Business
Direct Digital Holdings Announces Upward Revision of Previously Published FY 2022 Earnings Press Release
Revision Reflects an Increase of Revenue at the Company's Colossus SSP Subsidiary for FY 2022 Results in Full-Year Revenue of $89.4 Million, or EPS of $0.33
About this update from Direct Digital Holdings, Inc.
[{"type":"text","content":"Revision Reflects an Increase of Revenue at the Company's Colossus SSP Subsidiary for FY 2022\nResults in Full-Year Revenue of $89.4 Million, or EPS of $0.33\nHOUSTON, April 17, 2023 /PRNewswire/ -- Direct Digital Holdings, Inc. (Nasdaq: DRCT) (\"Direct Digital Holdings\" or the \"Company\"), a leading advertising and marketing technology platform operating through its companies Colossus Media, LLC (\"Colossus SSP\"), Huddled Masses LLC (\"Huddled Masses\") and Orange142, LLC (\"Orange142\"), today announced an upward revision of the preliminary financial results originally published in its March 23, 2023 press release.\nThese financial results, which are reflected in the Company's Annual Report on Form 10-K filed with the SEC today, resulted in an increase in revenues of $1.3 million over the previously published preliminary results, which increased net income to $4.2 million and increased EPS to $0.33 per share for the 12-month period ended December 31, 2022.\nThe updated amounts have no effect upon the cash flows for the affected periods, and will not affect forward revenue guidance for 2023 of $118 million to $122 million as issued on March 23, 2023.\nAbout Direct Digital HoldingsDirect Digital Holdings (Nasdaq: DRCT), owner of operating companies Colossus SSP, Huddled Masses, and Orange 142, brings state-of-the-art sell- and buy-side advertising platforms together under one umbrella company. Direct Digital Holdings' sell-side platform, Colossus SSP, offers advertisers of all sizes extensive reach within general market and multicultural media properties. The company's subsidiaries Huddled Masses and Orange142 deliver significant ROI for middle market advertisers by providing data-optimized programmatic solutions at scale for businesses in sectors that range from energy to healthcare to travel to financial services. Direct Digital Holdings' sell- and buy-side solutions manage approximately 90,000 clients monthly, generating over 100 billion impressions per month across display, video, CTV, in-app and other media channels. Direct Digital Holdings is the ninth black-owned company to go public in the U.S and was named a top minority-owned business by The Houston Business Journal.\nForward Looking StatementsThis press release may contain forward-looking statements within the meaning of federal securities laws, including the Priva...