Net Loss Per Share

12 Months Ended

Dec. 31, 2024

Note 8 — Net Loss Per Share

The Company has two classes of common stock, Class A and Class B. Shares of the Company’s Class B Common Stock do not share in the earnings or losses attributable to Direct Digital Holdings, Inc. and are therefore not participating securities. The Company uses the two-class method to calculate basic and diluted earnings per share as a result of outstanding participating securities in the form of warrants. The holders of warrants do not have a contractual obligation to share in the Company’s losses. As such, losses are attributed entirely to common stockholders and for periods in which the Company has reported a net loss, diluted loss per common share is the same as basic loss per common share. The following

table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except per share amounts):


	Year Ended December 31,
	2024		2023
Net loss attributable to Class A shareholders and participating securities	(6,236)		(2,194)
Less: net loss allocated to participating securities	—		—
Net loss allocated to Class A shareholders	$	(6,236)	$	(2,194)


Weighted average common shares outstanding - basic	3,758		2,988
Class B Common Stock	—		—
Options to purchase common stock	—		—
Unvested restricted stock units	—		—
Weighted average common shares outstanding - diluted	3,758		2,988
Net loss per common share, basic	$	(1.66)	$	(0.73)
Net loss per common share, diluted	$	(1.66)	$	(0.73)

The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):


	Year Ended December 31,
	2024	2023
Class B Common Stock	10,868	11,249
Options to purchase common stock	352	511
Restricted stock units	364	347
Total excludable from net loss per share attributable to common stockholders - diluted	11,584	12,107