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Dolphin Entertainment (NASDAQ:DLPN) announces the release of a new 'Blue Angels' featurette, ahead of its documentary debut in IMAX theaters nationwide on May 17, 2024. The featurette, featuring insights from J.J. Abrams and Glen Powell, was previously shared on Entertainment Weekly.
The documentary will be available in IMAX theaters for one week and will stream on Prime Video starting May 23, 2024. Dolphin Entertainment specializes in entertainment marketing and production, providing publicity and strategic marketing services through its subsidiaries: 42West, The Door, and Shore Fire Media. The company has a multi-year agreement with IMAX for co-producing feature documentaries.
Dolphin Entertainment (NASDAQ:DLPN) reported a significant revenue increase of 54% year-over-year for Q1 2024, reaching a record $15.2 million. This also marks a 27% increase over the previous quarter's record. The company achieved a positive Adjusted Operating Income of $1.0 million, a dramatic improvement from the $1.9 million loss in Q1 2023, and a 236% increase from Q4 2023.
Key highlights include the launch of 'Staple Gin' with Rachael Ray, the debut of the 'Blue Angels' documentary, and anticipated announcements of new ventures. The company ended Q1 2024 with $7.5 million in cash and equivalents. Operating expenses rose to $15.1 million from $12.5 million in Q1 2023, and net loss decreased from $3.0 million to $0.3 million year-over-year.
Other achievements include rebranding initiatives, successful client campaigns at major award events, and expansion in various entertainment sectors. The company anticipates further growth through strategic ventures and ownership stakes in new projects.
Dolphin Entertainment (NASDAQ: DLPN) will host an earnings call on May 14, 2024, to discuss financial results for the first quarter of 2024. The call will take place at 4:30 PM ET. Participants can join via phone or webcast.
