Thursday, April 02, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
An in-line Q4. Direct Digital reported Q4 revenue of $8.4M (down 7% YoY), reflecting a sharp decline in sell-side activity, partially offset by strong buy-side growth (+28% YoY). Total company revenues of $8.4 million were better than our $7.7 million estimate. Q4 adj. EBITDA loss was in line with expectations, at $3.6 million versus $3.4 million.
Buy-side momentum offsetting structural sell-side decline. The primary driver of the quarter was strength in the buy-side segment, supported by improved customer acquisition, higher conversion rates, and increased contribution from returning customers, while the sell-side business experienced significant contraction due to reduced inventory and strategic deprioritization.
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