June 01, 2026
Dolphin Cove Limited (DCOVE)
Audited financials for the twelve months ended December 31, 2025:
Expressed in United States dollars except where otherwise stated
Dolphin Cove Limited (DCOVE) for the twelve months ended December 31, 2025, reported a 14% decrease in Total Revenue totaling US$13.09 million compared to US$15.30 million in the corresponding period last year. Total Revenue for the fourth quarter had a 62% decrease to close at US$1.26 million compared to US$3.34 million for the comparable quarter of 2024.
Direct Costs amounted to US$2.08 million (2024: US$2.36 million), representing a decrease of 12% year over year. Consequently, Gross Profit decreased by 15% to US$11.01 million compared to US$12.94 million for the twelve months ended December 31, 2024. The company booked Gross Profit of US$621,461 for the fourth quarter versus US$2.46 million reported for the similar quarter of 2024.
Selling Expenses decreased by 10% to close at US$2.76 million (2024: US$3.08 million), while Administrative Expenses increased by 2% from US$2.66 million in 2024 to US$2.72 million in the period under review. Other Operations Expenses increased by 5% to US$4.31 million compared to US$4.12 million in 2024. As a result, Total Operating Expenses for the twelve months ended December 31, 2025, amounted to US$9.79 million, a 1% decrease relative to US$9.86 million reported in 2024.
Loss Before Finance Income and Costs for the twelve months ended December 31, 2025, amounted to US$1.80 million, compared to Profit Before Finance Income and Costs of US$2.94 million reported in 2024. For the fourth quarter, Loss Before Finance Income and Costs amounted to US$4.91 million compared to a loss of US$232,347 in the corresponding quarter of 2024. The full-year performance was materially impacted by an increase in allowance for impairment on related parties of US$2.82 million.
Net Finance Costs totalled US$430,810, a 28% decrease from the US$594,742 reported in the corresponding period last year. Finance Income increased to US$89,160 from US$56,640, while Finance Costs decreased to US$519,970 from US$651,382.
Loss Before Taxation for the twelve months ended December 31, 2025, amounted to US$2.23 million, compared to Profit Before Taxation of US$2.35 million reported in 2024. Loss Before Taxation for the fourth quarter amounted to US$5.01 million compared to a loss before taxation of US$433,796 in the similar quarter of 2024.
Taxation for the twelve months ended December 31, 2025, amounted to US$118,159, a 77% decrease relative to US$520,795 reported in 2024. Net Loss for the twelve months amounted to US$2.34 million, compared to Net Profit of US$1.83 million reported in 2024. For the fourth quarter, Net Loss was US$4.78 million compared to a Net Loss of US$506,453 in the prior year.
Consequently, Loss Per Share for the twelve months amounted to 0.60 US cents, or approximately J$0.96 using the 2025 exchange rate of J$159.84. This compares to Earnings Per Share of 0.47 US cents, or approximately J$0.73 using the 2024 exchange rate of J$156.25. Loss Per Share for the quarter totalled approximately US$0.01, while the number of shares used in these calculations was 392,426,376.
Notably, DCOVE’s stock price closed the trading period on May 29, 2026, at a price of J$10.15.
Balance Sheet Highlights
The company’s assets totalled US$33.34 million, an 11% decrease from US$37.63 million booked in 2024. The decrease in total assets was mainly driven by lower amounts due from related companies, which fell to US$535,940 from US$1.87 million, as well as the elimination of the amount due from the parent company, which was nil in 2025 compared to US$848,648 in 2024. Cash and Cash Equivalents also declined to US$380,346 from US$1.42 million, while Live Assets decreased to US$2.92 million from US$3.21 million. This was partly offset by higher Trade and Other Receivables, which increased to US$2.10 million from US$1.52 million.
Shareholder’s Equity was US$27.24 million (2024: US$31.07 million), representing a book value per share of US$0.07, or approximately J$11.09 using the 2025 exchange rate of J$159.84. This compares to US$0.08, or approximately J$12.37 using the 2024 exchange rate of J$156.25.
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