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 Operations for the and
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share data)
| Three Months Ended September 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues | ||||
| Sell-side advertising | $641 | $2,202 | $5,153 | $33,001 |
| Buy-side advertising | 7,343 | 6,873 | 21,133 | 20,204 |
| Total revenues | 7,984 | 9,075 | 26,286 | 53,205 |
| Cost of revenues | ||||
| Sell-side advertising | 1,457 | 2,654 | 6,946 | 30,670 |
| Buy-side advertising | 4,313 | 2,907 | 11,171 | 8,091 |
| Total cost of revenues | 5,770 | 5,561 | 18,117 | 38,761 |
| Gross profit | 2,214 | 3,514 | 8,169 | 14,444 |
| Operating expenses | ||||
| Compensation, taxes and benefits | 3,624 | 3,526 | 10,927 | 12,216 |
| General and administrative | 2,501 | 3,646 | 7,502 | 10,757 |
| Total operating expenses | 6,125 | 7,172 | 18,429 | 22,973 |
| Loss from operations | (3,911) | (3,658) | (10,260) | (8,529) |
| Other income (expense) | ||||
| Other income | 15 | 99 | 61 | 190 |
| Expenses for Equity Reserve Facility | — | — | (198) | — |
| Derecognition of tax receivable agreement liability | — | 5,201 | — | 5,201 |
| Interest expense | (1,104) | (1,413) | (4,739) | (4,068) |
| Total other (expense) income, net | (1,089) | 3,887 | (4,876) | 1,323 |
| (Loss) income before income taxes | (5,000) | 229 | (15,136) | (7,206) |
| Income tax expense | — | 6,606 | — | 6,132 |
| Net loss | (5,000) | (6,377) | (15,136) | (13,338) |
| Net loss attributable to noncontrolling interest | (2,320) | (3,687) | (7,852) | (9,283) |
| Net loss attributable to Direct Digital Holdings, Inc. | $(2,680) | $(2,690) | $(7,284) | $(4,055) |
| Net loss per common share attributable to Direct Digital Holdings, Inc.: | ||||
| Basic | $(0.24) | $(0.71) | $(0.78) | $(1.11) |
| Diluted | $(0.24) | $(0.71) | $(0.78) | $(1.11) |
| Weighted-average number of shares of common stock outstanding: | ||||
| Basic | 12,867 | 3,793 | 9,855 | 3,667 |
| Diluted | 12,867 | 3,793 | 9,855 | 3,667 |
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