SEOUL, Korea — November 10, 2025 — Leads & Copy — DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) today reported its unaudited financial results for the third quarter ended September 30, 2025, reflecting International Financial Reporting Standards (IFRS). Revenue increased 15.5% to $95.8 million, compared to $83.0 million in the third quarter of 2024. Revenue from social casino/free-to-play games, including a partial quarter from WHOW Games GmbH, which DoubleDown acquired on July 14, 2025, was $79.6 million, up 5.9% year-over-year.
SuprNation, the company’s iGaming subsidiary, saw revenue climb 108% to $16.2 million, driven by new player acquisition efforts. Operating expenses increased to $60.9 million, compared to $47.6 million in the prior year, due to SuprNation’s growth and the inclusion of WHOW Games’ operating expenses.
Profit for the interim period (excluding non-controlling interest) rose 30.8% to $32.7 million, or $13.21 earnings per fully diluted common share ($0.66 per American Depositary Share (ADS)), from $25.0 million, or $10.10 earnings per share ($0.50 per ADS), in the third quarter of 2024. The increase was primarily driven by 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, compared to $36.5 million in the third quarter of 2024. The adjusted EBITDA margin was 39.1%, compared to 44.0% in the prior year. Average Revenue Per Daily Active User (ARPDAU) for social casino/free-to-play games (excluding WHOW Games) was $1.39, up from $1.30 in the third quarter of 2024 and slightly higher than $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, compared to $281 in the third quarter of 2024, and down from $286 in the second quarter of 2025. Net cash flows from operating activities increased to $33.4 million from $32.1 million in the third quarter of 2024, 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.
The company ended the third quarter with an aggregate net cash position of approximately $404 million, or approximately $8.14 per ADS. The company has considerable flexibility to grow organically and through M&A to enhance shareholder value.
DoubleDown will hold a conference call today at 5:00 p.m. Eastern 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.
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.
Joe Sigrist, Chief Financial Officer, can be contacted at ir@doubledown.com or +1 (206) 773-2266.
Investor Relations Contact: Joseph Jaffoni and Christin Armacost, JCIR, +1 (212) 835-8500, DDI@jcir.com
Source: DoubleDown Interactive
