Every 10-Q that Direct Digital Holdings, Inc. (DRCT) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow DRCT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full DRCT filings page.
Direct Digital Holdings, Inc. reported lower activity for the quarter and six months ended June 30, 2026. Revenues were $7.8 million for the quarter and $14.5 million year‑to‑date, down from $10.1 million and $18.3 million in 2025, reflecting reduced advertising volumes.
The company posted a quarterly net loss of $3.6 million and a six‑month net loss of $9.2 million, with net loss attributable to the company of $8.6 million year‑to‑date. Cash was $0.5 million, total assets $18.9 million, total liabilities $32.7 million, and stockholders’ deficit $13.8 million, including a working capital deficit of $27.5 million.
Total debt was $17.7 million, largely under the 2021 Credit Facility, with $17.3 million classified as current. Management disclosed substantial doubt about the ability to continue as a going concern due to losses, covenant noncompliance, Nasdaq stockholders’ equity deficiencies, significant obligations maturing in December 2026, and limited cash, while pointing to cost reductions, debt conversions to Series A Convertible Preferred Stock, and equity facilities as key mitigation efforts.
Direct Digital Holdings, Inc. reported a weak first quarter of 2026, with revenue of $6.7 million down from $8.2 million a year earlier and a net loss of $5.6 million. Operating loss was $3.3 million, and total other expense of $2.3 million was driven by a $1.2 million loss on settlement of accounts payable, a $0.5 million loss on debt extinguishment and interest expense.
The balance sheet remains highly leveraged, with total debt of $17.0 million against cash of $0.8 million and a working capital deficit of $23.9 million. Stockholders’ deficit widened to $9.7 million. Management concluded that recurring losses, covenant breaches under the 2021 Credit Facility (waived by the lender), upcoming 2026 maturities and Nasdaq listing deficiencies raise substantial doubt about the company’s ability to continue as a going concern.
To address liquidity, the company converted $35.0 million of debt to Series A Convertible Preferred Stock, raised $11.6 million through an equity reserve facility, and in April 2026 put in place a new $50.0 million committed equity facility. It also effected large reverse stock splits to regain Nasdaq bid-price compliance and shifted to a single digital advertising segment focused on its Ignition+ offering.
Direct Digital Holdings (DRCT) reported Q3 2025 results and liquidity actions. Revenue was $7.984 million and the company posted a net loss of $5.0 million. For the first nine months, revenue was $26.286 million with a net loss of $15.136 million.
The balance sheet reflects restructuring: total liabilities fell to $29.230 million, and long‑term debt declined to $16.316 million, helped by converting $25.0 million of term loan into Series A Convertible Preferred Stock in August 2025. Cash was $0.871 million and stockholders’ deficit improved to $6.695 million. The company issued 9,759,351 Class A shares under its Equity Reserve Facility, with $6.708 million of proceeds.
Going concern language cites continued sell‑side disruption since May 2024, cumulative losses, low cash, and a prior Nasdaq equity deficiency notice; management outlined debt amendments, cost reductions, capital raises, and additional preferred conversions as mitigating steps. As of November 10, 2025, Class A shares outstanding were 20,431,828 and Class B were 9,575,500.
Direct Digital Holdings (Nasdaq: DRCT) filed its Q2-25 10-Q showing a sharp top-line contraction driven by a temporary loss of a key sell-side customer.
- Revenue: Q2-25 fell 54 % YoY to $10.1 M; YTD revenue down 59 % to $18.3 M.
- Mix shift: Sell-side advertising collapsed 83 % YoY to $2.5 M as a major partner paused activity in May 2024; buy-side revenue was flat at $7.7 M.
- Profitability: Gross margin slipped to 35.1 % (vs 27.1 % prior year) but could not offset lower scale; operating loss widened to $2.4 M (-18 % margin). Net loss attributable to DRCT widened to $2.2 M (-0.23 per share) and to $10.1 M for the half.
- Liquidity: Cash rose modestly to $1.6 M after raising $4.6 M via the New Circle Equity Reserve Facility (6.1 M shares sold). Operating cash use was $5.4 M YTD. Revolver balance of $3.7 M now matures 31 Aug 2025 after two one-month extensions; 2021 term loan balance $37.4 M (matures Dec-26). Total debt $41.2 M vs assets $23.3 M.
- Capital structure: Stockholders’ deficit deepened to -$24.6 M; company faces Nasdaq delisting if equity not improved.
- Going concern: Management cites “substantial doubt” about 12-month viability given sell-side disruption, covenant pressure and limited cash. Cost-cutting and further equity raises are underway.
- Share count: 12.07 M Class A and 10.45 M Class B shares outstanding as of 4 Aug 2025; weighted-average diluted shares 9.9 M for Q2.
The quarter highlights execution risk around heavy customer concentration on the SSP side, high leverage (net leverage >10× annualized EBITDA) and dependence on external capital while buy-side operations remain relatively stable.