Full-Year Revenue Growth
Total revenue grew ~10% year-over-year to $56.7 million in 2025 (from $51.7 million in 2024).
Fourth Quarter Acceleration (Organic)
Q4 2025 revenue was $15.6 million, up 27% year-over-year, and management emphasized this growth was entirely organic (same companies in Q4 2024 and Q4 2025).
Adjusted EBITDA Expansion
Full-year adjusted EBITDA rose to $2.9 million from $0.9 million in 2024 — an increase of ~222% — demonstrating strong operating leverage and margin improvement.
Quarterly Profitability Improvement
Q4 2025 adjusted EBITDA was $1.7 million versus an adjusted EBITDA loss of $0.5 million in Q4 2024, a $2.2 million year-over-year swing in a single quarter.
Significant Improvement in GAAP Loss Metrics
Operating loss improved from a $10.5 million loss in 2024 to a $39,058 loss in 2025 (essentially breakeven), and net loss narrowed from $12.6 million to ~$3.1 million (a reduction of ~75%).
Earnings Per Share Improvement
Basic and diluted loss per share improved to $0.27 in 2025 from $1.22 in 2024 (loss per share reduced by ~78%).
Strong Tax Shield and Cash Conversion
Company holds approximately $127 million of federal and state net operating loss (NOL) carryforwards and reports low capital expenditure requirements, supporting the conversion of EBITDA to free cash flow.
Strategic Growth Initiatives: DealMaker Partnership
Announced strategic partnership with DealMaker to monetize community capital raises for celebrity/influencer-led consumer brands; expected revenue sources include marketing fees and potential equity stakes with little to no upfront capital outlay from Dolphin.
New AI-Led Service Offering: Dolphin Intelligence
Launched Dolphin Intelligence to offer AI readiness audits, generative engine optimization and analytics (partnered with OtterlyAI), positioning the company to capture high-margin advisory work and increase internal operating efficiencies.
Operational and Capital Structure Catalysts
Expected ~$1 million annualized lease savings beginning end of year (NY leases rolling off), and full repayment of bank debt scheduled by Sept 29, 2028, both expected to improve margins and free cash flow.