Direct Digital Holdings, Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
DRCT$0.91-39.7%Stored close · as of Oct 2, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
(in thousands, except per-share data)
| For the Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Revenues | ||
| Sell-side advertising | $5,335 | $35,660 |
| Buy-side advertising | 29,359 | 26,628 |
| Total revenues | 34,694 | 62,288 |
| Cost of revenues | ||
| Sell-side advertising | 8,049 | 34,063 |
| Buy-side advertising | 16,226 | 10,834 |
| Total cost of revenues | 24,275 | 44,897 |
| Gross profit | 10,419 | 17,391 |
| Operating expenses | ||
| Compensation, taxes and benefits | 14,512 | 16,402 |
| General and administrative | 10,662 | 14,222 |
| Total operating expenses | 25,174 | 30,624 |
| Loss from operations | (14,755) | (13,233) |
| Other income (expense) | ||
| Other income | 77 | 199 |
| Expenses and commitment shares for Equity Reserve Facility | (198) | (532) |
| Loss on settlement of accounts payable | (267) | — |
| Loss on debt extinguishment | (3,769) | — |
| Loss on Exit Fee | (3,608) | — |
| Derecognition of tax receivable agreement liability | — | 5,201 |
| Interest expense and amortization of deferred financing cost and debt discount (premium), net | (5,203) | (5,410) |
| Total other expense, net | (12,968) | (542) |
| Loss before income taxes | (27,723) | (13,775) |
| Income tax expense | — | 6,132 |
| Net loss | $(27,723) | $(19,907) |
| Net loss attributable to noncontrolling interest | (8,777) | (13,671) |
| Net loss attributable to Direct Digital Holdings, Inc. | $(18,946) | $(6,236) |
| Net loss per common share attributable to Direct Digital Holdings, Inc.: | ||
| Basic | $(75.79) | $(91.26) |
| Diluted | $(75.79) | $(91.26) |
| Weighted-average number of shares of common stock outstanding: | ||
| Basic | 308 | 68 |
| Diluted | 308 | 68 |
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