{"schema_version":"secwatch.filing_event.v1","accession":"0001880613-25-000140","form_type":"8-K","ticker":"DRCT","cik":"0001880613","company_name":"Direct Digital Holdings, Inc.","filed_at":"2025-11-14T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.970275+00:00","generated_at":"2026-05-16T19:56:01.273119+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 Q3 revenue down 12% to $8.0M; buy-side up 7%, sell-side plummets","bullets":["Revenue $8.0M vs $9.1M Q3 2024; sell-side revenue fell to $0.6M from $2.2M.","Buy-side revenue grew 7% to $7.3M, driven by new verticals ($2.1M).","Operating loss ($3.9M); net loss improved to ($5.0M) or ($0.24) from ($6.4M) or ($0.71).","Cash and equivalents $0.9M at Sept 30; issued $25M in convertible preferred stock (additional $10M Oct 14).","Expanded equity reserve facility to $100M, raised $8.9M since Nov 2024."],"urls":{"canonical":"https://secwatch.observer/filing/0001880613-25-000140","json":"https://secwatch.observer/filing/0001880613-25-000140.json","markdown":"https://secwatch.observer/filing/0001880613-25-000140.md","text":"https://secwatch.observer/filing/0001880613-25-000140.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1880613/000188061325000140/0001880613-25-000140-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1880613/000188061325000140/drct-20251106.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T19:56:01.273119+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"}