Direct Digital Holdings, Inc. DRCT
We are an end-to-end, full-service advertising and marketing platform primarily focused on providing advertising technology, data-driven campaign optimization and other solutions to help brands, agencies and middle market businesses deliver successful marketing results that drive return on investment ("ROI") across both the sell- and buy-side of the digital advertising ecosystem. Direct Digital Holdings, Inc., incorporated as a Delaware corporation on August 23, 2021 and headquartered in Houston, Texas, is the holding company for DDH LLC, the business formed by our founders in 2018 through acquisitions of Colossus Media and Huddled Masses. Colossus Media operates our proprietary sell-side programmatic platform operating under the trademarked banner of Colossus SSP™. In September 2020, DDH LLC acquired Orange 142 to further bolster its overall programmatic buy-side advertising platform and to enhance its offerings across multiple industry verticals. In February 2022, we completed our initial public offering and certain organizational transactions which resulted in our current structure. In October 2024, we announced the unification of our buy-side businesses, Orange 142 and Huddled Masses.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Buy-side advertising
- Sell-side advertising
| Segment | FY2025 | FY2024 |
|---|---|---|
| Buy-side advertising | $29.4M | $26.6M |
| Sell-side advertising | $5.3M | $35.7M |
As the company reported it, from the “Segment Information - Schedule of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $34.7M | $62.3M | $157.1M | $89.4M | $38.1M | — |
| Cost of revenue | $24.3M | $44.9M | $119.5M | $60.0M | $19.7M | — |
| Gross profit | $10.4M | $17.4M | $37.6M | $29.3M | $18.4M | — |
| SG&A | $10.7M | $14.2M | $13.2M | $7.2M | $5.5M | — |
| Total operating expenses | $25.2M | $30.6M | $39.8M | $21.3M | $14.0M | — |
| Operating income | -$14.8M | -$13.2M | -$2.2M | $8.0M | $4.4M | — |
| Interest expense | $5.2M | $5.4M | $4.4M | $3.2M | $3.2M | — |
| Pre-tax income | -$27.7M | -$13.8M | -$6.3M | $4.5M | -$1.4M | — |
| Income tax | $0 | $6.1M | $568.0K | $246.0K | $0 | — |
| Net income | -$18.9M | -$6.2M | -$2.2M | $205.0K | -$1.5M | — |
| EPS, basic | -75.79 | -91.26 | -0.73 | 0.11 | -44.09 | — |
| EPS, diluted | -75.79 | -91.26 | -0.73 | 0.11 | -44.09 | — |
| Shares, diluted (wtd. avg.) | 308,000 | 68,000 | 3.0M | 2.9M | 34,182 | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $728.0K | $1.4M | $5.1M | $4.0M | $4.7M | $1.6M |
| Receivables | $3.1M | $5.0M | $37.2M | $26.4M | $7.9M | — |
| Total current assets | $4.7M | $8.5M | $43.1M | $31.3M | $13.8M | — |
| Property, plant and equipment | $166.0K | $341.0K | $599.0K | $673.0K | — | — |
| Goodwill | $6.5M | $6.5M | $6.5M | $6.5M | $6.5M | $4.1M |
| Other intangibles | $7.9M | $9.7M | $11.7M | $13.6M | $15.6M | — |
| Total assets | $20.2M | $26.0M | $68.9M | $58.1M | $36.0M | — |
| Accounts payable | $7.8M | $7.7M | $33.9M | $17.7M | $6.7M | — |
| Short-term debt | $12.0M | $3.7M | $1.5M | $655.0K | $550.0K | — |
| Total current liabilities | $26.4M | $13.3M | $39.8M | $24.6M | $9.7M | — |
| Long-term debt | $146.0K | $31.6M | $28.6M | $23.1M | — | — |
| Total liabilities | $27.2M | $45.7M | $74.4M | $52.5M | $36.4M | — |
| Retained earnings | -$27.7M | -$8.8M | -$2.5M | -$344.0K | -$4.7M | — |
| Total equity | -$7.0M | -$19.7M | -$5.4M | $5.6M | -$375.0K | $2.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$8.9M | -$8.6M | $2.6M | $2.1M | $3.8M | — |
| Depreciation and amortisation | $262.0K | $275.0K | $253.0K | $34.0K | $0 | — |
| Stock-based compensation | $1.5M | $1.6M | $706.0K | $154.0K | — | — |
| Investing cash flow | -$87.0K | -$17.0K | -$178.0K | -$688.0K | — | — |
| Financing cash flow | $8.3M | $5.0M | -$1.3M | -$2.0M | -$678.7K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001880613-26-000032.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | $38.1M | $89.4M | $157.1M | $62.3M | $34.7M |
| Gross profit | — | $18.4M | $29.3M | $37.6M | $17.4M | $10.4M |
| Net income | — | -$1.5M | $205.0K | -$2.2M | -$6.2M | -$18.9M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Material agreement signed Item 1.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Director nominations Dates and mechanics for shareholders proposing directors. Item 5.08
- Other event Item 8.01
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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