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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Total revenues $ 9,075 $ 59,472 $ 53,205 $ 116,099
Cost of revenues        
Total cost of revenues 5,561 47,719 38,761 87,840
Gross profit 3,514 11,753 14,444 28,259
Operating expenses        
Compensation, taxes and benefits 3,526 4,747 12,216 12,934
General and administrative 3,646 2,512 10,757 8,718
Total operating expenses 7,172 7,259 22,973 21,652
(Loss) income from operations (3,658) 4,494 (8,529) 6,607
Other income (expense)        
Other income 99 83 190 175
Loss on early termination of line of credit 0 0 0 (300)
Derecognition of tax receivable agreement liability 5,201 0 5,201 0
Interest expense (1,413) (1,060) (4,068) (3,104)
Total other income (expense), net 3,887 (977) 1,323 (3,229)
Income (loss) before income taxes 229 3,517 (7,206) 3,378
Income tax expense 6,606 166 6,132 166
Net (loss) income (6,377) 3,351 (13,338) 3,212
Net (loss) income attributable to noncontrolling interest (3,687) 2,780 (9,283) 2,663
Net (loss) income attributable to Direct Digital Holdings, Inc. $ (2,690) $ 571 $ (4,055) $ 549
Net (loss) income per common share:        
Basic (in dollars per share) $ (0.71) $ 0.09 $ (1.11) $ 0.09
Diluted (in dollars per share) $ (0.71) $ 0.09 $ (1.11) $ 0.09
Weighted-average number of shares of common stock outstanding:        
Basic (in shares) 3,793,000 2,990,000 3,667,000 2,938,000
Diluted (in shares) 3,793,000 3,044,000 3,667,000 3,080,000
Sell-side advertising        
Revenues        
Total revenues $ 2,202 $ 51,622 $ 33,001 $ 89,006
Cost of revenues        
Total cost of revenues 2,654 44,606 30,670 77,190
Buy-side advertising        
Revenues        
Total revenues 6,873 7,850 20,204 27,093
Cost of revenues        
Total cost of revenues $ 2,907 $ 3,113 $ 8,091 $ 10,650