SRM Entertainment Corporate Update

Multi-year license agreements for SRM Entertainment’s patented Sip with Me children’s cups

2024 will see the launch of several new SRM product lines

JUPITER, FL, Nov. 01, 2023 (GLOBE NEWSWIRE) -- SRM Entertainment, Inc. (Nasdaq: SRM) (the “Company” or “SRM”) is a trusted toy and souvenir designer and developer, selling into the world’s largest theme parks and entertainment venues. 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, Six Flags and Imagine Exhibitions.

Starting in 2020, SRM refocused its business plan which has allowed us to deliver significant growth. Increasing the strength of our management team and building stronger relationships with content providers, retailers, and third-party manufacturers allows us to move from product concept to a new product more efficiently. These strategic improvements have been reflected in our business results:

Income statements		2022				2021
Revenue
Sales		$	6,076,116			$	2,665,827
Cost of Sales			4,845,217				2,110,395
Gross profit			1,230,899				555,432
Operating expense			886,398				584,493
Net Income (loss)		$	344,501			$	(29,061	)