{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-25-022684","form_type":"8-K","ticker":"DRCT","cik":"0001880613","company_name":"Direct Digital Holdings, Inc.","filed_at":"2025-05-06T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.359028+00:00","generated_at":"2026-05-22T14:12:39.551591+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Direct Digital Holdings Q1 revenue $8.2M (-63% YoY), net loss $5.9M; maintains FY guidance $90-110M","bullets":["Revenue of $8.2M declined 63% vs $22.3M in Q1 2024; sell-side segment down 88% to $2.0M.","Net loss widened to $5.9M from $3.8M; operating loss $3.9M; adjusted EBITDA loss $3.0M.","Buy-side revenue up 6% to $6.1M; operating expenses cut 19% to $6.3M, partly from cost-saving measures.","Maintains full-year 2025 revenue guidance of $90M-$110M, expecting sell-side recovery in H2.","Cash and equivalents $1.8M as of Mar 31, 2025, up from $1.4M at Dec 31, 2024."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-25-022684","json":"https://secwatch.observer/filing/0001628280-25-022684.json","markdown":"https://secwatch.observer/filing/0001628280-25-022684.md","text":"https://secwatch.observer/filing/0001628280-25-022684.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1880613/000162828025022684/0001628280-25-022684-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1880613/000162828025022684/drct-20250506.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-22T14:12:39.551591+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}