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DDC Enterprise Ltd (DDC) reported first-half 2026 results showing strong growth in its core Asian food business alongside large accounting losses tied to its Bitcoin treasury strategy. Total revenue reached US$20.2 million, up about 29% year-over-year, with gross profit of US$6.1 million. Gross margin declined from 33.4% to 30.4% as DDC pushed into higher-volume sales channels.
The company recorded a net loss of US$38.4 million, largely due to US$34.3 million in non-cash, mark-to-market unrealized fair value losses on its Bitcoin holdings. By contrast, the core food business generated positive Non-GAAP Adjusted EBITDA of US$1.2 million, indicating operating leverage in that segment. Adjusted EBITDA for the consolidated business was RMB 8.1 million.
Liquidity included US$2.5 million of cash and cash equivalents and US$21.6 million of short-term investments. Net debt fell sharply to US$10.2 million as of June 30, 2026, from US$60.6 million at December 31, 2025, after repayment of US$51.0 million of loans pledged by digital assets. DDC increased its Bitcoin holdings to 2,899 from 1,181 and adopted a share repurchase program of up to US$10 million or 20% of Class A shares over 18 months.
DDC Enterprise Limited, a foreign private issuer, reported an administrative change to its corporate contact details. The company has updated the business and mailing address of its principal executive office to 301 S McDowell Street, Suite 125, Charlotte, NC 28204, United States, effective July 2, 2026. The report also confirms that the filing was authorized and signed by Chief Executive Officer Norma Ka Yin Chu.
DDC Enterprise Limited reported results from a Class A shareholders’ meeting and its 2026 annual meeting. Class A shareholders approved, by special resolution and subject to Class B class consent, increasing the voting rights of each Class B Ordinary Share from 10 votes to 100 votes, with 37,263,225 votes for, 33,655 against, and 166,847 abstaining.
At the annual meeting, shareholders elected four directors (Norma Ka Yin Chu, George Lai, Matthew Gene Mouw, and Samuel Chun Kong Shih) with 37,289,886 votes for each nominee. They ratified Enrome LLP as auditor for the year ending December 31, 2026. Shareholders granted the board general mandates to issue additional ordinary shares and to repurchase issued shares. They also approved, by special resolutions, a board‑implemented reverse share split of Class A Ordinary Shares at a ratio of up to 1‑for‑10, related amendments to the memorandum and articles of association, and a variation of class rights to increase Class B voting power to 100 votes per share, subject to the stated class consents.
DDC Enterprise Limited announced that its board has approved a share repurchase program for its Class A ordinary shares. The company is authorized to buy back up to $10,000,000 of shares, or a lower amount that would equal no more than 20% of its outstanding Class A ordinary shares, over a period of up to 18 months.
Repurchases may be conducted through Rule 10b5-1 trading plans, open market purchases or other permissible methods, funded by free cash flow and other operating cash. DDC may use Bitcoin as collateral in any related financing or liquidity arrangements. The program is discretionary, with the amount and timing set by management and reviewed quarterly by the board, and it can be extended, modified, suspended or discontinued at any time.
DDC Enterprise Limited has called a virtual Class A shareholders’ meeting and 2026 annual general meeting for June 29, 2026. Holders of record as of June 8, 2026 will vote on multiple governance and capital-structure proposals.
Key items include re-electing four directors, ratifying Enrome LLP as auditor, and granting broad mandates for the board to issue new ordinary shares and repurchase existing shares. Shareholders will also consider authorizing a reverse share split of Class A ordinary shares at a ratio of up to 1-for-10, intended to help the company address NYSE American continued listing standards tied to low trading prices and prior reverse splits.
A central proposal would increase the voting power of each Class B ordinary share from 10 votes to 100 votes, significantly concentrating voting control with founder and CEO Norma Ka Yin Chu, who holds the Class B shares. As of the record date, there were 47,511,029 Class A shares and 1,750,000 Class B shares outstanding, with Class A carrying one vote each and Class B ten votes each. The board unanimously recommends voting “FOR” all proposals.
DDC Enterprise Ltd PAO Yu Yongkang increased his direct equity stake through warrant exercises rather than market trades. On March 20, 2026, he exercised 100,000 warrants at $0.16 per share via a cashless exercise, receiving 95,516 Class A Ordinary Shares. On April 28, 2026, he similarly exercised 300,000 warrants at $0.16 per share, receiving 280,000 Class A Ordinary Shares through another cashless exercise. After these transactions, his direct holdings in Class A Ordinary Shares rose to 375,863 shares. He also continues to hold equity incentives, including Restricted Stock Units covering 609,756 and 80,000 underlying Class A shares and Stock Options over 10,000 shares at $5.50 and 906 shares at $0.04 per share.
DDC Enterprise Ltd director Lai Kwok Ho increased his equity stake through warrant exercises. On March 20, 2026 he exercised 33,333 warrants at $0.16 per share via a cashless exercise, receiving 31,838 Class A Ordinary Shares. On April 28, 2026 he exercised another 33,333 warrants at $0.16, receiving 31,111 shares through a second cashless exercise, bringing his direct Class A Ordinary Share holdings to 62,949. He also holds Restricted Stock Units covering 121,951 and 20,000 underlying shares, and stock options over 45,454 shares at a $5.50 exercise price.
DDC Enterprise Ltd director Shih Samuel Chun Kong exercised warrants to acquire Class A Ordinary Shares through cashless exercises. On March 20, 2026, he exercised 33,333 warrants at $0.16 per share and received 31,838 shares. On April 28, 2026, he exercised another 33,333 warrants at $0.16 per share and received 31,111 shares.
After these exercises, he directly held 62,949 Class A Ordinary Shares. He also held derivative awards: 121,951 Restricted Stock Units and stock options over 20,000 and 45,454 underlying shares at a $5.50 exercise price.
DDC Enterprise Ltd Chief of Staff Ho Kok Kyu exercised warrants and expanded his equity stake. On April 28, 2026, he exercised 300,000 warrants at $0.16 per share through a cashless exercise, receiving 280,000 Class A Ordinary Shares and eliminating this warrant position.
Following the transaction, he directly holds 566,547 Class A Ordinary Shares. He also holds several restricted stock unit (RSU) awards, each representing one Class A Ordinary Share at a $0.00 exercise price, subject to time-based vesting, covering blocks of 813,008, 437,500 and 67,566 underlying shares.
DDC Enterprise Ltd CEO Norma Ka Yin Chu exercised warrants through cashless exercises to acquire additional Class A Ordinary Shares. On March 20, 2026, she exercised an aggregate of 1,700,000 warrants at $0.16 per share, receiving 1,623,767 Class A Ordinary Shares.
On April 28, 2026, she exercised a further 2,800,000 warrants at $0.16 per share, receiving 2,613,333 Class A Ordinary Shares. After these exercises, she directly holds 5,476,578 Class A Ordinary Shares. As of March 20, 2026, she also held Class B Ordinary Shares and RSUs and stock options linked to additional Class A Ordinary Shares.