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.

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.