DoubleDown Interactive Reports Record Fourth Quarter and Full Year 2025 Financial Results

DoubleDown Interactive Reports Record Fourth Quarter and Full Year 2025 Financial Results DoubleDown Interactive Reports Record Fourth Quarter and Full Year 2025 Financial Results GlobeNewswire February 11, 2026

SEOUL, Korea, Feb. 11, 2026 (GLOBE NEWSWIRE) -- DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) (“DoubleDown” or the “Company”), a leading developer and publisher of digital games on mobile and web-based platforms, today announced unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 vs. Fourth Quarter 2024 Summary:

“Our fourth quarter results end a solid year of executing on our strategic plan of expanding our revenue across products and geographies while growing the direct-to-consumer (DTC) revenue streams,” said In Keuk Kim, Chief Executive Officer of DoubleDown. “With the first full quarter of WHOW Games results, our fourth quarter social casino revenue grew approximately 9% year-over-year. And, our DTC revenue grew to over 30% of total social casino revenue in the fourth quarter as a result of our continuing efforts to promote DTC channels to customers. Finally, our SuprNation iGaming subsidiary saw 78% year-over-year growth in the fourth quarter, reflecting our continued success in prudently scaling new player acquisition activities.”

“Our operating focus continues to drive a high conversion of revenue to cash flow, resulting in fourth quarter net cash flow from operations of $42.8 million. With this, DoubleDown’s balance sheet remains solid and allows the company to pursue additional value-building transactions that can further diversify our revenue sources and geographic presence. We ended the fourth quarter with an aggregate net cash position of approximately $455 million. With our consistent free cash flow generation and strong balance sheet, we have considerable flexibility to grow organically and through M&A to enhance shareholder value.”

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1 Direct-to-Consumer revenue represents revenue from purchases made through Company-owned channels, including web storefront transactions and other direct payment flows.

Full Year 2025 vs. Full Year 2024 Summary

Summary Operating Results for DoubleDown Interactive (Unaudited)

 Three months ended December 31, Year ended December 31,
  2025   2024   2025   2024 
Revenue ($ MM)$95.8  $82.0  $359.9  $341.3 
Total operating expenses ($ MM) (65.9)  (47.8)  (233.0)  (204.3)
Profit for the interim period/year ($ MM)$24.1  $35.8  $102.7  $124.4 
Profit for the interim period/year (excluding non-controlling interest)$24.1  $35.7  $102.5  $124.1 
Adjusted EBITDA ($ MM)$40.6  $35.1  $142.3  $141.9 
Profit margin 25.2%  43.6%  28.5%  36.5%
Adjusted EBITDA margin 42.4%  42.9%  39.5%  41.6%
        
Non-financial performance metrics(1)       
Average MAUs (000s) 1,389   1,271   1,296   1,363 
Average DAUs (000s) 637   619   616   653 
ARPDAU$1.35  $1.30  $1.34  $1.30 
Average monthly revenue per payer$198  $282  $236  $283 
Payer conversion 9.6%  6.9%  8.2%  6.7%
                

(1) Social casino/free-to-play games only. The fourth quarter and full year KPIs are inclusive of those from WHOW Games.

Conference Call

DoubleDown will hold a conference call today, February 11, 2026, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss these results. A question-and-answer session will follow management’s presentation.

To access the call, please use the following link: DoubleDown Fourth Quarter and Full Year 2025 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, please register a minimum of 15 minutes before the start of the call.

A simultaneous webcast of the conference call will be available with the following link: DoubleDown Fourth Quarter and Full Year 2025 Earnings Webcast, or via the Investor Relations page of the DoubleDown website at ir.doubledowninteractive.com. For those not planning to ask a question on the conference call, the Company recommends listening via the webcast.

A replay will be available on the Company’s Investor Relations website shortly after the event.

About DoubleDown Interactive

DoubleDown Interactive Co., Ltd. is a leading developer and publisher of digital games on mobile and web-based platforms. We are the creators of multi-format interactive entertainment experiences for casual players, bringing authentic Vegas entertainment to players around the world through an online social casino experience. The Company’s flagship social casino title, DoubleDown Casino, has been a fan-favorite game on leading social and mobile platforms for years, entertaining millions of players worldwide with a lineup of classic and modern games. The Company’s subsidiary, SuprNation, also operates three real-money iGaming sites in Western Europe while the newly acquired subsidiary, WHOW Games, operates social casino gaming business in Europe, mainly in Germany.

Safe Harbor Statement

Certain statements contained in this press release are “forward-looking statements” about future events and expectations for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our beliefs, assumptions, and expectations of industry trends, our future financial and operating performance, and our growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Therefore, you should not place undue reliance on such statements. Words such as “anticipates,” believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” potential,” “near-term,” long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will,” and similar expressions are intended to identify such forward-looking statements. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Use and Reconciliation of Non-IFRS Financial Measures

In addition to our results determined in accordance with IFRS, we believe the following non-IFRS financial measure is useful in evaluating our operating performance. We present “adjusted earnings before interest, taxes, depreciation and amortization” (“Adjusted EBITDA”) because we believe it assists investors and analysts by facilitating comparison of period-to-period operational performance on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. The items excluded from the Adjusted EBITDA may have a material impact on our financial results. Certain of those items are non-recurring, while others are non-cash in nature. Accordingly, the Adjusted EBITDA is presented as supplemental disclosure and should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with IFRS, and should be read in conjunction with the condensed consolidated financial statements furnished in our report on Form 6-K filed with the SEC.

In our reconciliation from our reported IFRS “Profit before tax” to our Adjusted EBITDA, we eliminate the impact of the following four line items: (i) depreciation and amortization; (ii) finance income; (iii) finance expense; and (iv) other (income) expense. The below table sets forth the full reconciliation of our non-IFRS measures:

Reconciliation of non-IFRS measuresThree months ended December 31, Year ended December 31,
(in millions, except percentages) 2025  2024   2025  2024 
Profit for the interim period/year$24.1 $35.8  $102.7 $124.4 
Income tax expense 11.2  12.3   37.2  38.4 
Profit before tax 35.3  48.1   139.8  162.9 
Adjustments for:     
Depreciation and amortization 2.6  1.1   7.4  5.2 
Finance income (6.9) (13.4)  (19.7) (29.2)
Finance expense 1.5  (0.5)  6.9  3.3 
Other (income) expense, net 8.0  (0.1)  7.9  (0.3)
Adjusted EBITDA$40.6 $35.1  $142.3 $141.9 
Adjusted EBITDA margin 42.4% 42.9%  39.5% 41.6%
              

We encourage investors and others to review our financial information in its entirety and not to rely on any single financial measure.

Company Contact:

Joe Sigrist
ir@doubledown.com
+1 (206) 773-2266
Chief Financial Officer
https://www.doubledowninteractive.com

Investor Relations Contact:

Joseph Jaffoni or Christin Armacost
JCIR
+1 (212) 835-8500
DDI@jcir.com

 
DoubleDown Interactive Co., Ltd.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands of U.S. dollars)
 
 December 31, December 31,
  2025   2024 
    
Assets   
Cash and cash equivalents$388,891  $334,850 
Short-term investments 101,142   80,000 
Accounts receivable, net 32,017   30,778 
Prepaid expenses and other assets 5,523   7,614 
Total current assets$527,573  $453,242 
Property and equipment, net 1,084   1,025 
Right-of-use assets, net 4,273   4,308 
Intangible assets, net 79,866   47,666 
Goodwill 426,659   395,804 
Deferred tax asset 180   3,373 
Other non-current assets 906   746 
Total non-current assets$512,968  $452,922 
Total assets$1,040,541  $906,164 
Liabilities and equity   
Accounts payable and accrued expenses$24,564  $14,990 
Current lease liabilities 1,444   1,162 
Income taxes payable 3,674   1,512 
Contract liabilities 1,861   1,754 
Current portion of borrowings with related party 34,846   — 
Other current liabilities 1,760   3,966 
Total current liabilities$68,149  $23,384 
Long-term borrowings with related party —   34,014 
Non-current lease liabilities 3,309   3,510 
Deferred tax liabilities 17,360   — 
Other non-current liabilities 1,338   3,223 
Total non-current liabilities$22,007  $40,747 
Total liabilities$90,156  $64,131 
Equity   
Share capital 21,198   21,198 
Share premium 359,280   359,280 
Accumulated other comprehensive income (loss) (4,904)  (10,688)
Retained earnings 574,623   472,125 
Equity attributable to DoubleDown Interactive Co. Ltd.$950,197  $841,915 
Equity attributable to non-controlling interests 188   118 
Total equity$950,385  $842,033 
Total liabilities and equity$1,040,541  $906,164 
        


DoubleDown Interactive Co., Ltd.
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
(Unaudited, in thousands except share and per share amounts)
 
 Three months ended December 31, Year ended December 31,
  2025   2024   2025   2024 
Revenue$95,786  $81,970  $359,938  $341,330 
Operating expenses:       
Cost of revenue (25,864)  (24,469)  (101,564)  (103,541)
Sales and marketing (16,459)  (10,415)  (59,420)  (46,210)
Research and development (2,076)  (2,501)  (11,955)  (13,888)
General and administrative (13,454)  (10,557)  (52,106)  (41,003)
Other income 162   186   375   536 
Other expense (8,167)  (55)  (8,308)  (209)
Total operating expenses (65,858)  (47,811)  (232,978)  (204,315)
Operating profit 29,928   34,159   126,960   137,015 
Finance income 6,854   13,436   19,726   29,152 
Finance cost (1,482)  494   (6,865)  (3,287)
Profit before income tax$35,300  $48,089  $139,821  $162,880 
Income tax expense (11,194)  (12,313)  (37,168)  (38,441)
Profit for the interim period/year$24,106  $35,776  $102,653  $124,439 
Other comprehensive income (loss):       
Pension adjustments, net of tax 117   (141)  256   162 
Gain (loss) on foreign currency translation 322   (9,369)  5,528   (10,102)
Total comprehensive income for the interim period/year$24,545  $26,266  $108,437  $114,499 
Profit attributable to:       
DoubleDown Interactive Co., Ltd. 24,089   35,684   102,498   124,105 
Non-controlling interests 17   92   155   334 
Total comprehensive income (loss) attributable to:       
DoubleDown Interactive Co., Ltd. 24,528   26,173   108,282   114,227 
Non-controlling interests 17   93   155   272 
        
Earnings per share:       
Basic$9.72  $14.40  $41.37  $50.09 
Diluted$9.72  $14.40  $41.37  $50.09 
Weighted average shares outstanding:       
Basic 2,477,672   2,477,672   2,477,672   2,477,672 
Diluted 2,477,672   2,477,672   2,477,672   2,477,672 
                


DoubleDown Interactive Co., Ltd.
Condensed Consolidated Statement of Cash Flows
(Unaudited, in thousands of U.S. dollars)
 
 Year ended December 31,
  2025   2024 
Cash flows from (used in) operating activities   
Profit for the year$102,653  $124,439 
Adjustments to reconcile profit to net cash from operating activities:   
Depreciation and amortization 7,448   5,186 
Unrealized gain on foreign currency (470)  (8,357)
Unrealized loss on foreign currency 2,040   45 
Gain on foreign currency transaction (2,642)  — 
Loss on foreign currency transaction 1,597   — 
Gain on valuation of financial assets (105)  — 
Loss on valuation of financial assets 48   766 
Loss on valuation of short-term investment 710   — 
Interest income (16,259)  (15,657)
Interest expense 1,901   2,049 
Miscellaneous income 30   (267)
Provision for severance benefits 461   140 
Other long-term employee benefits (889)  1,625 
Impairment loss of Goodwill 8,011   — 
Income tax expense 37,168   38,441 
Working capital adjustments:   
Accounts receivable 3,317   1,462 
Prepaid expenses, and other assets 636   3,142 
Other non-current assets (55)  1,745 
Accounts payable and accrued expenses 3,183   5,512 
Contract liabilities (103)  (766)
Other current and non-current liabilities (2,729)  (810)
Cash generated from operations$145,951  $158,695 
Interest received 18,051   13,542 
Interest paid (278)  (11,036)
Income taxes paid (26,954)  (12,755)
Net cash inflow from operating activities$136,770  $148,446 
Cash flows from investing activities   
Acquisition of WHOW Games (61,588)  — 
Purchase of property and equipment (190)  (867)
Disposal of property and equipment 22   11 
Purchase of intangible assets (102)  (17)
Purchase of financial assets at fair value through profit or loss (9,761)  — 
Disposal of financial assets at fair value through profit or loss 10,232   — 
Purchase of short-term investments (263,892)  (80,990)
Sales of short-term investment 243,576   66,250 
Net cash (outflow) from investing activities$(81,703) $(15,613)
Cash flows from financing activities   
Repayment of lease liabilities (1,269)  (1,700)
Payment of dividends (85)  (311)
Net cash (outflow) from financing activities$(1,354) $(2,011)
Net increase (decrease) in cash and cash equivalents$53,713  $130,822 
Effect of exchange rate changes on cash and cash equivalents$329  $(2,884)
Cash and cash equivalents at beginning of the year$334,850  $206,911 
Cash and cash equivalents at end of the year$388,892  $334,850 
        



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