다이렉트 디지털 홀딩스(DRCT) 2026년 2분기 실적 발표회: 매출 감소, AI 전략 진전

핵심 요약

• 2026년 2분기 매출은 주로 수요측 플랫폼(DSP) 고객의 지출이 250만 달러 감소함에 따라 전년 동기의 1,010만 달러에서 780만 달러로 감소했다.
• 매출총이익은 270만 달러였으며, 매출총이익률은 2025년 2분기 35%에서 34%로 축소됐다.
• 순손실은 420만 달러에서 360만 달러로 개선된 반면, 조정 EBITDA 손실은 150만 달러에서 230만 달러로 확대됐다.
• 상반기 매출은 1,450만 달러였다. DSP 고객 매출 감소분 450만 달러를 제외하면, 매출은 전년 동기 대비 약 70만 달러(5%) 증가했다.
• 다이렉트 디지털 홀딩스는 해당 분기 동안 AI 검색 및 생성형 엔진 최적화 솔루션을 출시했다. 경영진은 기존 및 잠재 고객의 수요가 강하다고 밝혔으나, 이러한 전략적 전환은 아직 초기 단계라는 점을 강조했다.
• 분기 말 기준 현금 및 현금성 자산은 50만 달러였다. 회사는 신용한도 협약에 따른 일부 재무 약정을 준수하지 못해 대출 기관에 위버(의무 면제)를 요청했다.

주요 재무 데이터

2026년 상반기 매출은 총 1,450만 달러로, 전년 동기의 1,830만 달러 대비 감소했다. 경영진은 DSP 고객 매출 감소분 450만 달러를 제외하면 매출이 전년 동기 대비 약 5% 증가했다고 밝혔다.

사업 및 영업 실적

다이렉트 디지털 홀딩스는 2026년 1분기에 발표한 전략적 전환을 이어가며 운영을 보다 효율적인 모델로 통합했다. 회사는 파이프라인 다변화, 고객 관계 확대 및 제품 역량 강화를 추진하고 있다.

2분기 동안 회사는 AI 검색 및 생성형 엔진 최적화 솔루션을 출시했다. 또한 AI 지원 및 웹 인프라 기술 서비스를 확장하고 있으며, 경영진은 이를 통해 신규 기술 예산을 확보하고 고객의 전환 성과 개선 및 고객 유치 비용 절감을 지원할 수 있을 것으로 밝혔다.

경영진은 회사의 포지셔닝이 미디어 지원에서 더 넓은 차원의 디지털 성장 파트너십으로 진화하고 있다고 설명했다. 그러나 이러한 전환은 여전히 초기 단계에 있으며, 감소된 DSP 고객 활동이 공시 매출에 계속 부담으로 작용했다.

2026년 6월 30일로 끝난 6개월 동안 전체 매출의 약 80%를 차지하는 고객군에서의 고객 유지율은 약 80%였다. 경영진은 또한 회사가 플랫폼을 보완할 수 있는 전략적 파트너십 및 기타 기회를 검토할 수 있는 유연성을 유지하고 있다고 전했다.

리스크 및 주요 관전 포인트

• 수요측 플랫폼(DSP) 고객의 지출 감소로 2분기 매출은 250만 달러, 상반기 매출은 450만 달러 감소했다.
• 분기 말 현금 및 현금성 자산은 50만 달러로 감소했으며, 현금 및 매출채권 합계는 320만 달러로 줄었다.
• 2026년 6월 30일 기준 다이렉트 디지털 홀딩스는 기존 신용한도 협약에 따른 일부 재무 약정을 준수하지 못한 상태였다.
• 회사는 위버(의무 면제)를 요청했으며 대출 기관과의 논의가 건설적이었다고 밝혔으나, 관련 절차는 여전히 진행 중이다.
• 경영진은 AI 검색, 생성형 엔진 최적화 및 기술 서비스를 중심으로 한 전략이 아직 초기 단계라고 지적했다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good day, everyone, and welcome to the Direct Digital Holdings Second Quarter 2026 Conference Call. As a reminder, this call is being recorded. At this time, I would like to hand things over to Walter Frank, Investor Relations. Please go ahead.

Walter Frank

Thank you. Good afternoon, everyone, and welcome to Direct Digital Holdings Second Quarter 2026 Earnings Conference Call. On today's call are Direct Digital Holdings Chairman and Chief Executive Officer, Mark Walker; and Chief Financial Officer, Diana Diaz. Information discussed today is qualified in its entirety with the Form 8-K and accompanying earnings release, which has been filed today by Direct Digital Holdings, which may be accessed at the SEC's website and the company's website. Today's call is also being webcast, and a replay will be posted to Direct Digital's Investor Relations website.

Immediately following the speaker's presentation, there will be question and answer session. Please note that the statements made during the call, including financial projections or other statements that are not historical in nature, may constitute forward-looking statements. These statements are made on the basis of Direct Digital's views and assumptions regarding future events and business performance at the time they are made, and we do not undertake any obligation to update these statements. Forward-looking statements are subject to risks, which could cause Direct Digital's actual results to differ from its historical results and forecasts, including those risks set forth in Direct Digital's filings with the SEC, and you should refer to those for more information.

This cautionary statement applies to all forward-looking statements made during this call. During the call, Direct Digital will be referring to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. Reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in the earnings release that Direct Digital filed in its Form 8-K today. I will now hand over the conference to Mark Walker, Chief Executive Officer. Please go ahead, Mark.

Mark Walker

Thanks, Walter, and thank you to everyone joining our call today. I'll start by reviewing some of the highlights of our operations and financial results during the second quarter and first half of 2026. Before turning the call over to our Chief Financial Officer, Diana Diaz, for a more detailed look at our financial results, we'll conclude by opening the call for a brief Q&A. We saw encouraging progress in our core business during the second quarter. To recap, during the first quarter of 2026, we announced a comprehensive shift in our strategy that saw us aggregate our operations to a streamlined model to sharpen our focus on the areas where we believe we can create the greatest value for both our clients and our shareholders. We believe that by diversifying our pipeline, broadening our customer relationships and enhancing our product capabilities, we're positioning ourselves to drive more consistent, scalable long-term growth.

We successfully unveiled AI search and GEO offerings this past quarter and are seeing strong demand from current clients and prospective new clients as well as our AI support and web infrastructure technology services, which will both expand our addressable market. These products unlock new technology budgets and the technical upgrades we provide clients service performance multipliers that improves conversion performance and lowers cost to acquire for our new clients. We're seeing our technical expertise position us with clients as a comprehensive digital growth partner rather than just supporting the media needs and leaning into helping companies facing conversion bottlenecks. Demand is strong, but it's important to remember that we're still in the early stages of this shift.

Total revenue was down in the quarter related to decreased activity from our demand-side platform customers, which is expected as we continue to shift our strategy. In fact, excluding the impact of reduced spending from DSP customers, total revenue increased approximately 5% year-to-date when compared with the first 6 months of 2025. While these numbers seem small compared to our historical results, they are trending in the right direction. Our value proposition is heightened by complete alignment across our digital supply platform. We're technology and media agnostic and our clients rely on us to provide the best opportunity their brands and businesses to achieve enhanced market reach through strategic digital advertising.

Strong relationships we have built are evidenced in our client retention rate of approximately 80% among clients that represent approximately 80% of our revenue for the 6 months ended June 30, 2026. We still have a tremendous amount of work to do, but we're operating from a much stronger foundation and driving measurable results. Additionally, we have the flexibility to evaluate strategic partnerships and opportunities that complement and enhance the strength of our platform with the goal of driving shareholder value. As always, I sincerely appreciate your support of Direct Digital Holdings. I will now hand the call over to Diana Diaz, our Chief Financial Officer, who will walk through some of the financial highlights in further detail.

Diana Diaz

Thank you, Mark, and good evening, everyone. I'll now provide a review of our second quarter results with some commentary on year-to-date results where relevant. Consolidated revenue in the second quarter of 2026 was $7.8 million compared to revenue of $10.1 million in the second quarter of last year. As Mark mentioned, revenue declined in the quarter related to a decrease in spending by demand-side platform customers of $2.5 million. On a year-to-date basis, revenue of $14.5 million decreased compared to $18.3 million in the first half of last year. Excluding the decrease in sales to DSP customers of $4.5 million for the first half of the year, revenue grew about $700,000 or 5% year-over-year.

Gross profit was $2.7 million for the second quarter of 2026 or 34% of revenue compared with $3.6 million or 35% of revenue in the second quarter of 2025. Operating expenses in the second quarter of 2026 decreased 7% to $5.6 million compared to $6 million in the second quarter of 2025. Total operating loss for the second quarter was $2.9 million compared with an operating loss of $2.4 million in the second quarter of 2025. Net loss in the second quarter was $3.6 million compared to a net loss of $4.2 million in the second quarter of last year. And the adjusted EBITDA loss for the second quarter was $2.3 million compared with adjusted EBITDA loss of $1.5 million in the second quarter of last year. Turning to the balance sheet. We ended the quarter with cash and cash equivalents of $500,000 compared to $700,000 at the end of December 2025.

Total cash plus our accounts receivable balance as of June 30, 2026, was $3.2 million compared to $3.9 million at the end of 2025. Related to our current credit facility, we were not in compliance with certain financial covenants as of the end of the quarter. We are actively engaged with our lender and have requested a waiver. Discussions have been constructive. And while the process remains ongoing, our current focus is on improving operating performance and working toward a mutually acceptable resolution. We will provide further updates when appropriate. Our focus continues to be on driving operational efficiencies and managing the business with financial discipline, and we're strategically investing in the business to capitalize on opportunities and drive sustainable long-term growth. Now I'd like to turn it back over to Mark for some closing comments.

Mark Walker

Thank you, Diana, and thank you to everyone for joining. We appreciate your interest in Direct Digital Holdings and I would like to now open the call for questions. Operator, please open the line.

Operator

[Operator Instructions] Everyone, there are no questions. That does conclude our conference for today. We would like to thank you all for your participation. You may now disconnect.