DoubleDown Interactive Co. (DDI) Q3 2025 earnings summary

Executive summary

• Q3 2025 consolidated revenue reached $95.8 million, up 15.5% year-over-year, driven by growth in social casino and iGaming segments.

• Adjusted EBITDA was $37.5 million, and cash flow from operations was $33.4 million for the quarter.

• Earnings per fully diluted common share rose 30.8% to $13.21, with profit for the interim period at $32.7 million.

• Strong performance driven by DoubleDown Casino app, SuprNation iGaming, and international growth, especially in Europe.

• Recent acquisition of WHOW Games in Germany to expand European presence and impact future KPIs.

Financial highlights

• Q3 2025 revenue increased from $83.0 million in Q3 2024.

• Social casino segment grew nearly 6% year-over-year and 15% sequentially, with WHOW Games contributing.

• iGaming revenues more than doubled year-over-year, up 108% to $16.2 million.

• ARPDAU rose to $1.39 from $1.30 in Q3 2024.

• Payer conversion rate increased to 7.8% from 6.8% year-over-year.

• Adjusted EBITDA margin was 39.1%, down from 44.0% in Q3 2024.

• Net cash from operations for Q3 2025 was $33.4 million; $94.1 million for the first nine months.

• Cash, cash equivalents, and short-term investments totaled $439.2 million at quarter-end.

• Average monthly revenue per payer: $272, slightly down from $281 year-over-year.

• Profit margin improved to 34.2% from 30.3% year-over-year.

• Cash and cash equivalents at quarter-end were $348.3 million, up from $334.9 million at year-end 2024.

Outlook and guidance

• Targeting over 20% of social casino revenue from direct-to-consumer (DTC) channels by year-end.

• Continued focus on player acquisition for SuprNation, with payback periods around six months.

• Plans to launch a new iGaming brand, Las Vegas Sites, and expand native app offerings.

• Ongoing evaluation of new markets and potential acquisitions to diversify revenue.

• WHOW Games' full impact on KPIs will be assessed and reported in Q4 2025.

• Management highlighted flexibility for organic and M&A-driven growth, supported by a strong net cash position of $404 million.