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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________
FORM 6-K
__________________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November, 2025
Commission File Number 001-39349
__________________________
DoubleDown Interactive Co., Ltd.
(Translation of registrant’s name into English)
__________________________
Joseph A. Sigrist, Chief Financial Officer
c/o Double Down Interactive, LLC
6671 S. Las Vegas Blvd.
Building D, Suite 210
Las Vegas, NV 89119
'+1-702-761-6899
(Address of principal executive offices)
__________________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
x Form 20-F o Form40-F


INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Issuance of Press Release
On November 10, 2025, DoubleDown Interactive Co., Ltd. (the “Company”) issued a press release announcing its unaudited financial results for the third quarter ended September 30, 2025, together with its unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2025.
This report on Form 6-K is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333-290402), to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
Exhibit
No.		 Description
99.1
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)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
DOUBLEDOWN INTERACTIVE CO., LTD.
Date: November 10, 2025
By: /s/ Joseph A. Sigrist
Name: Joseph A. Sigrist
Title: Chief Financial Officer

EX-99.1 2 ddi-2025x11x10x6kxexx991.htm EX-99.1 Document

Exhibit 99.1
g790371page4a.jpg

DoubleDown Interactive Third Quarter 2025 Revenue Rises 15.5%
and Earnings per Fully Diluted Common Share Increases 30.8%
SEOUL, KOREA – November 10, 2025 — DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) (“DoubleDown” or the “Company”), a leading developer and publisher of digital games on mobile and web-based platforms, today announced unaudited financial results for the third quarter ended September 30, 2025. Beginning with the fourth quarter of 2024, the Company began reporting financial results in accordance with International Financial Reporting Standards (“IFRS”), which had previously been reported in accordance with U.S. Generally Accepted Accounting Principles (“US GAAP”). As such, the third quarter 2025 results, as well as the comparable 2024 results, reflect IFRS standards.
Third Quarter 2025 vs. Third Quarter 2024 Summary:
•Revenue rose 15.5 % to $95.8 million in the third quarter of 2025 compared to $83.0 million in the third quarter of 2024.
◦Revenue from the Company’s social casino/free-to-play games, inclusive of a partial quarter results from WHOW Games GmbH (“WHOW Games”) which was acquired by the Company on July 14, 2025, was $79.6 million in the third quarter of 2025, a 5.9% increase from the third quarter of 2024.
◦Revenue from SuprNation, the Company’s iGaming subsidiary, increased 108% year over year to $16.2 million, primarily as a result of the Company’s focus on new player acquisition.
•Operating expenses were $60.9 million in the third quarter of 2025 compared to $47.6 million in the third quarter of 2024, primarily due to increased operating expenses related to SuprNation driven by revenue growth and inclusion of operating expenses related to the addition of the WHOW Games operations.
•Profit for the interim period (excluding non-controlling interest) rose 30.8% to $32.7 million, or earnings per fully diluted common share of $13.21 ($0.66 per American Depositary Share (“ADS”)), in the third quarter of 2025, compared to profit for the interim period (excluding non-controlling interest) of $25.0 million, or earnings per fully diluted common share of $10.10 ($0.50 per ADS), in the third quarter of 2024.
◦The increase was primarily due to 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 for the third quarter of 2025 compared to $36.5 million in the third quarter of 2024. Adjusted EBITDA margin was 39.1% in the third quarter of 2025 compared to 44.0% in the third quarter of 2024.
•Average Revenue Per Daily Active User (“ARPDAU”) for the Company’s social casino/free-to-play games (exclusive of WHOW Games) was $1.39 in the third quarter of 2025 and $1.30 in the third quarter of 2024, and increased slightly from $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 in the third quarter of 2025 from $281 in the third quarter of 2024 and decreased from $286 in the second quarter of 2025.


•Net cash flows from operating activities increased to $33.4 million in the third quarter of 2025 from $32.1 million in the third quarter of 2024. The increase is 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. Growth in our social casino games reflects initial contributions from the WHOW Games transaction, which increased our European revenue. Although the initial results from WHOW Games are encouraging, we are still assessing their operations and will include the impact on our social casino KPIs in our fourth quarter 2025 results. Our understanding at this time is that WHOW Games may generally have a higher payer conversion rate and lower average monthly revenue per payer.

"In the third quarter, our SuprNation iGaming business generated another period of record revenue and rose 108% from Q3 2024 to $16.2 million, reflecting the success of our strategies to prudently scale investments to acquire new players for our iGaming sector.

"Our balance sheet remains exceptional and affords us the flexibility to pursue additional value-building transactions that can further diversify our revenue sources and geographic presence. We ended the third quarter with an aggregate net cash position of approximately $404 million, or approximately $8.14 per ADS. With our consistent free cash flow generation and strong balance sheet, we have considerable flexibility to grow organically and through M&A to enhance shareholder value.”
Summary Operating Results for DoubleDown Interactive (Unaudited)
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Revenue ($ MM) $ 95.8  $ 83.0  $ 264.2  $ 259.4 
Total operating expenses ($ MM) (60.9) (47.6) (167.1) (156.5)
Profit for the interim period (excluding non-controlling interest) ($ MM)
 $ 32.7  $ 25.0  $ 78.4  $ 88.4 
Adjusted EBITDA ($ MM) $ 37.5  $ 36.5  $ 101.8  $ 106.8 
Profit margin 34.2  % 30.3  % 29.7  % 34.2  %
Adjusted EBITDA margin 39.1  % 44.0  % 38.5  % 41.2  %
Non-financial performance metrics(1)
Average MAUs (000s) 1,118  1,312  1,173  1,393 
Average DAUs (000s) 555  632  580  665 
ARPDAU $ 1.39  $ 1.30  $ 1.34  $ 1.30 
Average monthly revenue per payer $ 272  $ 281  $ 278  $ 283 
Payer conversion 7.8  % 6.8  % 7.2  % 6.6  %
(1)Social casino/free-to-play games only. The KPIs in the table above exclude WHOW Games, which was acquired on July 14, 2025.
Conference Call
DoubleDown will hold a conference call today (November 10, 2025) at 5:00 p.m. Eastern Time (2:00 p.m. Pacific 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. After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, please register a minimum of 15 minutes before the start of the 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. For those not planning to ask a question on the conference call, the Company recommends listening via the webcast.


A replay will be available on the Company’s Investor Relations website shortly after the event.
About DoubleDown Interactive
DoubleDown Interactive Co., Ltd. is a leading developer and publisher of digital games on mobile and web-based platforms. We are the creators of multi-format interactive entertainment experiences for casual players, bringing authentic Vegas entertainment to players around the world through an online social casino experience. The Company’s flagship social casino title, DoubleDown Casino, has been a fan-favorite game on leading social and mobile platforms for years, entertaining millions of players worldwide with a lineup of classic and modern games. DoubleDown recently expanded its social casino platform with the acquisition of WHOW Games GmbH, a developer headquartered in Hamburg, Germany. The Company’s subsidiary, SuprNation, also operates three real-money iGaming sites in Western Europe.
Safe Harbor Statement
Certain statements contained in this press release are “forward-looking statements” about future events and expectations for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our beliefs, assumptions, and expectations of industry trends, our future financial and operating performance, and our growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Therefore, you should not place undue reliance on such statements. Words such as “anticipates,” believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” potential,” “near-term,” long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will,” and similar expressions are intended to identify such forward-looking statements. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Use and Reconciliation of Non-IFRS Financial Measures
In addition to our results determined in accordance with IFRS, we believe the following non-IFRS financial measure is useful in evaluating our operating performance. We present “adjusted earnings before interest, taxes, depreciation and amortization” (“Adjusted EBITDA”) because we believe it assists investors and analysts by facilitating comparison of period-to-period operational performance on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. The items excluded from the Adjusted EBITDA may have a material impact on our financial results. Certain of those items are non-recurring, while others are non-cash in nature. Accordingly, the Adjusted EBITDA is presented as supplemental disclosure and should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with IFRS, and should be read in conjunction with the condensed consolidated interim financial statements furnished in our report on Form 6-K filed with the SEC.


In our reconciliation from our reported IFRS “profit before income tax” to our Adjusted EBITDA, we eliminate the impact of the following four line items: (i) depreciation and amortization; (ii) finance income; (iii) finance cost; and (iv) other (income) expense. The below table sets forth the full reconciliation of our non-IFRS measures:
Reconciliation of non-IFRS measures Three months ended September 30, Nine months ended September 30,
(in millions, except percentages) 2025 2024 2025 2024
Profit for the interim period
 $ 32.8  $ 25.1  $ 78.5  $ 88.7 
Income tax expense
 8.4  8.8  26.0  26.1 
Profit before income tax 41.1  33.9  104.5  114.8 
Adjustments for:
Depreciation and amortization 2.5  1.2  4.8  4.1 
Finance income (4.5) (0.8) (12.9) (15.7)
Finance cost (1.6) 2.2  5.4  3.8 
Other (income) expense, net —  —  (0.1) (0.2)
Adjusted EBITDA $ 37.5  $ 36.5  $ 101.8  $ 106.8 
Adjusted EBITDA margin 39.1  % 44.0  % 38.5  % 41.2  %
The key differences between reconciliations of Adjusted EBITDA and Adjusted EBITDA margin under IFRS and under GAAP arise from the treatment of certain adjustments, particularly in the areas of depreciation and amortization, finance income, and finance cost per the respective accounting standards. For reconciliation of Adjusted EBITDA and Adjusted EBITDA margin under IFRS, depreciation related to right-of-use assets is included within the depreciation and amortization, and as such, is added back to Adjusted EBITDA in the reconciliation. In contrast, for reconciliation of Adjusted EBITDA and Adjusted EBITDA margin under GAAP, depreciation related to right-of-use assets is classified under general and administrative expenses, and thus, is excluded from Adjusted EBITDA in the reconciliation. The designation of finance income and finance cost in reconciliation under IFRS reflects a change in the classification of non-operating (income) expense in reconciliation under GAAP. Specifically, the non-operating (income) expense accounts under GAAP have been renamed to finance income and finance cost under IFRS.
We encourage investors and others to review our financial information in its entirety and not to rely on any single financial measure.
Company Contact:
Joe Sigrist
ir@doubledown.com
+1 (206) 773-2266
Chief Financial Officer
https://www.doubledowninteractive.com
Investor Relations Contact:
Joseph Jaffoni and Christin Armacost
JCIR
+1 (212) 835-8500
DDI@jcir.com


DoubleDown Interactive Co., Ltd.
Consolidated Interim Statement of Financial Position
(In thousands of U.S. dollars)

September 30, December 31,
2025 2024
(unaudited)
Assets
Cash and cash equivalents $ 348,338  $ 334,850 
Short-term investments 90,856  80,000 
Accounts receivable, net 34,134  30,778 
Prepaid expenses and other assets 10,194  7,614 
Total current assets $ 483,522  $ 453,242 
Property and equipment, net 1,136  1,025 
Right-of-use assets, net 4,682  4,308 
Intangible assets, net 82,683  47,666 
Goodwill 433,948  395,804 
Deferred tax asset 171  3,373 
Other non-current assets 10,944  746 
Total non-current assets $ 533,564  $ 452,922 
Total assets $ 1,017,086  $ 906,164 
Liabilities and equity
Accounts payable and accrued expenses $ 24,477  $ 14,990 
Current lease liabilities 1,310  1,162 
Income taxes payable 3,104  1,512 
Contract liabilities 1,523  1,754 
Current portion of borrowings with related party 35,658  — 
Other current liabilities 2,509  3,966 
Total current liabilities $ 68,581  $ 23,384 
Long-term borrowings with related party —  34,014 
Non-current lease liabilities 3,913  3,510 
Deferred tax liabilities 15,172  — 
Other non-current liabilities 3,494  3,223 
Total non-current liabilities $ 22,579  $ 40,747 
Total liabilities $ 91,160  $ 64,131 
Equity
Share capital 21,198  21,198 
Share premium 359,280  359,280 
Accumulated comprehensive loss (5,342) (10,688)
Retained earnings 550,534  472,125 
Equity attributable to DoubleDown Interactive Co., Ltd. $ 925,670  $ 841,915 
Equity attributable to non-controlling interests 256  118 
Total equity $ 925,926  $ 842,033 
Total liabilities and equity $ 1,017,086  $ 906,164 



DoubleDown Interactive Co., Ltd.
Consolidated Interim Statement of Comprehensive Income
(Unaudited, in thousands of U.S. dollars, except per share amounts)
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Revenue $ 95,847  $ 82,981  $ 264,152  $ 259,360 
Operating expenses:
Cost of revenue (27,888) (24,794) (75,700) (79,072)
Sales and marketing (15,736) (9,161) (42,961) (35,795)
Research and development (4,192) (3,242) (9,879) (11,387)
General and administrative (13,025) (10,481) (38,652) (30,447)
Other income 28  97  213  350 
Other expense (47) (58) (141) (153)
Total operating expenses $ (60,860) $ (47,639) $ (167,120) $ (156,504)
Operating profit $ 34,987  $ 35,342  $ 97,032  $ 102,856 
Finance income 4,526  751  12,872  15,716 
Finance cost 1,610  (2,193) (5,383) (3,781)
Profit before income tax $ 41,123  $ 33,900  $ 104,521  $ 114,791 
Income tax expense (8,362) (8,785) (25,974) (26,128)
Profit for the interim period $ 32,761  $ 25,115  $ 78,547  $ 88,663 
Other comprehensive income (loss):
Pension adjustments, net of tax 39  102  139  303 
Gain (loss) on foreign currency translation (1,920) 4,951  5,207  (733)
Total comprehensive income for the interim period $ 30,880  $ 30,168  $ 83,893  $ 88,233 
Profit attributable to:
DoubleDown Interactive Co., Ltd. 32,721  25,014  78,409  88,421 
Non-controlling interests 40  101  138  242 
Total comprehensive income attributable to:
DoubleDown Interactive Co., Ltd. 30,840  30,068  83,755  88,054 
Non-controlling interests 40  100  138  179 
Earnings per share:
Basic $13.21  $10.10  $31.65  $35.69 
Diluted $13.21  $10.10  $31.65  $35.69 
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



DoubleDown Interactive Co., Ltd.
Consolidated Interim Statement of Cash Flows
(Unaudited, in thousands of U.S. dollars)
Nine months ended September 30,
2025 2024
Cash flows from operating activities
Profit for the interim period
 $ 78,547  $ 88,663 
Adjustments to reconcile profit to net cash from operating activities:
Depreciation and amortization
 4,801  4,091 
Unrealized gain on foreign currency
 (366) (246)
Unrealized loss on foreign currency
 445  1,765 
Gain on foreign currency transaction
 (279) — 
Loss on foreign currency transaction
 1,527  — 
Gain on valuation of financial assets and liabilities
 (18) — 
Loss on valuation of financial assets and liabilities
 881  20 
Interest income
 (12,126) (11,305)
Interest expense
 1,423  1,602 
Miscellaneous income
 —  (233)
Provision for severance benefits
 349  175 
Other long-term employee benefits
 913  1,145 
Income tax expense
 25,974  26,128 
Working capital adjustments:
Accounts receivable, net
 1,103  (948)
Prepaid expenses, and other assets
 559  1,664 
Other non-current assets
 92  (7,261)
Accounts payable and accrued expenses
 2,893  (588)
Contract liabilities
 (442) (1,039)
Other current and non-current liabilities
 (3,212) (686)
Cash generated from operations $ 103,064  $ 102,947 
Interest received 13,779  10,159 
Interest paid (198) (311)
Income taxes paid (22,508) (10,211)
Net cash inflow from operating activities  $ 94,137  $ 102,584 
Cash flows from investing activities
Purchase of property and equipment
 (174) (291)
Disposal of property and equipment
 4  2 
Purchase of intangible assets
 —  (5)
Acquisition of WHOW Games
 (61,570) — 
Purchase of financial assets at fair value through profit or loss
 (9,815) — 
Purchase of short-term investments (186,148) (81,659)
Disposal of short-term investment 178,009  66,795 
Net cash (outflow) from investing activities  $ (79,694) $ (15,158)
Cash flows from financing activities
Repayment of lease liabilities
 (848) (1,455)
Payment of dividends
 $ —  $ (321)
Net cash (outflow) from financing activities  $ (848) $ (1,776)
Net increase in cash and cash equivalents
 $ 13,595  $ 85,650 
Effect of exchange rate changes on cash and cash equivalents $ (107) $ 90 
Cash and cash equivalents at beginning of the interim period
 $ 334,850  $ 206,911 
Cash and cash equivalents at end of the interim period
 $ 348,338  $ 292,651 


Exhibit 99.2

DoubleDown Interactive Co., Ltd.
Condensed Consolidated Interim Financial Statements (Unaudited)
As of and for the three and nine months ended September 30, 2025 and 2024
Contents
F-2
F-3
F-4
F-5
F-6
F-1

DoubleDown Interactive Co., Ltd.
Consolidated Interim Statement of Financial Position
(in thousands of U.S. dollars)
September 30, December 31,
Notes 2025 2024
(unaudited)
Assets
Cash and cash equivalents 3 $ 348,338  $ 334,850 
Short-term investments 3 90,856  80,000 
Accounts receivable, net 3 34,134  30,778 
Prepaid expenses and other assets 10,194  7,614 
Total current assets $ 483,522  $ 453,242 
Property and equipment, net 1,136  1,025 
Right-of-use assets, net 5,14 4,682  4,308 
Intangible assets, net 4 82,683  47,666 
Goodwill 4 433,948  395,804 
Deferred tax asset 171  3,373 
Other non-current assets 3 10,944  746 
Total non-current assets $ 533,564  $ 452,922 
Total assets $ 1,017,086  $ 906,164 
Liabilities and equity
Accounts payable and accrued expenses 3,14 $ 24,477  $ 14,990 
Current lease liabilities 3,5,14 1,310  1,162 
Income taxes payable 3,104  1,512 
Contract liabilities 1,523  1,754 
Current portion of borrowings with related party
3,6,14
 35,658  — 
Other current liabilities 2,509  3,966 
Total current liabilities $ 68,581  $ 23,384 
Long-term borrowings with related party 3,6,14 -  34,014 
Non-current lease liabilities 3,5,14 3,913  3,510 
Deferred tax liabilities 15,172  - 
Other non-current liabilities 7 3,494  3,223 
Total non-current liabilities $ 22,579  $ 40,747 
Total liabilities $ 91,160  $ 64,131 
Equity
Share capital 9 21,198  21,198 
Share premium 9 359,280  359,280 
Accumulated comprehensive loss (5,342) (10,688)
Retained earnings 550,534  472,125 
Equity attributable to DoubleDown Interactive Co., Ltd. $ 925,670  $ 841,915 
Equity attributable to non-controlling interests 256  118 
Total equity $ 925,926  $ 842,033 
Total liabilities and equity $ 1,017,086  $ 906,164 


See accompanying notes to the condensed consolidated interim financial statements.
F-2

DoubleDown Interactive Co., Ltd.
Consolidated Interim Statement of Comprehensive Income
(Unaudited, in thousands of U.S. dollars, except per share amounts)

Three months ended September 30, Nine months ended September 30,
Notes 2025 2024 2025 2024
Revenue 10,15 $ 95,847  $ 82,981  $ 264,152  $ 259,360 
Operating expenses:
Cost of revenue 11,14 (27,888) (24,794) (75,700) (79,072)
Sales and marketing 11 (15,736) (9,161) (42,961) (35,795)
Research and development 11 (4,192) (3,242) (9,879) (11,387)
General and administrative 11 (13,025) (10,481) (38,652) (30,447)
Other income 28  97  213  350 
Other expense (47) (58) (141) (153)
Total operating expenses (60,860) (47,639) $ (167,120) $ (156,504)
Operating profit $ 34,987  $ 35,342  $ 97,032  $ 102,856 
Finance income 4,526  751  12,872  15,716 
Finance cost 1,610  (2,193) (5,383) (3,781)
Profit before income tax $ 41,123  $ 33,900  $ 104,521  $ 114,791 
Income tax expense 8 (8,362) (8,785) (25,974) (26,128)
Profit for the interim period $ 32,761  $ 25,115  $ 78,547  $ 88,663 
Other comprehensive income (loss):
Pension adjustments, net of tax 39  102  139  303 
Gain (loss) on foreign currency translation (1,920) 4,951  5,207  (733)
Total comprehensive income for the interim period $ 30,880  $ 30,168  $ 83,893  $ 88,233 
Profit attributable to:
DoubleDown Interactive Co., Ltd. 32,721  25,014  78,409  88,421 
Non-controlling interests 40  101  138  242 
Total comprehensive income attributable to:
DoubleDown Interactive Co., Ltd. 30,840  30,068  83,755  88,054 
Non-controlling interests 40  100  138  179 
Earnings per share: 12
Basic $ 13.21  $ 10.10  $31.65  $35.69 
Diluted $ 13.21  $ 10.10  $31.65  $35.69 


See accompanying notes to the condensed consolidated interim financial statements.
F-3

DoubleDown Interactive Co., Ltd.
Consolidated Interim Statement of Changes in Equity
(in thousands of U.S. dollars)
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
 —  —  —  88,421  88,421  242  88,663 
Other comprehensive income (loss) —  —  (368) —  (368) (62) (430)
 Sub-total of comprehensive income (loss) for the year $ —  $ —  $ (368) $ 88,421  $ 88,053  $ 180  $ 88,233 
 Transaction with owners, recognized directly in equity
 Dividends distributed to noncontrolling interests —  —  —  —  —  (149) (149)
As of September 30, 2024 (unaudited)
9
 $ 21,198  $ 359,280  $ (1,178) $ 436,441  $ 815,741  $ 188  $ 815,929 
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
 —  —  —  78,409  78,409  138  78,547 
Other comprehensive income (loss) —  —  5,346  —  5,346  —  5,346 
Sub-total of comprehensive income (loss) for the interim period
 $ —  $ —  $ 5,346  $ 78,409  $ 83,755  $ 138  $ 83,893 
As of September 30, 2025 (unaudited)
9
 $ 21,198  $ 359,280  $ (5,342) $ 550,534  $ 925,670  $ 256  $ 925,926 

See accompanying notes to the condensed consolidated interim financial statements.
F-4

DoubleDown Interactive Co., Ltd.
Consolidated Interim Statement of Cash Flows
(Unaudited, in thousands of U.S. dollars)
Nine months ended September 30,
Notes 2025 2024
Cash flows from operating activities
Profit for the interim period
 $ 78,547  $ 88,663 
Adjustments to reconcile profit to net cash from operating activities:
Depreciation and amortization
4,5,11,15
 4,801  4,091 
Unrealized gain on foreign currency
3
 (366) (246)
Unrealized loss on foreign currency
3
 445  1,765 
Gain on foreign currency transaction
3
 (279) — 
Loss on foreign currency transaction
3
 1,527  — 
Gain on valuation of financial assets and liabilities
3
 (18) — 
Loss on valuation of financial assets and liabilities
3
 881  20 
Interest income
3
 (12,126) (11,305)
Interest expense
3
 1,423  1,602 
Miscellaneous income
 —  (233)
Provision for severance benefits
7
 349  175 
Other long-term employee benefits
 913  1,145 
Income tax expense
 25,974  26,128 
Working capital adjustments:
Accounts receivable, net
 1,103  (948)
Prepaid expenses, and other assets
 559  1,664 
Other non-current assets
 92  (7,261)
Accounts payable and accrued expenses
 2,893  (588)
Contract liabilities
 (442) (1,039)
Other current and non-current liabilities
 (3,212) (686)
Cash generated from operations $ 103,064  $ 102,947 
Interest received 13,779  10,159 
Interest paid (198) (311)
Income taxes paid (22,508) (10,211)
Net cash inflow from operating activities  $ 94,137  $ 102,584 
Cash flows from investing activities
Purchase of property and equipment
 (174) (291)
Disposal of property and equipment
 4  2 
Purchase of intangible assets
 —  (5)
Acquisition of WHOW Games
 (61,570) — 
Purchase of financial assets at fair value through profit or loss
 (9,815) — 
Purchase of short-term investments (186,148) (81,659)
Disposal of short-term investment 178,009  66,795 
Net cash (outflow) from investing activities  $ (79,694) $ (15,158)
Cash flows from financing activities
Repayment of lease liabilities
 (848) (1,455)
Payment of dividends
 $ —  $ (321)
Net cash (outflow) from financing activities  $ (848) $ (1,776)
Net increase in cash and cash equivalents
 $ 13,595  $ 85,650 
Effect of exchange rate changes on cash and cash equivalents $ (107) $ 90 
Cash and cash equivalents at beginning of the interim period
 $ 334,850  $ 206,911 
Cash and cash equivalents at end of the interim period
 $ 348,338  $ 292,651 
See accompanying notes to the condensed consolidated interim financial statements.
F-5

DoubleDown Interactive Co., Ltd.
Notes to the Condensed Consolidated Interim Financial Statements (unaudited)
1.    General information
Background and nature of operations
DoubleDown Interactive Co., Ltd. (“DDI,” “we,” “us,” “Parent Company,” “our” or “the Company,” formerly known as The8Games Co., Ltd.) was incorporated in 2008 in Seoul, Korea as an interactive entertainment studio, focused on the development and publishing of casual games and mobile applications. DDI is a subsidiary of DoubleU Games Co., Ltd. (“DUG” or “DoubleU Games”), a Korean company and our controlling shareholder holding 67.1% of our outstanding shares. In 2017, DDI acquired Double Down Interactive, LLC (“DDI-US”) from International Gaming Technologies (“IGT”) for approximately $825 million. DDI-US is our primary revenue-generating company. In October 2023, the Company acquired an iGaming operator, SuprNation AB (together with its subsidiaries, “SuprNation”), which is now a direct, wholly-owned subsidiary of DDI-US. The acquisition diversifies the digital games categories that the Company addresses with the addition of three real-money iGaming sites in Europe. In July 2025, the Company acquired WHOW Games GmbH, a social casino developer headquartered in Hamburg, Germany (“WHOW Games”), which is now a direct, wholly-owned subsidiary of DDI-US. In September 2025, DDI-US completed the conversion from a Washington limited liability company to a Nevada limited liability company.
We develop and publish digital gaming contents on various mobile and web platforms through our multi-format interactive all-in-one game experience concept. We host DoubleDown Casino, DoubleDown Classic, and DoubleDown Fort Knox within various formats, SuprNation’s three brands, Duelz, VoodooDreams, and NYSpins, on web platforms, and WHOW Game’s proprietary brands, mainly MyJackpot and Lounge777, and licensed brand, mainly Merkur24, on both web and mobile platforms.
On September 2, 2021, we completed our initial public offering (“IPO”) of American Depositary Shares (“ADSs”), each representing 0.05 share of a common share, with par value of ₩10,000 per share, of the Company. Our ADSs trade on the NASDAQ Stock Market (“NASDAQ”) under the symbol “DDI.”
2.    Basis of preparation and material accounting policies
Basis of preparation
The accompanying condensed consolidated interim financial statements are presented in conformity with International Financial Reporting Standards (“IFRS Accounting Standards”) as issued by International Accounting Standard Board (“IASB”), and include the accounts of DDI and its controlled subsidiaries. All intercompany transactions, balances, and unrealized gains or losses have been eliminated. Our unaudited condensed consolidated interim financial statements include all adjustments of a normal, recurring nature necessary for the fair statement of the results for the interim periods presented. The results for the interim period presented are not necessarily indicative of those for the full year. The condensed consolidated interim financial statements should be read in conjunction with our consolidated financial statements for the year ended December 31, 2024.
Use of estimates
The preparation of financial statements in conformity with IFRS requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures. We base our estimates and assumptions on current facts, historical experience, and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and the actual results, future operating results may be affected.
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The significant accounting estimates and assumptions used in the preparation of these condensed consolidated interim financial statements are consistent with those applied in the preparation of the annual consolidated financial statements for the year ended December 31, 2024, except for the estimation method used in determining income tax expense and those newly applied in relation to the business combination during the interim period ended September 30, 2025.
The income tax expense for the interim period is calculated by applying the estimated average annual effective tax rate to the profit before tax for the period.
Accounting policies
The accounting policies applied in the preparation of these condensed consolidated interim financial statements are consistent with those applied in the preparation of the consolidated financial statements as of and for the year ended December 31, 2024, except for the adoption of new standards or interpretations effective from January 1, 2025.
New standards and interpretations adopted during the interim period
Amendments to IAS 21 - Lack of Exchangeability
The amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates will require the application of a consistent approach when assessing whether a currency can be exchanged for another currency and, when it cannot, determining the exchange rate to be used, and the related disclosures. The amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier adoption permitted. The adoption of these amendments does not have a material impact on the Company’s condensed consolidated interim financial statements.
3.    Financial instruments
3.1.    Financial assets
Financial assets by category as of September 30, 2025 and December 31, 2024 are as follows (in thousands):
September 30, 2025
Financial assets at fair value through profit or loss
Financial assets measured at amortized cost
Current assets
Cash and cash equivalents $ — $ 348,338
Short-term investments — 90,856
Accounts receivable, net — 34,134
Accrued income — 1,596
Financial assets at fair value through profit or loss 8 —
Total $ 8 $ 474,924
Non-current assets
Financial assets at fair value through profit or loss 10,452 —
Total $ 10,452 $ —
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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 $ —
3.2.    Financial liabilities
Financial liabilities by category as of September 30, 2025 and December 31, 2024 are as follows (in thousands):
September 30, 2025
Financial liabilities at fair value through profit or loss
Financial liabilities measured
 at amortized cost
Current liabilities
Accounts payable $ — $ 16,852
Accrued expenses (1)
 — 7,625
Current lease liabilities — 1,310
Current portion of borrowings with related party
 — 35,658
Other current liabilities — 2,208
Financial liabilities at fair value through profit or loss
 881 —
Total $ 881 $ 63,653
Non-current liabilities
Non-current lease liabilities — 3,913
Total $ — $ 3,913

(1)Annual leave allowance that should be paid to employees is excluded.
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 
(1)Annual leave allowance that should be paid to employees is excluded.
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3.3.    Fair value hierarchy
Fair value hierarchy classifications of the financial assets and liabilities that are measured at fair value disclosed in fair value as of September 30, 2025 and December 31, 2024 are as follows (in thousands):
September 30, 2025
Level 1 Level 2 Level 3 Total
Financial assets and liabilities at fair value through profit or loss
Financial assets $ —  $ 10,030  $ 430  $ 10,460 
Financial liabilities —  881  —  881 
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 —  —  —  — 
3.4.    Valuation techniques and the inputs
The valuation techniques and inputs used for fair value measurements and disclosed fair values categorized within Level 2 and Level 3 of the fair value hierarchy as of September 30, 2025 and December 31, 2024 are as follows (in thousands):
September 30, 2025 December 31, 2024 Level Valuation techniques
Financial assets at fair value through profit or loss $ 430  $ 417  3 Market-based fair value approach
Financial assets at fair value through profit or loss $ 10,030  $ —  2
Market-based fair value approach
Financial liabilities at fair value through profit or loss $ 881  $ —  2
Market-based fair value approach

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3.5.    Net gains or losses by category of financial instruments
Three months ended September 30, Nine months ended September 30,
(in thousands) 2025 2024 2025 2024
Financial assets at fair value through profit or loss
Gain on valuation of financial assets
 $ 18 $ — $ 18 $ —
Unrealized gain on foreign currency 110 — 110 —
    Loss on valuation of financial assets 15 (7) (6) (20)
Gains (losses) on disposal (426) — (426) —
Sub-total $ (283) $ (7) $ (304) $ (20)
Financial assets at amortized cost
Interest income 4,212 4,045 12,126 11,305
Gain on foreign currency transactions
 83 26 361 4,164
Unrealized gain on foreign currency 126 (3,415) 256 122
Loss on foreign currency transactions
 (721) (321) (2,161) (375)
Unrealized loss on foreign currency 1,276 (1,283) (445) (1,757)
Sub-total $ 4,976 $ (948) $ 10,137 $ 13,459
Total $ 4,693 $ (955) $ 9,833 $ 13,439
Financial liabilities at fair value through profit or loss
Loss on valuation of financial liabilities
 $ 1,987 $ — $ (875) $ —
Sub-total
 $ 1,987 $ — $ (875) $ —
Financial liabilities at amortized cost
Interest expense (510) (557) (1,423) (1,602)
Gain on foreign currency transactions
 (24) (29) — 1
Unrealized gain on foreign currency — 124 — 124
Loss on foreign currency transactions
 (9) (17) (46) (19)
Sub-total
 $ (543) $ (486) $ (1,469) $ (1,504)
Total $ 1,444 $ (486) $ (2,344) $ (1,504)
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4.    Intangible assets and goodwill
Changes in the net book value of intangible assets for the nine months ended September 30, 2025 and 2024 are as follows (in thousands):
September 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 — — — — — 65 65
Acquired from business combination
 36,126 500 — — — 36,487 $ 73,113
Amortization — (28) (1,762) (554) — (1,283) (3,627)
Translation differences 2,018 3 695 738 — 156 3,610
Ending balance $ 433,948 $ 35,484 $ 5,130 $ 6,256 $ — $ 35,813 $ 516,631
September 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 — 13 — — — 5 18
Amortization — (2) (1,712) (538) — (86) (2,338)
Translation differences 183 — 55 68 — 2 308
Ending balance $ 396,887 $ 35,011 $ 7,228 $ 6,692 $ — $ 445 $ 446,263
5.    Lease
5.1. Our leases primarily consist of real estate leases for office space and do not have any non-lease components. The leases typically run for a period of 2 ~10 years, with an option to renew or terminate the lease after that date. No restrictions or covenants are imposed on leases, but the lease assets shall not be provided as collateral for borrowings.
5.2.    Changes in right-of-use assets and lease liabilities:
Changes in right-of-use assets and lease liabilities for the nine months ended September 30, 2025 and 2024 are as follows (in thousands):
Right-of-use assets Lease liabilities
Office
Balance at January 1, 2025 $ 4,308 $ 4,673
Depreciation (940) —
Acquired from business combination
 1,163 1,232
Interest expense relating to lease liabilities — 197
Payments of lease liabilities — (1,046)
Translation differences 151 167
Balance at September 30, 2025 $ 4,682 $ 5,223
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Right-of-use assets Lease liabilities
Office
Balance at January 1, 2024 $ 7,071 $ 7,577
Acquisitions 1,069 891
Depreciation
 (1,610) —
Reassessment (2,067) (2,125)
Interest expense relating to lease liabilities — 311
Payments of lease liabilities — (1,766)
Translation differences 184 (218)
Balance at September 30, 2024 $ 4,647 $ 4,670
6.    Long-term borrowings
The following table represents borrowings from DoubleU Games (in thousands):
September 30, 2025 December 31, 2024
4.6% Senior Notes due to related party due May 27, 2026 (1)
 $ 35,658 $ 34,014
(1) DoubleU Games extended three loans to us on May 25, 2018, August 27, 2018, and November 26, 2018 (collectively, the “4.6% Senior Notes”), and the aggregate outstanding principal amount as of September 30, 2025 was $35.7 million. In May 2024, a voluntary interest payment of $9.6 million was made, and the maturity of each 4.6% Senior Note, originally due on May 27, 2024, was extended by two years to May 27, 2026, including the remaining outstanding principal amount under the 4.60% Senior Notes.
7.    Retirement benefit plan
7.1 Defined benefit pension plan
We operate a defined benefit pension plan under employment regulations in Korea. The plan services the employees located in Seoul and is a final wage-based pension plan, which provides a specified amount of pension benefit based on length of service. The service cost components of the net periodic benefit costs are charged to current operations based on the employee’s functional area. The change in actuarial gains or losses, which is not significant, was included in other comprehensive income.
7.2 Details of defined benefit liabilities
The following table presents net defined benefit liabilities (defined benefit assets) (in thousands):
September 30, 2025 December 31, 2024
Present value of defined benefit obligations $ 2,234 $ 1,977
Fair value of plan assets (2,041) (2,008)
Net defined benefit liabilities (assets) $ 193 $ (31)
8.    Income taxes
The income tax expense for the interim period has been recognized based on management’s best estimate of the weighted average annual effective tax rate expected for the full fiscal year ending December 31, 2025. Separately, management estimates that the weighted average annual effective tax rate for the nine months ended September 30, 2025 will be 24.9%, compared to 22.8% for the nine months ended September 30, 2024.
9.    Shareholders’ equity
We have 200,000,000 total authorized shares with 2,477,672 common shares issued and outstanding at September 30, 2025 and 2024, and the par value per share is KRW10,000.
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9.1. Changes in share capital
The following table represents common shares, share capital and premium (in thousands, except shares):
Common shares Share capital Share premium Total
Balance at January 1, 2024 2,477,672 $ 21,198 $ 359,280 $ 380,478
Balance at September 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 September 30, 2025 2,477,672 $ 21,198 $ 359,280 $ 380,478
10.    Revenue from contract with customers
10.1 Disaggregation of revenue
The Company distinguishes between revenue recognized over time and revenue recognized at a point in time.
The table below presents revenue by service contract type, geographical market, and the timing of performance obligation satisfaction (in thousands):
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Type of service (1)
Social casino game $ 79,618  $ 75,171  $ 219,237  $ 235,326 
Geographical market (1)
U.S. 60,996  65,147  182,507  205,275 
International 18,622  10,024  36,730  30,051 
Total $ 79,618  $ 75,171  $ 219,237  $ 235,326 
Timing of revenue recognition (1)
Over the time 78,670  75,047  $ 218,140  $ 234,747 
At a point in time 948  124  1,097  579 
Total (1)
 $ 79,618  $ 75,171  $ 219,237  $ 235,326 
(1)iGaming revenues are excluded, amounting to $44,915 thousand for the nine months ended September 30, 2025 and $24,034 thousand for the nine months ended September 30, 2024.
The following table disaggregates revenue between mobile and web platforms (in thousands):
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Mobile $ 54,485  $ 55,696  $ 155,450  $ 176,954 
Web 25,133  19,475  63,787  58,372 
Total (1)
 $ 79,618  $ 75,171  $ 219,237  $ 235,326 
(1)iGaming revenues are excluded, amounting to $44,915 thousand for the nine months ended September 30, 2025 and $24,034 thousand for the nine months ended September 30, 2024.

10.2 Contract assets, contract liabilities with customers
The following table summarizes our opening and closing balances in contract assets and contract liabilities (in thousands):
September 30, 2025 December 31, 2024
Contract assets (1)
 $ 429  $ 526 
Contract liabilities (2)
 1,523  1,754 
(1)Contract assets are included within prepaid expenses and other assets in our consolidated interim financial position.
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(2)The revenue recognized during the current year from the contract liabilities balance at the beginning of the reporting period is $1,754 thousand for the nine months ended September 30, 2025 and $2,520 thousand for the nine months ended September 30, 2024.
11.    Classification of operating expenses by nature
Details of classification of expenses by nature for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Personnel expenses $ 6,692  $ 7,933  $19,654  $25,834 
Depreciation and amortization 2,148  833  3,862  2,480 
Depreciation of right-of-use assets 364  366  940  1,610 
Taxes and dues 4,808  1,912  13,090  5,958 
Fees and commissions 31,573  28,229  86,828  88,124 
Advertising expenses 13,319  7,829  37,301  30,975 
Other expenses 1,937  577  5,517  1,721 
Total (1)
 $ 60,841  $ 47,679  $167,192  $156,702 
(1)Total cost of revenue, sales and marketing, research and development and general and administrative expenses per the consolidated interim statement of comprehensive income.
12.    Earnings per share
12.1.    Basic earnings per share is computed by dividing earning by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. The following table presents the calculation of basic earnings per share (in thousands, except share and per share amounts):
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Numerator:
Profit applicable to DoubleDown Interactive Co., Ltd. $ 32,721  $ 25,014  $78,409  $88,421 
Weighted average shares outstanding - basic 2,477,672  2,477,672  2,477,672  2,477,672 
Basic earnings per share $ 13.21  $ 10.10  $ 31.65  $ 35.69 
12.2.    Diluted earnings per share is computed by dividing profit applicable to owners of the Company by the weighted-average number of common shares and dilutive common share equivalents outstanding for the period. The Company does not have dilutive potential ordinary shares outstanding. Accordingly, the diluted earnings per share for the nine months ended September 30, 2025 and 2024 are the same as the basic earnings per share.
13.    Commitments and contingencies
13.1.    Publishing and license agreements
DoubleU Games
We entered into the DoubleU Games License Agreement on March 7, 2018, which was subsequently amended on July 1, 2019 and November 27, 2019. On October 1, 2023, DDI-US entered into the Game Development Services Agreement with DoubleU Games, which supersedes the DoubleU Games License Agreement. Pursuant to the Game Development Services Agreement, DoubleU Games grants us, through DDI-US, an exclusive license to develop and distribute certain DoubleU Games social casino game titles and sequels thereto in the social online game field of use. We are obligated to pay a royalty license fee to DoubleU Games in connection with these rights, with certain customary terms and conditions.
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As of September 30, 2025, we licensed from DUG approximately 61 game titles under the terms of this agreement.
In October 2023, we, through DDI-US, entered into a Game Development Services Agreement with DoubleU Games pursuant to which DDI-US will pay service fees to DoubleU Games for certain game maintenance services and product planning and user analysis services provided by DoubleU Games.
We, through SuprPlay Limited, also entered into a new game license agreement with DoubleU Games with effect from August 20, 2024. We are obligated to pay a royalty license fee to DoubleU Games in connection with these rights, with certain customary terms and conditions.
International Gaming Technologies (“IGT”)
In 2017, we entered into a Game Development, Distribution, and Services Agreement with IGT. Under the terms of the agreement, IGT will deliver game assets so that we can port (a process of converting the assets into functioning slot games by platform) the technology for inclusion in our gaming apps. The agreement includes game assets that are used to create new games. Under the agreement, we paid IGT an initial royalty rate of 10% of revenue for their proprietary assets and 15% of revenue for third-party game asset types. Effective January 1, 2019, we amended the agreement to revise the royalty rate for proprietary game asset types to 7.5% of revenue. The initial term of the agreement is ten (10) years with up to two additional five-year periods. Costs incurred in connection with this agreement for the nine months ended September 30, 2025 and 2024 totaled $2.1 million and $3.4 million, respectively, and are recognized as a component of cost of revenue.
13.2.    Legal contingencies
As of September 30, 2025, the Company is a defendant in four lawsuits seeking damages, filed in the states of Alabama, Kentucky, and Tennessee. These lawsuits allege that the Company’s social casino-themed games constitute unlawful gambling under state laws. The Company denies the allegations, contends its games are not gambling under the applicable law, and contends that the case suffers from various procedural defects. At this time, the Company is unable to reasonably predict the outcome of these legal proceedings and cannot estimate what impact, if any, the litigation may have on the Company’s condensed consolidated interim financial statements.
13.3.    Director and Officers’ indemnification agreement
The Company’s maximum aggregate liability for all loss and expenses on account of any and all requests for indemnity under the Indemnification Agreement or any similar indemnity agreement with any other indemnitee will be $5,000,000 per every 12-month period.
13.4.    Other matters
IGT Letter
In March 2025, DDI-US received a letter from IGT (“IGT Letter”) purporting to terminate the Company’s licenses to develop and distribute IGT social casino game titles throughout the United States. The IGT Letter cited the January 2025 public memo issued by the Washington State Gambling Commission (“WSGC”), where the WSGC encouraged companies offering virtual casino-style games to Washington residents to review their games and ensure compliance with state gambling regulations. While the outcome of this matter is currently uncertain, the Company believes that IGT has no basis to terminate the licenses and that the Company’s distribution of the licensed games is not prohibited under Washington State law.
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SuprNation Performance Based Compensation
Contemporaneously with entering into the definitive agreement, the Company also adopted an eighteen-month performance-based incentive plan for certain key employees of SuprNation, under which the key employees may earn up to a total of $6.5 million in addition to $5.5 million held in escrow, which vest over the eighteen-month period. The performance-based incentive plan is contingent upon the achievement of certain revenue and other performance targets by the acquired business and the continued employment of such key employees between 2023 and 2025. Such plan became effective at the closing of the transaction. In August 2024, $4.2 million of the incentive plan was modified to be contingent solely upon continued employment. During nine months ended September 30, 2025 and 2024, the Company recognized total expenses of $2.5 million and $5.0 million, respectively, for the performance-based incentive plan. All of the compensation under the plan has been paid as of September 2025.
14.    Related party transactions
14.1.    Related party
Our related party transactions comprise of expenses for use of intellectual property, borrowings, and sublease. We may also incur other expenses with related parties in the ordinary course of business, which are included in the condensed consolidated interim financial statements. The related party is as follows:
Relationship Company name
Controlling shareholder DoubleU Games Co., Ltd
14.2.    Transactions with related party
The following is a summary of expenses charged by DoubleU Games (in thousands): 
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Royalty expense $ 346 $ 564 $ 1,200 $ 1,805
Other expense 1,455 1,339 $ 4,872 $ 3,658
14.3    Account balances with related party
Amounts due to DoubleU Games are as follows (in thousands):
September 30, 2025 December 31, 2024
Accounts payable and accrued expenses $ 1,495  $ 1,958 
Other receivables 6  3 
14.4.    Borrowing transaction with related party
Borrowing transaction details to DoubleU Games are as follows (in thousands):
September 30, 2025 December 31, 2024
4.6% Senior notes with related party
 $ 35,658  $ 34,014 
Accrued interest on 4.6% Senior Notes with related party
 2,208  936 

Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Interest expense $ 419 $ 425 $ 1,218 $ 1,268

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14.5.    Lease transactions with related party
Lease transaction details to DoubleU Games are as follows (in thousands):
September 30, 2025 December 31, 2024
Right-of-use assets $ 1,877  $ 2,238 
Lease liabilities 1,998  2,335 
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Payments $ 177 $ 268 $ 520 $ 904
Interest expenses 24 63 $ 74 $ 219

15.    Segment information
15.1.    Segment reporting
Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, our Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. Total assets and liabilities for each segment are not reported to chief operating decision maker. We operate in the following business segments: social casino games and iGaming (in thousands):
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Revenue:
Social casino games $ 79,618  $ 75,171  $ 219,237  $ 235,326 
iGaming 16,229  7,810  44,915  24,034 
Total Revenue $ 95,847  $ 82,981  $ 264,152  $ 259,360 
Advertising expenses:
Social casino games $ 6,725  $ 6,174  $ 19,968  $ 23,955 
iGaming 6,594  1,655  17,333  7,020 
Total advertising expenses $ 13,319  $ 7,829  $ 37,301  $ 30,975 
Depreciation and amortization (including right-of-use assets):
Social casino games $ 1,612  $ 362  $ 2,220  $ 1,606 
iGaming 899  837  2,581  2,484 
Total depreciation and amortization (including right-of-use assets) $ 2,511  $ 1,199  $ 4,801  $ 4,090 
Interest income:
Social casino games $ 4,212  $ 4,045  $ 12,126  $ 11,305 
iGaming —  —  —  — 
Total interest income $ 4,212  $ 4,045  $ 12,126  $ 11,305 
Interest expense:
Social casino games $ 508  $ 549  $ 1,418  $ 1,582 
iGaming 1  8  4  20 
Total interest expense $ 509  $ 557  $ 1,422  $ 1,602 
Profit before income tax:
Social casino games $ 43,746  $ 34,181  $ 110,305  $ 117,386 
iGaming (2,623) (281) (5,784) (2,595)
Total profit before income tax $ 41,123  $ 33,900  $ 104,521  $ 114,791 
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15.2.    Disaggregation of revenue and non-current assets
The Company’s business operations are located in domestic and international regions, including the United States. We believe disaggregation of our revenue based on platform and geographical location are appropriate categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.
The following table presents our revenue disaggregated based on the geographical location of our players (in thousands):
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
U.S. $ 60,996 $ 65,146 $ 182,507 $ 205,275
Canada 4,796 4,980 14,043 14,800
United Kingdom 15,929 6,133 42,268 19,287
Korea — — — —
International-other 14,126 6,722 25,334 19,998
Total $ 95,847 $ 82,981 $ 264,152 $ 259,360
The following table presents non-current assets by geographical regions (in thousands):
September 30, 2025 December 31, 2024
Korea $ 2,444  $ 2,479 
U.S. 416,077  416,835 
Europe 103,781 29,818
Total (1)
 $ 522,302 $ 449,132
(1) The amounts related to financial assets at fair value through profit or loss and deferred tax assets are excluded.
15.3.    Major external customers
No individual external customer accounted for more than 10% of consolidated revenue for each of the nine months ended September 30, 2025 and 2024.

16. Acquisition
Business Combination – WHOW Games
On July 14, 2025 (July 15, 2025 Korea Standard Time), the Company completed its acquisition of WHOW Games GmbH (“WHOW Games”), a social casino developer headquartered in Hamburg, Germany, which is now a direct, wholly-owned subsidiary of DDI-US, for a total cash purchase consideration of €55.0 million (or approximately $64.3 million based on the then exchange rate). Contemporaneously with entering into the definitive agreement, the Company also adopted a twenty-four-month performance-based incentive plan for an additional earn-out payment of up to €10.0 million, payable to the seller, Azerion, at €5.0 million annually, which is contingent upon WHOW Games meeting certain performance targets during each of the first and second year following the closing date.
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The following table summarizes the allocation of the purchase consideration to the acquisition-date fair value of the assets acquired and liabilities assumed (in thousands):
Ⅰ. Total purchase consideration $ 64,283 
Ⅱ. Identifiable Assets and liabilities, net
 28,157 
Cash and cash equivalents 2,714 
Accounts receivable 4,409 
Prepaid expenses, and other assets 164 
Intangible assets 36,987 
Property and equipment 255 
Right-of-use assets 1,163 
Deferred tax assets 188 
Other non-current assets 193 
Accounts payable and other payables (3,930)
Income taxes payable (2,350)
Current lease liabilities (1,232)
Other current liabilities (516)
Deferred tax liabilities (9,888)
Ⅲ. Goodwill (Ⅰ-Ⅱ)
 $ 36,126 
Goodwill represents the excess of the purchase price over the preliminary fair value of identifiable assets acquired and liabilities assumed at the acquisition date and is primarily attributable to the assembled workforce and expected synergies at the time of the acquisition. The allocation of the purchase price is still provisional and subject to change within the measurement period, including potential adjustments to deferred tax balances.
F-19