DDC · DDC Enterprise Limited

DDC Enterprise Limited delivered record FY2025 revenue of $39.2 million, a 4.6% increase from $37.4 million in 2024, primarily from 9.8% growth in core China markets through offline channel expansion into lower-tier cities and stronger distributor partnerships, offset by the strategic exit of loss-making U.S. operations. Gross profit rose 15.8% to $12.3 million with gross margin expanding 303 basis points to 31.4%, fueled by supply chain optimization, procurement efficiencies, and favorable raw material costs. H2 2025 showed even stronger revenue growth of 16.6% to $23.6 million. Operating expenses surged 61.5% to $47.6 million due to non-cash share-based compensation and Bitcoin treasury investments, leading to operating loss of $35.3 million and net loss of $48.3 million. However, the company achieved its first positive full-year Adjusted EBITDA of $0.4 million, up from a $3.5 million loss, signaling core food business margin improvement. CEO Norma Chu highlighted operating efficiency gains and disciplined Bitcoin strategy execution, with holdings reaching 2,383 BTC (~$182 million) as of April 21, 2026, supported by $528 million in financings including PIPE, convertible notes from Anson Funds, and equity rounds. The launch of the DDC Treasury Intelligence Platform, an AI-driven system with the DDC Treasury Graph, aims to enhance treasury decision-making, risk management, and capital allocation transparency. Balance sheet strengthened with shareholders' equity at $78.9 million and liquidity of $21.7 million. Management emphasized continued core business growth, cost discipline, and measured Bitcoin accumulation into 2026.