DDC Enterprises Ltd. reported a 29% year-over-year increase in revenue to $20.2 million for the first half of 2026, alongside a 17.5% rise in gross profit to $6.1 million. The company’s food business generated positive adjusted EBITDA of $1.2 million, while its GAAP net loss totaled $38.4 million, primarily due to non-cash mark-to-market adjustments on its bitcoin holdings amid a period of price weakness.
Cash and short-term investments stood at $21.6 million as of June 30, 2026, up from $12.2 million at year-end 2025, contributing to a shift in working capital from negative $12.2 million to positive $39.4 million. Shareholders’ equity increased 154% year-over-year to $180.8 million, while net debt was reduced to $10.2 million.
The company’s bitcoin treasury expanded to 2,899 bitcoin, a 145% increase from 1,181 bitcoin at the start of the year. A portion of the holdings serves as collateral for secured financing, with the remainder held by third-party custodians. DDC said it is exploring new financing options to further accumulate bitcoin, retire its convertible note, and reduce reliance on bitcoin-collateralized debt.
DDC also announced a share repurchase program authorized by its board on July 1, 2026, allowing for up to $10 million or 20% of outstanding Class A ordinary shares, whichever is lower, over an 18-month period. The financial update was released via a shareholder letter and press release on September 2, 2026.
