DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) reported record revenue for 2025, totaling $359.9 million, a 5.5% increase from $341.3 million in 2024. The growth was driven by a 78.2% jump in iGaming revenue from its newly acquired SuprNation and a 9.3% rise in social‑casino revenue, which benefited from the first full quarter of WHOW Games after its July 14, 2025 acquisition.
In the fourth quarter, revenue reached $95.8 million, up 17% year‑over‑year from $82.0 million in Q4 2024. Social‑casino revenue was $79.7 million, a 9.3% increase, while SuprNation iGaming contributed $16.1 million, up 78.2%. Direct‑to‑consumer (DTC) sales grew to $26.0 million, representing 33% of social‑casino revenue, a sharp rise from 13% in the prior year.
DoubleDown’s earnings fell short of expectations. Analysts had projected earnings per share of $0.62; the company delivered $0.49, a miss of $0.13 or 21%. Revenue also missed the consensus estimate of $99.93 million. The shortfall was largely due to a $12.3 million goodwill impairment on SuprNation and increased operating expenses related to WHOW Games integration, which eroded profit margins from 36.5% in 2024 to 28.5% in 2025.
Operating cash flow for the quarter was $42.6 million, slightly below the $42.8 million reported in the original article, and the company ended the quarter with a net cash position of approximately $455 million. Full‑year operating cash flow declined to $136.8 million from $148.4 million in 2024, reflecting the impact of the goodwill impairment and higher integration costs.
"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 CEO In Keuk Kim. "With the first full quarter of WHOW Games results, our fourth quarter social casino revenue grew approximately 9% year‑over‑year." The company emphasized that the strong DTC performance and iGaming expansion provide a foundation for future growth, even as it navigates headwinds from goodwill impairment and operating cost increases.
The market reaction was tempered by the earnings miss and declining profitability, despite the robust growth in key segments. Investors focused on the gap between reported and expected EPS and revenue, and on the contraction of profit margins, while acknowledging the strategic gains from the SuprNation and WHOW Games acquisitions.
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