DDC Enterprise (DDC) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $39.2 million for FY2025, up 4.6% year-over-year, with core consumer food business growth and margin expansion.

• Positive adjusted EBITDA of $0.4 million for the year, marking the first full-year positive result, compared to a loss of $3.5 million in FY2024.

• Strategic exit from U.S. operations and renewed focus on Asia, with growth driven by offline channel expansion and deeper penetration into lower-tier cities.

• Launched and expanded a Bitcoin treasury strategy, holding 2,383 BTC as of April 21, 2026, and ranking among the top 30 public corporate holders globally.

• Business now operates on two pillars: a growing consumer food platform and a long-term Bitcoin treasury strategy, aiming to compound value across both income statement and balance sheet.

Financial highlights

• FY2025 revenue reached $39.2 million (+4.6% YoY); H2 2025 revenue was $23.6 million (+16.6% YoY).

• Gross profit increased 15.8% year-over-year to $12.3 million, with gross margin up 303 basis points to 31.4%.

• Operating expenses rose 61.5% to $47.6 million, mainly due to non-cash share-based compensation and Bitcoin treasury investments.

• Net loss widened to $48.3 million from $21.5 million year-over-year, impacted by investments and non-cash items.

• Cash and cash equivalents plus short-term investments totaled $21.7 million at year-end.

Outlook and guidance

• Focus remains on scaling the food business in higher-margin markets and executing the Bitcoin treasury strategy in a disciplined, measured manner.

• Plans to explore risk-managed yield opportunities on Bitcoin holdings, prioritizing capital preservation and high-quality counterparties.

• Targeting approximately 5,000 Bitcoin by year-end, with a long-term goal of 10,000 Bitcoin.

• Continued investment in AI infrastructure to enhance treasury management and capital allocation.

• Food business expected to grow organically at 10%-15% year-over-year without significant capital investment.