Direct Digital Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
DRCT$0.91-39.7%Stored close · as of Oct 2, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows for the
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash Flows Used In Operating Activities: | ||
| Net loss | $(15,136) | $(13,338) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Amortization of deferred financing cost and debt discount (premium), net | 3,123 | 558 |
| Amortization of intangible assets | 1,465 | 1,465 |
| Reduction in carrying amount of right-of-use assets | 135 | 115 |
| Depreciation and amortization of property, equipment and software | 215 | 205 |
| Stock-based compensation | 1,079 | 811 |
| Deferred income taxes | — | 6,132 |
| Derecognition of tax receivable agreement liability | — | (5,201) |
| Provision for credit losses/bad debt expense | 6 | 36 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 1,373 | 30,884 |
| Prepaid expenses and other assets | (878) | (394) |
| Accounts payable | 639 | (27,474) |
| Accrued liabilities and tax receivable agreement payable | 978 | (1,471) |
| Income taxes payable | 66 | 65 |
| Deferred revenues | 41 | 595 |
| Operating lease liability | (142) | (83) |
| Net cash used in operating activities | (7,036) | (7,095) |
| Cash Flows Used In Investing Activities: | ||
| Cash paid for capitalized software and property and equipment | (38) | (17) |
| Net cash used in investing activities | (38) | (17) |
| Cash Flows Provided by Financing Activities: | ||
| Proceeds from note payable | 3,804 | — |
| Payments on term loan | — | (373) |
| Proceeds from line of credit | — | 6,700 |
| Payments on shares withheld for taxes | — | (551) |
| Payment of expenses for Equity Reserve Facility | (198) | — |
| Proceeds from issuance of Class A Common Stock | 6,708 | — |
| Payments on financed insurance premiums | (114) | — |
| Payments on line of credit | (3,700) | — |
| Proceeds from options exercised | — | 92 |
| Proceeds from warrants exercised | — | 215 |
| Net cash provided by financing activities | 6,500 | 6,083 |
| Net decrease in cash and cash equivalents | (574) | (1,029) |
| Cash and cash equivalents, beginning of the period | 1,445 | 5,116 |
| Cash and cash equivalents, end of the period | $871 | $4,087 |
| Non-cash Financing Activities: | ||
| Financed insurance premiums | $291 | $— |
| Common stock issued for subscription receivable | $525 | $— |
| Conversion of term loan into preferred stock net of premium | $21,399 | $— |
| Accrued term loan amendment closing fee | $1,000 | $— |
| Funding of interest reserve through debt | $93 | $— |
| Non-cash funding of debt issuance costs | $78 | $— |
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