,771,867 | | |
| 11,096,820 | |
| Total current liabilities | |
| 28,881,508 | | |
| 28,532,041 | |
| | |
| | | |
| | |
| Noncurrent | |
| | | |
| | |
| Term loans, noncurrent portion | |
| 2,819,421 | | |
| 2,976,930 | |
| Notes payable, noncurrent portion | |
| 5,270,000 | | |
| 4,580,000 | |
| Convertible notes payable | |
| 7,950,000 | | |
| 6,460,000 | |
| Convertible notes payable – related party | |
| 2,710,584 | | |
| 2,904,357 | |
| Convertible note payable at fair value | |
| 240,000 | | |
| 270,000 | |
| Loans from related party | |
| 983,112 | | |
| 983,112 | |
| Lease liabilities | |
| 1,201,380 | | |
| 1,469,386 | |
| Deferred tax liability | |
| 492,897 | | |
| 463,909 | |
| Total Liabilities | |
| 50,548,902 | | |
| 48,639,735 | |
| Commitments and contingencies (Note 12) | |
| | | |
| | |
| | |
| | | |
| | |
| STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| Preferred Stock, Series C, $0.001 par value, 50,000 shares authorized, 50,000 shares issued and outstanding at September 30, 2026 and December 31, 2025 | |
| 1,000 | | |
| 1,000 | |
| Common stock, $0.015 par value, 200,000,000 shares authorized, 13,033,831 and 12,221,432 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | |
| 195,508 | | |
| 183,321 | |
| Additional paid-in capital | |
| 159,636,281 | | |
| 158,809,301 | |
| Accumulated deficit | |
| (153,370,495 | ) | |
| (149,303,197 | ) |
| Total Stockholders’ Equity | |
| 6,462,294 | | |
| 9,690,425 | |
| Total Liabilities and Stockholders’ Equity | |
$ | 57,011,196 | | |
$ | 58,330,160 | |
DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| | |
| | |
| | |
| | |
| |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| | |
| | |
| | |
| | |
| |
| Revenues | |
$ | 16,020,848 | | |
$ | 14,796,309 | | |
$ | 43,267,935 | | |
$ | 41,053,549 | |
| | |
| | | |
| | | |
| | | |
| | |
| Expenses: | |
| | | |
| | | |
| | | |
| | |
| Direct costs | |
| 861,875 | | |
| 643,931 | | |
| 2,674,851 | | |
| 1,730,516 | |
| Payroll and benefits | |
| 10,918,192 | | |
| 10,397,559 | | |
| 32,996,097 | | |
| 31,004,544 | |
| Selling, general and administrative | |
| 1,837,458 | | |
| 2,041,440 | | |
| 5,682,969 | | |
| 5,735,759 | |
| Depreciation and amortization | |
| 537,709 | | |
| 589,388 | | |
| 1,608,951 | | |
| 1,772,492 | |
| Acquisition cost | |
| — | | |
| — | | |
| — | | |
| 416,171 | |
| Legal and professional | |
| 1,042,066 | | |
| 815,695 | | |
| 2,649,012 | | |
| 1,916,351 | |
| Total expenses | |
| 15,197,300 | | |
| 14,488,013 | | |
| 45,611,880 | | |
| 42,575,833 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income (loss) from operations | |
| 823,548 | | |
| 308,296 | | |
| (2,343,945 | ) | |
| (1,522,284 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other (expenses) income, net: | |
| | | |
| | | |
| | | |
| | |
| Change in fair value of convertible note | |
| 10,000 | | |
| (50,000 | ) | |
| 30,000 | | |
| 20,000 | |
| Loss on extinguishment of debt | |
| — | | |
| — | | |
| — | | |
| (835,324 | ) |
| Interest income | |
| 2,714 | | |
| 4,164 | | |
| 16,333 | | |
| 21,443 | |
| Interest expense | |
| (612,301 | ) | |
| (627,954 | ) | |
| (1,740,698 | ) | |
| (1,749,264 | ) |
| Total other (expenses) income, net | |
| (599,587 | ) | |
| (673,790 | ) | |
| (1,694,365 | ) | |
| (2,543,145 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
| Income tax benefit (expense) | |
| 6,316 | | |
| — | | |
| (28,988 | ) | |
| (43,045 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net income (loss) | |
$ | 230,277 | | |
$ | (365,494 | ) | |
$ | (4,067,298 | ) | |
$ | (4,108,474 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Earnings (loss) per share: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | 0.02 | | |
$ | (0.03 | ) | |
$ | (0.32 | ) | |
$ | (0.36 | ) |
| Diluted | |
$ | 0.02 | | |
$ | (0.03 | ) | |
$ | (0.32 | ) | |
$ | (0.36 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of shares outstanding: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 13,029,555 | | |
| 11,770,195 | | |
| 12,737,967 | | |
| 11,370,007 | |
| Diluted | |
| 13,093,494 | | |
| 11,770,195 | | |
| 12,737,967 | | |
| 11,370,007 | |
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 non-GAAP financial measures that involve 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 EPS is calculated by dividing adjusted EBITDA by the
weighted average number of basic and diluted shares outstanding for periods in which the Company reports adjusted EBITDA, consistent with
the Company’s convention for GAAP earnings per share. The Company uses the two-class method when calculating adjusted EPS in periods
where the adjusted EBITDA results in income as the participating securities have the right to participate in undistributed earnings. To
calculate the adjusted EPS, the adjusted EBITDA is reduced by the amount of the adjusted EBITDA that is available to the participating
security holders.
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 are unlikely to be comparable to non-GAAP financial measures provided by other
companies.
Reconciliation of GAAP Net Income (Loss)
to Non-GAAP Adjusted EBITDA
| | |
Three
Months Ended Sept. 30, | | |
Nine Months
Ended Sept. 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Net income (loss) (GAAP) | |
$ | 230,277 | | |
$ | (365,494 | ) | |
$ | (4,067,298 | ) | |
$ | (4,108,474 | ) |
| Adjustments to GAAP measure: | |
| | | |
| | | |
| | | |
| | |
| Interest expense, net | |
| 609,587 | | |
| 623,790 | | |
| 1,724,365 | | |
| 1,727,821 | |
| Income tax (benefit) expense | |
| (6,316 | ) | |
| — | | |
| 28,988 | | |
| 43,045 | |
| Depreciation and amortization | |
| 537,709 | | |
| 589,388 | | |
| 1,608,951 | | |
| 1,772,492 | |
| Acquisition costs | |
| — | | |
| — | | |
| 52,728 | | |
| 416,171 | |
| Change in fair value of convertible note | |
| (10,000 | ) | |
| 50,000 | | |
| (30,000 | ) | |
| (20,000 | ) |
| Loss on extinguishment of debt | |
| — | | |
| — | | |
| — | | |
| 835,324 | |
| Allowance for credit losses | |
| (115,509 | ) | |
| 115,422 | | |
| 56,292 | | |
| 264,583 | |
| One-time advance on distribution of Youngblood | |
| — | | |
| — | | |
| 700,000 | | |
| — | |
| Non-recurring retention bonuses | |
| — | | |
| — | | |
| 360,000 | | |
| — | |
| Litigation costs | |
| 352,672 | | |
| 105,196 | | |
| 940,057 | | |
| 175,474 | |
| Adjusted EBITDA (non-GAAP) | |
$ | 1,598,420 | | |
$ | 1,118,302 | | |
$ | 1,374,083 | | |
$ | 1,106,436 | |
| Three Months Ended Sept. 30, | |
| | |
| | |
| | |
| |
| Adjusted Basic EPS based on Adjusted EBITDA (non-GAAP) | |
$ | 0.12 | | |
$ | 0.09 | | |
$ | 0.11 | | |
$ | 0.10 | |
| Adjusted Fully Diluted EPS | |
$ | 0.08 | | |
$ | 0.06 | | |
$ | 0.07 | | |
$ | 0.06 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of shares outstanding: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 13,029,555 | | |
| 11,770,195 | | |
| 12,737,967 | | |
| 11,370,007 | |
| Fully Diluted | |
| 20,090,590 | | |
| 17,842,349 | | |
| 19,462,451 | | |
| 16,879,023 | |
Reconciliation of GAAP EPS to Non-GAAP
EPS
| | |
Three Months Ended September 30, | | |
Nine Months Ended
September 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Earnings (loss) per share (GAAP) | |
$ | 0.02 | | |
$ | (0.03 | ) | |
$ | (0.32 | ) | |
$ | (0.36 | ) |
| Adjustments to GAAP measure: | |
| | | |
| | | |
| | | |
| | |
| Interest expense | |
| 0.05 | | |
| 0.05 | | |
| 0.14 | | |
| 0.15 | |
| Depreciation and amortization | |
| 0.04 | | |
| 0.05 | | |
| 0.13 | | |
| 0.16 | |
| Acquisition costs | |
| — | | |
| — | | |
| — | | |
| 0.04 | |
| Other one-time (income) expenses | |
| (0.01 | ) | |
| 0.00 | | |
| 0.01 | | |
| — | |
| Loss on extinguishment of debt | |
| — | | |
| 0.00 | | |
| — | | |
| 0.07 | |
| Allowance for credit losses | |
| (0.01 | ) | |
| 0.01 | | |
| — | | |
| 0.02 | |
| One-time advance on distribution of Youngblood | |
| — | | |
| — | | |
| 0.05 | | |
| — | |
| Non-recurring retention bonuses | |
| — | | |
| — | | |
| 0.03 | | |
| — | |
| Litigation costs | |
| 0.03 | | |
| 0.01 | | |
| 0.07 | | |
| 0.02 | |
| Adjusted Basic EPS based on Adjusted EBITDA (non-GAAP) | |
$ | 0.12 | | |
$ | 0.09 | | |
$ | 0.11 | | |
$ | 0.10 | |
| Adjusted Fully Diluted EPS | |
$ | 0.08 | | |
$ | 0.06 | | |
$ | 0.07 | | |
$ | 0.06 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of shares outstanding: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 13,029,555 | | |
| 11,770,195 | | |
| 12,737,967 | | |
| 11,370,007 | |
| Fully Diluted | |
| 20,090,590 | | |
| 17,842,349 | | |
| 19,462,451 | | |
| 16,879,023 | |
