Third Quarter 2025 vs. Third Quarter 2024 Summary:
Revenue rose 15.5% to $95.8 million in the third quarter of 2025 compared to $83.0 million in the third quarter of 2024.
Revenue from the Company's social casino/free-to-play games, inclusive of a partial quarter results from WHOW Games GmbH ("WHOW Games") which was acquired by the Company on July 14, 2025, was $79.6 million in the third quarter of 2025, a 5.9% increase from the third quarter of 2024.
Revenue from SuprNation, the Company's iGaming subsidiary, increased 108% year over year to $16.2 million, primarily as a result of the Company's focus on new player acquisition.
Operating expenses were $60.9 million in the third quarter of 2025 compared to $47.6 million in the third quarter of 2024, primarily due to increased operating expenses related to SuprNation driven by revenue growth and inclusion of operating expenses related to the addition of the WHOW Games operations.
Profit for the interim period (excluding non-controlling interest) rose 30.8% to $32.7 million, or earnings per fully diluted common share of $13.21 ($0.66 per American Depositary Share ("ADS")), in the third quarter of 2025, compared to profit for the interim period (excluding non-controlling interest) of $25.0 million, or earnings per fully diluted common share of $10.10 ($0.50 per ADS), in the third quarter of 2024.
The increase was primarily due to higher revenue and lower unrealized losses on foreign currency, partially offset by higher overall operating expenses related to the addition of the WHOW Games operations and increased costs associated with revenue growth from SuprNation.
Each ADS represents 0.05 share of a common share.
Adjusted EBITDA was $37.5 million for the third quarter of 2025 compared to $36.5 million in the third quarter of 2024. Adjusted EBITDA margin was 39.1% in the third quarter of 2025 compared to 44.0% in the third quarter of 2024.
Average Revenue Per Daily Active User ("ARPDAU") for the Company's social casino/free-to-play games (exclusive of WHOW Games) was $1.39 in the third quarter of 2025 and $1.30 in the third quarter of 2024, and increased slightly from $1.33 in the second quarter of 2025.
Average monthly revenue per payer for the social casino/free-to-play games (exclusive of WHOW Games) decreased to $272 in the third quarter of 2025 from $281 in the third quarter of 2024 and decreased from $286 in the second quarter of 2025.
Net cash flows from operating activities increased to $33.4 million in the third quarter of 2025 from $32.1 million in the third quarter of 2024. The increase is primarily due to higher operating profit and lower income taxes paid, partially offset by lower net unrealized loss on foreign currency translation.
"Our ongoing strategic operating priorities, focused on driving a high conversion of revenue to cash flow, resulted in strong third quarter results as we generated $33.4 million in cash flow from operations during the period," said In Keuk Kim, Chief Executive Officer of DoubleDown. "Growth in our social casino games reflects initial contributions from the WHOW Games transaction, which increased our European revenue. Although the initial results from WHOW Games are encouraging, we are still assessing their operations and will include the impact on our social casino KPIs in our fourth quarter 2025 results. Our understanding at this time is that WHOW Games may generally have a higher payer conversion rate and lower average monthly revenue per payer.
"In the third quarter, our SuprNation iGaming business generated another period of record revenue and rose 108% from Q3 2024 to $16.2 million, reflecting the success of our strategies to prudently scale investments to acquire new players for our iGaming sector.
"Our balance sheet remains exceptional and affords us the flexibility to pursue additional value-building transactions that can further diversify our revenue sources and geographic presence. We ended the third quarter with an aggregate net cash position of approximately $404 million, or approximately $8.14 per ADS. With our consistent free cash flow generation and strong balance sheet, we have considerable flexibility to grow organically and through M&A to enhance shareholder value."
Summary Operating Results for DoubleDown Interactive (Unaudited)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Revenue ($ MM)
$
95.8
$
83.0
$
264.2
$
259.4
Total operating expenses ($ MM)
(60.9
)
(47.6
)
(167.1
)
(156.5
)
Profit for the interim period (excluding non-controlling interest) ($ MM)
$
32.7
$
25.0
$
78.4
$
88.4
Adjusted EBITDA ($ MM)
$
37.5
$
36.5
$
101.8
$
106.8
Profit margin
34.2
%
30.3
%
29.7
%
34.2
%
Adjusted EBITDA margin
39.1
%
44.0
%
38.5
%
41.2
%
Non-financial performance metrics(1)
Average MAUs (000s)
1,118
1,312
1,173
1,393
Average DAUs (000s)
555
632
580
665
ARPDAU
$
1.39
$
1.30
$
1.34
$
1.30
Average monthly revenue per payer
$
272
$
281
$
278
$
283
Payer conversion
7.8
%
6.8
%
7.2
%
6.6
%
(1) Social casino/free-to-play games only. The KPIs in the table above exclude WHOW Games, which was acquired on July 14, 2025.
Conference Call
DoubleDown will hold a conference call today (November 10, 2025) 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 Third Quarter 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 Third Quarter 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. DoubleDown recently expanded its social casino platform with the acquisition of WHOW Games GmbH, a developer headquartered in Hamburg, Germany. The Company's subsidiary, SuprNation, also operates three real-money iGaming sites in Western Europe.
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 interim financial statements furnished in our report on Form 6-K filed with the SEC.
In our reconciliation from our reported IFRS "profit before income tax" to our Adjusted EBITDA, we eliminate the impact of the following four line items: (i) depreciation and amortization; (ii) finance income; (iii) finance cost; and (iv) other (income) expense. The below table sets forth the full reconciliation of our non-IFRS measures:
Reconciliation of non-IFRS measures
Three months ended September 30,
Nine months ended September 30,
(in millions, except percentages)
2025
2024
2025
2024
Profit for the interim period
$
32.8
$
25.1
$
78.5
$
88.7
Income tax expense
8.4
8.8
26.0
26.1
Profit before income tax
41.1
33.9
104.5
114.8
Adjustments for:
Depreciation and amortization
2.5
1.2
4.8
4.1
Finance income
(4.5
)
(0.8
)
(12.9
)
(15.7
)
Finance cost
(1.6
)
2.2
5.4
3.8
Other (income) expense, net
—
—
(0.1
)
(0.2
)
Adjusted EBITDA
$
37.5
$
36.5
$
101.8
$
106.8
Adjusted EBITDA margin
39.1
%
44.0
%
38.5
%
41.2
%
The key differences between reconciliations of Adjusted EBITDA and Adjusted EBITDA margin under IFRS and under GAAP arise from the treatment of certain adjustments, particularly in the areas of depreciation and amortization, finance income, and finance cost per the respective accounting standards. For reconciliation of Adjusted EBITDA and Adjusted EBITDA margin under IFRS, depreciation related to right-of-use assets is included within the depreciation and amortization, and as such, is added back to Adjusted EBITDA in the reconciliation. In contrast, for reconciliation of Adjusted EBITDA and Adjusted EBITDA margin under GAAP, depreciation related to right-of-use assets is classified under general and administrative expenses, and thus, is excluded from Adjusted EBITDA in the reconciliation. The designation of finance income and finance cost in reconciliation under IFRS reflects a change in the classification of non-operating (income) expense in reconciliation under GAAP. Specifically, the non-operating (income) expense accounts under GAAP have been renamed to finance income and finance cost under IFRS.
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 +1 (206) 773-2266Chief Financial Officer https://www.doubledowninteractive.com
Investor Relations Contact:
Joseph Jaffoni and Christin ArmacostJCIR +1 (212)
DoubleDown Interactive Co., Ltd.Consolidated Interim Statement of Financial Position(In thousands of U.S. dollars)
September 30,
December 31,
2025
2024
(unaudited)
Assets
Cash and cash equivalents
$
348,338
$
334,850
Short-term investments
90,856
80,000
Accounts receivable, net
34,134
30,778
Prepaid expenses and other assets
10,194
7,614
Total current assets
$
483,522
$
453,242
Property and equipment, net
1,136
1,025
Right-of-use assets, net
4,682
