What is DeFi Development Corp's earnings per share (EPS)?

DeFi Development Corp (DFDV) reported diluted earnings per share of $-4.00 for fiscal year 2025. This represents a -105.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

DeFi Development Corp Financials

DFDV

Source SEC Filings (10-K/10-Q) Updated Mar 30, 2026 Currency USD FYE March

This page shows DeFi Development Corp (DFDV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Earnings Quality Low Quality

0.24x

For every $1 of reported earnings, DeFi Development Corp generates $0.24 in operating cash flow (-$18.0M OCF vs -$73.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-6.7x

DeFi Development Corp earns $-6.7 in operating income for every $1 of interest expense (-$36.4M vs $5.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$11.4M

YoY+442.3%

DeFi Development Corp generated $11.4M in revenue in fiscal year 2025. This represents an increase of 442.3% from the prior year.

EBITDA

-$35.4M

YoY-1171.9%

DeFi Development Corp's EBITDA was -$35.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1171.9% from the prior year.

Net Income

-$73.8M

YoY-2606.0%

DeFi Development Corp reported -$73.8M in net income in fiscal year 2025. This represents a decrease of 2606.0% from the prior year.

EPS (Diluted)

$-4.00

YoY-105.1%

DeFi Development Corp earned $-4.00 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 105.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$18.0M

YoY-637.0%

DeFi Development Corp generated -$18.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 637.0% from the prior year.

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

29M

YoY+197.7%

DeFi Development Corp had 29M shares outstanding in fiscal year 2025. This represents an increase of 197.7% from the prior year.

Margins & Returns

Gross Margin

97.8%

DeFi Development Corp's gross margin was 97.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.

Operating Margin

-319.7%

YoY-176.6pp

DeFi Development Corp's operating margin was -319.7% in fiscal year 2025, reflecting core business profitability. This is down 176.6 percentage points from the prior year.

Net Margin

-648.1%

YoY-518.2pp

DeFi Development Corp's net profit margin was -648.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 518.2 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$1.1M

YoY+74.4%

DeFi Development Corp invested $1.1M in research and development in fiscal year 2025. This represents an increase of 74.4% from the prior year.

Share Buybacks

$11.5M

YoY+219621.5%

DeFi Development Corp spent $11.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 219621.5% from the prior year.

Capital Expenditures

$2K

YoY-89.9%

DeFi Development Corp invested $2K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 89.9% from the prior year.

DFDV Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	$11.4M+442.3%	$2.1M+4.8%	$2.0M-6.9%	$2.2M
Cost of Revenue	$249K	N/A	N/A	N/A
Gross Profit	$11.1M	N/A	N/A	N/A
R&D Expenses	$1.1M+74.4%	$655K-17.3%	$792K+85.6%	$427K
SG&A Expenses	$14.3M+448.5%	$2.6M-1.0%	$2.6M+45.0%	$1.8M
Operating Income	-$36.4M-1111.9%	-$3.0M+11.8%	-$3.4M-97.9%	-$1.7M
Interest Expense	$5.4M	N/A	N/A	N/A
Income Tax	$9K	N/A	N/A	N/A
Net Income	-$73.8M-2606.0%	-$2.7M+19.2%	-$3.4M-167.4%	-$1.3M
EPS (Diluted)	$-4.00-105.1%	$-1.95	$-3.19	$-0.18

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$4.6M+132.9%	$2.0M+591.6%	$287K-54.3%	$629K+1.5%	$619K+40.4%	$441K+7.3%	$411K+17.4%	$350K
Cost of Revenue	$88K+214.3%	$28K	N/A	N/A	$8K0.0%	$8K-7.3%	$9K	N/A
Gross Profit	$4.5M+131.7%	$2.0M	N/A	N/A	$611K+41.1%	$433K+7.6%	$403K	N/A
R&D Expenses	$269K-14.1%	$313K+85.2%	$169K-4.2%	$176K+16.8%	$151K-1.9%	$154K-11.2%	$173K-50.4%	$350K
SG&A Expenses	$3.6M-23.6%	$4.7M+759.9%	$544K-12.7%	$623K+10.4%	$564K-15.4%	$667K-12.1%	$759K+17.9%	$644K
Operating Income	$72.1M+319.3%	$17.2M+2046.4%	-$883K-30.0%	-$679K-49.6%	-$454K+46.7%	-$852K+16.3%	-$1.0M+18.3%	-$1.2M
Interest Expense	$2.9M+278.0%	$776K+4058.2%	-$20K	N/A	N/A	N/A	-$51K	N/A
Income Tax	$17.9M+1393.3%	$1.2M	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$56.0M+263.1%	$15.4M+2083.5%	-$778K-59.8%	-$487K-3.4%	-$471K+41.5%	-$805K+16.5%	-$964K+18.1%	-$1.2M
EPS (Diluted)	$1.83+117.9%	$0.84+252.7%	$-0.55	N/A	$-0.05+37.5%	$-0.08+88.6%	$-0.70	N/A

DFDV Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	N/A	$4.4M-34.5%	$6.7M+399.9%	$1.3M
Current Assets	N/A	$3.3M-38.1%	$5.3M+415.3%	$1.0M
Cash & Equivalents	N/A	$2.5M-50.7%	$5.1M+417.3%	$981K
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	$195K+126.4%	$86K+125.0%	$38K
Goodwill	N/A	$607K+0.1%	$607K	$0
Total Liabilities	N/A	$874K+0.7%	$868K+6.9%	$812K
Current Liabilities	N/A	$593K-12.2%	$675K+229.5%	$205K
Long-Term Debt	N/A	$0	N/A	N/A
Total Equity	N/A	$3.5M-39.8%	$5.8M+1007.0%	$525K
Retained Earnings	N/A	-$9.4M-41.0%	-$6.6M-103.2%	-$3.3M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$480.0M+347.6%	$107.2M+2478.9%	$4.2M-5.0%	$4.4M-2.4%	$4.5M-5.7%	$4.8M-13.4%	$5.5M-17.9%	$6.7M
Current Assets	$174.4M+3026.7%	$5.6M+82.6%	$3.1M-6.7%	$3.3M+5.2%	$3.1M-9.0%	$3.4M-18.1%	$4.2M-21.1%	$5.3M
Cash & Equivalents	$8.8M+256.3%	$2.5M+37.2%	$1.8M-28.0%	$2.5M-9.7%	$2.8M-14.5%	$3.2M-17.5%	$3.9M-22.7%	$5.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$52K-95.2%	$1.1M+73.1%	$631K+223.8%	$195K+17.6%	$166K+49.1%	$111K-7.9%	$121K+40.2%	$86K
Goodwill	$607K0.0%	$607K+0.1%	$607K-0.1%	$607K+0.1%	$607K0.0%	$607K0.0%	$607K0.0%	$607K
Total Liabilities	$236.2M+755.1%	$27.6M+2007.8%	$1.3M+49.9%	$874K+65.2%	$529K+7.2%	$494K-6.6%	$529K-39.1%	$868K
Current Liabilities	$85.5M+1563.7%	$5.1M+386.6%	$1.1M+78.2%	$593K+69.4%	$350K+11.2%	$315K-10.0%	$350K-48.2%	$675K
Long-Term Debt	$131.4M+519.7%	$21.2M	N/A	$0	N/A	N/A	N/A	N/A
Total Equity	$243.8M+206.2%	$79.6M+2695.4%	$2.8M-18.7%	$3.5M-11.5%	$4.0M-7.2%	$4.3M-14.1%	$5.0M-14.7%	$5.8M
Retained Earnings	$61.3M+1060.3%	$5.3M+152.1%	-$10.1M-8.3%	-$9.4M-5.5%	-$8.9M-5.6%	-$8.4M-10.6%	-$7.6M-14.5%	-$6.6M

DFDV Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	-$18.0M-643.0%	-$2.4M-54.3%	-$1.6M-53.1%	-$1.0M
Capital Expenditures	$2K-89.9%	$20K-31.8%	$29K	$0
Free Cash Flow	-$18.0M-637.0%	-$2.4M-52.7%	-$1.6M-56.0%	-$1.0M
Investing Cash Flow	-$221.5M-992965.6%	-$22K+74.9%	-$89K	$0
Financing Cash Flow	$242.9M+206765.9%	-$118K-102.0%	$5.8M+1833.0%	$298K
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	$11.5M+219621.5%	$5K	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$5.0M-292.0%	-$1.3M-61.8%	-$786K-338.2%	-$179K+56.5%	-$412K+39.5%	-$681K+40.6%	-$1.1M-73.8%	-$659K
Capital Expenditures	$0	N/A	N/A	$7K	$0-100.0%	$7K+3.9%	$6K-68.1%	$20K
Free Cash Flow	-$5.0M	N/A	N/A	-$186K+54.8%	-$412K+40.1%	-$687K+40.4%	-$1.2M-69.7%	-$679K
Investing Cash Flow	-$175.1M	N/A	N/A	-$6K-110.3%	-$3K+54.7%	-$7K-3.9%	-$6K+92.0%	-$80K
Financing Cash Flow	$186.4M+194.9%	$63.2M+90513.7%	$70K+208.1%	-$65K-19.5%	-$54K-23175.9%	-$232-118.8%	$1K	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$243	N/A	N/A	N/A	N/A

DFDV Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	97.8%	N/A	N/A	N/A
Operating Margin	-319.7%-176.6pp	-143.1%+26.9pp	-170.0%-90.0pp	-80.0%
Net Margin	-648.1%-518.2pp	-129.9%+38.5pp	-168.4%-109.8pp	-58.7%
Return on Equity	N/A	-77.9%-19.9pp	-58.0%+182.1pp	-240.2%
Return on Assets	N/A	-62.3%-11.8pp	-50.5%+43.9pp	-94.4%
Current Ratio	N/A	5.52-2.3	7.84+2.8	5.01
Debt-to-Equity	N/A	0.00-0.1	0.15-1.4	1.54
FCF Margin	-157.8%-41.7pp	-116.1%-36.4pp	-79.7%-32.1pp	-47.6%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	98.1%-0.5pp	98.6%	N/A	N/A	98.7%+0.5pp	98.2%+0.3pp	97.9%	N/A
Operating Margin	1558.6%+693.1pp	865.6%+1173.1pp	-307.5%-199.5pp	-108.1%-34.7pp	-73.3%+119.9pp	-193.2%+54.5pp	-247.7%+108.1pp	-355.8%
Net Margin	1211.4%+434.3pp	777.0%+1048.0pp	-270.9%-193.5pp	-77.5%-1.4pp	-76.1%+106.4pp	-182.5%+51.9pp	-234.5%+101.7pp	-336.2%
Return on Equity	23.0%+3.6pp	19.4%+46.7pp	-27.3%-13.4pp	-13.9%-2.0pp	-11.9%+7.0pp	-18.9%+0.5pp	-19.4%+0.8pp	-20.2%
Return on Assets	11.7%-2.7pp	14.4%+33.1pp	-18.7%-7.6pp	-11.1%-0.6pp	-10.5%+6.4pp	-16.9%+0.6pp	-17.6%+0.1pp	-17.6%
Current Ratio	2.04+1.0	1.08-1.8	2.89-2.6	5.52-3.4	8.89-2.0	10.86-1.1	11.94+4.1	7.84
Debt-to-Equity	0.54+0.3	0.27-0.2	0.46+0.5	0.00-0.1	0.13+0.0	0.120.0	0.11-0.0	0.15
FCF Margin	-107.8%	N/A	N/A	-29.6%+37.0pp	-66.6%+89.3pp	-155.9%+124.5pp	-280.4%-86.3pp	-194.0%

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Frequently Asked Questions

What is DeFi Development Corp's annual revenue?

DeFi Development Corp (DFDV) reported $11.4M in total revenue for fiscal year 2025. This represents a 442.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is DeFi Development Corp's revenue growing?

DeFi Development Corp (DFDV) revenue grew by 442.3% year-over-year, from $2.1M to $11.4M in fiscal year 2025.

Is DeFi Development Corp profitable?

No, DeFi Development Corp (DFDV) reported a net income of -$73.8M in fiscal year 2025, with a net profit margin of -648.1%.

What is DeFi Development Corp's EBITDA?

DeFi Development Corp (DFDV) had EBITDA of -$35.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is DeFi Development Corp's gross margin?

DeFi Development Corp (DFDV) had a gross margin of 97.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is DeFi Development Corp's operating margin?

DeFi Development Corp (DFDV) had an operating margin of -319.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is DeFi Development Corp's net profit margin?

DeFi Development Corp (DFDV) had a net profit margin of -648.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is DeFi Development Corp's free cash flow?

DeFi Development Corp (DFDV) generated -$18.0M in free cash flow during fiscal year 2025. This represents a -637.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is DeFi Development Corp's operating cash flow?

DeFi Development Corp (DFDV) generated -$18.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are DeFi Development Corp's capital expenditures?

DeFi Development Corp (DFDV) invested $2K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does DeFi Development Corp spend on research and development?

DeFi Development Corp (DFDV) invested $1.1M in research and development during fiscal year 2025.

Does DeFi Development Corp buy back shares?

Yes, DeFi Development Corp (DFDV) spent $11.5M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does DeFi Development Corp have outstanding?

DeFi Development Corp (DFDV) had 29M shares outstanding as of fiscal year 2025.

Are DeFi Development Corp's earnings high quality?

DeFi Development Corp (DFDV) has an earnings quality ratio of 0.24x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can DeFi Development Corp cover its interest payments?

DeFi Development Corp (DFDV) has an interest coverage ratio of -6.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.