SRM Entertainment Reports 2023 Annual Results and Business Updates

Launched SRM’s patented Sip With Me cups branded with loveable characters

Added Industry Veterans to Team

Trusted Supplier for Major Theme Parks

JUPITER, FL, April 02, 2024 (GLOBE NEWSWIRE) -- SRM Entertainment, Inc., (Nasdaq: SRM) (the “Company” or “SRM”) which designs, develops, and manufactures custom products, toys and souvenirs for the world's largest theme parks and other leading entertainment venues, announced its fiscal results for the year ended December 31, 2023.

For the year ended December 31, 2023, SRM had revenues of $5,760,533 and a gross profit of $1,317,450. We showed a net loss for the year of $2,053,859 which included the non-recurring costs of going public and awareness campaign which drove our expenses to be significantly higher than the previous year.

In 2023, SRM welcomed industry veterans to our team, adding imagination and artistic design talent along with a product development specialist. In addition to our existing theme park business, SRM currently has several new products in development that will be available in Orlando’s biggest theme parks later this year and in 2025. These new creations continue to demonstrate SRM’s ability to bring movies and imagination to life.

SRM’s design team was able to deliver several holiday themed products that were highly successful for our theme park customers. SRM designed and created new products from a billion-dollar movie franchise’s characters which were brought to life in theme parks worldwide. We launched SRM’s patented Sip With Me cups branded with loveable Smurfs, Zoonicorn and Animal Friend characters.

SRM has licensing relationships with many established content providers, and our products appear in venues such as Walt Disney Parks and Resorts, Universal Studios, SeaWorld, Cedar Fair, Herschend Family Entertainment and Merlin Entertainment. We currently have licenses with Smurfs, The ICEE Company and Zoonicorn LLC, which allows us to create multiple products based on each character. Content providers trust us to design, create and manufacture unique, stylized extensions of their intellectual property through ongoing engagement with our consumers, therefore maximizing the lifetime value of their content.