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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Revenues            
Total revenues $ 7,984 $ 9,075 $ 26,286 $ 53,205 $ 62,288 $ 157,110
Cost of revenues            
Total cost of revenues 5,770 5,561 18,117 38,761 44,897 119,536
Gross profit 2,214 3,514 8,169 14,444 17,391 37,574
Operating expenses            
Compensation, taxes and benefits 3,624 3,526 10,927 12,216 16,402 17,730
General and administrative 2,501 3,646 7,502 10,757 14,222 13,199
Other expense         0 8,830
Total operating expenses 6,125 7,172 18,429 22,973 30,624 39,759
Loss from operations (3,911) (3,658) (10,260) (8,529) (13,233) (2,185)
Other income (expense)            
Other income 15 99 61 190 199 256
Revaluation of tax receivable agreement liability         0 331
Loss on early termination of line of credit         0 (300)
Derecognition of tax receivable agreement liability 0 5,201 0 5,201 5,201 0
Commitment shares and expenses for Equity Reserve Facility         (532) 0
Interest expense (1,104) (1,413) (4,739) (4,068) (5,410) (4,378)
Total other expense, net (1,089) 3,887 (4,876) 1,323 (542) (4,091)
Loss before income taxes (5,000) 229 (15,136) (7,206) (13,775) (6,276)
Income tax expense 0 6,606 0 6,132 6,132 568
Net loss (5,000) (6,377) (15,136) (13,338) (19,907) (6,844)
Net loss attributable to noncontrolling interest (2,320) (3,687) (7,852) (9,283) (13,671) (4,650)
Net loss attributable to Direct Digital Holdings, Inc. $ (2,680) $ (2,690) $ (7,284) $ (4,055) $ (6,236) $ (2,194)
Net loss per common share attributable to Direct Digital Holdings, Inc.:            
Basic (in dollars per share) $ (13.01) $ (39.01) $ (42.68) $ (60.82) $ (91.26) $ (40.40)
Diluted (in dollars per share) $ (13.01) $ (39.01) $ (42.68) $ (60.82) $ (91.26) $ (40.40)
Weighted-average number of shares of common stock outstanding:            
Basic (in shares) 233,000 68,000 179,000 66,000 68,000 54,000
Diluted (in shares) 233,000 68,000 179,000 66,000 68,000 54,000
Sell-side advertising            
Revenues            
Total revenues $ 641 $ 2,202 $ 5,153 $ 33,001 $ 35,660 $ 122,434
Cost of revenues            
Total cost of revenues 1,457 2,654 6,946 30,670 34,063 105,733
Buy-side advertising            
Revenues            
Total revenues 7,343 6,873 21,133 20,204 26,628 34,676
Cost of revenues            
Total cost of revenues $ 4,313 $ 2,907 $ 11,171 $ 8,091 $ 10,834 $ 13,803