DHI Group (DHX) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was $32.1 million, down 9% year-over-year, with ClearanceJobs up 1% and Dice down 15%; for the nine months ended September 30, 2025, revenue declined 10% year-over-year to $96.5 million.

• Net loss for Q3 was $4.3 million, and for the nine months was $14.9 million, both impacted by a $9.6 million impairment of the Dice trade name and additional restructuring charges.

• Adjusted EBITDA rose to $10.3 million (32% margin) in Q3, up from $8.6 million (24% margin) last year; for the nine months, Adjusted EBITDA was $25.7 million (27% margin).

• Board authorized a new $5 million stock buyback program through November 2026, with $6.2 million repurchased year-to-date.

• Company operates two leading tech talent platforms, Dice and ClearanceJobs, with over 9 million profiles and AI-powered matching tools.

Financial highlights

• Total bookings in Q3 were $25.4 million, down 12% year-over-year; recurring revenue fell 11% year-over-year.

• Free cash flow for Q3 was $3.2 million, up 38% year-over-year; for the nine months, cash from operations was $13.9 million.

• Operating loss for the nine months was $15.0 million (margin -15.6%), compared to operating income of $4.6 million in the prior year.

• Cash at quarter end was $2.3 million; total debt was $30 million, with $49 million available under the credit facility.

• Impairment charges included $9.6 million for the Dice tradename and $7.8 million for Dice goodwill.

Outlook and guidance

• Full-year revenue guidance reaffirmed at $126–$128 million; Q4 revenue expected between $29.5–$31.5 million.

• Full-year Adjusted EBITDA margin guidance raised to 27% due to improved Dice margins and operational efficiency.

• Capital expenditures for 2025 targeted at $7–$8 million, funded by operating cash flows.

• Anticipates defense budget growth and tech investments to drive future demand; bookings growth not expected to resume until tech hiring stabilizes.