DRCT on Nasdaq
Direct Digital Holdings, Inc.
American advertising services company based in Houston, active since 2009. Summary from the record
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Last updated Oct 19, 2026.
Overview
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- TickerDRCT on Nasdaq2
- IndustryServices-Advertising2
- HeadquartersCharlotte, United States2
- Incorporated inDE4
- Business address1177 West Loop South, Suite 1310, Houston, Tx 770274
- Filer category, Emerging growth company4
- Legal formCorporation2
- LEI5493007D3YPNWZNE6X262
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 47156252
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We are an end-to-end, full-service advertising and marketing platform primarily focused on providing advertising technology, data-driven campaign optimization and other solutions to help brands, agencies and middle market businesses deliver successful marketing results that drive return on investment ("ROI") across both the sell- and buy-side of the digital advertising ecosystem. Direct Digital Holdings, Inc., incorporated as a Delaware corporation on August 23, 2021 and headquartered in Houston, Texas, is the holding company for DDH LLC, the business formed by our founders in 2018 through acquisitions of Colossus Media and Huddled Masses. Colossus Media operates our proprietary sell-side programmatic platform operating under the trademarked banner of Colossus SSP™. In September 2020, DDH LLC acquired Orange 142 to further bolster its overall programmatic buy-side advertising platform an…5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Buy-side advertising brought in 85% of the revenue Direct Digital Holdings, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Buy-side advertising | $26.6M | $29.4M |
| Sell-side advertising | $35.7M | $5.3M |
Business segments
Buy-side advertising brought in 85% of the revenue Direct Digital Holdings, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| Buy-side advertising | $26.6M | $29.4M |
| Sell-side advertising | $35.7M | $5.3M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue70¢$24.3M
- Other costs30¢$10.4M
Out of $34.7M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Total revenues | $34.7M | $62.3M |
| Total cost of revenues | $24.3M | $44.9M |
| Gross profit | $10.4M | $17.4M |
| Compensation, taxes and benefits | $14.5M | $16.4M |
| General and administrative | $10.7M | $14.2M |
| Total operating expenses | $25.2M | $30.6M |
| Loss from operations | -$14.8M | -$13.2M |
| Other income | $77.0K | $199.0K |
| Expenses and commitment shares for Equity Reserve Facility | -$198.0K | -$532.0K |
| Loss on settlement of accounts payable | -$267.0K | $0 |
| Loss on debt extinguishment | -$3.8M | $0 |
| Loss on Exit Fee | -$3.6M | $0 |
| Derecognition of tax receivable agreement liability | $0 | $5.2M |
| Interest expense and amortization of deferred financing cost and debt discount (premium), net | -$5.2M | -$5.4M |
| Total other expense, net | -$13.0M | -$542.0K |
| Loss before income taxes | -$27.7M | -$13.8M |
| Income tax expense | $0 | $6.1M |
| Net loss | -$27.7M | -$19.9M |
| Net loss attributable to noncontrolling interest | -$8.8M | -$13.7M |
| Net loss attributable to Direct Digital Holdings, Inc. | -$18.9M | -$6.2M |
| Basic (in dollars per share) | -$75.79 | -$91.26 |
| Diluted (in dollars per share) | -$75.79 | -$91.26 |
| Basic (in shares) | 308.0K shares | 68.0K shares |
| Diluted (in shares) | 308.0K shares | 68.0K shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $728.0K | $1.4M | |
| Accounts receivable, net of provision for credit losses of $944 and $978 | $3.1M | $5.0M | |
| Prepaid expenses and other current assets | $890.0K | $2.1M | |
| Total current assets | $4.7M | $8.5M | |
| Property, equipment and software, net | $166.0K | $341.0K | |
| Goodwill | $6.5M | $6.5M | |
| Intangible assets, net | $7.9M | $9.7M | |
| Operating lease right-of-use assets | $702.0K | $832.0K | |
| Other long-term assets | $172.0K | $48.0K | |
| Total assets | $20.2M | $26.0M | |
| Accounts payable | $7.8M | $7.7M | |
| Liability related to tax receivable agreement, current portion | $41.0K | $41.0K | |
| Current maturities of long-term debt | $12.0M | $3.7M | |
| Deferred revenues | $513.0K | $507.0K | |
| Operating lease liabilities, current portion | $221.0K | $188.0K | |
| Total current liabilities | $26.4M | $13.3M | |
| Long-term debt, net of current portion, deferred financing cost and debt discount | $146.0K | $31.6M | |
| Operating lease liabilities, net of current portion | $608.0K | $783.0K | |
| Total liabilities | $27.2M | $45.7M | |
| Series A Convertible Preferred Stock, $0.001 par value per share, 10,000,000 shares authorized, 27,077 and 0 shares issued and outstanding, respectively | $0 | $0 | |
| Additional paid-in capital | $25.8M | $3.8M | |
| Accumulated deficit | -$27.7M | -$8.8M | |
| Noncontrolling interest | -$5.1M | -$14.7M | |
| Total stockholders deficit | -$7.0M | -$19.7M | -$5.4M |
| Total liabilities and stockholders deficit | $20.2M | $26.0M | |
| Accounts receivable, net of provision for credit losses of $944 and $978 | $944.0K | $978.0K | $344.0K |
| Preferred stock par value (in dollar per share) | $0.00 | $0.00 | |
| Preferred stock authorized (in shares) | 10.0M shares | 10.0M shares | |
| Preferred stock, shares outstanding (in shares) | 27.1K shares | 0 shares | |
| Preferred stock, shares issued (in shares) | 27.1K shares | 0 shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $728.0K | $1.4M | |
| Accounts receivable, net of provision for credit losses of $944 and $978 | $3.1M | $5.0M | |
| Prepaid expenses and other current assets | $890.0K | $2.1M | |
| Total current assets | $4.7M | $8.5M | |
| Property, equipment and software, net | $166.0K | $341.0K | |
| Goodwill | $6.5M | $6.5M | |
| Intangible assets, net | $7.9M | $9.7M | |
| Operating lease right-of-use assets | $702.0K | $832.0K | |
| Other long-term assets | $172.0K | $48.0K | |
| Total assets | $20.2M | $26.0M | |
| Accounts payable | $7.8M | $7.7M | |
| Liability related to tax receivable agreement, current portion | $41.0K | $41.0K | |
| Current maturities of long-term debt | $12.0M | $3.7M | |
| Deferred revenues | $513.0K | $507.0K | |
| Operating lease liabilities, current portion | $221.0K | $188.0K | |
| Total current liabilities | $26.4M | $13.3M | |
| Long-term debt, net of current portion, deferred financing cost and debt discount | $146.0K | $31.6M | |
| Operating lease liabilities, net of current portion | $608.0K | $783.0K | |
| Total liabilities | $27.2M | $45.7M | |
| Series A Convertible Preferred Stock, $0.001 par value per share, 10,000,000 shares authorized, 27,077 and 0 shares issued and outstanding, respectively | $0 | $0 | |
| Additional paid-in capital | $25.8M | $3.8M | |
| Accumulated deficit | -$27.7M | -$8.8M | |
| Noncontrolling interest | -$5.1M | -$14.7M | |
| Total stockholders deficit | -$7.0M | -$19.7M | -$5.4M |
| Total liabilities and stockholders deficit | $20.2M | $26.0M | |
| Accounts receivable, net of provision for credit losses of $944 and $978 | $944.0K | $978.0K | $344.0K |
| Preferred stock par value (in dollar per share) | $0.00 | $0.00 | |
| Preferred stock authorized (in shares) | 10.0M shares | 10.0M shares | |
| Preferred stock, shares outstanding (in shares) | 27.1K shares | 0 shares | |
| Preferred stock, shares issued (in shares) | 27.1K shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$27.7M | -$19.9M |
| Amortization of deferred financing cost and debt discount (premium), net | $3.2M | $1.1M |
| Amortization of intangible assets | $1.9M | $2.0M |
| Reduction in carrying amount of right-of-use assets | $182.0K | $156.0K |
| Depreciation and amortization of property, equipment and software | $262.0K | $275.0K |
| Stock-based compensation | $1.5M | $1.6M |
| Deferred income taxes | $0 | $6.1M |
| Derecognition of tax receivable agreement liability | $0 | -$5.2M |
| Loss on debt extinguishment | $3.8M | $0 |
| Loss on Exit Fee | $3.6M | $0 |
| Loss on settlement of accounts payable | $267.0K | $0 |
| Interest paid in kind | $1.1M | $0 |
| Commitment shares and expenses for Equity Reserve Facility | $0 | $532.0K |
| Provision for credit losses/bad debt expense | $6.0K | $619.0K |
| Accounts receivable | $1.8M | $31.6M |
| Prepaid expenses and other assets | -$27.0K | -$60.0K |
| Accounts payable | $911.0K | -$26.3M |
| Accrued liabilities and TRA payable | $638.0K | -$1.1M |
| Income taxes payable | -$65.0K | -$34.0K |
| Deferred revenues | $6.0K | $126.0K |
| Operating lease liability | -$193.0K | -$127.0K |
| Net cash used in operating activities | -$8.9M | -$8.6M |
| Cash paid for capitalized software and property and equipment | -$87.0K | -$17.0K |
| Net cash used in investing activities | -$87.0K | -$17.0K |
| Proceeds from note payable | $3.8M | $4.0M |
| Payments on term loan | $0 | -$373.0K |
| Proceeds from line of credit | $0 | $6.7M |
| Payments on line of credit | -$3.7M | -$6.0M |
| Payment of expenses for Equity Reserve Facility | -$198.0K | -$382.0K |
| Payment of deferred financing cost | $0 | -$26.0K |
| Proceeds from issuance of Class A Common Stock | $8.7M | $1.6M |
| Payments on financed insurance premiums | -$317.0K | $0 |
| Payment of tax related to shares withheld upon vesting | $0 | -$878.0K |
| Proceeds from options exercised | $0 | $92.0K |
| Proceeds from warrants exercised | $0 | $215.0K |
| Net cash provided by financing activities | $8.3M | $5.0M |
| Net decrease in cash and cash equivalents | -$717.0K | -$3.7M |
| Cash paid for taxes | $3.0K | $388.0K |
| Cash paid for interest | $835.0K | $4.3M |
| Conversion of term loan into preferred stock net of premium | $30.7M | $0 |
| Accrued term loan amendment closing fees | $0 | $3.0M |
| Settlement of accounts payable through issuance of common stock | $941.0K | $0 |
| Financed insurance premiums | $291.0K | $129.0K |
| Non-cash funding of debt issuance costs | $63.0K | $0 |
| Funding of interest reserve through debt | $0 | $2.0M |
| Common stock issued for subscription receivable | $0 | $1.4M |
| Issuance of stock in lieu of cash bonus, net of tax withholdings | $0 | $906.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Direct Digital Holdings, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
- Chief executive officerMark D. Walker Feb 17, 2022 to now13
- ChairMark D. Walker Feb 17, 2022 to now13
- PresidentW. Keith Smith Feb 17, 2022 to now14
- Chief financial officerDiana P. Diaz Jun 6, 2023 to now15
- Chief financial officerSusan Echard Feb 17, 2022 to Mar 22, 202316
Board members and other officers (7)
- Chief Technology OfficerAnu Pillai Feb 17, 2022 to now17
- Chief Growth OfficerMaria Vilchez Lowrey Aug 23, 2022 to now18
- Board memberOhad Harlev Jun 15, 2026 to now19
- Board memberMistelle Locke Jan 18, 2023 to now20
- Board memberAntoinette Renee Leatherberry Feb 17, 2022 to now21
- Board memberRichard Cohen Feb 17, 2022 to now22
- Board memberW. Keith Smith Feb 17, 2022 to now14
Timeline
Filings
409 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 95 major events, 162 insider forms, 11 large holders, 2 private raises, 120 other. The latest 20:
- Oct 2, 20268-K EDGAR
- Oct 1, 20268-K EDGAR
- Sep 3, 20264 EDGAR
- Aug 31, 2026144 EDGAR
- Aug 28, 20264 EDGAR
- Aug 28, 20268-K EDGAR
- Aug 21, 20268-K EDGAR
- Aug 14, 202610-Q EDGAR
- Aug 12, 20268-K EDGAR
- Jul 31, 20268-K EDGAR
- Jun 29, 20264 EDGAR
- Jun 29, 20264 EDGAR
- Jun 29, 20264 EDGAR
- Jun 29, 20264 EDGAR
- Jun 29, 2026DEFR14A EDGAR
- Jun 29, 20264 EDGAR
- Jun 29, 20264 EDGAR
- Jun 29, 20264 EDGAR
- Jun 29, 20264 EDGAR
- Jun 23, 2026DEF 14A EDGAR
The 409 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
98 open-market trades by officers, directors and large owners since October 2021: 0 buys and 98 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 2, 2026 | Walker Mark DChairman and CEO | Sale | 500 | $1.90 | $950 | Form 4 |
| Sep 1, 2026 | Walker Mark DChairman and CEO | Sale | 1,636 | $2.06 | $3.4K | Form 4 |
| Jun 12, 2026 | Locke MistelleDirector | Sale | 25 | $2.91 | $73 | Form 4 |
| Jun 12, 2026 | Walker Mark DChairman and CEO | Sale | 1,363 | $2.80 | $3.8K | Form 4 |
| Jun 12, 2026 | Leatherberry Antoinette ReneeDirector | Sale | 23 | $2.91 | $67 | Form 4 |
| Jun 12, 2026 | Cohen RichardDirector | Sale | 25 | $2.91 | $73 | Form 4 |
| Jun 9, 2026 | Locke MistelleDirector | Sale | 76 | $2.96 | $225 | Form 4 |
| Jun 9, 2026 | Leatherberry Antoinette ReneeDirector | Sale | 67 | $2.96 | $198 | Form 4 |
| Jun 9, 2026 | Cohen RichardDirector | Sale | 76 | $2.96 | $225 | Form 4 |
| Jan 16, 2026 | Locke MistelleDirector | Sale | 31 | $6.51 | $202 | Form 4 |
| Nov 14, 2025 | Walker Mark DChairman and CEO | Sale | 245,008 | $0.21 | $51.5K | Form 4 |
| Nov 14, 2025 | SMITH W KEITHPresident | Sale | 100,000 | $0.21 | $21.0K | Form 4 |
| Nov 13, 2025 | Walker Mark DChairman and CEO | Sale | 27,492 | $0.37 | $10.2K | Form 4 |
| Nov 13, 2025 | SMITH W KEITHPresident | Sale | 71,242 | $0.37 | $26.4K | Form 4 |
| Aug 19, 2025 | Walker Mark DChairman and CEO | Sale | 23,000 | $0.39 | $9.0K | Form 4 |
| Aug 18, 2025 | Walker Mark DChairman and CEO | Sale | 24,313 | $0.39 | $9.5K | Form 4 |
| Aug 15, 2025 | Walker Mark DChairman and CEO | Sale | 22,369 | $0.41 | $9.2K | Form 4 |
| Jul 28, 2025 | SMITH W KEITHPresident | Sale | 8,050 | $0.54 | $4.3K | Form 4 |
| Jul 25, 2025 | SMITH W KEITHPresident | Sale | 8,900 | $0.53 | $4.7K | Form 4 |
| Jul 24, 2025 | SMITH W KEITHPresident | Sale | 15,800 | $0.53 | $8.4K | Form 4 |
All 98 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- CONTINUATION CAPITAL, INC.SCHEDULE 13G, 2 filings Mar 9, 2026 to May 12, 202623
- Mark D. WalkerSCHEDULE 13D/A, 3 filings Apr 18, 2025 to Dec 19, 202524
- Direct Digital Management, LLCSC 13D, 3 filings Aug 12, 2022 to Jan 12, 202425
- Empery Asset Management, LPSC 13G/A, 2 filings Mar 18, 2022 to Jan 12, 202326
Money raised
Private offerings the company reported to the SEC on Form D.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Vanguard Capital Management LLC | 6,905 | $18.7K | 0.0% | New |
| Tower Research Capital LLC (TRC) | 648 | $1.8K | 0.0% | New |
| BlackRock, Inc. | 33 | $90 | 0.0% | New |
| Morgan Stanley | 26 | $70 | 0.0% | New |
| Steward Partners Investment Advisory, LLC | 7 | $19 | 0.0% | New |
| SBI Securities Co., Ltd. | 1 | $3 | 0.0% | New |
| Caitong International Asset Management Co., Ltd | 1 | $3 | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGARW. Keith Smith, President
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- 17SEC EDGARAnu Pillai, Chief Technology Officer
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- 19SEC EDGAROhad Harlev, Board member
- 20SEC EDGARMistelle Locke, Board member
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- 22SEC EDGARRichard Cohen, Board member
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