The Company has two classes of common stock, Class A and Class B, and one class of preferred stock, Series A Convertible Preferred Stock. The holders of Series A Convertible Preferred Stock are contractually entitled to receive a cumulative dividend, whether or not declared. In calculating the net loss attributable to Class A shareholders, the numerator for basic and diluted EPS is adjusted for the impact of the contractual amount of dividends payable to holders of Series A Convertible Preferred Stock. Neither shares of the Company’s Class B Common Stock nor the Company's Series A Convertible Preferred Stock share in the earnings or losses attributable to Direct Digital Holdings, Inc. and are therefore not participating securities. The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except per share amounts):


	Three Months Ended March 31,
		2026		2025
Net loss attributable to Class A shareholders and Series A preferred stockholders		$	(5,250)	$	(2,355)
Less: Series A preferred stockholders cumulative dividends		682		—
Net loss allocated to Class A shareholders		$	(5,932)	$	(2,355)

Weighted average common shares outstanding - basic and diluted		575		31
Net loss per common share, basic and diluted		$	(10.32)	$	(77.21)

The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):


	Three Months Ended March 31,
		2026	2025
Series A convertible preferred stock		52	—
Class B Common Stock		42	49
Options to purchase common stock		9	2
Restricted stock units		3	3
Total excludable from net loss per share attributable to common stockholders - diluted		106	54