DoubleDown Interactive Co. (DDI) Q2 2025 earnings summary

Executive summary

• Q2 2025 consolidated revenue was $84.8 million, with $69.3 million from social casino and $15.5 million from iGaming (SuprNation), down from $88.2 million in Q2 2024 due to a 14% social casino decline but 96% iGaming growth.

• Adjusted EBITDA was $33.5 million (39.5% margin), and cash flow from operations was $19.7 million for the quarter, totaling $60.1 million for the first half of 2025.

• Profit for the period was $21.8 million, or $8.82 per diluted share, down from $33.1 million, or $13.35 per share, in Q2 2024, mainly due to lower revenue and higher expenses.

• The acquisition of WHOW Games in July 2025 for approximately $64 million expands European presence, especially in Germany, and aims to unlock operational synergies.

• SuprNation delivered its highest quarterly revenue since acquisition, with strong player acquisition and ROI.

Financial highlights

• Q2 2025 revenue declined from $88.2 million in Q2 2024, mainly due to a 14% year-over-year drop in social casino revenue.

• iGaming revenue nearly doubled year-over-year, up 96% from Q2 2024, and increased $2.3 million sequentially.

• Adjusted EBITDA margin was 39.5% in Q2 2025, down from 42.5% in Q2 2024.

• Profit excluding non-controlling interest was $21.9 million, or $0.44 per ADS, down from $33.2 million, or $0.67 per ADS, in Q2 2024.

• Net cash position at quarter end was $444 million, or $8.97 per ADS, before the $64 million WHOW Games payment.

Outlook and guidance

• Management expects continued growth in direct-to-consumer revenue, with initiatives to further increase its share above the current 15%.

• SuprNation aims to launch additional brands and native apps, targeting over 10% profit margin as scale is achieved.

• Plans for geographic expansion into Finland, Spain, Western Europe, and Canada are underway, subject to regulatory developments.

• Social casino revenue is expected to remain flat or improve sequentially, supported by new monetization and retention features.

• The company expects to leverage the WHOW Games acquisition for enhanced competitiveness and shareholder value.