June 18, 2026
Dolphin Cove Limited (DCOVE)
Unaudited financials for the first quarter ended March 31, 2026:
Expressed in United States dollars except where otherwise stated
Dolphin Cove Limited (DCOVE) for the first quarter ended March 31, 2026, reported a 38% decrease in Total Revenue totalling US$2.55 million compared to US$4.08 million in the corresponding three months last year.
Direct Costs amounted to US$280,262 (2025: US$542,884), representing a decrease of 48% year over year. Consequently, Gross Profit decreased by 36% to US$2.27 million compared to US$3.54 million for the first quarter ended March 31, 2025.
Selling Expenses decreased by 31% to close at US$595,393 (2025: US$856,822), while Administrative Expenses decreased by 3% from US$599,489 in 2025 to US$582,804 for the three months. Other Operating Expenses also decreased by 3% to US$961,928 from US$990,658. As a result, Total Operating Expenses for the first quarter amounted to US$2.14 million, a 13% decrease relative to US$2.45 million reported in 2025.
The company recorded a reversal of impairment losses on trade receivables of US$167,548. Consequently, Profit Before Finance Income and Costs for the three months amounted to US$333,249, a 70% decrease relative to US$1.10 million reported in 2025.
Finance Income amounted to nil, compared to US$27,234 in 2025, while Finance Costs decreased by 8% to US$134,837 from US$145,931 in the corresponding period last year.
Profit Before Taxation for the first quarter ended March 31, 2026, amounted to US$198,412, an 80% decrease relative to US$976,406 reported in 2025.
Taxation Expense for the three months amounted to US$55,611, a 53% decrease relative to US$117,115 reported in 2025. Net Profit for the three months amounted to US$142,801, an 83% decrease from the US$859,290 reported in 2025.
Consequently, Earnings Per Share for the three months amounted to US$0.0004, or approximately J$0.06. This compares to EPS of US$0.0022, or approximately J$0.35. The twelve-month trailing Loss Per Share was US$0.0078, or approximately J$1.24, and the number of shares used in these calculations was 392,426,376.
Notably, DCOVE’s stock price closed the trading period on June 17, 2026, at a price of J$10.00.
Balance Sheet Highlights
The company’s assets totalled US$33.39 million (2025: US$37.95 million), representing a 12% decrease year over year. The decline in total assets was mainly driven by lower balances due from related companies, which fell to US$36,993 from US$2.05 million, as well as the absence of the US$1.13 million due from the parent company and the US$1.11 million advance to a related company reported in the prior year. Trade and Other Receivables also decreased to US$1.13 million from US$1.51 million.
Shareholders’ Equity was US$27.39 million (2025: US$31.60 million), representing a book value per share of approximately US$0.07, or J$11.07. This compares to a book value per share of approximately US$0.08, or J$12.76.
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