Business
Direct Digital Holdings Reports First Quarter 2022 Financial Results
First Quarter 2022 Revenue Up 100% Year-Over-Year to $11.4 Million HOUSTON, May 12, 2022 /PRNewswire/ -- Direct Digital Holdings, Inc. (Nasdaq: DRCT) ("Direct
About this update from Direct Digital Holdings, Inc.
[{"type":"text","content":"First Quarter 2022 Revenue Up 100% Year-Over-Year to $11.4 Million\nHOUSTON, May 12, 2022 /PRNewswire/ -- Direct Digital Holdings, Inc. (Nasdaq: DRCT) (\"Direct Digital\"), a leading advertising and marketing technology platform, announced financial results for the first quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nChairman and Chief Executive Officer Mark Walker said, \"We are pleased to report record revenue for the first quarter of 2022, which demonstrates the increasing value of Direct Digital's world-class buy- and sell-side advertising platform for middle-market clients. Our quarterly growth was primarily driven by our sell-side advertising segment, and we are excited about the prospect of maintaining this momentum throughout 2022 by continuing to innovate our programmatic advertising offerings for the middle market segment, enhance our publisher partner engagement and monetization strategies, and further extend our reach into the underserved and underrepresented publisher communities.\"\nKeith Smith, President, added, \"Our recent IPO, strategic debt refinance, and successful repurchase of equity from one of Direct Digital's pre-IPO owners have optimally positioned Direct Digital to achieve its ambitious goals for 2022 and beyond.\"\nFirst Quarter 2022 Financial Highlights:\nRevenue increased to $11.4 million in the first quarter of 2022, an increase of $5.7 million, or 100% over the $5.7 million in the same period of 2021.Our sell-side advertising segment grew to $5.6 million, or 540% over the $0.9 million in the same period of 2021, and contributed $4.7 million of the increase in overall revenue.Our buy-side advertising segment grew to $5.8 million, or 21% over the $4.8 million in the same period of 2021, and contributed $1.0 million of the increase in overall revenue.Operating income increased to $0.6 million for the first quarter of 2022 compared to an operating loss of approximately ($26,000) in the same period of 2021.Net loss was $(0.7) million in the first quarter of 2022, compared to $(0.8) million in the same period of 2021.Adjusted EBITDA(1) increased 113% to $1.1 million in the first quarter 2022, compared to $0.5 million in the same period of 2021.Net operating cash used in the first quarter was ($0.9) million compared to a net operating cash of $3.6 million generated in the same period of 2021.Bus...