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Direct Digital Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$884K in Q2 2026 · −$5.4M over twelve months

Operating cash flow−$884K
Free cash flow−$884K

Analysis

In Q2 2026, Direct Digital Holdings generated −$884K of operating cash flow. That is $1.8M more than in Q2 2025 (−$2.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$5.4M; the largest uses were operating cash flow ($5.4M), other investing ($49K), net borrowing (+) / repaid (−) ($2K); besides operations, cash came from shares issued ($4.0M), other financing ($449K); the cash balance fell by $1.1M.

Operating cash flow was −$884K against net income of −$3.6M. The largest differences: payables +$1.3M, accrued liabilities +$587K, prepaid and other assets −$531K.

Free cash flow

Direct Digital Holdings: free cash flow by quarterDirect Digital Holdings: free cash flow by quarter$3.0MQ3 2024−$1.6MQ4 2024−$2.7MQ1 2025−$2.7MQ2 2025−$1.6MQ3 2025−$1.9MQ4 2025−$1.1MQ1 2026−$884KQ2 2026
Operating cash flow less capital spending.
Direct Digital Holdings: operating cash flow against capital spendingDirect Digital Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$3.0M$0Q3 2024−$1.6M$0Q4 2024−$2.7M$0Q1 2025−$2.7M$0Q2 2025−$1.6M$0Q3 2025−$1.9M$0Q4 2025−$1.1M$0Q1 2026−$884K$0Q2 2026
Latest (Q2 2026): Operating cash flow −$884K, Capital spending $0.

Capital allocation, year by year

Direct Digital Holdings: where the cash came from (up) and went (down), by fiscal yearDirect Digital Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedFY2021: Operating cash flow $3.8M$3.8MFY2021FY2022: Operating cash flow $2.1MFY2022: Net borrowing $3.3MFY2022: Shares issued $11.2M$16.5MFY2022FY2023: Operating cash flow $2.6MFY2023: Net borrowing −$2.0MFY2023: Shares issued $29K$2.6MFY2023FY2024: Operating cash flow −$8.6MFY2024: Net borrowing $4.3MFY2024: Shares issued $1.7M$6.1MFY2024FY2025: Operating cash flow −$8.9MFY2025: Net borrowing $104KFY2025: Shares issued $8.7M$8.8MFY2025
Over these 5 years operating cash flow totalled −$9.2M; the largest uses were operating cash flow ($17.6M) and net borrowing ($2.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$520K
Debt$144K
Net cash$376K
Due within a year$12.3M
Cash runway1 month

Direct Digital Holdings is burning cash: its operations consume cash, a free cash flow of −$5.4M a year at the current rate against $520K of cash and investments: a runway of about 1 month; $12.3M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Direct Digital Holdings: debt maturities by year (FY2025)Direct Digital Holdings: debt maturities by year (FY2025)$12.3MYear 1$3KYear 2$3KYear 3$4KYear 4$4KYear 5$132KAfter year 5
Principal due in each year as disclosed in the annual report, against $520K of cash and investments now.

Where the cash came from and went

Direct Digital Holdings: sources (+) and uses (−) of cash, Q2 2026Direct Digital Holdings: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$884KOther financing$502KCash drawn (+) / kept (−)$276KShares issued$107KNet borrowing (+) / repaid (−)−$1K
Direct Digital Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Direct Digital Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$5.4MShares issued$4.0MCash drawn (+) / kept (−)$1.1MOther financing$449KOther investing−$49KNet borrowing (+) / repaid (−)−$2K

From profit to cash

Direct Digital Holdings: net income to operating cash flow, Q2 2026Direct Digital Holdings: net income to operating cash flow, Q2 2026Net income−$3.6MDepreciation & amortization$34KStock-based pay$84KReceivables$98KPayables$1.3MAccrued liabilities$587KDeferred revenue$19KPrepaid and other assets−$531KOperating cash flow−$884K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 202640—164-124
Q4 202537—120-83
Q3 202543—117-74
Q2 202537—93-56
Q1 202552—115-63
Q4 202457—106-49
Q3 2024131—156-25

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$884K−$1K$107K$276K−$884K
Q1 2026−$1.1M−$1K$1.1M−$68K−$1.1M
Q4 2025−$1.9M—$2.0M$143K−$1.9M
Q3 2025−$1.6M—$766K$722K−$1.6M
Q2 2025−$2.7M—$2.6M$196K−$2.7M
Q1 2025−$2.7M—$3.3M−$344K−$2.7M
Q4 2024−$1.6M−$2.0M$1.6M$2.6M−$1.6M
Q3 2024$3.0M−$1K$10K−$3.0M$3.0M

Direct Digital Holdings: income statement and cash flow

Direct Digital Holdings, Q2 2026: revenue $7.8M (-23% year over year), operating margin -37.4%. The chart follows the revenue to costs, profit and cash.

Direct Digital Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.