エドガーで原本を確認する
| Exhibit No. |
Description | |||||||
| 99.1 |
Press release of the Company, dated August 12, 2025 |
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| 99.2 | ||||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
| DOUBLEDOWN INTERACTIVE CO., LTD. | |||||||||||
Date: August 12, 2025 |
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| By: | /s/ Joseph A. Sigrist | ||||||||||
Name: Joseph A. Sigrist |
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Title: Chief Financial Officer |
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| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Revenue ($ MM) | $ | 84.8 | $ | 88.2 | $ | 168.3 | $ | 176.4 | |||||||||
| Total operating expenses ($ MM) | (52.4) | (51.9) | (106.3) | (108.9) | |||||||||||||
Profit for the interim period (excluding non-controlling interest) ($ MM) |
$ | 21.8 | $ | 33.1 | $ | 45.7 | $ | 63.4 | |||||||||
| Adjusted EBITDA ($ MM) | $ | 33.5 | $ | 37.5 | $ | 64.3 | $ | 70.3 | |||||||||
| Profit margin | 25.8 | % | 37.6 | % | 27.2 | % | 36.0 | % | |||||||||
| Adjusted EBITDA margin | 39.5 | % | 42.5 | % | 38.2 | % | 39.8 | % | |||||||||
Non-financial performance metrics(1) |
|||||||||||||||||
| Average MAUs (000s) | 1,163 | 1,389 | 1,200 | 1,433 | |||||||||||||
| Average DAUs (000s) | 578 | 664 | 593 | 681 | |||||||||||||
| ARPDAU | $ | 1.33 | $ | 1.33 | $ | 1.31 | $ | 1.29 | |||||||||
| Average monthly revenue per payer | $ | 286 | $ | 288 | $ | 281 | $ | 285 | |||||||||
| Payer conversion | 7.0 | % | 6.7 | % | 6.5 | % | 6.5 | % | |||||||||
| Reconciliation of non-IFRS measures | Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| (in millions, except percentages) | 2025 | 2024 | 2025 | 2024 | |||||||||||||
Profit for the interim period |
$ | 21.9 | $ | 33.2 | $ | 45.8 | $ | 63.5 | |||||||||
Income tax expense |
8.7 | 9.3 | 17.6 | 17.3 | |||||||||||||
| Profit before income tax | 30.6 | 42.5 | 63.4 | 80.9 | |||||||||||||
| Adjustments for: | |||||||||||||||||
| Depreciation and amortization | 1.2 | 1.3 | 2.3 | 2.9 | |||||||||||||
| Finance income | (3.7) | (7.0) | (8.3) | (15.0) | |||||||||||||
| Finance cost | 5.5 | 0.8 | 7.0 | 1.6 | |||||||||||||
| Other (income) expense, net | (0.1) | (0.2) | (0.1) | (0.2) | |||||||||||||
| Adjusted EBITDA | $ | 33.5 | $ | 37.5 | $ | 64.3 | $ | 70.3 | |||||||||
| Adjusted EBITDA margin | 39.5 | % | 42.5 | % | 38.2 | % | 39.8 | % | |||||||||
| June 30, | December 31, | ||||||||||
| 2025 | 2024 | ||||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 377,419 | $ | 334,850 | |||||||
| Short-term investments | 103,759 | 80,000 | |||||||||
| Accounts receivable, net | 30,304 | 30,778 | |||||||||
| Prepaid expenses and other assets | 8,840 | 7,614 | |||||||||
| Total current assets | $ | 520,322 | $ | 453,242 | |||||||
| Property and equipment, net | 931 | 1,025 | |||||||||
| Right-of-use assets, net | 3,946 | 4,308 | |||||||||
| Intangible assets, net | 47,568 | 47,666 | |||||||||
| Goodwill | 397,689 | 395,804 | |||||||||
| Deferred tax asset | — | 3,373 | |||||||||
| Other non-current assets | 728 | 746 | |||||||||
| Total non-current assets | $ | 450,862 | $ | 452,922 | |||||||
| Total assets | $ | 971,184 | $ | 906,164 | |||||||
| Liabilities and equity | |||||||||||
| Accounts payable and accrued expenses | $ | 22,506 | $ | 14,990 | |||||||
| Current lease liabilities | 1,024 | 1,162 | |||||||||
| Income taxes payable | 832 | 1,512 | |||||||||
| Contract liabilities | 1,599 | 1,754 | |||||||||
| Current portion of borrowings with related party | 36,862 | — | |||||||||
| Other current liabilities | 3,877 | 3,966 | |||||||||
| Total current liabilities | $ | 66,700 | $ | 23,384 | |||||||
| Long-term borrowings with related party | — | 34,014 | |||||||||
| Non-current lease liabilities | 3,316 | 3,510 | |||||||||
| Deferred tax liabilities | 2,827 | — | |||||||||
| Other non-current liabilities | 3,294 | 3,223 | |||||||||
| Total non-current liabilities | $ | 9,437 | $ | 40,747 | |||||||
| Total liabilities | $ | 76,137 | $ | 64,131 | |||||||
| Equity | |||||||||||
| Share capital | 21,198 | 21,198 | |||||||||
| Share premium | 359,280 | 359,280 | |||||||||
| Accumulated comprehensive loss | (3,460) | (10,688) | |||||||||
| Retained earnings | 517,813 | 472,125 | |||||||||
| Equity attributable to DoubleDown Interactive Co., Ltd. | $ | 894,831 | $ | 841,915 | |||||||
| Equity attributable to non-controlling interests | 216 | 118 | |||||||||
| Total equity | $ | 895,047 | $ | 842,033 | |||||||
| Total liabilities and equity | $ | 971,184 | $ | 906,164 | |||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue | $ | 84,813 | $ | 88,236 | $ | 168,305 | $ | 176,379 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Cost of revenue | (23,687) | (26,859) | (47,812) | (54,278) | |||||||||||||||||||
| Sales and marketing | (13,087) | (11,574) | (27,225) | (26,634) | |||||||||||||||||||
| Research and development | (3,195) | (3,973) | (5,687) | (8,145) | |||||||||||||||||||
| General and administrative | (12,530) | (9,654) | (25,627) | (19,966) | |||||||||||||||||||
| Other income | 145 | 227 | 185 | 253 | |||||||||||||||||||
| Other expense | (45) | (45) | (94) | (95) | |||||||||||||||||||
| Total operating expenses | $ | (52,399) | $ | (51,878) | $ | (106,260) | $ | (108,865) | |||||||||||||||
| Operating profit | $ | 32,414 | $ | 36,358 | $ | 62,045 | $ | 67,514 | |||||||||||||||
| Finance income | 3,734 | 7,001 | 8,346 | 14,965 | |||||||||||||||||||
| Finance cost | (5,528) | (841) | (6,993) | (1,588) | |||||||||||||||||||
| Profit before income tax | $ | 30,620 | $ | 42,518 | $ | 63,398 | $ | 80,891 | |||||||||||||||
| Income tax expense | (8,746) | (9,346) | (17,612) | (17,343) | |||||||||||||||||||
| Profit for the interim period | $ | 21,874 | $ | 33,172 | $ | 45,786 | $ | 63,548 | |||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||
| Pension adjustments, net of tax | 35 | 65 | 100 | 201 | |||||||||||||||||||
| Gain (loss) on foreign currency translation | 5,658 | (2,606) | 7,128 | (5,684) | |||||||||||||||||||
| Total comprehensive income for the interim period | $ | 27,567 | $ | 30,631 | $ | 53,014 | $ | 58,065 | |||||||||||||||
| Profit attributable to: | |||||||||||||||||||||||
| DoubleDown Interactive Co., Ltd. | 21,842 | 33,083 | 45,688 | 63,407 | |||||||||||||||||||
| Non-controlling interests | 32 | 89 | 98 | 141 | |||||||||||||||||||
| Total comprehensive income attributable to: | |||||||||||||||||||||||
| DoubleDown Interactive Co., Ltd. | 27,535 | 30,542 | 52,916 | 57,986 | |||||||||||||||||||
| Non-controlling interests | 32 | 89 | 98 | 79 | |||||||||||||||||||
| Earnings per share: | |||||||||||||||||||||||
| Basic | $8.82 | $13.35 | $18.44 | $25.59 | |||||||||||||||||||
| Diluted | $8.82 | $13.35 | $18.44 | $25.59 | |||||||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 2,477,672 | 2,477,672 | 2,477,672 | 2,477,672 | |||||||||||||||||||
| Diluted | 2,477,672 | 2,477,672 | 2,477,672 | 2,477,672 | |||||||||||||||||||
| Six months ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash flows from (used in) operating activities | |||||||||||
| Profit for the interim period | $ | 45,786 | $ | 63,548 | |||||||
| Adjustments to reconcile profit to net cash from operating activities: | |||||||||||
| Depreciation and amortization | 2,290 | 2,891 | |||||||||
| Unrealized gain on foreign currency | (130) | (3,537) | |||||||||
| Unrealized loss on foreign currency | 1,721 | 475 | |||||||||
| Loss on valuation of financial assets | 2,884 | 13 | |||||||||
| Interest income | (7,914) | (7,260) | |||||||||
| Interest expense | 913 | 1,168 | |||||||||
| Provision for severance benefits | 226 | (57) | |||||||||
| Other long-term employee benefits | 604 | 963 | |||||||||
| Income tax expense | 17,612 | 17,343 | |||||||||
| Working capital adjustments: | |||||||||||
| Accounts receivable, net | 617 | (1,737) | |||||||||
| Prepaid expenses, and other assets | 332 | 366 | |||||||||
| Other non-current assets | 52 | (6,632) | |||||||||
| Accounts payable and accrued expenses | 1,382 | (17) | |||||||||
| Contract liabilities | (155) | (743) | |||||||||
| Other current and non-current liabilities | 75 | (708) | |||||||||
| Cash generated from operations | $ | 66,295 | $ | 65,898 | |||||||
| Interest received | 9,888 | 6,941 | |||||||||
| Interest paid | (118) | (210) | |||||||||
| Income taxes paid | (15,285) | (2,110) | |||||||||
| Net cash inflow from operating activities | $ | 60,780 | $ | 70,519 | |||||||
| Cash flows from investing activities | |||||||||||
| Purchase of property and equipment | (119) | (16) | |||||||||
| Purchase of short-term investments | (164,311) | (71,742) | |||||||||
| Sales of short-term investment | 146,665 | 66,961 | |||||||||
| Net cash (outflow) from investing activities | $ | (17,761) | $ | (4,797) | |||||||
| Cash flows from financing activities | |||||||||||
| Repayment of lease liabilities | (548) | (1,226) | |||||||||
| Net cash (outflow) from financing activities | $ | (548) | $ | (1,375) | |||||||
| Net increase in cash and cash equivalents | $ | 42,471 | $ | 64,347 | |||||||
| Effect of exchange rate changes on cash and cash equivalents | $ | 98 | $ | (2,102) | |||||||
| Cash and cash equivalents at beginning of the interim period | $ | 334,850 | $ | 206,911 | |||||||
| Cash and cash equivalents at end of the interim period | $ | 377,419 | $ | 269,156 | |||||||
| June 30, | December 31, | ||||||||||||||||
| Notes | 2025 | 2024 | |||||||||||||||
| (unaudited) | |||||||||||||||||
| Assets | |||||||||||||||||
| Cash and cash equivalents | 3 | $ | 377,419 | $ | 334,850 | ||||||||||||
| Short-term investments | 3 | 103,759 | 80,000 | ||||||||||||||
| Accounts receivable, net | 3 | 30,304 | 30,778 | ||||||||||||||
| Prepaid expenses and other assets | 8,840 | 7,614 | |||||||||||||||
| Total current assets | $ | 520,322 | $ | 453,242 | |||||||||||||
| Property and equipment, net | 931 | 1,025 | |||||||||||||||
| Right-of-use assets, net | 5,14 | 3,946 | 4,308 | ||||||||||||||
| Intangible assets, net | 4 | 47,568 | 47,666 | ||||||||||||||
| Goodwill | 4 | 397,689 | 395,804 | ||||||||||||||
| Deferred tax asset | - | 3,373 | |||||||||||||||
| Other non-current assets | 3 | 728 | 746 | ||||||||||||||
| Total non-current assets | $ | 450,862 | $ | 452,922 | |||||||||||||
| Total assets | $ | 971,184 | $ | 906,164 | |||||||||||||
| Liabilities and equity | |||||||||||||||||
| Accounts payable and accrued expenses | 3,14 | $ | 22,506 | $ | 14,990 | ||||||||||||
| Current lease liabilities | 3,5,14 | 1,024 | 1,162 | ||||||||||||||
| Income taxes payable | 832 | 1,512 | |||||||||||||||
| Contract liabilities | 1,599 | 1,754 | |||||||||||||||
| Current portion of borrowings with related party | 3,6 | 36,862 | — | ||||||||||||||
| Other current liabilities | 3,877 | 3,966 | |||||||||||||||
| Total current liabilities | $ | 66,700 | $ | 23,384 | |||||||||||||
| Long-term borrowings with related party | 3,6 | - | 34,014 | ||||||||||||||
| Non-current lease liabilities | 3,5 | 3,316 | 3,510 | ||||||||||||||
| Deferred tax liabilities | 2,827 | - | |||||||||||||||
| Other non-current liabilities | 7 | 3,294 | 3,223 | ||||||||||||||
| Total non-current liabilities | $ | 9,437 | $ | 40,747 | |||||||||||||
| Total liabilities | $ | 76,137 | $ | 64,131 | |||||||||||||
| Equity | |||||||||||||||||
| Share capital | 9 | 21,198 | 21,198 | ||||||||||||||
| Share premium | 9 | 359,280 | 359,280 | ||||||||||||||
| Accumulated comprehensive loss | (3,460) | (10,688) | |||||||||||||||
| Retained earnings | 517,813 | 472,125 | |||||||||||||||
| Equity attributable to DoubleDown Interactive Co., Ltd. | $ | 894,831 | $ | 841,915 | |||||||||||||
| Equity attributable to non-controlling interests | 216 | 118 | |||||||||||||||
| Total equity | $ | 895,047 | $ | 842,033 | |||||||||||||
| Total liabilities and equity | $ | 971,184 | $ | 906,164 | |||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||
| Notes | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||
| Revenue | 10,15 | $ | 84,813 | $ | 88,236 | $ | 168,305 | $ | 176,379 | ||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||
| Cost of revenue | 11,14 | (23,687) | (26,859) | (47,812) | (54,278) | ||||||||||||||||||||||||
| Sales and marketing | 11 | (13,087) | (11,574) | (27,225) | (26,634) | ||||||||||||||||||||||||
| Research and development | 11 | (3,195) | (3,973) | (5,687) | (8,145) | ||||||||||||||||||||||||
| General and administrative | 11 | (12,530) | (9,654) | (25,627) | (19,966) | ||||||||||||||||||||||||
| Other income | 145 | 227 | 185 | 253 | |||||||||||||||||||||||||
| Other expense | (45) | (45) | (94) | (95) | |||||||||||||||||||||||||
| Total operating expenses | (52,399) | (51,878) | $ | (106,260) | $ | (108,865) | |||||||||||||||||||||||
| Operating profit | $ | 32,414 | $ | 36,358 | $ | 62,045 | $ | 67,514 | |||||||||||||||||||||
| Finance income | 3,734 | 7,001 | 8,346 | 14,965 | |||||||||||||||||||||||||
| Finance cost | (5,528) | (841) | (6,993) | (1,588) | |||||||||||||||||||||||||
| Profit before income tax | $ | 30,620 | $ | 42,518 | $ | 63,398 | $ | 80,891 | |||||||||||||||||||||
| Income tax expense | (8,746) | (9,346) | (17,612) | (17,343) | |||||||||||||||||||||||||
| Profit for the interim period | $ | 21,874 | $ | 33,172 | $ | 45,786 | $ | 63,548 | |||||||||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||||||||
| Pension adjustments, net of tax | 35 | 65 | 100 | 201 | |||||||||||||||||||||||||
| Gain (loss) on foreign currency translation | 5,658 | (2,606) | 7,128 | (5,684) | |||||||||||||||||||||||||
| Total comprehensive income for the interim period | $ | 27,567 | $ | 30,631 | $ | 53,014 | $ | 58,065 | |||||||||||||||||||||
| Profit attributable to: | |||||||||||||||||||||||||||||
| DoubleDown Interactive Co., Ltd. | 21,842 | 33,083 | 45,688 | 63,407 | |||||||||||||||||||||||||
| Non-controlling interests | 32 | 89 | 98 | 141 | |||||||||||||||||||||||||
| Total comprehensive income attributable to: | |||||||||||||||||||||||||||||
| DoubleDown Interactive Co., Ltd. | 27,535 | 30,542 | 52,916 | 57,986 | |||||||||||||||||||||||||
| Non-controlling interests | 32 | 89 | 98 | 79 | |||||||||||||||||||||||||
| Earnings per share: | 12 | ||||||||||||||||||||||||||||
| Basic | $ | 8.82 | $ | 13.35 | $18.44 | $25.59 | |||||||||||||||||||||||
| Diluted | $ | 8.82 | $ | 13.35 | $18.44 | $25.59 | |||||||||||||||||||||||
| Attributable to DoubleDown Interactive Co., Ltd | |||||||||||||||||||||||||||||||||||||||||||||||
| Notes | Share capital |
Share premium |
Accumulated other comprehensive income (loss) |
Retained earnings |
Sub-total | Non - controlling interests |
Total equity |
||||||||||||||||||||||||||||||||||||||||
| As of January 1, 2024 | 9 |
$ | 21,198 | $ | 359,280 | $ | (810) | $ | 348,020 | $ | 727,688 | $ | 157 | $ | 727,845 | ||||||||||||||||||||||||||||||||
Comprehensive income (loss) for the interim period |
|||||||||||||||||||||||||||||||||||||||||||||||
Profit for the interim period |
— | — | — | 63,407 | 63,407 | 141 | 63,548 | ||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | (5,421) | — | (5,421) | (62) | (5,483) | ||||||||||||||||||||||||||||||||||||||||
| Sub-total of comprehensive income (loss) for the year | $ | — | $ | — | $ | (5,421) | $ | 63,407 | $ | 57,986 | $ | 79 | $ | 58,065 | |||||||||||||||||||||||||||||||||
| Transaction with owners, recognized directly in equity | |||||||||||||||||||||||||||||||||||||||||||||||
| Dividends distributed to noncontrolling interests | — | — | — | — | — | (149) | (149) | ||||||||||||||||||||||||||||||||||||||||
| As of June 30, 2024 (unaudited) | 9 |
$ | 21,198 | $ | 359,280 | $ | (6,231) | $ | 411,427 | $ | 785,674 | $ | 87 | $ | 785,761 | ||||||||||||||||||||||||||||||||
| Transaction with owners, recognized directly in equity | |||||||||||||||||||||||||||||||||||||||||||||||
| As of January 1, 2025 | 9 |
$ | 21,198 | $ | 359,280 | $ | (10,688) | $ | 472,125 | $ | 841,915 | $ | 118 | $ | 842,033 | ||||||||||||||||||||||||||||||||
Comprehensive income (loss) for the interim period |
|||||||||||||||||||||||||||||||||||||||||||||||
Profit for the interim period |
— | — | — | 45,688 | 45,688 | 98 | 45,786 | ||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | 7,228 | — | 7,228 | — | 7,228 | ||||||||||||||||||||||||||||||||||||||||
Sub-total of comprehensive income (loss) for the interim period |
$ | — | $ | — | $ | 7,228 | $ | 45,688 | $ | 52,916 | $ | 98 | $ | 53,014 | |||||||||||||||||||||||||||||||||
| As of June 30, 2025 (unaudited) | 9 |
$ | 21,198 | $ | 359,280 | $ | (3,460) | $ | 517,813 | $ | 894,831 | $ | 216 | $ | 895,047 | ||||||||||||||||||||||||||||||||
| Six months ended June 30, | |||||||||||||||||
| Notes | 2025 | 2024 | |||||||||||||||
| Cash flows from (used in) operating activities | |||||||||||||||||
Profit for the interim period |
$ | 45,786 | $ | 63,548 | |||||||||||||
| Adjustments to reconcile profit to net cash from operating activities: | |||||||||||||||||
Depreciation and amortization |
4,5,11,15 |
2,290 | 2,891 | ||||||||||||||
Unrealized gain on foreign currency |
3 |
(130) | (3,537) | ||||||||||||||
Unrealized loss on foreign currency |
3 |
1,721 | 475 | ||||||||||||||
Loss on valuation of financial assets |
3 |
2,884 | 13 | ||||||||||||||
Interest income |
3 |
(7,914) | (7,260) | ||||||||||||||
Interest expense |
3 |
913 | 1,168 | ||||||||||||||
Miscellaneous income |
— | (178) | |||||||||||||||
Provision for severance benefits |
7 |
226 | (57) | ||||||||||||||
Other long-term employee benefits |
604 | 963 | |||||||||||||||
Income tax expense |
17,612 | 17,343 | |||||||||||||||
| Working capital adjustments: | |||||||||||||||||
Accounts receivable, net |
617 | (1,737) | |||||||||||||||
Prepaid expenses, and other assets |
332 | 366 | |||||||||||||||
Other non-current assets |
52 | (6,632) | |||||||||||||||
Accounts payable and accrued expenses |
1,382 | (17) | |||||||||||||||
Contract liabilities |
(155) | (743) | |||||||||||||||
Other current and non-current liabilities |
75 | (708) | |||||||||||||||
| Cash generated from operations | $ | 66,295 | $ | 65,898 | |||||||||||||
| Interest received | 9,888 | 6,941 | |||||||||||||||
| Interest paid | (118) | (210) | |||||||||||||||
| Income taxes paid | (15,285) | (2,110) | |||||||||||||||
| Net cash inflow from operating activities | $ | 60,780 | $ | 70,519 | |||||||||||||
| Cash flows from investing activities | |||||||||||||||||
Purchase of property and equipment |
(119) | (16) | |||||||||||||||
Disposal of property and equipment |
4 | — | |||||||||||||||
Purchase of short-term investments |
(164,311) | (71,742) | |||||||||||||||
Sales of short-term investment |
146,665 | 66,961 | |||||||||||||||
| Net cash (outflow) from investing activities | $ | (17,761) | $ | (4,797) | |||||||||||||
| Cash flows from financing activities | |||||||||||||||||
Repayment of lease liabilities |
(548) | (1,226) | |||||||||||||||
Payment of dividends |
$ | — | $ | (149) | |||||||||||||
| Net cash (outflow) from financing activities | $ | (548) | $ | (1,375) | |||||||||||||
Net increase in cash and cash equivalents |
$ | 42,471 | $ | 64,347 | |||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | $ | 98 | $ | (2,102) | |||||||||||||
Cash and cash equivalents at beginning of the interim period |
$ | 334,850 | $ | 206,911 | |||||||||||||
Cash and cash equivalents at end of the interim period |
$ | 377,419 | $ | 269,156 | |||||||||||||
| June 30, 2025 | ||||||||
| Financial assets at fair value through profit or loss |
Financial assets measured at amortized cost |
|||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | — | $ | 377,419 | ||||
| Short-term investments | — | 103,759 | ||||||
| Accounts receivable, net | — | 30,304 | ||||||
| Accrued income | — | 1,306 | ||||||
| Total | $ | — | $ | 512,788 | ||||
| Non-current assets | ||||||||
| Financial assets at fair value through profit or loss | 429 | — | ||||||
| Total | $ | 429 | $ | — | ||||
| December 31, 2024 | ||||||||
| Financial assets at fair value through profit or loss |
Financial assets measured at amortized cost |
|||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | — | $ | 334,850 | ||||
| Short-term investments | — | 80,000 | ||||||
| Accounts receivable, net | — | 30,778 | ||||||
| Accrued income | — | 2,996 | ||||||
| Total | $ | — | $ | 448,624 | ||||
| Non-current assets | ||||||||
| Financial assets at fair value through profit or loss | 417 | — | ||||||
| Total | $ | 417 | $ | — | ||||
| June 30, 2025 | ||||||||
Financial liabilities at fair value through profit or loss |
Financial liabilities measured
at amortized cost
|
|||||||
Current liabilities |
||||||||
| Accounts payable | $ | — | $ | 15,891 | ||||
Accrued expenses (1) |
— | 6,615 | ||||||
| Current lease liabilities | — | 1,024 | ||||||
Current portion of borrowings with related party |
— | 36,862 | ||||||
| Other current liabilities | — | 1,855 | ||||||
Financial liabilities at fair value through profit or loss |
3,013 | — | ||||||
| Total | $ | 3,013 | $ | 62,247 | ||||
Non-current liabilities |
||||||||
| Non-current lease liabilities | — | 3,316 | ||||||
| Total | $ | — | $ | 3,316 | ||||
| December 31, 2024 | ||||||||
| Financial liabilities at fair value through profit or loss | Financial liabilities measured at amortized cost |
|||||||
| Current liabilities | ||||||||
| Accounts payable | $ | — | $ | 2,889 | ||||
Accrued expenses (1) |
— | 12,101 | ||||||
| Current lease liabilities | — | 1,162 | ||||||
| Total | $ | — | $ | 16,152 | ||||
| Non-current liabilities | ||||||||
| Non-current lease liabilities | — | 3,510 | ||||||
| Long-term borrowings with related party | — | 34,014 | ||||||
| Other non-current liabilities | — | 936 | ||||||
| Total | $ | — | $ | 38,460 | ||||
| June 30, 2025 | ||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||
| Financial assets and liabilities at fair value through profit or loss | ||||||||||||||
| Financial assets | $ | — | $ | — | $ | 429 | $ | 429 | ||||||
| Financial liabilities | — | 3,013 | — | 3,013 | ||||||||||
| December 31, 2024 | ||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||
| Financial assets and liabilities at fair value through profit or loss | ||||||||||||||
| Financial assets | $ | — | $ | — | $ | 417 | $ | 417 | ||||||
| Financial liabilities | — | — | — | — | ||||||||||
| June 30, 2025 | December 31, 2024 | Level | Valuation techniques | |||||||||||
| Financial assets at fair value through profit or loss | $ | 429 | $ | 417 | 3 | Market-based fair value approach | ||||||||
| Financial assets at fair value through profit or loss | $ | — | $ | — | 2 | Discounted cash flow method | ||||||||
| Financial liabilities at fair value through profit or loss | $ | 3,013 | $ | — | 2 | Discounted cash flow method | ||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||
| Financial assets at fair value through profit or loss | ||||||||||||||
Gain on valuation of financial assets |
$ | (290) | $ | — | $ | — | $ | — | ||||||
| Loss on valuation of financial assets | (21) | (6) | (21) | (13) | ||||||||||
| Sub-total | $ | (311) | $ | (6) | $ | (21) | $ | (13) | ||||||
| Financial assets at amortized cost | ||||||||||||||
| Interest income | 4,108 | 3,829 | 7,914 | 7,260 | ||||||||||
Gain on foreign currency transactions |
(31) | 3,385 | 278 | 4,138 | ||||||||||
| Unrealized gain on foreign currency | (77) | 172 | 130 | 3,537 | ||||||||||
Loss on foreign currency transactions |
(1,409) | (32) | (1,440) | (54) | ||||||||||
| Unrealized loss on foreign currency | (1,385) | (286) | (1,721) | (475) | ||||||||||
| Sub-total | $ | 1,206 | $ | 7,068 | $ | 5,161 | $ | 14,406 | ||||||
| Total | $ | 895 | $ | 7,062 | $ | 5,140 | $ | 14,393 | ||||||
Financial liabilities at fair value through profit or loss |
||||||||||||||
Loss on valuation of financial liabilities |
$ | (2,851) | $ | — | $ | (2,862) | $ | — | ||||||
Sub-total |
$ | (2,851) | $ | — | $ | (2,862) | $ | — | ||||||
| Financial liabilities at amortized cost | ||||||||||||||
| Interest expense | (464) | (533) | (913) | (1,045) | ||||||||||
Gain on foreign currency transactions |
23 | 28 | 23 | 30 | ||||||||||
| Unrealized gain on foreign currency | — | (413) | — | — | ||||||||||
Loss on foreign currency transactions |
601 | 15 | (37) | (2) | ||||||||||
Sub-total |
$ | 160 | $ | (903) | $ | (927) | $ | (1,017) | ||||||
| Total | $ | (2,691) | $ | (903) | $ | (3,789) | $ | (1,017) | ||||||
| June 30, 2025 | |||||||||||||||||||||||
| Goodwill | Trademarks | Customer relationships |
Purchased technology |
Development costs |
Software | Total | |||||||||||||||||
| Balance at January 1, 2025 | $ | 395,804 | $ | 35,009 | $ | 6,197 | $ | 6,072 | $ | — | $ | 388 | $ | 443,470 | |||||||||
| Acquisition | — | — | — | — | — | — | — | ||||||||||||||||
| Amortization | — | (2) | (1,149) | (361) | — | (55) | (1,567) | ||||||||||||||||
| Translation differences | 1,885 | 1 | 693 | 733 | — | 42 | 3,354 | ||||||||||||||||
| Ending balance | $ | 397,689 | $ | 35,008 | $ | 5,741 | $ | 6,444 | $ | — | $ | 375 | $ | 445,257 | |||||||||
| June 30, 2024 | |||||||||||||||||||||||
| Goodwill | Trademarks | Customer relationships |
Purchased technology |
Development costs |
Software | Total | |||||||||||||||||
| Balance at January 1, 2024 | $ | 396,704 | $ | 35,000 | $ | 8,885 | $ | 7,162 | $ | — | $ | 524 | $ | 448,275 | |||||||||
| Acquisition | — | 12 | — | — | — | — | 12 | ||||||||||||||||
| Amortization | — | (1) | (1,134) | (357) | — | (58) | (1,550) | ||||||||||||||||
| Translation differences | (468) | (11) | 122 | (188) | — | 3 | (542) | ||||||||||||||||
| Ending balance | $ | 396,236 | $ | 35,000 | $ | 7,873 | $ | 6,617 | $ | — | $ | 469 | $ | 446,195 | |||||||||
| Right-of-use assets | Lease liabilities | |||||||
| Office | ||||||||
| Balance at January 1, 2025 | $ | 4,308 | $ | 4,673 | ||||
| Depreciation | (576) | — | ||||||
| Interest expense relating to lease liabilities | — | 118 | ||||||
| Payments of lease liabilities | — | (665) | ||||||
| Translation differences | 214 | 214 | ||||||
| Balance at June 30, 2025 | $ | 3,946 | $ | 4,340 | ||||
| Right-of-use assets | Lease liabilities | |||||||
| Office | ||||||||
| Balance at January 1, 2024 | $ | 7,071 | $ | 7,577 | ||||
| Acquisitions | 1,069 | 891 | ||||||
Depreciation |
(1,244) | — | ||||||
| Interest expense relating to lease liabilities | — | 210 | ||||||
| Payments of lease liabilities | — | (1,395) | ||||||
| Translation differences | (343) | (467) | ||||||
| Balance at June 30, 2024 | $ | 6,553 | $ | 6,816 | ||||
| June 30, 2025 | December 31, 2024 | |||||||
4.6% Senior Notes due to related party due May 27, 2026 (1) |
$ | 36,862 | $ | 34,014 | ||||
| June 30, 2025 | December 31, 2024 | |||||||
| Present value of defined benefit obligations | $ | 2,318 | $ | 1,977 | ||||
| Fair value of plan assets | (2,125) | (2,008) | ||||||
| Net defined benefit liabilities (assets) | $ | 193 | $ | (31) | ||||
| Common shares | Share capital | Share premium | Total | |||||||||||
| Balance at January 1, 2024 | 2,477,672 | $ | 21,198 | $ | 359,280 | $ | 380,478 | |||||||
| Balance at June 30, 2024 | 2,477,672 | $ | 21,198 | $ | 359,280 | $ | 380,478 | |||||||
| Balance at January 1, 2025 | 2,477,672 | $ | 21,198 | $ | 359,280 | $ | 380,478 | |||||||
| Balance at June 30, 2025 | 2,477,672 | $ | 21,198 | $ | 359,280 | $ | 380,478 | |||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
Type of service (1) |
|||||||||||||||||
| Social casino game | $ | 69,339 | $ | 80,332 | $ | 139,620 | $ | 160,156 | |||||||||
Geographical market (1) |
|||||||||||||||||
| U.S. | 60,497 | 69,943 | 121,511 | 140,129 | |||||||||||||
| International | 8,842 | 10,389 | 18,109 | 20,027 | |||||||||||||
| Total | $ | 69,339 | $ | 80,332 | $ | 139,620 | $ | 160,156 | |||||||||
Timing of revenue recognition (1) |
|||||||||||||||||
| Over the time | 69,268 | 80,099 | $ | 139,471 | $ | 159,702 | |||||||||||
| At a point in time | 71 | 233 | 149 | 454 | |||||||||||||
| Total | $ | 69,339 | $ | 80,332 | $ | 139,620 | $ | 160,156 | |||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Mobile | $ | 49,527 | $ | 60,822 | $ | 100,966 | $ | 121,258 | |||||||||
| Web | 19,812 | 19,510 | 38,654 | 38,898 | |||||||||||||
Total (1) |
$ | 69,339 | $ | 80,332 | $ | 139,620 | $ | 160,156 | |||||||||
| June 30, 2025 | December 31, 2024 | |||||||
Contract assets (1) |
$ | 480 | $ | 526 | ||||
Contract liabilities (2) |
1,599 | 1,754 | ||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Personnel expenses | $ | 5,034 | $ | 8,860 | $12,962 | $17,901 | |||||||||||
| Depreciation and amortization | 885 | 820 | 1,714 | 1,647 | |||||||||||||
| Depreciation of right-of-use assets | 293 | 511 | 576 | 1,244 | |||||||||||||
| Taxes and dues | 4,383 | 1,960 | 8,282 | 4,046 | |||||||||||||
| Fees and commissions | 27,555 | 29,680 | 55,255 | 59,895 | |||||||||||||
| Advertising expenses | 11,442 | 9,708 | 23,982 | 23,146 | |||||||||||||
| Other expenses | 2,907 | 521 | 3,580 | 1,144 | |||||||||||||
Total (1) |
$ | 52,499 | $ | 52,060 | $106,351 | $109,023 | |||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Numerator: | |||||||||||||||||
| Profit applicable to DoubleDown Interactive Co., Ltd. | $ | 21,842 | $ | 33,083 | $45,688 | $63,407 | |||||||||||
| Weighted average shares outstanding - basic | 2,477,672 | 2,477,672 | 2,477,672 | 2,477,672 | |||||||||||||
| Basic earnings per share | $ | 8.82 | $ | 13.35 | $ | 18.44 | $ | 25.59 | |||||||||
| Relationship | Company name | ||||
| Controlling shareholder | DoubleU Games Co., Ltd | ||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Royalty expense | $ | 408 | $ | 622 | $ | 854 | $ | 1,241 | |||||||||
| Other expense | 1,624 | 1,194 | $ | 3,417 | $ | 2,319 | |||||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| Accounts payable and accrued expenses | $ | 1,737 | $ | 1,958 | ||||
| Other receivables | 4 | 3 | ||||||
| June 30, 2025 | December 31, 2024 | |||||||
4.6% Senior notes with related party |
$ | 36,862 | $ | 34,014 | ||||
Accrued interest on 4.6% Senior Notes with related party |
1,855 | 936 | ||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Interest expense | $ | 409 | $ | 411 | $ | 799 | $ | 843 | |||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| Right-of-use assets | $ | 2,102 | $ | 2,238 | ||||
| Lease liabilities | 2,222 | 2,335 | ||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Payments | $ | 174 | $ | 313 | $ | 343 | $ | 636 | |||||||||
| Interest expenses | 25 | 75 | $ | 50 | $ | 156 | |||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Revenue: | |||||||||||||||||
| Social casino games | $ | 69,339 | $ | 80,332 | $ | 139,620 | $ | 160,156 | |||||||||
| iGaming | 15,474 | 7,904 | 28,685 | 16,223 | |||||||||||||
| Total Revenue | $ | 84,813 | $ | 88,236 | $ | 168,305 | $ | 176,379 | |||||||||
| Advertising expenses: | |||||||||||||||||
| Social casino games | $ | 5,768 | $ | 7,848 | $ | 13,242 | $ | 17,781 | |||||||||
| iGaming | 5,674 | 1,860 | 10,740 | 5,365 | |||||||||||||
| Total advertising expenses | $ | 11,442 | $ | 9,708 | $ | 23,982 | $ | 23,146 | |||||||||
| Depreciation and amortization (including right-of-use assets): | |||||||||||||||||
| Social casino games | $ | 305 | $ | 510 | $ | 608 | $ | 1,244 | |||||||||
| iGaming | 872 | 821 | 1,682 | 1,647 | |||||||||||||
| Total depreciation and amortization (including right-of-use assets) | $ | 1,177 | $ | 1,331 | $ | 2,290 | $ | 2,891 | |||||||||
| Interest income: | |||||||||||||||||
| Social casino games | $ | 4,108 | $ | 3,829 | $ | 7,914 | $ | 7,260 | |||||||||
| iGaming | — | — | — | — | |||||||||||||
| Total interest income | $ | 4,108 | $ | 3,829 | $ | 7,914 | $ | 7,260 | |||||||||
| Interest expense: | |||||||||||||||||
| Social casino games | $ | 463 | $ | 532 | $ | 910 | $ | 1,031 | |||||||||
| iGaming | 1 | 1 | 3 | 14 | |||||||||||||
| Total interest expense | $ | 464 | $ | 533 | $ | 913 | $ | 1,045 | |||||||||
| Profit before income tax: | |||||||||||||||||
| Social casino games | $ | 32,803 | $ | 43,100 | $ | 66,558 | $ | 83,205 | |||||||||
| iGaming | (2,183) | (582) | (3,160) | (2,314) | |||||||||||||
| Total profit before income tax | $ | 30,620 | $ | 42,518 | $ | 63,398 | $ | 80,891 | |||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| U.S. | $ | 60,498 | $ | 69,943 | $ | 121,512 | $ | 140,129 | |||||||||
| Canada | 4,697 | 5,065 | 9,247 | 9,820 | |||||||||||||
| United Kingdom | 14,126 | 6,374 | 26,339 | 13,154 | |||||||||||||
| Korea | — | — | — | — | |||||||||||||
| International-other | 5,492 | 6,854 | 11,207 | 13,276 | |||||||||||||
| Total | $ | 84,813 | $ | 88,236 | $ | 168,305 | $ | 176,379 | |||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| Korea | $ | 2,288 | $ | 2,479 | ||||
| U.S. | 416,593 | 416,835 | ||||||
| Europe | 31,552 | 29,818 | ||||||
Total (1) |
$ | 450,433 | $ | 449,132 | ||||