What is DeFi Development's operating income?

DeFi Development'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

DeFi Development (DFDV) Financials

$2.88 -0.22 (-7.10%)

Closing price 04:00 PM Eastern

Extended Trading

$2.90 +0.02 (+0.69%)

As of 05:08 PM Eastern

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Annual Income Statements for DeFi Development

This table shows DeFi Development'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's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-1.58	-1.18	-0.96	-0.81	-0.47	-0.49	-0.78	15	56	-144	-83
Consolidated Net Income / (Loss)	-1.58	-1.18	-0.96	-0.81	-0.47	-0.49	-0.78	15	56	-144	-83
Net Income / (Loss) Continuing Operations	-1.58	-1.18	-0.96	-0.81	-0.47	-0.48	-0.78	15	56	-144	-83
Total Pre-Tax Income	-1.58	-1.18	-0.96	-0.81	-0.47	-0.48	-0.78	17	74	-164	-83
Total Operating Income	-1.64	-1.25	-1.02	-0.85	-0.45	-0.68	-0.88	17	72	-125	-55
Total Gross Profit	0.58	0.35	0.40	0.43	0.61	0.62	0.28	1.96	4.54	4.36	2.56
Total Revenue	0.58	0.35	0.41	0.44	0.62	0.63	0.29	1.99	4.63	4.49	2.66
Operating Revenue	0.58	0.35	0.41	0.44	0.62	0.63	0.29	1.99	4.63	4.49	2.66
Total Cost of Revenue	0.00	-	0.01	0.01	0.01	0.01	0.01	0.03	0.09	0.13	0.10
Operating Cost of Revenue	0.00	-	0.01	0.01	0.01	0.01	0.01	0.03	0.09	0.13	0.10
Total Operating Expenses	2.22	1.60	1.42	1.29	1.07	1.30	1.16	-15	-68	129	58
Selling, General & Admin Expense	1.21	0.64	0.76	0.67	0.56	0.62	0.54	4.68	3.57	5.54	6.01
Marketing Expense	0.76	0.60	0.42	0.41	0.30	0.37	0.47	0.68	0.67	0.43	0.25
Research & Development Expense	0.25	0.35	0.17	0.15	0.15	0.18	0.17	0.31	0.27	0.39	0.14
Depreciation Expense	0.00	0.00	0.07	0.05	0.05	0.05	0.05	0.29	0.35	0.35	0.35
Other Operating Expenses / (Income)	-	-	-	0.00	0.00	-	-0.06	-21	-74	-	0.00
Other Special Charges / (Income)	-	-	-	-	0.00	-	0.00	-	1.96	-	51
Total Other Income / (Expense), net	0.06	0.07	0.05	0.05	-0.02	0.20	0.11	-0.56	1.88	-39	-28
Interest Expense	-	-	-0.05	0.00	0.00	-	0.00	0.78	2.93	5.24	2.70
Interest & Investment Income	0.06	0.06	-	-	-	0.03	0.11	-	-	-	-2.64
Other Income / (Expense), net	0.00	0.00	0.00	0.05	-0.02	-	0.00	0.22	4.81	-25	-23
Income Tax Expense	-	-	-	0.00	0.00	-	0.00	1.20	18	-	0.00
Basic Earnings per Share	($0.17)	($1.11)	($0.70)	($0.08)	($0.05)	($0.35)	($0.08)	$1.09	$2.41	($7.83)	($3.18)
Weighted Average Basic Shares Outstanding	9.18M	1.06M	1.38M	9.68M	9.80M	1.40M	9.97M	14.14M	23.20M	18.45M	26.26M
Diluted Earnings per Share	($0.17)	($1.11)	($0.70)	($0.08)	($0.05)	($0.35)	($0.08)	$0.84	$1.83	($7.83)	($3.18)
Weighted Average Diluted Shares Outstanding	9.18M	1.06M	1.38M	9.68M	9.80M	1.40M	9.97M	19.33M	31.44M	18.45M	26.26M
Weighted Average Basic & Diluted Shares Outstanding	10.00M	11.06M	11.06M	11.18M	11.30M	0.00	-	21.05M	31.40M	29.50M	30.12M

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	4.23	-0.74	-1.15	-0.69	-0.47	0.09	-0.72	0.57	6.33	-2.88	-2.24
Net Cash From Operating Activities	-0.59	-0.66	-1.15	-0.68	-0.41	-0.18	-0.79	-1.27	-4.98	-11	-9.82
Net Cash From Continuing Operating Activities	-0.59	-0.66	-1.15	-0.68	-0.41	0.16	-0.79	-1.37	-4.98	-11	-9.82
Net Income / (Loss) Continuing Operations	-1.58	-1.18	-0.96	-0.80	-0.47	-0.49	-0.78	15	56	-144	-83
Consolidated Net Income / (Loss)	-1.58	-1.18	-0.96	-0.80	-0.47	-0.49	-0.78	15	56	-144	-83
Depreciation Expense	0.00	0.00	0.07	0.05	0.05	0.05	0.05	0.29	0.35	0.35	0.35
Amortization Expense	-	-	-	-	-	-	0.00	-	-	1.15	0.42
Non-Cash Adjustments To Reconcile Net Income	1.23	0.05	0.11	0.10	0.10	0.18	-0.10	-22	-81	147	73
Changes in Operating Assets and Liabilities, net	-0.24	0.47	-0.36	-0.03	-0.09	0.42	0.04	4.07	19	-15	-0.07
Net Cash From Investing Activities	-0.01	-0.08	-0.01	-0.01	-0.00	-0.01	0.00	-61	-175	15	16
Net Cash From Continuing Investing Activities	-0.01	-0.08	-0.01	-0.01	-0.00	-0.01	0.00	-61	-175	15	16
Purchase of Investments	-	-	-	-	-	-	0.00	-	-	-	-0.63
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	-	-	0.16
Other Investing Activities, net	-	-	-	-	-0.00	-	0.00	-	-175	32	17
Net Cash From Financing Activities	4.83	-	0.00	-0.00	-0.05	-0.07	0.07	63	186	-6.72	-8.61
Net Cash From Continuing Financing Activities	4.83	-0.00	0.00	-0.00	-0.05	-0.07	0.07	63	186	-6.72	-8.61
Repayment of Debt	-	-	-	-	-0.05	-	0.00	-	-6.58	-0.11	-0.11
Repurchase of Common Equity	-	-	-	-	-	-0.07	0.00	-	-	-12	-11
Issuance of Common Equity	-	-0.00	0.00	0.00	-	-	0.07	33	97	59	1.96
Other Financing Activities, net	0.08	-	0.00	-0.00	-	-	0.00	0.00	-22	-54	0.04
Cash Interest Paid	-	-	0.00	-	0.00	0.00	0.00	0.00	0.24	0.11	3.35
Cash Income Taxes Paid	-	-	0.00	-	-	-	0.00	0.02	0.00	-0.02	0.19

This table presents DeFi Development'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
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	-0.03
Other Equity Adjustments	-	-	0.00	-12

This table presents DeFi Development'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
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
Total Assets	6.24	5.49	4.75	4.48	4.16	107	480	230
Total Current Assets	6.13	4.18	3.42	3.11	3.05	5.58	174	128
Cash & Equivalents	5.82	3.92	3.24	2.77	1.80	2.47	8.80	3.68
Short-Term Investments	-	-	-	-	0.43	0.60	1.38	2.69
Other Current Assets	-	-	-	0.05	0.11	0.84	164	121
Plant, Property, & Equipment, net	0.01	0.03	0.04	0.04	0.04	0.00	0.00	0.00
Total Noncurrent Assets	0.10	1.28	1.30	1.34	1.06	102	306	102
Goodwill	-	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
Other Noncurrent Operating Assets	0.08	0.07	0.13	0.05	0.09	97	302	99
Total Liabilities & Shareholders' Equity	6.24	5.49	4.75	4.48	4.16	107	480	230
Total Liabilities	0.24	0.53	0.49	0.53	1.31	28	236	220
Total Current Liabilities	0.22	0.35	0.31	0.35	1.06	5.14	86	92
Short-Term Debt	-	-	-	-	-	0.43	0.27	0.00
Accounts Payable	0.17	0.21	0.19	0.12	0.17	3.25	5.52	5.54
Other Current Liabilities	0.05	0.05	0.04	0.03	0.06	0.04	80	86
Total Noncurrent Liabilities	0.03	0.18	0.18	0.18	0.25	22	151	128
Long-Term Debt	-	-	-	-	-	21	131	128
Commitments & Contingencies	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
Total Preferred & Common Equity	6.00	4.96	4.26	3.96	2.85	80	244	10
Preferred Stock	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
Common Stock	11	13	13	13	13	74	182	208
Retained Earnings	-5.47	-7.61	-8.41	-8.88	-10	5.28	61	-175
Treasury Stock	-	-	-	-	-	-	-	-22
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-0.04

This table displays calculated financial ratios and metrics derived from DeFi Development'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's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	0.00	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
DEI Adjusted Shares Outstanding	0.00	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
DEI Earnings Per Adjusted Shares Outstanding	0.00	-0.13	-0.10	-0.08	-0.05	-	-0.08	1.56	2.66	-4.60	-2.83
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.12%	0.00%	-12.01%	-26.74%	6.03%	79.58%	-30.19%	350.34%	647.17%	613.64%	828.22%
EBITDA Growth	-504.48%	0.00%	-315.26%	-83.84%	74.27%	49.30%	11.58%	2,444.43%	18,448.22%	-25,550.94%	-9,178.39%
EBIT Growth	-504.52%	0.00%	-347.43%	-96.01%	71.21%	45.25%	13.02%	2,262.61%	16,425.69%	-20,933.48%	-8,740.09%
NOPAT Growth	-172.16%	0.00%	-271.60%	-245.76%	72.29%	45.47%	13.28%	2,774.18%	17,282.40%	-18,285.44%	-6,153.68%
Net Income Growth	-489.79%	0.00%	-337.83%	-102.34%	70.16%	58.71%	19.30%	2,017.02%	11,995.12%	-29,568.08%	-10,618.51%
EPS Growth	-325.00%	0.00%	-337.83%	-102.34%	70.16%	68.47%	19.30%	1,150.00%	3,760.00%	-15,560.00%	-3,875.00%
Operating Cash Flow Growth	0.00%	-164.33%	-436.29%	-529.10%	29.72%	72.81%	31.51%	-86.75%	-1,109.71%	-6,003.91%	-1,150.57%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	13.41%	0.00%	88.46%	-4,910.90%	-26,821.84%	-79,910.24%	-83,880.33%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	458.62%	-12.94%	-40.12%	9,485.53%	35,922.82%	33,564.19%	21,092.50%
Revenue Q/Q Growth	-3.02%	-40.01%	17.40%	7.26%	40.36%	1.65%	-54.36%	591.57%	132.88%	-2.97%	-40.64%
EBITDA Q/Q Growth	-298.36%	24.20%	24.02%	19.87%	44.24%	-38.19%	-44.15%	2,691.34%	336.42%	-291.89%	47.86%
EBIT Q/Q Growth	-298.39%	24.16%	18.19%	20.70%	41.49%	-34.39%	-24.04%	2,475.25%	341.69%	-294.72%	47.87%
NOPAT Q/Q Growth	-565.00%	23.97%	18.27%	16.33%	46.71%	-49.62%	-30.09%	2,679.80%	242.38%	-259.97%	55.75%
Net Income Q/Q Growth	-296.76%	25.42%	18.11%	16.50%	41.49%	-3.14%	-59.77%	2,084.57%	263.05%	-357.86%	42.28%
EPS Q/Q Growth	-183.33%	25.42%	18.11%	16.50%	41.49%	-775.00%	-59.77%	252.73%	117.86%	-527.87%	59.39%
Operating Cash Flow Q/Q Growth	-441.70%	-12.49%	-73.82%	40.61%	39.48%	56.48%	-338.55%	-61.83%	-292.02%	-119.22%	10.15%
Free Cash Flow Firm Q/Q Growth	0.00%	100.00%	0.00%	7.38%	29.02%	66.99%	46.81%	-40,082.85%	-281.37%	1.90%	44.17%
Invested Capital Q/Q Growth	0.00%	307.80%	40.08%	-1.23%	-0.99%	-36.44%	-3.73%	15,711.68%	272.09%	-40.57%	-39.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	97.90%	98.19%	98.71%	98.79%	97.56%	98.59%	98.10%	97.19%	96.13%
EBITDA Margin	-280.24%	-354.10%	-229.16%	-171.20%	-68.01%	-99.97%	-290.24%	891.24%	1,670.18%	-3,302.91%	-2,901.24%
Operating Margin	-280.69%	-355.75%	-247.67%	-193.20%	-73.34%	-108.03%	-307.67%	865.56%	1,558.62%	-2,780.65%	-2,072.82%
EBIT Margin	-280.26%	-354.33%	-246.91%	-182.54%	-76.09%	-108.03%	-307.67%	876.59%	1,662.57%	-3,336.38%	-2,930.11%
Profit (Net Income) Margin	-270.40%	-336.17%	-234.48%	-182.54%	-76.09%	-77.29%	-271.08%	777.04%	1,211.37%	-3,219.12%	-3,130.26%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.52%	100.00%	92.78%	75.75%	88.31%	100.00%
Interest Burden Percent	96.48%	94.87%	94.97%	100.00%	100.00%	71.18%	88.11%	95.54%	96.19%	109.26%	106.83%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.22%	24.25%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-673.77%	-650.97%	-471.64%	-156.40%	-229.30%	-513.30%	57.00%	48.51%	-203.53%	-302.07%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-667.76%	-638.17%	-458.75%	-152.90%	-229.03%	-508.10%	50.26%	50.91%	-302.85%	-377.15%
Return on Net Nonoperating Assets (RNNOA)	0.00%	582.75%	504.77%	348.47%	134.53%	194.99%	400.22%	9.19%	24.37%	-338.96%	-3,446.40%
Return on Equity (ROE)	0.00%	-91.02%	-146.20%	-123.17%	-21.87%	-34.31%	-113.08%	66.19%	72.88%	-542.49%	-3,748.47%
Cash Return on Invested Capital (CROIC)	0.00%	-483.48%	0.00%	0.00%	0.00%	-289.78%	-191.95%	-165.28%	-151.01%	-222.21%	-294.20%
Operating Return on Assets (OROA)	0.00%	-176.99%	-87.57%	-137.15%	-25.84%	-41.02%	-126.02%	55.12%	51.66%	-243.68%	-344.86%
Return on Assets (ROA)	0.00%	-167.91%	-83.16%	-137.15%	-25.84%	-29.35%	-111.03%	48.86%	37.64%	-235.12%	-368.42%
Return on Common Equity (ROCE)	0.00%	-91.02%	-146.20%	-123.17%	-21.87%	-34.31%	-113.08%	66.19%	72.88%	-542.49%	-3,748.47%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-83.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.15	-0.87	-0.71	-0.60	-0.32	-0.48	-0.62	16	55	-87	-39
NOPAT Margin	-196.49%	-249.03%	-173.37%	-135.24%	-51.34%	-75.62%	-215.37%	803.06%	1,180.66%	-1,946.46%	-1,450.98%
Net Nonoperating Expense Percent (NNEP)	-14.84%	-6.01%	-12.81%	-12.89%	-3.50%	-0.26%	-5.20%	6.74%	-2.40%	99.32%	75.07%
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%
Cost of Revenue to Revenue	0.00%	0.00%	2.10%	1.81%	1.29%	1.21%	2.44%	1.41%	1.90%	2.81%	3.87%
SG&A Expenses to Revenue	207.48%	183.82%	184.55%	151.25%	91.11%	98.91%	189.20%	235.50%	77.23%	123.38%	225.45%
R&D to Revenue	42.29%	99.84%	42.17%	34.92%	24.39%	28.02%	58.89%	15.76%	5.82%	8.71%	5.29%
Operating Expenses to Revenue	380.69%	455.75%	345.57%	291.38%	172.05%	206.82%	405.23%	-766.97%	-1,460.52%	2,876.41%	2,168.96%
Earnings before Interest and Taxes (EBIT)	-1.64	-1.24	-1.02	-0.81	-0.47	-0.68	-0.88	17	77	-150	-78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.64	-1.24	-0.94	-0.75	-0.42	-0.63	-0.83	18	77	-148	-77
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.77	2.68	1.99	1.81	1.96	2.48	0.00	1.32	1.60	9.52
Price to Tangible Book Value (P/TBV)	0.00	2.27	3.54	2.74	2.52	2.72	3.70	0.00	1.34	1.66	14.03
Price to Revenue (P/Rev)	0.00	5.14	6.82	4.75	3.93	3.27	3.57	0.00	42.81	13.93	7.05
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.59	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%	0.00%	21.79%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	7.05	9.02	5.11	4.16	6.21	7.79	0.00	1.21	1.27	1.66
Enterprise Value to Revenue (EV/Rev)	0.00	2.61	4.80	2.93	2.31	1.91	2.45	0.00	58.95	24.28	15.87
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.73	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.77	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.06	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	0.00	0.27	0.54	1.28	12.53
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.27	0.54	1.28	12.53
Financial Leverage	-0.97	-0.87	-0.79	-0.76	-0.88	-0.85	-0.79	0.18	0.48	1.12	9.14
Leverage Ratio	1.04	1.26	1.11	1.12	1.08	1.19	1.24	1.34	1.96	3.03	17.93
Compound Leverage Factor	1.00	1.20	1.05	1.12	1.08	0.84	1.09	1.28	1.88	3.32	19.16
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.37%	35.07%	56.22%	92.61%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%	0.07%	0.05%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.95%	35.00%	56.17%	92.61%
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%	100.00%	78.63%	64.93%	43.78%	7.39%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.35	1.41	-2.39	-0.98
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.16	1.30	-2.21	-0.93
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.32	1.40	-2.38	-0.98
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.43	1.50	-5.00	-2.01
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.22	1.39	-4.63	-1.91
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.40	1.50	-5.00	-2.01
Altman Z-Score	0.00	6.24	13.71	8.42	6.14	2.41	0.17	0.00	1.76	-1.37	-1.68
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	28.31	7.84	11.94	10.86	8.89	5.52	2.89	1.08	2.04	1.51	1.39
Quick Ratio	27.42	7.65	11.56	10.63	8.38	5.15	2.70	0.81	0.12	0.12	0.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1.33	0.00	-1.75	-1.62	-1.15	-0.38	-0.20	-81	-310	-304	-170
Operating Cash Flow to CapEx	-6,460.84%	-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%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-104.65	-105.60	-57.97	-62.92
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1.64	-1.70	-2.08	-3.64
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1.64	-1.70	-2.08	-3.64
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.50	0.35	0.75	0.34	0.38	0.41	0.06	0.03	0.07	0.12
Accounts Receivable Turnover	0.00	32.20	16.12	0.00	12.41	14.92	5.25	5.85	69.12	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	0.00	58.76	0.00	80.62	60.93	55.16	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.04	0.00	0.17	0.07	0.16	0.03	0.05	0.07	0.12
Days Sales Outstanding (DSO)	0.00	11.34	22.64	0.00	29.41	24.47	69.48	62.42	5.28	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	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
Cash Conversion Cycle (CCC)	0.00	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
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.18	0.74	1.04	1.02	1.01	0.64	0.62	98	365	217	132
Invested Capital Turnover	0.00	2.71	3.75	3.49	3.05	3.03	2.38	0.07	0.04	0.10	0.21
Increase / (Decrease) in Invested Capital	0.18	0.00	1.04	1.02	0.83	-0.10	-0.42	97	364	216	131
Enterprise Value (EV)	0.00	5.22	9.35	5.24	4.21	4.00	4.84	0.00	444	276	218
Market Capitalization	0.00	10	13	8.48	7.16	6.86	7.06	0.00	322	159	97
Book Value per Share	$0.65	$0.58	$0.45	$0.39	$0.35	$0.31	$0.29	$5.63	$11.58	$3.16	$0.35
Tangible Book Value per Share	$0.65	$0.45	$0.34	$0.28	$0.25	$0.22	$0.19	$5.33	$11.40	$3.05	$0.23
Total Capital	6.00	5.82	4.96	4.26	3.96	3.50	2.85	101	376	227	138
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22	132	127	128
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	21	131	127	128
Net Debt	-5.82	-5.08	-3.92	-3.24	-2.94	-2.86	-2.23	19	122	118	121
Capital Expenditures (CapEx)	0.01	0.02	0.01	0.01	0.00	0.01	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.10	-0.46	-0.10	-0.13	-0.01	-0.18	-0.23	-2.20	79	32	30
Debt-free Net Working Capital (DFNWC)	5.92	4.62	3.83	3.10	2.76	2.68	2.00	0.86	89	41	36
Net Working Capital (NWC)	5.92	4.62	3.83	3.10	2.76	2.68	2.00	0.44	89	41	36
Net Nonoperating Expense (NNE)	0.43	0.31	0.25	0.21	0.15	0.01	0.16	0.52	-1.42	57	45
Net Nonoperating Obligations (NNO)	-5.82	-5.08	-3.92	-3.24	-2.94	-2.86	-2.23	19	122	118	121
Total Depreciation and Amortization (D&A)	0.00	0.00	0.07	0.05	0.05	0.05	0.05	0.29	0.35	1.50	0.77
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-22.89%	-4.98%	-7.39%	-0.36%	-8.35%	-11.58%	-62.54%	1,048.93%	277.97%	215.43%
Debt-free Net Working Capital to Revenue	0.00%	230.49%	196.57%	173.82%	151.64%	127.74%	101.12%	24.51%	1,184.16%	362.24%	261.75%
Net Working Capital to Revenue	0.00%	230.49%	196.57%	173.82%	151.64%	127.74%	101.12%	12.38%	1,180.61%	361.30%	261.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.17)	($8.88)	($0.72)	($0.08)	($0.05)	($0.35)	($0.08)	$1.09	$2.41	($7.83)	($3.18)
Adjusted Weighted Average Basic Shares Outstanding	9.18M	132.06K	1.38M	9.68M	9.80M	1.40M	9.97M	14.14M	23.20M	18.45M	26.26M
Adjusted Diluted Earnings per Share	($0.17)	($8.88)	($0.72)	($0.08)	($0.05)	($0.35)	($0.08)	$0.84	$1.83	($7.83)	($3.18)
Adjusted Weighted Average Diluted Shares Outstanding	9.18M	132.06K	1.38M	9.68M	9.80M	1.40M	9.97M	19.33M	31.44M	18.45M	26.26M
Adjusted Basic & Diluted Earnings per Share	$0.00	($8.88)	$0.00	$0.00	$0.00	($0.35)	$0.00	$0.00	$0.00	($7.83)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	10.00M	1.38M	1.38M	9.78M	9.89M	0.00	0.00	21.05M	31.40M	29.50M	30.12M
Normalized Net Operating Profit after Tax (NOPAT)	-1.15	-0.87	-0.71	-0.60	-0.32	-0.48	-0.62	16	56	-87	-2.93
Normalized NOPAT Margin	-196.49%	-249.03%	-173.37%	-135.24%	-51.34%	-75.62%	-215.37%	803.06%	1,212.73%	-1,946.46%	-110.10%
Pre Tax Income Margin	-270.40%	-336.17%	-234.48%	-182.54%	-76.09%	-76.90%	-271.08%	837.51%	1,599.16%	-3,645.31%	-3,130.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.43	26.22	-28.57	-28.95
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.55	18.62	-16.67	-14.34
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.43	26.22	-28.57	-28.95
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.55	18.62	-16.67	-14.34
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	0.00%	-26.64%	0.00%	0.00%	-0.15%	-4.36%	0.00%	0.00%	0.16%	-15.61%	-14.08%

Financials Breakdown Chart

Key Financial Trends

DeFi Development (NASDAQ: DFDV) has undergone a dramatic transformation over the last four years, with revenue growth, major balance sheet expansion, and a big swing in profitability in 2025. The biggest takeaway for retail investors is that the company’s financial profile has become much larger and more complex, but the latest quarter shows a return to deep losses and negative operating cash flow.

Revenue has expanded sharply over time, rising from about $411,000 in Q1 2024 to $2.66 million in Q1 2026, showing substantial top-line growth versus the company’s earlier base.
Gross profit improved meaningfully in Q1 2026 to $2.56 million, with cost of revenue just $103,000, suggesting strong gross margin on the core business.
The balance sheet in Q1 2026 shows $127.8 million in current assets and $229.7 million in total assets, far above the company’s 2024 levels.
DFDV ended Q1 2026 with $3.7 million in cash and equivalents plus $2.7 million in short-term investments, giving it some near-term liquidity.
In Q3 2025, the company posted a strong quarter with $56.0 million in net income and $72.1 million in operating income, showing that profitability can improve materially under the right conditions.
Cash and equivalents jumped from just $1.8 million in Q1 2025 to $3.7 million in Q1 2026, while the company also held significantly more short-term investments than a year earlier.
Share count has been highly variable, with weighted average basic shares moving from about 9.97 million in Q1 2025 to 26.26 million in Q1 2026, which can complicate per-share comparisons.
The company also carries substantial intangible assets, goodwill, and other noncurrent operating assets, so a large portion of the asset base is not cash and may be less liquid.
Q1 2026 net income was a large loss of $83.4 million, compared with a profit in Q3 2025, highlighting very high quarter-to-quarter volatility.
Operating cash flow was negative in Q1 2026 at negative $9.8 million, and the company also reported negative $2.2 million in net cash change for the quarter.

Looking at the longer trend, DFDV moved from a very small business in 2024 with quarterly revenue under $1 million into a much larger operation by 2025 and 2026. However, the growth has not been smooth. The income statement shows significant swings from losses to large profits and back to losses, driven by sizable “other operating” items and special charges that can distort quarter-to-quarter results.

Leverage is another important factor. In Q1 2026, the company reported $127.8 million of total current assets versus $91.7 million of current liabilities, and $127.8 million of long-term debt. That suggests a meaningful debt load even though the current ratio appears manageable on the surface. Investors should also note that total equity was only about $10.2 million in Q1 2026, which is relatively thin compared with total liabilities.

From a cash flow perspective, the business has not yet shown consistent self-funding characteristics. Q1 2026 operating cash burn, combined with financing and investing outflows, indicates the company still depends on external financing and balance sheet activity to support operations.

Bottom line: DFDV has clearly grown in scale, and the latest balance sheet is much larger than in prior years. But the company remains highly volatile, with inconsistent earnings, negative operating cash flow in the latest quarter, and a meaningful debt burden. For investors, this is a story of rapid change and high execution risk rather than stable financial performance.

07/23/26 04:43 PM ETAI Generated. May Contain Errors.

DeFi Development Financials - Frequently Asked Questions

According to the most recent income statement we have on file, DeFi Development's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

DeFi Development's net income appears to be on an upward trend, with a most recent value of -$73.79 million in 2025, rising from -$1.26 million in 2022. The previous period was -$2.73 million in 2024. See where experts think DeFi Development is headed by visiting DeFi Development's forecast page.

DeFi Development'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's total revenue changed from $2.15 million in 2022 to $11.39 million in 2025, a change of 429.4%.

DeFi Development's total liabilities were at $208.15 million at the end of 2025, a 23,715.7% increase from 2024, and a 25,548.8% increase since 2022.

In the past 3 years, DeFi Development's cash and equivalents has ranged from $981.13 thousand in 2022 to $5.92 million in 2025, and is currently $5.92 million as of their latest financial filing in 2025.

Over the last 3 years, DeFi Development's book value per share changed from 0.08 in 2022 to 3.16 in 2025, a change of 4,043.0%.

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Financial statements for NASDAQ:DFDV last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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DeFi Development (DFDV) Financials

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DeFi Development (DFDV) Financials

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Financials Breakdown Chart

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DeFi Development Financials - Frequently Asked Questions

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How has DeFi Development's net income changed over the last 3 years?

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How has DeFi Development's revenue changed over the last 3 years?

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How has DeFi Development's book value per share changed over the last 3 years?

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