Financial Data and Key Metrics Changes - The company reported consolidated revenue of $95.8 million for Q4 2025, representing a 17% year-over-year increase, and adjusted EBITDA of $40.6 million, up 16% year-over-year [6][11] - Net cash flow from operations was $42.6 million in Q4 2025, contributing to a total of $136.8 million for the full year [7][16] - Profit excluding non-controlling interests decreased by 31% to $24.7 million, with earnings per fully diluted common share of $9.72 compared to $14.40 in Q4 2024 [15] Business Line Data and Key Metrics Changes - Social casino revenue grew 9% year-over-year to $79.7 million, driven by the contribution from WHOW Games [7][11] - iGaming revenue from SuprNation was $16.1 million, up 78% year-over-year, with a quarterly revenue run rate that has more than doubled since the acquisition [9][10] - The payer conversion rate for social casino increased to 9.6% in Q4 2025 from 6.9% in Q4 2024, while average monthly revenue per payer decreased to $198 from $282 [13][14] Market Data and Key Metrics Changes - The overall social casino market faced growth challenges, but the company sees potential for growth outside the United States, particularly in Europe [8][9] - The company noted that WHOW Games has a higher direct-to-consumer (DTC) revenue component due to its web-based history, contributing to the overall DTC revenue exceeding 30% of total social casino revenue in Q4 [8][9] Company Strategy and Development Direction - The company aims to innovate and enhance its social casino and iGaming businesses through product improvements and marketing strategies [17] - There is a focus on increasing DTC revenue as a percentage of overall social casino revenue, with plans to optimize the business further in 2026 [9][34] - The company is evaluating potential acquisitions while maintaining a strong balance sheet and cash position [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong profits and cash flow, emphasizing the importance of disciplined investment and operational efficiency [17][24] - The company is adapting to changes in the gaming tax landscape and is mindful of maintaining a disciplined approach to marketing spend [32][48] Other Important Information - The company recognized an impairment loss on SuprNation's goodwill, amounting to approximately $8 million, despite the business's growth [15][53] - The company has a net cash position of approximately $455 million as of December 31, 2025, or about $9.19 per ADS [16] Q&A Session Summary Question: Can you bifurcate DoubleDown Casino and WHOW revenue contribution and growth? - Management indicated that both segments performed well, with WHOW Games having a high DTC mix, but they will not specifically quantify the contributions going forward [19][20] Question: What is the company's approach to AI and automation? - Management highlighted that AI is being integrated into content production, live operations, and marketing optimization to enhance efficiency and decision-making [25][24] Question: Is the moderation of customer acquisition spend at SuprNation temporary or a shift towards profitability? - Management confirmed that the moderation is a disciplined response to ROI measurements, indicating a focus on profitability while still investing in growth [30][32] Question: What is the company's strategy regarding capital returns given its cash position? - Management stated that long-term shareholder value is a priority, and while discussions about capital returns are ongoing, the focus remains on growth through acquisitions [38][39] Question: What caused the impairment charge for SuprNation? - Management explained that the impairment charge was based on third-party valuations and is a standard practice at year-end [40][53]

Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2025 was $95.8 million, up 17% year-over-year, with adjusted EBITDA of $40.6 million, up 16% year-over-year [6][11] - Net cash flow from operations was $42.6 million in Q4 2025, bringing the total for the full year to $136.8 million [7][16] - Profit excluding non-controlling interests decreased 31% to $24.7 million, with earnings per fully diluted common share of $9.72 compared to $14.40 in Q4 2024 [15] Business Line Data and Key Metrics Changes - Social casino revenue grew 9% year-over-year to $79.7 million, driven by the contribution from WHOW Games [7][11] - iGaming revenue from SuprNation was $16.1 million, up 78% year-over-year [9][11] - The payer conversion rate for social casino increased to 9.6% in Q4 2025 from 6.9% in Q4 2024, while average monthly revenue per payer decreased to $198 from $282 [8][13] Market Data and Key Metrics Changes - The overall social casino market faced growth challenges, but there is potential for growth outside the United States, particularly in Europe [8] - WHOW Games has a higher direct-to-consumer (DTC) revenue component due to its web-based history, contributing to the overall DTC revenue exceeding 30% of total social casino revenue in Q4 [9] Company Strategy and Development Direction - The company aims to innovate and enhance its social casino and iGaming businesses through product improvements and marketing strategies [17] - There is a focus on increasing DTC revenue as a percentage of overall social casino revenue in 2026 [9][33] - The company is evaluating potential acquisitions while maintaining a strong balance sheet and cash position [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the social casino sector but emphasized the importance of efficiency and innovation for profitability [24] - AI is being integrated into workflows to enhance content production, player experience, and marketing optimization [25][26] - The company is mindful of the disciplined approach to marketing spend and player acquisition, especially in light of changing gaming regulations [30][46] Other Important Information - Operating expenses increased to $65.9 million in Q4 2025, primarily due to impairment loss recognized for SuprNation's goodwill [14] - The goodwill write-down for SuprNation was approximately $8 million, reflecting third-party valuation assessments [51] Q&A Session Summary Question: Can you bifurcate DoubleDown Casino and WHOW revenue contribution and growth? - Management indicated that both entities performed well, with WHOW Games having a high DTC mix due to its web-based player engagement [19][20] Question: What is the company's approach to AI and automation? - Management highlighted that AI is being used to enhance content production, personalize player experiences, and optimize marketing efforts [25][26] Question: Is the moderation in customer acquisition spend for SuprNation temporary or a shift towards profitability? - Management confirmed that the moderation is a disciplined response to ROI measurements, with ongoing adjustments based on market conditions [30] Question: How does the company view the promotional landscape in light of recent legislative changes? - Management noted that while marketing costs have increased, the pressure from sweepstakes legislation has lessened somewhat [46] Question: What is the company's stance on capital allocation and potential buybacks? - Management emphasized that long-term shareholder value is a priority, with ongoing discussions about capital returns and M&A strategies [37][38]

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $95.8 million for Q4 2025, representing a 17% increase year-over-year from $82.0 million in Q4 2024 [5][11] - Adjusted EBITDA for Q4 2025 was $40.6 million, up 16% year-over-year, with an adjusted EBITDA margin of 42.3% compared to 42.8% in Q4 2024 [5][15] - Net cash flow from operations was $42.6 million in Q4 2025, bringing the total for the full year to $136.8 million [6][16] - Profit excluding non-controlling interests decreased by 31% to $24.7 million, with earnings per fully diluted common share of $9.72, down from $14.40 in Q4 2024 [14][15] Business Line Data and Key Metrics Changes - Social casino revenue grew 9% year-over-year to $79.7 million, driven by the first full quarter contribution from WHOW Games [6][11] - iGaming revenue from SuprNation was $16.1 million, up 78% year-over-year, although it remained flat compared to Q3 2025 [9][11] - The payer conversion rate for social casino increased to 9.6% in Q4 2025 from 6.9% in Q4 2024, while average monthly revenue per payer decreased to $198 from $282 [7][12] Market Data and Key Metrics Changes - The overall social casino market faced growth challenges, but the company sees potential for growth outside the United States, particularly in Europe [8] - The company noted that WHOW Games has a higher direct-to-consumer (DTC) revenue mix due to its web-based history, contributing to the overall DTC revenue exceeding 30% of total social casino revenue in Q4 [9][20] Company Strategy and Development Direction - The company aims to innovate and enhance its social casino and iGaming businesses through product improvements and marketing strategies [17] - The focus remains on increasing DTC revenue as a percentage of overall social casino revenue, with plans to optimize the business further in 2026 [9][34] - The company is evaluating potential acquisitions while maintaining a strong balance sheet and cash position [17][38] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need for disciplined spending in player acquisition, particularly in the iGaming segment, while also addressing changes in gaming tax regulations in the UK [32] - The company is leveraging AI to enhance content production, live operations, and marketing optimization, aiming to improve decision quality and returns across the business [25][26] - Management emphasized the importance of maintaining profitability while pursuing growth opportunities in a mature market [23][39] Other Important Information - The company recognized an impairment loss of approximately $8 million related to SuprNation's goodwill, despite the business showing robust growth [15][52] - The company holds a net cash position of approximately $455 million as of December 31, 2025, equating to about $9.19 per ADS [16] Q&A Session Summary Question: Can you bifurcate DoubleDown Casino and WHOW revenue contribution and growth? - Management indicated that both segments performed well, with WHOW Games contributing significantly to DTC revenue, but they will not specifically quantify the revenue from each segment going forward [19][20] Question: What is the company's approach to AI and automation? - Management highlighted that AI is being integrated into content production, live operations, and marketing optimization to enhance efficiency and decision-making [24][25] Question: Is the moderation in customer acquisition spend for SuprNation temporary or a shift towards profitability? - Management confirmed that the moderation is a disciplined approach to measuring ROI on player acquisition, indicating a focus on profitability moving forward [29][30] Question: What is the long-term margin structure for SuprNation? - Management noted that they will continue to monitor and adjust marketing spend based on ROI, with a focus on maintaining profitability while exploring growth opportunities [30][32] Question: Why is there a delay in capital returns such as buybacks or dividends? - Management stated that the focus remains on long-term shareholder value through M&A strategies, with discussions ongoing about potential capital returns as the cash balance grows [38][39]

Core Insights - DoubleDown Interactive Co., Ltd. reported strong financial results for Q4 and full year 2025, highlighting growth in social casino revenue and direct-to-consumer (DTC) channels [3][4][9] Q4 2025 vs. Q4 2024 Summary - Revenue for Q4 2025 was $95.8 million, up from $82.0 million in Q4 2024, marking a year-over-year increase of approximately 17.1% [4][9] - Social casino revenue reached $79.7 million in Q4 2025, a 9.3% increase from Q4 2024, driven by the acquisition of WHOW Games [4][9] - DTC revenue grew to $26.0 million, representing 33% of total social casino revenue, compared to 13% in Q4 2024 [4][9] - SuprNation, the iGaming subsidiary, saw a 78.2% increase in revenue to $16.1 million year-over-year [4][9] - Operating expenses rose to $65.9 million in Q4 2025 from $47.8 million in Q4 2024, primarily due to goodwill impairment and WHOW Games expenses [4][9] - Profit for Q4 2025 was $24.1 million, down from $35.7 million in Q4 2024, largely due to a non-cash impairment loss [4][9] - Adjusted EBITDA for Q4 2025 was $40.6 million, with a margin of 42.4% compared to 42.9% in Q4 2024 [4][9] Full Year 2025 vs. Full Year 2024 Summary - Total revenue for 2025 was $359.9 million, an increase from $341.3 million in 2024 [9] - Revenue from social casino/free-to-play games decreased by 3.0% to $299.0 million in 2025 [9] - DTC revenue for the full year rose to $62.1 million, representing 21% of total social casino revenue, up from 10% in 2024 [9] - Revenue from SuprNation increased by 84.5% to $61.0 million for the year [9] - Operating expenses for 2025 were $233.0 million, compared to $204.3 million in 2024 [9] - Profit for the year was $102.5 million, down from $124.1 million in 2024, reflecting the impact of goodwill impairment [9] - Adjusted EBITDA for 2025 was $142.3 million, slightly up from $141.9 million in 2024 [9] Key Performance Indicators (KPIs) - Payer Conversion for social casino/free-to-play games increased to 8.2% in 2025 from 6.7% in 2024 [9] - Average Revenue Per Daily Active User (ARPDAU) rose to $1.34 in 2025 from $1.30 in 2024 [9] - Average monthly revenue per payer decreased to $236 in 2025 from $283 in 2024 [9] - Net cash flows from operating activities were $136.8 million in 2025, down from $148.4 million in 2024 [9]

Core Viewpoint - DoubleDown Interactive Co., Ltd. will release its fourth quarter financial results for 2025 on February 11, 2026, and will host a conference call and webcast to discuss these results and provide a business update [1]. Financial Results Announcement - The financial results will be announced after market close on February 11, 2026 [1]. - A conference call and webcast will take place at 5:00 p.m. ET (2:00 p.m. PT) on the same day, open to the general public [1]. Access Information - Interested participants can access the call by registering through a provided link, which will send an email with dial-in details and a unique access code [2]. - It is recommended to register at least 15 minutes before the call starts to ensure connection [2]. Webcast Availability - A simultaneous webcast of the conference call will be available on the company's website, with a replay accessible shortly after the event [3]. Company Overview - DoubleDown Interactive is a leading developer and publisher of digital games, focusing on mobile and web-based platforms, and is known for its flagship title, DoubleDown Casino [4]. - The company has expanded its social casino platform through the acquisition of WHOW Games GmbH, enhancing its offerings in the online social casino space [4]. - Additionally, the company's subsidiary, SuprNation, operates three real-money iGaming sites in Western Europe [4].

Core Viewpoint - DoubleDown Interactive Co., Ltd. has announced a secondary offering of 2,330,468 American Depositary Shares (ADSs) at a price of $8.00 per ADS, which will be sold by the Selling Shareholder, STIC Special Situation Diamond Limited, without changing the number of outstanding Common Shares [1][2]. Group 1: Offering Details - The offering consists entirely of ADSs sold by the Selling Shareholder, and the company will not receive any proceeds from this sale [2]. - The offering is expected to close on or about December 18, 2025, pending customary closing conditions [2]. - Roth Capital Partners is the Lead Bookrunning Manager, while Texas Capital Securities is the Co-Bookrunning Manager for the offering [2]. Group 2: Registration and Compliance - The ADSs are being offered under a shelf registration statement on Form F-3, which was filed with the SEC on September 19, 2025, and declared effective on September 30, 2025 [3]. - The offering will be made only through a prospectus supplement and accompanying prospectus that are part of the Registration Statement [4]. Group 3: Company Overview - DoubleDown Interactive is a leading developer and publisher of digital games on mobile and web-based platforms, known for its flagship social casino title, DoubleDown Casino [7]. - The company has expanded its social casino platform through the acquisition of WHOW Games GmbH, a developer based in Hamburg, Germany [7]. - The subsidiary, SuprNation, operates three real-money iGaming sites in Western Europe [7].

Core Points - DoubleDown Interactive Co., Ltd. announced a $10,000 donation to Meals on Wheels America to support efforts against senior hunger and isolation in the U.S. [1] - The company will host a play-to-enter giveaway event called "Reels & Wheels" on November 20, 2025, to encourage player engagement and support for the charitable donation [2] - CEO In Keuk Kim emphasized the company's commitment to community needs and the importance of companionship for older adults [3] - Meals on Wheels America highlighted the critical need for support, noting that 1 in 3 programs have a waitlist for services, with an average wait time of 4 months [4] Company Overview - DoubleDown Interactive is a leading developer and publisher of digital games, known for its flagship title, DoubleDown Casino, which has entertained millions globally [5] - The company recently expanded its social casino platform through the acquisition of WHOW Games GmbH, enhancing its offerings in the online gaming space [5] Industry Context - Meals on Wheels America supports over 5,000 community programs focused on addressing senior hunger and isolation, providing meals and additional services to promote independence and well-being [6]

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $95.8 million for Q3 2025, compared to $83.0 million in Q3 2024, reflecting a year-over-year increase of approximately 15% [12][16] - Adjusted EBITDA for Q3 2025 was $37.5 million, slightly up from $36.5 million in Q3 2024, with an adjusted EBITDA margin of 39.1% [15][16] - Cash flow from operations was $33.4 million in Q3 2025, compared to $32.1 million in Q3 2024, indicating a positive trend in cash generation [16] Business Line Data and Key Metrics Changes - Social casino operations generated $79.6 million in revenue for Q3 2025, growing nearly 6% from Q3 2024 and nearly 15% sequentially [12][13] - Super Nation, the iGaming business, reported revenue of $16.2 million, marking a 108% increase from Q3 2024 and the highest quarterly performance since its acquisition [9][12] - The average revenue per daily active user (ARPDAU) increased to $1.39 in Q3 2025, up from $1.30 in Q3 2024 [7][14] Market Data and Key Metrics Changes - The company noted that the growth potential in the international social casino market is greater than in the U.S., particularly following the acquisition of Wow Games [8][10] - The payer conversion rate rose to 7.8% in Q3 2025, compared to 6.8% in Q3 2024, indicating improved monetization [14] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through investments in both organic growth and acquisitions, such as the recent acquisition of Wow Games [6][10] - There is a commitment to increasing direct-to-consumer (DTC) revenue, with a goal of achieving over 20% of social casino revenue from DTC purchases [8][41] - The company plans to launch a new iGaming casino brand, Las Vegas Sites, to drive scalability and better ROI [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of Super Nation and the potential for further success in player acquisition [9][20] - The company is optimistic about the integration of Wow Games and its contribution to growth in the European market [13][21] - Management highlighted the importance of monitoring return on ad spend (ROAS) for new player acquisitions to ensure profitability [20][21] Other Important Information - The company transitioned to reporting financial results in accordance with IFRS starting Q4 2024, with minimal implications for financial statements [4][11] - As of September 30, 2025, the company had $439.2 million in cash and short-term investments, reflecting a strong balance sheet [16] Q&A Session Summary Question: Thoughts on balancing investment for growth versus profitability in Super Nation - Management believes there is capacity in Super Nation to add users profitably, with a payback period for acquiring new users of about six months [19][20] Question: Roadmap for Wow Games acquisition - The focus is on acquiring players and enhancing product development, particularly in the European social casino sector [26][27] Question: Update on M&A pipeline - The M&A pipeline remains busy, with opportunities across various gaming genres being evaluated [30][31] Question: Revenue contribution from Wow Games for the quarter - Revenue from Wow Games has not been separately broken out as it is integrated into the social casino segment [33] Question: Impact of regulatory changes on player acquisition costs - It is too early to determine the impact of recent regulatory changes on advertising costs, but management is optimistic about potential benefits [34][35] Question: Direct-to-consumer revenue goals and timeframe - The goal is to exit Q4 with a run rate of over 20% DTC revenue, with potential for higher achievement [40][41] Question: Geographic expansion plans for Super Nation - Management continues to evaluate new markets but sees significant growth potential in existing markets before expanding [45]

Financial Data and Key Metrics Changes - For Q3 2025, DoubleDown reported consolidated revenue of $95.8 million, an increase from $83.0 million in Q3 2024, representing a growth of approximately 15% [11][12] - Adjusted EBITDA for Q3 2025 was $37.5 million, compared to $36.5 million in Q3 2024, indicating a slight increase [14] - Cash flow from operations was $33.4 million in Q3 2025, up from $32.1 million in Q3 2024 [15] Business Line Data and Key Metrics Changes - Social casino operations generated $79.6 million in Q3 2025, growing nearly 6% from Q3 2024 and nearly 15% sequentially [11][12] - Super Nation, the iGaming business, reported revenue of $16.2 million in Q3 2025, marking a 108% increase from Q3 2024 [12][14] - Average revenue per daily active user (ARPDAU) increased to $1.39 in Q3 2025 from $1.30 in Q3 2024 [12][14] Market Data and Key Metrics Changes - The company noted that the growth potential in the international social casino market is currently greater than in the U.S. [9] - The payer conversion rate rose to 7.8% in Q3 2025, up from 6.8% in Q3 2024 [13] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through investments in both organic growth and acquisitions, such as the acquisition of Wow Games [6][10] - There is a commitment to increasing direct-to-consumer (DTC) revenue, with a goal of achieving over 20% of social casino revenue from DTC purchases [8][40] - The company plans to launch a new iGaming casino brand early next year, aiming to diversify its offerings [10][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of Super Nation and the potential for further success in player acquisition [9][18] - The company is optimistic about the initial results from Wow Games and is assessing its operations to integrate and enhance growth [12][20] - Management acknowledged the potential impact of regulatory changes on user acquisition costs but noted it is too early to determine the effects [34] Other Important Information - The company transitioned to reporting financial results in accordance with IFRS starting Q4 2024, which has minor implications for financial statements [4][11] - As of September 30, 2025, the company had $439.2 million in cash and short-term investments, reflecting a strong balance sheet [15] Q&A Session Summary Question: Thoughts on balancing investment for growth versus profitability in Super Nation - Management believes there is capacity in Super Nation to add users profitably, with a payback period for acquiring new users of about six months [18] Question: Roadmap for Wow Games acquisition over the next six months - The focus will be on acquiring players and enhancing product development, particularly in slot games and technology integration [20][26] Question: Update on M&A pipeline - The M&A pipeline remains busy, with opportunities across various gaming genres, including both established and emerging assets [28][30] Question: Revenue contribution from Wow Games for the quarter - The revenue contribution from Wow Games has not been separately broken out as it is integrated into the social casino segment [32] Question: Impact of regulatory changes on player acquisition costs - Management noted that it is too early to determine the impact of recent regulatory changes on user acquisition costs [34] Question: Update on direct-to-consumer revenue goals and geographic expansion - The goal is to exit Q4 with a DTC run rate of over 20%, with ongoing evaluations for geographic expansion [40][43]

Core Insights - DoubleDown Interactive Co., Ltd. reported strong financial results for Q3 2025, with a revenue increase of 15.5% year-over-year to $95.8 million, driven by growth in social casino games and contributions from the WHOW Games acquisition [2][4][3]. Financial Performance - Revenue for Q3 2025 was $95.8 million, up from $83.0 million in Q3 2024, marking a 15.5% increase [4][6]. - Operating expenses rose to $60.9 million in Q3 2025 from $47.6 million in Q3 2024, primarily due to increased costs associated with the WHOW Games operations and revenue growth from SuprNation [4][6]. - Profit for the interim period increased by 30.8% to $32.7 million, or $13.21 per fully diluted common share, compared to $25.0 million, or $10.10 per share, in Q3 2024 [4][6]. - Adjusted EBITDA for Q3 2025 was $37.5 million, slightly up from $36.5 million in Q3 2024, with an adjusted EBITDA margin of 39.1% [4][6]. Operational Highlights - The SuprNation iGaming business achieved record revenue of $16.2 million in Q3 2025, reflecting a 108% increase from Q3 2024 [4][6]. - Revenue from social casino/free-to-play games, including partial results from WHOW Games, was $79.6 million, a 5.9% increase from the previous year [4][6]. - Average Revenue Per Daily Active User (ARPDAU) for social casino/free-to-play games increased to $1.39 in Q3 2025 from $1.30 in Q3 2024 [4][6]. Strategic Initiatives - The company is focused on driving high conversion of revenue to cash flow, resulting in $33.4 million in cash flow from operations during Q3 2025 [3][4]. - The acquisition of WHOW Games is expected to enhance European revenue, although the company is still assessing its operational impact [3][4]. - The company ended Q3 2025 with a net cash position of approximately $404 million, providing flexibility for future growth and acquisitions [5][4].