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NASDAQ NMS - GLOBAL MARKET · Media · CIK 0001880613
$0.2295
-8.20% · live
Updated
$70.7K market value
From Direct Digital Holdings, Inc.'s FY2025 10-K, filed Mar 31, 2026 · read the filing
Direct Digital provides business and staffing services. It took in $34.7M last year, which makes it a small company. It spends more than it earns — losing about 55 cents on every dollar of sales.
The financial picture is led by accounting, while profitability, growth and debt remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Received a delisting or listing-standard notice, in a filing on 2026-10-21.
Form 8-K, item 3.01 · Read the filing
Received a delisting or listing-standard notice, in a filing on 2026-10-02.
Form 8-K, item 3.01 · Read the filing
A published bankruptcy-risk model places it in its distress range. This is a statistical reading, not a forecast.
Altman Z-Score -16.73
Recent open-market selling by 3 insiders, not under a pre-arranged plan.
$4.9K sold in the last 120 days · Read the filing
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
Several areas of financial weakness.
From Direct Digital Holdings, Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Revenue
$62.3M → $34.7M
Gross profit
$17.4M → $10.4M
Profit
-$6.2M → -$18.9M
Operating margin
-21.2% → -42.5%
Measured against FY2024, from the 10-K filed Mar 31, 2026
Deteriorated: -44.3%
$62.3M to $34.7MCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
How the latest move compares (quote live), and what was published around it
DRCT fell 8.20% on the latest quote. The average Industrials company tracked here moved +0.37%, and the S&P 500 −0.11%. That is 8.6 points below its sector and 8.1 points below the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 8 analysts covering this company, as of . Their views, not this site's.
Of 8 analysts publishing on this company, 2 say strong buy, 4 say buy and 2 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $18.9M last year, losing about 55 cents on every dollar of sales.
No. Sales shrank 44.3% last year.
Yes — it carries debt while operations are consuming cash rather than generating it. For every $1 it owes, it owns $0.74 in assets. Its operating profit does not cover its interest bill — -2.84x against the interest it owes. A bankruptcy-risk model also places it in its distress range.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it lost $18.9M and generated -$8.9M of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Mar 31, 2026Filing for FY2025 | FY202410-K · Mar 31, 2026Filing for FY2024 | FY202310-K · Mar 28, 2025Filing for FY2023 | FY202210-K · Oct 15, 2024Filing for FY2022 | FY202110-K · Apr 17, 2023Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $34.7M | $62.3M | $157.1M | $89.4M | $38.1M | −44.3% |
| Cost of revenue | $24.3M | $44.9M | $119.5M | $60.0M | $19.7M | −45.9% |
| Gross profit | $10.4M | $17.4M | $37.6M | $29.3M | $18.4M | −40.1% |
| Gross marginGross profit ÷ revenueWhat is this? | 30.0% | 27.9% | 23.9% | 32.8% | 48.3% | +2.1 pts |
| Selling, general and administrative | $10.7M | $14.2M | $13.2M | $7.2M | $5.5M | −25.0% |
| Operating income | -$14.8M | -$13.2M | -$2.2M | $8.0M | $4.4M | −11.5% |
| Operating marginOperating income ÷ revenueWhat is this? | -42.5% | -21.2% | -1.4% | 8.9% | 11.5% | −21.3 pts |
| Interest expense | $5.2M | $5.4M | $4.4M | $3.2M | $3.2M | −3.8% |
| Income before tax | -$27.7M | -$13.8M | -$6.3M | $4.5M | -$1.4M | −101.3% |
| Net income | -$18.9M | -$6.2M | -$2.2M | $205.0K | -$1.5M | −203.8% |
| Net marginNet income ÷ revenueWhat is this? | -54.6% | -10.0% | -1.4% | 0.2% | -4.0% | −44.6 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-61.51 | $-91.71 | $-0.7343 | $0.072 | $-44.09 | +32.9% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 28 shares
Holds 187 shares after this filing.
Had shares withheld to cover taxes — 9 shares at $0.32 ($2.88)
Holds 178 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Received a delisting or listing-standard notice · Made a Regulation FD disclosure
Read the filingReceived a delisting or listing-standard notice
Read the filingWrite down why you are following Direct Digital Holdings, Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 4 subsidiaries named in its 10-K. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Source: Exhibit 21 of the 10-K filed 2026-03-31. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
Coverage from the last 30 days
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from DRCT's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Mar 31, 2026), reported under the US GAAP taxonomy. View the source filing.
4 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. All four had enough reported figures. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 4.0 | 3/9 | 10-K, filed Mar 31, 2026 |
| FY2024 | 4.0 | 2/9 | 10-K, filed Mar 28, 2025 |
| FY2023 | 6.0 | 3/9 | 10-K, filed Oct 15, 2024 |
| FY2022 | 6.0 | 5/8 | 10-K, filed Oct 15, 2024 |
| FY2021 | 4.0 | 2/3 | 10-K, filed Apr 17, 2023 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
3 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
-16.73
In the distress zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
-5.08
Below the threshold — nothing unusual flagged
Scores above -1.78 are the ones the model associates with earnings manipulation.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: -40.1%
$17.4M to $10.4MCritical
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: $12.7M wider
-$6.2M to -$18.9MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −21.3 pts
-21.2% to -42.5%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −44.6 pts
-10.0% to -54.6%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: -99.5%
$31.6M to $146.0KCritical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Deteriorated: -49.6%
$1.4M to $728.0KCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +352.9%
68000 to 308000Critical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Improved: $30.19 narrower
-$91.71 to -$61.51Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: $1.5M wider
-$13.2M to -$14.8MNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +2.1 pts
27.9% to 30.0%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 14, 2026 — read it.
Deteriorated: $1.1M wider
-$2.2M to -$3.4MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −13.5 pts
-23.9% to -37.4%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −21.2 pts
-22.2% to -43.3%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: $45.19 narrower
-$49.98 to -$4.79Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: -99.6%
$33.5M to $144.0KCritical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Deteriorated: -67.4%
$1.6M to $520.0KCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +1475.6%
45000 to 709000Critical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Deteriorated: -22.8%
$10.1M to $7.8MSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: -25.2%
$3.6M to $2.7MSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: $502.0K wider
-$2.4M to -$2.9MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: −1.1 pts
35.1% to 34.0%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 14, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +11.3 pts
-48.7% to -37.4%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +35.3 pts
-78.6% to -43.3%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: $4.34 narrower
-$9.13 to -$4.79Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +23.3%
575000 to 709000Critical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Improved: +17.2%
$6.7M to $7.8MSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +17.7%
$2.3M to $2.7MSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: $1.9M narrower
-$5.3M to -$3.4MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: -34.7%
$796.0K to $520.0KSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: $323.0K narrower
-$3.3M to -$2.9MNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 0.9% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Trailing P/E is not meaningful because the latest trailing earnings are zero or negative. The price-to-book and price-to-sales figures below still provide reference points.
Nothing unusual. Its accounting patterns look like those of companies that report earnings straightforwardly.
Sold on the open market — 1,636 shares at $2.06 ($3.4K)
Holds 8,364 shares after this filing.
Sold on the open market — 500 shares at $1.90 ($950.00)
Holds 7,864 shares after this filing.
Converted a derivative security — 10,000 shares
Holds 10,000 shares after this filing.
Exercised stock options — 204 shares
Holds 505 shares after this filing.
Had shares withheld to cover taxes — 61 shares at $16.48 ($1.0K)
Holds 444 shares after this filing.
Exercised stock options — 45 shares
Holds 489 shares after this filing.
Had shares withheld to cover taxes — 14 shares at $3.52 ($49.28)
Holds 475 shares after this filing.
Exercised stock options — 67 shares
Holds 542 shares after this filing.
Exercised stock options — 20 shares at $3.29 ($65.80)
Holds 522 shares after this filing.
Exercised stock options — 204 shares
Holds 204 shares after this filing.
Had shares withheld to cover taxes — 61 shares at $16.48 ($1.0K)
Holds 143 shares after this filing.
Exercised stock options — 45 shares
Holds 188 shares after this filing.
Had shares withheld to cover taxes — 14 shares at $3.52 ($49.28)
Holds 174 shares after this filing.
Exercised stock options — 67 shares
Holds 241 shares after this filing.
Had shares withheld to cover taxes — 20 shares at $3.29 ($65.80)
Holds 221 shares after this filing.
Sold on the open market — 1,363 shares at $2.80 ($3.8K)
Holds 0 shares after this filing.
Exercised stock options — 102 shares
Holds 199 shares after this filing.
Had shares withheld to cover taxes — 36 shares at $16.48 ($593.28)
Holds 163 shares after this filing.
Exercised stock options — 10 shares
Holds 173 shares after this filing.
Had shares withheld to cover taxes — 5 shares at $3.32 ($16.60)
Holds 168 shares after this filing.
Exercised stock options — 33 shares
Holds 201 shares after this filing.
Had shares withheld to cover taxes — 12 shares at $3.34 ($40.08)
Holds 189 shares after this filing.
Exercised stock options — 90 shares
Holds 406 shares after this filing.
Exercised stock options — 159 shares
Holds 565 shares after this filing.
Sold on the open market — 76 shares at $2.96 ($224.96)
Holds 489 shares after this filing.
Exercised stock options — 37 shares
Holds 526 shares after this filing.
Sold on the open market — 25 shares at $2.91 ($72.75)
Holds 501 shares after this filing.
Exercised stock options — 90 shares
Holds 425 shares after this filing.
Exercised stock options — 159 shares
Holds 584 shares after this filing.
Sold on the open market — 67 shares at $2.96 ($198.32)
Holds 517 shares after this filing.
Exercised stock options — 37 shares
Holds 554 shares after this filing.
Sold on the open market — 23 shares at $2.91 ($66.93)
Holds 531 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 10,000 shares ($23.6K) on or after .
Shares originally obtained via Acquired upon exchange of Class B Common Stock.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Signed a material agreement · Took on a direct financial obligation
Signed a material agreement · Took on a direct financial obligation
Read the filingSigned a material agreement · Reported another event
Read the filingQuarterly report for Q2 FY2026
Revenue -22.8% · Operating margin −13.5 pts · Profit $1.1M wider — against Q2 FY2025
Read the filingPublished results
Read the filingHad a director or senior officer leave or join · Held a shareholder vote
Read the filingProxy statement for a shareholder meeting
Read the filingReceived shareholder director nominations · Reported another event
Read the filingHad a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingRegistration statement for an offering of securities
Read the filingSigned a material agreement · Reported another event
Read the filingQuarterly report for Q1 FY2026
Revenue -18.1% · Profit margin −49.7 pts · Profit $2.9M wider — against Q1 FY2025
Read the filingPublished results
Read the filingRegistration statement for an offering of securities
Read the filingReceived a delisting or listing-standard notice · Signed a material agreement · Terminated a material agreement · Changed the rights attached to its shares · Amended its charter or changed its financial year
Read the filingMade a Regulation FD disclosure
Read the filingReceived a delisting or listing-standard notice
Read the filingPublished results
Read the filingDirect Digital Holdings Announces Intention to Voluntarily Delist from Nasdaq and Deregister Its Class A Common Stock with the SEC
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