Direct Digital Holdings, Inc.

Listed Company

DRCTCIK 0001880613NasdaqEmerging GrowthServices-AdvertisingDelawareFY ends Dec 31

Period

FY 2025

Revenue

$34.69M

Net Income

$-18.95M

Total Assets

$20.16M

Equity

$-7.02M

Shares Out

—

Op. Cash Flow

$-8.91M

Business

Direct Digital Holdings, Inc. operates an end-to-end advertising and marketing platform providing advertising technology and data-driven campaign optimization across the digital advertising ecosystem. It offers a proprietary sell-side programmatic platform (Colossus SSP™), buy-side media procurement and consulting services (Orange 142), audience curation, analytics and AI-driven targeting across OTT/CTV, video, display, in-app, audio, social and DOOH. The company’s key business segments are its sell-side Colossus SSP and its buy-side Orange 142 operations. It serves publishers, advertisers, agencies and small-to-mid-sized businesses through programmatic DSPs, exchanges and direct sales channels.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	35	62	157	89	38
Total cost of revenues	24	45	120	60	20
Gross profit	10	17	38	29	18
Compensation, taxes and benefits	15	16	18	14	9
General and administrative	11	14	13	7	6
Total operating expenses	25	31	40	21	14
Loss from operations	−15	−13	−2	8	4
Other income	77,000	199,000	256,000	48,000	19,185
Expenses and commitment shares for Equity Reserve Facility	−198,000	−532,000	0	—	—
Loss on settlement of accounts payable	−267,000	0	—	—	—
Loss on debt extinguishment	−4	0	−300,000	—	−3
Loss on Exit Fee	−4	0	—	—	—
Derecognition of tax receivable agreement liability	0	5	0	—	—
Interest expense and amortization of deferred financing cost and debt discount (premium), net	−5	−5	−4	—	—
Total other expense, net	−13	−542,000	−4	−3	−6
Loss before income taxes	−28	−14	−6	4	−1
Income tax expense	0	6	568,000	—	—
Net loss	−28	−20	−7	4	—
Net loss attributable to noncontrolling interest	−9	−14	−5	4	—
Net loss attributable to Direct Digital Holdings, Inc.	−19	−6	−2	205,000	−2
Basic (in dollars per share)	−75.79	−91.26	−0.73	0.11	−44.09
Diluted (in dollars per share)	−75.79	−91.26	−0.73	0.11	−44.09
Basic (in shares)	308,000	68,000	3	3	34,182
Diluted (in shares)	308,000	68,000	3	3	34,182

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2023 2023-06-30
Cash and cash equivalents	700,000	1	5	5	6
Accounts receivable, net of provision for credit losses of $944 and $978	3	5	37	55	30
Prepaid expenses and other current assets	890,000	2	759,000	1	1
Total current assets	5	9	43	62	36
Property, equipment and software, net	166,000	341,000	599,000	625,000	689,000
Goodwill	7	7	7	7	7
Intangible assets, net	8	10	12	12	13
Operating lease right-of-use assets	702,000	832,000	788,000	675,000	714,000
Other long-term assets	172,000	48,000	130,000	127,000	47,000
Total assets	20	26	69	87	62
Accounts payable	8	8	34	45	23
Liability related to tax receivable agreement, current portion	41,000	41,000	41,000	41,000	40,000
Current maturities of long-term debt	12	4	1	1	983,000
Deferred revenues	500,000	500,000	400,000	—	—
Operating lease liabilities, current portion	221,000	188,000	126,000	50,000	48,000
Total current liabilities	26	13	40	55	29
Long-term debt, net of current portion, deferred financing cost and debt discount	146,000	32	29	22	23
Operating lease liabilities, net of current portion	608,000	783,000	773,000	718,000	742,000
Total liabilities	27	46	74	83	57
COMMITMENTS AND CONTINGENCIES (Note 9)	—	—	—	—	—
Series A Convertible Preferred Stock, $0.001 par value per share, 10,000,000 shares authorized, 27,077 and 0 shares issued and outstanding, respectively	0	0	—	—	—
Additional paid-in capital	26	4	3	−371,000	3
Accumulated deficit	−28	−9	−3	205,000	−366,000
Noncontrolling interest	−5	−15	−6	4	2
Total stockholders deficit	−7	−20	−5	4	5
Total liabilities and stockholders deficit	20	26	69	87	62

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred financing cost and debt discount (premium), net	3	1	615,000	598,000	356,442
Amortization of intangible assets	2	2	2	2	2
Reduction in carrying amount of right-of-use assets	182,000	156,000	164,000	137,000	—
Depreciation and amortization of property, equipment and software	262,000	275,000	253,000	34,000	—
Stock-based compensation	1	2	706,000	154,000	—
Deferred income taxes	0	6	568,000	105,000	—
Interest paid in kind	1	0	—	—	269,260
Commitment shares and expenses for Equity Reserve Facility	0	532,000	—	—	—
Provision for credit losses/bad debt expense	6,000	619,000	422,000	17,000	—
Accounts receivable	2	32	−11	−19	−3
Prepaid expenses and other assets	−27,000	−60,000	201,000	307,000	−1
Accounts payable	911,000	−26	16	11	3
Accrued liabilities and TRA payable	638,000	−1	−8,000	3	−273,735
Income taxes payable	−65,000	−34,000	−140,000	174,000	—
Deferred revenues	6,000	126,000	−166,000	−801,000	1
Operating lease liability	−193,000	−127,000	−92,000	−98,000	—
Net cash used in operating activities	−9	−9	3	2	4
Cash paid for capitalized software and property and equipment	−87,000	−17,000	−178,000	−688,000	—
Net cash used in investing activities	−87,000	−17,000	−178,000	−688,000	—
Proceeds from note payable	4	4	4	4	22
Payments on term loan	0	−373,000	−677,000	−576,000	−16
Proceeds from line of credit	0	7	5	—	400,000
Payments on line of credit	−4	−6	−2	−400,000	−407,051
Payment of expenses for Equity Reserve Facility	−198,000	−382,000	0	—	—
Payment of deferred financing cost	0	−26,000	−576,000	−525,000	−2
Proceeds from issuance of Class A Common Stock	9	2	0	11	—
Payments on financed insurance premiums	−317,000	0	—	—	—
Payment of tax related to shares withheld upon vesting	0	−878,000	0	—	—
Proceeds from options exercised	0	92,000	29,000	—	—
Proceeds from warrants exercised	0	215,000	122,000	—	—
Net cash provided by financing activities	8	5	−1	−2	−678,718
Net decrease in cash and cash equivalents	−717,000	−4	1	−637,000	3
Cash paid for taxes	3,000	388,000	361,000	47,000	14,878
Cash paid for interest	835,000	4	4	3	3
Conversion of term loan into preferred stock net of premium	31	0	—	—	—
Accrued term loan amendment closing fees	0	3	—	—	—
Settlement of accounts payable through issuance of common stock	941,000	0	—	—	—
Financed insurance premiums	291,000	129,000	0	—	—
Non-cash funding of debt issuance costs	63,000	0	—	—	—
Funding of interest reserve through debt	0	2	0	—	—
Common stock issued for subscription receivable	0	1	0	—	—
Issuance of stock in lieu of cash bonus, net of tax withholdings	0	906,000	0	—	—

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