DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock (CHAD) Financials

$9.91 -0.09 (-0.85%)

As of 02:25 PM Eastern

Annual Income Statements for DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock

This table shows DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-1.26	-3.37	-2.73	-74
Consolidated Net Income / (Loss)	-1.26	-3.37	-2.73	-74
Net Income / (Loss) Continuing Operations	-1.26	-3.37	-2.73	-74
Total Pre-Tax Income	-1.26	-3.37	-2.73	-74
Total Operating Income	-1.72	-3.40	-3.00	-36
Total Gross Profit	2.15	2.00	2.07	11
Total Revenue	2.15	2.00	2.10	11
Operating Revenue	2.15	2.00	2.10	11
Total Cost of Revenue	0.00	0.00	0.03	0.25
Operating Cost of Revenue	-	0.00	0.03	0.25
Total Operating Expenses	3.87	5.41	5.07	48
Selling, General & Admin Expense	1.82	2.64	2.61	14
Marketing Expense	1.62	1.98	1.50	2.25
Research & Development Expense	0.43	0.79	0.66	1.14
Depreciation Expense	-	0.00	0.31	1.05
Other Operating Expenses / (Income)	-	-	0.00	-0.18
Other Special Charges / (Income)	-	-	0.00	29
Total Other Income / (Expense), net	0.46	0.03	0.28	-37
Interest Expense	-	-	0.00	8.93
Interest & Investment Income	0.01	0.14	0.28	-8.69
Other Income / (Expense), net	0.45	-0.11	0.00	-20
Income Tax Expense	-	-	0.00	0.01
Basic Earnings per Share	($0.18)	($3.19)	($0.28)	($4.00)
Weighted Average Basic Shares Outstanding	6.88M	1.06M	9.77M	18.45M
Diluted Earnings per Share	($0.18)	($3.19)	($0.28)	($4.00)
Weighted Average Diluted Shares Outstanding	6.88M	1.06M	9.77M	18.45M
Weighted Average Basic & Diluted Shares Outstanding	-	11.06M	-	29.50M

This table shows DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-1.18	-0.96	-0.81	-0.47	-0.49	-0.78	15	56	-144	-83	-27
Consolidated Net Income / (Loss)	-1.18	-0.96	-0.81	-0.47	-0.49	-0.78	15	56	-144	-83	-27
Net Income / (Loss) Continuing Operations	-1.18	-0.96	-0.81	-0.47	-0.48	-0.78	15	56	-144	-83	-27
Total Pre-Tax Income	-1.18	-0.96	-0.81	-0.47	-0.48	-0.78	17	74	-164	-83	-27
Total Operating Income	-1.25	-1.02	-0.85	-0.45	-0.68	-0.88	17	72	-125	-55	-23
Total Gross Profit	0.35	0.40	0.43	0.61	0.62	0.28	1.96	4.54	4.36	2.56	3.29
Total Revenue	0.35	0.41	0.44	0.62	0.63	0.29	1.99	4.63	4.49	2.66	3.31
Operating Revenue	0.35	0.41	0.44	0.62	0.63	0.29	1.99	4.63	4.49	2.66	3.31
Total Cost of Revenue	-	0.01	0.01	0.01	0.01	0.01	0.03	0.09	0.13	0.10	0.02
Operating Cost of Revenue	-	0.01	0.01	0.01	0.01	0.01	0.03	0.09	0.13	0.10	0.02
Total Operating Expenses	1.60	1.42	1.29	1.07	1.30	1.16	-15	-68	129	58	26
Selling, General & Admin Expense	0.64	0.76	0.67	0.56	0.62	0.54	4.68	3.57	5.54	6.01	4.06
Marketing Expense	0.60	0.42	0.41	0.30	0.37	0.47	0.68	0.67	0.43	0.25	0.12
Research & Development Expense	0.35	0.17	0.15	0.15	0.18	0.17	0.31	0.27	0.39	0.14	0.08
Depreciation Expense	0.00	0.07	0.05	0.05	0.05	0.05	0.29	0.35	0.35	0.35	0.35
Other Operating Expenses / (Income)	-	-	0.00	0.00	-	-0.06	0.00	-74	-	0.00	0.00
Other Special Charges / (Income)	-	-	-	0.00	-	0.00	-21	1.96	-	51	22
Total Other Income / (Expense), net	0.07	0.05	0.05	-0.02	0.20	0.11	-0.56	1.88	-39	-28	-4.45
Interest Expense	-	-0.05	0.00	0.00	-	0.00	0.78	2.93	5.24	2.70	0.85
Interest & Investment Income	0.06	-	-	-	0.03	0.11	0.22	-	-	-2.64	-3.62
Other Income / (Expense), net	0.00	0.00	0.05	-0.02	-	0.00	0.00	4.81	-25	-23	0.03
Income Tax Expense	-	-	0.00	0.00	-	0.00	1.20	18	-	0.00	0.00
Basic Earnings per Share	($1.11)	($0.70)	($0.08)	($0.05)	($0.35)	($0.08)	$1.09	$2.41	($7.83)	($3.18)	($1.00)
Weighted Average Basic Shares Outstanding	1.06M	1.38M	9.68M	9.80M	1.40M	9.97M	14.14M	23.20M	18.45M	26.26M	27.35M
Diluted Earnings per Share	($1.11)	($0.70)	($0.08)	($0.05)	($0.35)	($0.08)	$0.84	$1.83	($7.83)	($3.18)	($1.00)
Weighted Average Diluted Shares Outstanding	1.06M	1.38M	9.68M	9.80M	1.40M	9.97M	19.33M	31.44M	18.45M	26.26M	27.35M
Weighted Average Basic & Diluted Shares Outstanding	11.06M	11.06M	11.18M	11.30M	0.00	-	21.05M	31.40M	29.50M	30.12M	31.00M

This table details how cash moves in and out of DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.73	4.09	-2.56	3.40
Net Cash From Operating Activities	-1.02	-1.57	-2.42	-18
Net Cash From Continuing Operating Activities	-1.02	-1.57	-2.42	-18
Net Income / (Loss) Continuing Operations	-1.26	-3.37	-2.73	-74
Consolidated Net Income / (Loss)	-1.26	-3.37	-2.73	-74
Depreciation Expense	0.00	0.00	0.31	1.05
Amortization Expense	-	-	0.00	1.68
Non-Cash Adjustments To Reconcile Net Income	0.10	1.61	0.07	45
Changes in Operating Assets and Liabilities, net	0.14	0.20	-0.07	8.00
Net Cash From Investing Activities	0.00	-0.09	-0.02	-222
Net Cash From Continuing Investing Activities	0.00	-0.09	-0.02	-222
Purchase of Property, Plant & Equipment	0.00	-0.03	-0.02	-0.00
Acquisitions	0.00	-0.06	0.00	-0.65
Purchase of Investments	-	-	0.00	-20
Sale and/or Maturity of Investments	-	-	0.00	1.75
Other Investing Activities, net	-	-	0.00	-203
Net Cash From Financing Activities	0.30	5.75	-0.12	243
Net Cash From Continuing Financing Activities	0.30	5.75	-0.12	243
Repayment of Debt	-	-	-0.11	-7.36
Repurchase of Common Equity	-0.15	-0.90	-0.01	-12
Issuance of Debt	-	-	0.00	149
Issuance of Common Equity	0.17	5.65	0.00	189
Other Financing Activities, net	0.29	0.00	0.00	-76
Cash Interest Paid	0.00	0.00	0.00	0.36
Cash Income Taxes Paid	0.00	0.00	0.00	0.00

This table details how cash moves in and out of DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-0.74	-1.15	-0.69	-0.47	0.09	-0.72	0.57	6.33	-2.88	-2.24	0.65
Net Cash From Operating Activities	-0.66	-1.15	-0.68	-0.41	-0.18	-0.79	-1.27	-4.98	-11	-9.82	-4.29
Net Cash From Continuing Operating Activities	-0.66	-1.15	-0.68	-0.41	0.16	-0.79	-1.37	-4.98	-11	-9.82	-4.29
Net Income / (Loss) Continuing Operations	-1.18	-0.96	-0.80	-0.47	-0.49	-0.78	15	56	-144	-83	-27
Consolidated Net Income / (Loss)	-1.18	-0.96	-0.80	-0.47	-0.49	-0.78	15	56	-144	-83	-27
Depreciation Expense	0.00	0.07	0.05	0.05	0.05	0.05	0.29	0.35	0.35	0.35	0.35
Amortization Expense	-	-	-	-	-	0.00	-	-	1.15	0.42	0.70
Non-Cash Adjustments To Reconcile Net Income	0.05	0.11	0.10	0.10	0.18	-0.10	-22	-81	147	73	19
Changes in Operating Assets and Liabilities, net	0.47	-0.36	-0.03	-0.09	0.42	0.04	4.07	19	-15	-0.07	2.62
Net Cash From Investing Activities	-0.08	-0.01	-0.01	-0.00	-0.01	0.00	-61	-175	15	16	10
Net Cash From Continuing Investing Activities	-0.08	-0.01	-0.01	-0.00	-0.01	0.00	-61	-175	15	16	10
Purchase of Investments	-	-	-	-	-	0.00	-	-	-	-0.63	-1.21
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	-	-	-	0.16	0.62
Other Investing Activities, net	-	-	-	-0.00	-	0.00	-	-175	32	17	11
Net Cash From Financing Activities	-	0.00	-0.00	-0.05	-0.07	0.07	63	186	-6.72	-8.61	-5.45
Net Cash From Continuing Financing Activities	-0.00	0.00	-0.00	-0.05	-0.07	0.07	63	186	-6.72	-8.61	-5.45
Repayment of Debt	-	-	-	-0.05	-	0.00	-	-6.58	-0.11	-0.11	-5.48
Issuance of Common Equity	-0.00	0.00	0.00	-	-	0.07	33	97	59	1.96	0.18
Other Financing Activities, net	-	0.00	-0.00	-	-	0.00	0.00	-22	-54	0.04	-0.14
Cash Interest Paid	-	0.00	-	0.00	0.00	0.00	0.00	0.24	0.11	3.35	0.07
Cash Income Taxes Paid	-	0.00	-	-	-	0.00	0.02	0.00	-0.02	0.19	0.11

This table presents DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1.34	6.68	4.38	307
Total Current Assets	1.03	5.29	3.28	122
Cash & Equivalents	0.98	5.08	2.52	5.92
Short-Term Investments	-	0.00	0.34	3.68
Other Current Assets	-	0.00	0.11	112
Plant, Property, & Equipment, net	0.00	0.03	0.04	0.00
Total Noncurrent Assets	0.31	1.36	1.06	185
Goodwill	0.00	0.61	0.61	0.61
Intangible Assets	0.02	0.68	0.38	3.02
Other Noncurrent Operating Assets	0.29	0.08	0.03	182
Total Liabilities & Shareholders' Equity	1.34	6.68	4.38	307
Total Liabilities	0.81	0.87	0.87	208
Total Current Liabilities	0.20	0.68	0.59	81
Short-Term Debt	-	-	0.00	0.11
Accounts Payable	0.16	0.54	0.34	6.82
Other Current Liabilities	0.05	0.05	0.01	74
Total Noncurrent Liabilities	0.61	0.19	0.28	127
Long-Term Debt	-	-	0.00	127
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.53	5.82	3.50	99
Total Preferred & Common Equity	0.53	5.82	3.50	99
Preferred Stock	0.00	0.00	0.00	0.00
Total Common Equity	0.53	5.82	3.50	99
Common Stock	3.80	12	13	203
Retained Earnings	-3.27	-6.64	-9.37	-92
Treasury Stock	-	-	-	-12
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	-0.03

This table presents DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	6.24	5.49	4.75	4.48	4.16	107	480	230	203
Total Current Assets	6.13	4.18	3.42	3.11	3.05	5.58	174	128	115
Cash & Equivalents	5.82	3.92	3.24	2.77	1.80	2.47	8.80	3.68	4.34
Short-Term Investments	-	-	-	-	0.43	0.60	1.38	2.69	1.95
Other Current Assets	-	-	-	0.05	0.11	0.84	164	121	108
Plant, Property, & Equipment, net	0.01	0.03	0.04	0.04	0.04	0.00	0.00	0.00	0.00
Total Noncurrent Assets	0.10	1.28	1.30	1.34	1.06	102	306	102	89
Goodwill	-	0.61	0.61	0.61	0.61	0.61	0.61	0.61	0.61
Intangible Assets	0.02	0.60	0.56	0.51	0.33	3.73	3.37	2.67	2.30
Other Noncurrent Operating Assets	0.08	0.07	0.13	0.05	0.09	97	302	99	86
Total Liabilities & Shareholders' Equity	6.24	5.49	4.75	4.48	4.16	107	480	230	203
Total Liabilities	0.24	0.53	0.49	0.53	1.31	28	236	220	215
Total Current Liabilities	0.22	0.35	0.31	0.35	1.06	5.14	86	92	95
Short-Term Debt	-	-	-	-	-	0.43	0.27	0.00	0.00
Accounts Payable	0.17	0.21	0.19	0.12	0.17	3.25	5.52	5.54	4.96
Other Current Liabilities	0.05	0.05	0.04	0.03	0.06	0.04	80	86	90
Total Noncurrent Liabilities	0.03	0.18	0.18	0.18	0.25	22	151	128	121
Long-Term Debt	-	-	-	-	-	21	131	128	121
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6.00	4.96	4.26	3.96	2.85	80	244	10	-12
Total Preferred & Common Equity	6.00	4.96	4.26	3.96	2.85	80	244	10	-12
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	6.00	4.96	4.26	3.96	2.85	80	244	10	-12
Common Stock	11	13	13	13	13	74	182	208	213
Retained Earnings	-5.47	-7.61	-8.41	-8.88	-10	5.28	61	-175	-203
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-0.04	0.00
Other Equity Adjustments	-	-	-	-	-	-	-	-	-22

This table displays calculated financial ratios and metrics derived from DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's official financial filings.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	9,995,073.00	-	31,401,212.00
DEI Adjusted Shares Outstanding	0.00	8,745,689.00	-	31,401,212.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-0.39	-	-2.35
Growth Metrics	-	-	-	-
Revenue Growth	0.00%	-6.87%	4.82%	442.19%
EBITDA Growth	0.00%	-176.46%	24.33%	-1,882.08%
EBIT Growth	0.00%	-176.53%	17.97%	-1,770.16%
NOPAT Growth	0.00%	-97.91%	11.79%	-1,112.05%
Net Income Growth	0.00%	-167.41%	19.18%	-2,605.83%
EPS Growth	0.00%	-167.41%	38.87%	-1,328.57%
Operating Cash Flow Growth	0.00%	-53.13%	-54.27%	-643.05%
Free Cash Flow Firm Growth	0.00%	0.00%	43.94%	-11,957.80%
Invested Capital Growth	0.00%	262.45%	-12.94%	33,564.19%
Revenue Q/Q Growth	0.00%	0.00%	15.30%	51.27%
EBITDA Q/Q Growth	0.00%	0.00%	21.70%	-157.02%
EBIT Q/Q Growth	0.00%	0.00%	19.25%	-160.40%
NOPAT Q/Q Growth	0.00%	0.00%	15.87%	-129.05%
Net Income Q/Q Growth	0.00%	0.00%	20.22%	-205.12%
EPS Q/Q Growth	0.00%	0.00%	-473.53%	-232.01%
Operating Cash Flow Q/Q Growth	0.00%	-35.41%	16.57%	-148.84%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	12.52%
Invested Capital Q/Q Growth	0.00%	0.00%	-36.44%	-40.57%
Profitability Metrics	-	-	-	-
Gross Margin	100.00%	100.00%	98.48%	97.81%
EBITDA Margin	-59.09%	-175.40%	-126.63%	-469.32%
Operating Margin	-79.98%	-169.98%	-143.05%	-319.67%
EBIT Margin	-59.09%	-175.45%	-137.30%	-493.25%
Profit (Net Income) Margin	-58.66%	-168.42%	-129.87%	-648.06%
Tax Burden Percent	100.00%	100.00%	100.00%	100.01%
Interest Burden Percent	99.27%	96.00%	94.59%	131.37%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-1,674.80%	-303.61%	-23.40%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-1,642.10%	-287.87%	-107.40%
Return on Net Nonoperating Assets (RNNOA)	0.00%	1,568.39%	245.09%	-120.21%
Return on Equity (ROE)	-240.15%	-106.41%	-58.53%	-143.61%
Cash Return on Invested Capital (CROIC)	0.00%	-483.48%	-289.78%	-222.21%
Operating Return on Assets (OROA)	-95.06%	-87.64%	-52.13%	-36.03%
Return on Assets (ROA)	-94.37%	-84.13%	-49.31%	-47.33%
Return on Common Equity (ROCE)	-240.15%	-106.41%	-58.53%	-143.61%
Return on Equity Simple (ROE_SIMPLE)	-240.15%	-58.01%	-77.87%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.20	-2.38	-2.10	-25
NOPAT Margin	-55.99%	-118.98%	-100.13%	-223.77%
Net Nonoperating Expense Percent (NNEP)	-5.85%	-32.70%	-15.74%	84.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-40.98%	-60.04%	-11.24%
Cost of Revenue to Revenue	0.00%	0.00%	1.52%	2.19%
SG&A Expenses to Revenue	84.64%	131.78%	124.43%	125.86%
R&D to Revenue	19.84%	39.54%	31.19%	10.03%
Operating Expenses to Revenue	179.98%	269.98%	241.53%	417.49%
Earnings before Interest and Taxes (EBIT)	-1.27	-3.51	-2.88	-56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.27	-3.51	-2.66	-53
Valuation Ratios	-	-	-	-
Price to Book Value (P/BV)	10.75	1.77	1.96	1.60
Price to Tangible Book Value (P/TBV)	11.10	2.27	2.72	1.66
Price to Revenue (P/Rev)	2.63	5.14	3.27	13.93
Price to Earnings (P/E)	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	7.05	6.21	1.27
Enterprise Value to Revenue (EV/Rev)	2.17	2.61	1.91	24.28
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-
Debt to Equity	0.00	0.00	0.00	1.28
Long-Term Debt to Equity	0.00	0.00	0.00	1.28
Financial Leverage	-1.87	-0.96	-0.85	1.12
Leverage Ratio	2.54	1.26	1.19	3.03
Compound Leverage Factor	2.53	1.21	1.12	3.99
Debt to Total Capital	0.00%	0.00%	0.00%	56.22%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.05%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	56.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	43.78%
Debt to EBITDA	0.00	0.00	0.00	-2.39
Net Debt to EBITDA	0.00	0.00	0.00	-2.21
Long-Term Debt to EBITDA	0.00	0.00	0.00	-2.38
Debt to NOPAT	0.00	0.00	0.00	-5.00
Net Debt to NOPAT	0.00	0.00	0.00	-4.63
Long-Term Debt to NOPAT	0.00	0.00	0.00	-5.00
Altman Z-Score	-0.04	5.12	0.75	-0.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-
Current Ratio	5.01	7.84	5.52	1.51
Quick Ratio	4.98	7.65	5.15	0.12
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-3.58	-2.01	-242
Operating Cash Flow to CapEx	0.00%	-5,396.27%	-12,208.01%	-898,350.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-27.09
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	-2.01
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-2.01
Efficiency Ratios	-	-	-	-
Asset Turnover	1.61	0.50	0.38	0.07
Accounts Receivable Turnover	56.18	32.20	14.92	0.00
Inventory Turnover	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	60.93	0.00
Accounts Payable Turnover	0.00	0.00	0.07	0.07
Days Sales Outstanding (DSO)	6.50	11.34	24.47	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	5,027.94	5,248.52
Cash Conversion Cycle (CCC)	6.50	11.34	-5,003.47	-5,248.52
Capital & Investment Metrics	-	-	-	-
Invested Capital	-0.46	0.74	0.64	217
Invested Capital Turnover	-4.72	14.08	3.03	0.10
Increase / (Decrease) in Invested Capital	0.00	1.20	-0.10	216
Enterprise Value (EV)	4.67	5.22	4.00	276
Market Capitalization	5.65	10	6.86	159
Book Value per Share	$0.08	$0.58	$0.31	$3.16
Tangible Book Value per Share	$0.07	$0.45	$0.22	$3.05
Total Capital	0.53	5.82	3.50	227
Total Debt	0.00	0.00	0.00	127
Total Long-Term Debt	0.00	0.00	0.00	127
Net Debt	-0.98	-5.08	-2.86	118
Capital Expenditures (CapEx)	0.00	0.03	0.02	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.16	-0.46	-0.18	32
Debt-free Net Working Capital (DFNWC)	0.82	4.62	2.68	41
Net Working Capital (NWC)	0.82	4.62	2.68	41
Net Nonoperating Expense (NNE)	0.06	0.99	0.62	48
Net Nonoperating Obligations (NNO)	-0.98	-5.08	-2.86	118
Total Depreciation and Amortization (D&A)	0.00	0.00	0.22	2.72
Debt-free, Cash-free Net Working Capital to Revenue	-7.39%	-22.89%	-8.35%	277.97%
Debt-free Net Working Capital to Revenue	38.22%	230.49%	127.74%	362.24%
Net Working Capital to Revenue	38.22%	230.49%	127.74%	361.30%
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($3.20)	($1.95)	($4.00)
Adjusted Weighted Average Basic Shares Outstanding	0.00	1.06M	1.40M	18.45M
Adjusted Diluted Earnings per Share	$0.00	($3.20)	($1.95)	($4.00)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	1.06M	1.40M	18.45M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	1.38M	0.00	29.50M
Normalized Net Operating Profit after Tax (NOPAT)	-1.20	-2.38	-2.04	-5.21
Normalized NOPAT Margin	-55.99%	-118.98%	-97.36%	-45.78%
Pre Tax Income Margin	-58.66%	-168.42%	-129.87%	-647.98%
Debt Service Ratios	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-6.29
NOPAT to Interest Expense	0.00	0.00	0.00	-2.85
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-6.29
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-2.85
Payout Ratios	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-12.24%	-26.64%	-4.36%	-15.61%

This table displays calculated financial ratios and metrics derived from DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	9,995,073.00	11,064,576.00	11,064,576.00	11,182,223.00	-	11,299,582.00	11,299,582.00	21,045,049.00	31,401,212.00	29,497,394.00	30,118,205.00
DEI Adjusted Shares Outstanding	8,745,689.00	9,681,504.00	9,681,504.00	9,784,445.00	-	9,887,134.00	9,887,134.00	21,045,049.00	31,401,212.00	29,497,394.00	30,118,205.00
DEI Earnings Per Adjusted Shares Outstanding	-0.13	-0.10	-0.08	-0.05	-	-0.08	1.56	2.66	-4.60	-2.83	-0.91
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-12.01%	-26.74%	6.03%	79.58%	-30.19%	350.34%	647.17%	613.64%	828.22%	66.87%
EBITDA Growth	0.00%	-315.26%	-83.84%	74.27%	49.30%	11.58%	2,444.43%	18,448.22%	-25,550.94%	-9,178.39%	-220.82%
EBIT Growth	0.00%	-347.43%	-96.01%	71.21%	45.25%	13.02%	2,262.61%	16,425.69%	-20,933.48%	-8,740.09%	-232.72%
NOPAT Growth	0.00%	-271.60%	-245.76%	72.29%	45.47%	13.28%	2,774.18%	17,282.40%	-18,285.44%	-6,153.68%	-200.25%
Net Income Growth	0.00%	-337.83%	-102.34%	70.16%	58.71%	19.30%	2,017.02%	11,995.12%	-29,568.08%	-10,618.51%	-276.82%
EPS Growth	0.00%	-337.83%	-102.34%	70.16%	68.47%	19.30%	1,150.00%	3,760.00%	-15,560.00%	-3,875.00%	-219.05%
Operating Cash Flow Growth	-164.33%	-436.29%	-529.10%	29.72%	72.81%	31.51%	-86.75%	-1,109.71%	-6,003.91%	-1,150.57%	-237.34%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	13.41%	0.00%	88.46%	-4,910.90%	-26,821.84%	-79,910.24%	-83,880.33%	75.31%
Invested Capital Growth	0.00%	0.00%	0.00%	458.62%	-12.94%	-40.12%	9,485.53%	35,922.82%	33,564.19%	21,092.50%	4.14%
Revenue Q/Q Growth	-40.01%	17.40%	7.26%	40.36%	1.65%	-54.36%	591.57%	132.88%	-2.97%	-40.64%	24.40%
EBITDA Q/Q Growth	24.20%	24.02%	19.87%	44.24%	-38.19%	-44.15%	2,691.34%	336.42%	-291.89%	47.86%	71.85%
EBIT Q/Q Growth	24.16%	18.19%	20.70%	41.49%	-34.39%	-24.04%	2,475.25%	341.69%	-294.72%	47.87%	70.77%
NOPAT Q/Q Growth	23.97%	18.27%	16.33%	46.71%	-49.62%	-30.09%	2,679.80%	242.38%	-259.97%	55.75%	58.64%
Net Income Q/Q Growth	25.42%	18.11%	16.50%	41.49%	-3.14%	-59.77%	2,084.57%	263.05%	-357.86%	42.28%	67.28%
EPS Q/Q Growth	25.42%	18.11%	16.50%	41.49%	-775.00%	-59.77%	252.73%	117.86%	-527.87%	59.39%	68.55%
Operating Cash Flow Q/Q Growth	-12.49%	-73.82%	40.61%	39.48%	56.48%	-338.55%	-61.83%	-292.02%	-119.22%	10.15%	56.29%
Free Cash Flow Firm Q/Q Growth	100.00%	0.00%	7.38%	29.02%	66.99%	46.81%	-40,082.85%	-281.37%	1.90%	44.17%	88.18%
Invested Capital Q/Q Growth	307.80%	40.08%	-1.23%	-0.99%	-36.44%	-3.73%	15,711.68%	272.09%	-40.57%	-39.39%	-22.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	97.90%	98.19%	98.71%	98.79%	97.56%	98.59%	98.10%	97.19%	96.13%	99.37%
EBITDA Margin	-354.10%	-229.16%	-171.20%	-68.01%	-99.97%	-290.24%	891.24%	1,670.18%	-3,302.91%	-2,901.24%	-656.58%
Operating Margin	-355.75%	-247.67%	-193.20%	-73.34%	-108.03%	-307.67%	865.56%	1,558.62%	-2,780.65%	-2,072.82%	-689.20%
EBIT Margin	-354.33%	-246.91%	-182.54%	-76.09%	-108.03%	-307.67%	876.59%	1,662.57%	-3,336.38%	-2,930.11%	-688.44%
Profit (Net Income) Margin	-336.17%	-234.48%	-182.54%	-76.09%	-77.29%	-271.08%	777.04%	1,211.37%	-3,219.12%	-3,130.26%	-823.39%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.52%	100.00%	92.78%	75.75%	88.31%	100.00%	100.00%
Interest Burden Percent	94.87%	94.97%	100.00%	100.00%	71.18%	88.11%	95.54%	96.19%	109.26%	106.83%	119.60%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.22%	24.25%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-673.77%	-650.97%	-471.64%	-156.40%	-229.30%	-513.30%	57.00%	48.51%	-203.53%	-302.07%	-72.65%
ROIC Less NNEP Spread (ROIC-NNEP)	-667.76%	-638.17%	-458.75%	-152.90%	-229.03%	-508.10%	50.26%	50.91%	-302.85%	-377.15%	-89.66%
Return on Net Nonoperating Assets (RNNOA)	582.75%	504.77%	348.47%	134.53%	194.99%	400.22%	9.19%	24.37%	-338.96%	-3,446.40%	-176.26%
Return on Equity (ROE)	-91.02%	-146.20%	-123.17%	-21.87%	-34.31%	-113.08%	66.19%	72.88%	-542.49%	-3,748.47%	-248.91%
Cash Return on Invested Capital (CROIC)	-483.48%	0.00%	0.00%	0.00%	-289.78%	-191.95%	-165.28%	-151.01%	-222.21%	-294.20%	-95.39%
Operating Return on Assets (OROA)	-176.99%	-87.57%	-137.15%	-25.84%	-41.02%	-126.02%	55.12%	51.66%	-243.68%	-344.86%	-66.91%
Return on Assets (ROA)	-167.91%	-83.16%	-137.15%	-25.84%	-29.35%	-111.03%	48.86%	37.64%	-235.12%	-368.42%	-80.02%
Return on Common Equity (ROCE)	-91.02%	-146.20%	-123.17%	-21.87%	-34.31%	-113.08%	66.19%	72.88%	-542.49%	-3,748.47%	-248.91%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-83.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.87	-0.71	-0.60	-0.32	-0.48	-0.62	16	55	-87	-39	-16
NOPAT Margin	-249.03%	-173.37%	-135.24%	-51.34%	-75.62%	-215.37%	803.06%	1,180.66%	-1,946.46%	-1,450.98%	-482.44%
Net Nonoperating Expense Percent (NNEP)	-6.01%	-12.81%	-12.89%	-3.50%	-0.26%	-5.20%	6.74%	-2.40%	99.32%	75.07%	17.01%
Return On Investment Capital (ROIC_SIMPLE)	-14.99%	-14.37%	-14.00%	-8.03%	-13.58%	-21.70%	15.75%	14.54%	-38.53%	-28.02%	-14.73%
Cost of Revenue to Revenue	0.00%	2.10%	1.81%	1.29%	1.21%	2.44%	1.41%	1.90%	2.81%	3.87%	0.63%
SG&A Expenses to Revenue	183.82%	184.55%	151.25%	91.11%	98.91%	189.20%	235.50%	77.23%	123.38%	225.45%	122.48%
R&D to Revenue	99.84%	42.17%	34.92%	24.39%	28.02%	58.89%	15.76%	5.82%	8.71%	5.29%	2.50%
Operating Expenses to Revenue	455.75%	345.57%	291.38%	172.05%	206.82%	405.23%	-766.97%	-1,460.52%	2,876.41%	2,168.96%	788.56%
Earnings before Interest and Taxes (EBIT)	-1.24	-1.02	-0.81	-0.47	-0.68	-0.88	17	77	-150	-78	-23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.24	-0.94	-0.75	-0.42	-0.63	-0.83	18	77	-148	-77	-22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.77	2.68	1.99	1.81	1.96	2.48	0.00	1.32	1.60	9.52	0.00
Price to Tangible Book Value (P/TBV)	2.27	3.54	2.74	2.52	2.72	3.70	0.00	1.34	1.66	14.03	0.00
Price to Revenue (P/Rev)	5.14	6.82	4.75	3.93	3.27	3.57	0.00	42.81	13.93	7.05	5.87
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.59	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.79%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	7.05	9.02	5.11	4.16	6.21	7.79	0.00	1.21	1.27	1.66	1.98
Enterprise Value to Revenue (EV/Rev)	2.61	4.80	2.93	2.31	1.91	2.45	0.00	58.95	24.28	15.87	13.44
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.73	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.77	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.06	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.27	0.54	1.28	12.53	-10.02
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.27	0.54	1.28	12.53	-10.02
Financial Leverage	-0.87	-0.79	-0.76	-0.88	-0.85	-0.79	0.18	0.48	1.12	9.14	1.97
Leverage Ratio	1.26	1.11	1.12	1.08	1.19	1.24	1.34	1.96	3.03	17.93	4.60
Compound Leverage Factor	1.20	1.05	1.12	1.08	0.84	1.09	1.28	1.88	3.32	19.16	5.50
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.37%	35.07%	56.22%	92.61%	111.09%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%	0.07%	0.05%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.95%	35.00%	56.17%	92.61%	111.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	78.63%	64.93%	43.78%	7.39%	-11.09%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	1.35	1.41	-2.39	-0.98	-0.71
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	1.16	1.30	-2.21	-0.93	-0.67
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	1.32	1.40	-2.38	-0.98	-0.71
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	1.43	1.50	-5.00	-2.01	-1.32
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	1.22	1.39	-4.63	-1.91	-1.25
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	1.40	1.50	-5.00	-2.01	-1.32
Altman Z-Score	6.24	13.71	8.42	6.14	2.41	0.17	0.00	1.76	-1.37	-1.68	-1.33
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	7.84	11.94	10.86	8.89	5.52	2.89	1.08	2.04	1.51	1.39	1.21
Quick Ratio	7.65	11.56	10.63	8.38	5.15	2.70	0.81	0.12	0.12	0.07	0.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1.75	-1.62	-1.15	-0.38	-0.20	-81	-310	-304	-170	-20
Operating Cash Flow to CapEx	-3,301.08%	-17,977.21%	-10,277.37%	0.00%	-2,702.97%	0.00%	-63,568.05%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-104.65	-105.60	-57.97	-62.92	-23.53
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-1.64	-1.70	-2.08	-3.64	-5.04
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-1.64	-1.70	-2.08	-3.64	-5.04
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.35	0.75	0.34	0.38	0.41	0.06	0.03	0.07	0.12	0.10
Accounts Receivable Turnover	32.20	16.12	0.00	12.41	14.92	5.25	5.85	69.12	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	58.76	0.00	80.62	60.93	55.16	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.04	0.00	0.17	0.07	0.16	0.03	0.05	0.07	0.12	0.08
Days Sales Outstanding (DSO)	11.34	22.64	0.00	29.41	24.47	69.48	62.42	5.28	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	8,970.55	0.00	2,128.14	5,027.94	2,316.54	12,489.24	7,910.43	5,248.52	3,021.72	4,430.21
Cash Conversion Cycle (CCC)	11.34	-8,947.91	0.00	-2,098.74	-5,003.47	-2,247.06	-12,426.82	-7,905.15	-5,248.52	-3,021.72	-4,430.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.74	1.04	1.02	1.01	0.64	0.62	98	365	217	132	102
Invested Capital Turnover	2.71	3.75	3.49	3.05	3.03	2.38	0.07	0.04	0.10	0.21	0.15
Increase / (Decrease) in Invested Capital	0.00	1.04	1.02	0.83	-0.10	-0.42	97	364	216	131	4.06
Enterprise Value (EV)	5.22	9.35	5.24	4.21	4.00	4.84	0.00	444	276	218	203
Market Capitalization	10	13	8.48	7.16	6.86	7.06	0.00	322	159	97	89
Book Value per Share	$0.58	$0.45	$0.39	$0.35	$0.31	$0.29	$5.63	$11.58	$3.16	$0.35	($0.40)
Tangible Book Value per Share	$0.45	$0.34	$0.28	$0.25	$0.22	$0.19	$5.33	$11.40	$3.05	$0.23	($0.50)
Total Capital	5.82	4.96	4.26	3.96	3.50	2.85	101	376	227	138	109
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	22	132	127	128	121
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	21	131	127	128	121
Net Debt	-5.08	-3.92	-3.24	-2.94	-2.86	-2.23	19	122	118	121	114
Capital Expenditures (CapEx)	0.02	0.01	0.01	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.46	-0.10	-0.13	-0.01	-0.18	-0.23	-2.20	79	32	30	14
Debt-free Net Working Capital (DFNWC)	4.62	3.83	3.10	2.76	2.68	2.00	0.86	89	41	36	20
Net Working Capital (NWC)	4.62	3.83	3.10	2.76	2.68	2.00	0.44	89	41	36	20
Net Nonoperating Expense (NNE)	0.31	0.25	0.21	0.15	0.01	0.16	0.52	-1.42	57	45	11
Net Nonoperating Obligations (NNO)	-5.08	-3.92	-3.24	-2.94	-2.86	-2.23	19	122	118	121	114
Total Depreciation and Amortization (D&A)	0.00	0.07	0.05	0.05	0.05	0.05	0.29	0.35	1.50	0.77	1.06
Debt-free, Cash-free Net Working Capital to Revenue	-22.89%	-4.98%	-7.39%	-0.36%	-8.35%	-11.58%	-62.54%	1,048.93%	277.97%	215.43%	89.86%
Debt-free Net Working Capital to Revenue	230.49%	196.57%	173.82%	151.64%	127.74%	101.12%	24.51%	1,184.16%	362.24%	261.75%	131.51%
Net Working Capital to Revenue	230.49%	196.57%	173.82%	151.64%	127.74%	101.12%	12.38%	1,180.61%	361.30%	261.75%	131.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($8.88)	($0.72)	($0.08)	($0.05)	($0.35)	($0.08)	$1.09	$2.41	($7.83)	($3.18)	($1.00)
Adjusted Weighted Average Basic Shares Outstanding	132.06K	1.38M	9.68M	9.80M	1.40M	9.97M	14.14M	23.20M	18.45M	26.26M	27.35M
Adjusted Diluted Earnings per Share	($8.88)	($0.72)	($0.08)	($0.05)	($0.35)	($0.08)	$0.84	$1.83	($7.83)	($3.18)	($1.00)
Adjusted Weighted Average Diluted Shares Outstanding	132.06K	1.38M	9.68M	9.80M	1.40M	9.97M	19.33M	31.44M	18.45M	26.26M	27.35M
Adjusted Basic & Diluted Earnings per Share	($8.88)	$0.00	$0.00	$0.00	($0.35)	$0.00	$0.00	$0.00	($7.83)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.38M	1.38M	9.78M	9.89M	0.00	0.00	21.05M	31.40M	29.50M	30.12M	31.00M
Normalized Net Operating Profit after Tax (NOPAT)	-0.87	-0.71	-0.60	-0.32	-0.48	-0.62	16	56	-87	-2.93	-0.92
Normalized NOPAT Margin	-249.03%	-173.37%	-135.24%	-51.34%	-75.62%	-215.37%	803.06%	1,212.73%	-1,946.46%	-110.10%	-27.90%
Pre Tax Income Margin	-336.17%	-234.48%	-182.54%	-76.09%	-76.90%	-271.08%	837.51%	1,599.16%	-3,645.31%	-3,130.26%	-823.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	22.43	26.22	-28.57	-28.95	-26.78
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	20.55	18.62	-16.67	-14.34	-18.77
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	22.43	26.22	-28.57	-28.95	-26.78
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	20.55	18.62	-16.67	-14.34	-18.77
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-26.64%	0.00%	0.00%	-0.15%	-4.36%	0.00%	0.00%	0.16%	-15.61%	-14.08%	-11.06%

Financials Breakdown Chart

Key Financial Trends

DeFi Development’s financial profile shows rapid expansion but significant volatility. Revenue has grown substantially from the sub-$1 million quarterly levels reported in 2023 and early 2024. However, the company remains unprofitable, cash flow from operations is negative, and the balance sheet has weakened sharply after substantial debt, equity, and noncash adjustments.

Revenue growth remains strong. Q2 2026 revenue was $3.3 million, up approximately 67% from $2.0 million in Q2 2025. Revenue also increased sequentially from $2.7 million in Q1 2026.
Gross margins are very high. Q2 2026 gross profit was $3.3 million on $3.3 million of revenue, representing a gross margin of approximately 99%. This suggests the company’s primary revenue streams have relatively low direct costs.
Quarterly losses improved from Q1. Net loss narrowed to $27.3 million in Q2 2026 from $83.4 million in Q1. The Q2 result included $21.5 million of special charges, indicating that some of the loss was tied to unusual or nonrecurring items.
Cash balances increased modestly during Q2. Cash and equivalents rose from $3.7 million at March 31, 2026, to $4.3 million at June 30, while net cash increased by $652,000 during the quarter.
Operating cash burn improved sequentially. Cash used in operating activities declined to $4.3 million in Q2 2026 from $9.8 million in Q1, although the company still did not generate positive operating cash flow.
The balance sheet has expanded dramatically but is difficult to interpret. Total assets increased from approximately $4.5 million in Q3 2024 to $203.3 million in Q2 2026, after reaching $480.0 million in Q3 2025. Much of this change is concentrated in “other” current and noncurrent assets and has coincided with major strategic and corporate changes.
Reported figures have undergone restatements and company identity changes. Several 2024 and 2025 statements are marked restated, while earlier filings identify the company as Janover Inc. Investors should use caution when comparing periods across the company’s transition to DeFi Development.
Profitability remains deeply negative. Q2 2026 operating loss was $22.8 million and net loss attributable to common shareholders was $27.3 million, or approximately $1.00 per basic and diluted share. The company also reported net losses in Q1 2026 and Q4 2025.
Operating expenses substantially exceed revenue. Q2 operating expenses totaled $26.1 million, nearly eight times revenue. Selling, general and administrative expense alone was $4.1 million, while special charges added $21.5 million.
Leverage and shareholder dilution are material risks. Long-term debt was $120.6 million at June 30, 2026, compared with only $4.3 million of cash. Total liabilities exceeded assets by approximately $12.0 million, producing negative shareholders’ equity. In addition, weighted-average basic shares increased from 9.97 million in Q1 2025 to 27.35 million in Q2 2026, indicating substantial dilution.

Overall, the statements point to a company with strong top-line growth and favorable reported gross margins, but with a business model that has not yet converted growth into sustainable earnings or operating cash flow. The sharp increase in debt, negative equity, large special charges, and rapid share-count growth are important risks for retail investors to monitor.

11/05/26 11:27 AM ETAI Generated. May Contain Errors.

DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock Financials - Frequently Asked Questions

According to the most recent income statement we have on file, DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's net income appears to be on a downward trend, with a most recent value of -$73.79 million in 2025, falling from -$1.26 million in 2022. The previous period was -$2.73 million in 2024.

DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's total operating income in 2025 was -$36.40 million, based on the following breakdown:

Total Gross Profit: $11.14 million
Total Operating Expenses: $47.54 million

Over the last 3 years, DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's total revenue changed from $2.15 million in 2022 to $11.39 million in 2025, a change of 429.4%.

In the past 11 quarters, DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's cash and equivalents has ranged from $1.80 million in Q1 2025 to $8.80 million in Q3 2025, and is currently $4.34 million as of their latest financial filing in Q2 2026.

DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock had total debt of $127.47 million at the end of 2025, compared with none in 2024, and none in 2022.

Over the last 3 years, DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's book value per share changed from 0.08 in 2022 to 3.16 in 2025, a change of 4,043.0%.

Financial statements for NASDAQ:CHAD last updated on 8/14/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock (CHAD) Financials

Financials Breakdown Chart

Key Financial Trends

DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock Financials - Frequently Asked Questions

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DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock (CHAD) Financials

Annual Income Statements for DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock

Quarterly Income Statements for DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock

Annual Cash Flow Statements for DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock

Quarterly Cash Flow Statements for DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock

Annual Balance Sheets for DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock

Quarterly Balance Sheets for DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock

Annual Metrics And Ratios for DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock

Quarterly Metrics And Ratios for DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock

Financials Breakdown Chart

Key Financial Trends

DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock Financials - Frequently Asked Questions

When does DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's fiscal year end?

How has DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's net income changed over the last 3 years?

What is DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's operating income?

How has DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's revenue changed over the last 3 years?

How much cash does DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock have?

How much debt does DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock have?

How has DeFi Development Corp.'s Variable Rate Series C Perpetual Preferred Stock's book value per share changed over the last 3 years?

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