DeFi Development Corp. (DFDV) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DFDV SEC filings page.
DeFi Development Corp. (DFDV) reported $11.4M in revenue for fiscal year 2025, up 442.3% from the prior fiscal year. This page shows its 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).
External financing funded asset expansion, shifting the company from a small operating model toward a leveraged structure in FY2025.
The FY2025 asset base reached$307.4M while revenue was only$11.4M , making the business balance-sheet-led rather than sales-led. The$221.5M investing outflow was accompanied by$242.9M of financing inflow, showing that expansion depended on external capital rather than internally generated cash.
A
Operating and free cash flow were each about
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of DeFi Development Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
DeFi Development Corp. held $9.6M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $18.0M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and DeFi Development Corp. scores 22/100 among other emerging companies.
DeFi Development Corp. had 29M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and DeFi Development Corp. scores 16/100 among other emerging companies.
DeFi Development Corp. spent $1.1M on research and development in fiscal year 2025, which was 2.4% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and DeFi Development Corp. scores 15/100 among other emerging companies.
DeFi Development Corp. reported revenue of $11.4M in fiscal year 2025, against $2.1M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and DeFi Development Corp. scores 88/100 among other emerging companies.
DeFi Development Corp.'s operations used $18.0M of cash in fiscal year 2025, against $2.4M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and DeFi Development Corp. scores 2/100 among other emerging companies.
DeFi Development Corp.'s cash, cash equivalents and investments came to $9.6M at the end of fiscal year 2025, against $208.1M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and DeFi Development Corp. scores 9/100 among other emerging companies.
DeFi Development Corp. scores -0.13, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($165.7M) relative to total liabilities ($208.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
DeFi Development Corp. passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
DeFi Development Corp. reported a net loss of $73.8M while operations used $18.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
DeFi Development Corp. reported an operating loss of $36.4M against $8.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
DeFi Development Corp. generated $3.3M in revenue in Q2 2026. This represents an increase of 66.9% from the same quarter a year earlier. Against the prior quarter it is up 24.4%.
DeFi Development Corp.'s EBITDA was -$22.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 228.6% from the same quarter a year earlier. Against the prior quarter it is up 59.0%.
DeFi Development Corp. reported -$27.3M in net income in Q2 2026. This represents a decrease of 276.8% from the same quarter a year earlier. Against the prior quarter it is up 67.3%.
DeFi Development Corp. earned -$1.00 per diluted share (EPS) in Q2 2026. This represents a decrease of 219.0% from the same quarter a year earlier. Against the prior quarter it is up 68.6%.
Cash & Balance Sheet
DeFi Development Corp. held $4.3M in cash against $120.6M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
DeFi Development Corp.'s gross margin was 99.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.2 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
DeFi Development Corp. invested $83K in research and development in Q2 2026. This represents a decrease of 73.5% from the same quarter a year earlier. Against the prior quarter it is down 41.1%.
DeFi Development Corp. repurchased no shares in Q2 2026. Against the prior quarter it is down 100.0%.
Not reported for Q2 2026.
DFDV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-K | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.3M+66.9% | $2.7M+827.7% | $4.5M+614.0% | $4.6M+647.2% | $2.0M+350.3% | $287K-30.2% | $629K+79.5% | $619K+6.0% |
| Cost of Revenue | $21K-25.0% | $103K+1371.4% | $126K+1610.3% | $88K+1000.0% | $28K+250.0% | $7K-18.9% | $7K | $8K |
| Gross Profit | $3.3M+68.2% | $2.6M+814.1% | $4.4M+602.2% | $4.5M+642.5% | $2.0M+352.3% | $280K-30.4% | $621K | $611K+4.7% |
| R&D Expenses | $83K-73.5% | $141K-16.6% | $391K+121.4% | $269K+78.1% | $313K+103.2% | $169K-2.5% | $177K-49.5% | $151K-38.8% |
| SG&A Expenses | $4.1M-13.2% | $6.0M+1006.1% | $5.5M+790.0% | $3.6M+533.3% | $4.7M+601.2% | $543K-28.4% | $622K-3.3% | $564K-53.4% |
| Operating Income | -$22.8M-232.9% | -$55.2M-6153.7% | -$124.8M-18285.5% | $72.1M+15978.0% | $17.2M+2117.6% | -$883K+13.3% | -$679K+45.5% | -$454K+72.3% |
| EBITDA | -$22.5M-228.6% | -$54.9M-6486.9% | -$124.4M-22702.2% | $72.4M+18074.7% | $17.5M+2279.7% | -$833K+11.9% | -$546K+56.2% | -$403K+75.4% |
| Interest Expense | $2.1M+176.6% | $2.2M | $5.2M | $2.9M | $770K | $0+100.0% | N/A | N/A |
| Income Tax | $1K-99.9% | $0 | -$19.1M | $17.9M | $1.2M | $0 | N/A | N/A |
| Net Income | -$27.3M-276.8% | -$83.4M-10618.5% | -$144.5M-29564.9% | $56.0M+11995.1% | $15.4M+2017.0% | -$778K+19.3% | -$487K+58.6% | -$471K+70.2% |
| EPS (Basic) | -$1.00-191.7% | -$3.18-3875.0% | -$8.71-17320.0% | $2.70+5500.0% | $1.09+1462.5% | -$0.08+88.6% | -$0.05+58.3% | -$0.05+70.6% |
| EPS (Diluted) | -$1.00-219.0% | -$3.18 | -$7.74 | $1.95 | $0.84 | -$0.08 | -$0.05 | -$0.05+70.6% |
| Diluted Shares (Avg) | 27M+41.5% | 26M | N/A | 30M | 19M | 10M | N/A | 10M+6.8% |
DFDV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-K | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $203.3M+89.6% | $229.7M+5424.6% | $307.4M+6924.9% | $480.0M+10601.8% | $107.2M+2155.3% | $4.2M-24.3% | $4.4M-34.5% | $4.5M-28.1% |
| Current Assets | $114.6M+1955.4% | $127.8M+4082.5% | $121.9M+3622.9% | $174.4M+5504.6% | $5.6M+63.1% | $3.1M-26.9% | $3.3M-38.1% | $3.1M-49.3% |
| Cash & Equivalents | $4.3M+75.5% | $3.7M+104.6% | $5.9M+136.8% | $8.8M+217.9% | $2.5M-23.7% | $1.8M-54.1% | $2.5M-50.7% | $2.8M-52.4% |
| Short-Term Investments | $1.9M+227.7% | $2.7M+533.0% | $3.7M+980.9% | $1.4M | $595K | $425K | $340K | $0 |
| Accounts Receivable | N/A | N/A | $52K-73.3% | $52K-68.6% | $1.1M+883.1% | $631K+422.8% | $195K+126.4% | $166K+29.8% |
| Long-Term Investments | $0 | $0 | $0 | $0-100.0% | $0 | $0 | $0 | $173K |
| Goodwill | $607K0.0% | $607K+0.1% | $607K0.0% | $607K+0.1% | $607K+0.1% | $607K0.0% | $607K+0.1% | $607K |
| Total Liabilities | $215.4M+679.8% | $219.5M+16654.1% | $208.1M+23715.7% | $236.2M+44543.8% | $27.6M+5494.4% | $1.3M+147.8% | $874K+0.7% | $529K+116.5% |
| Current Liabilities | $94.8M+1743.7% | $91.7M+8581.5% | $80.8M+13523.6% | $85.5M+24332.4% | $5.1M+1533.2% | $1.1M+202.0% | $593K-12.2% | $350K+61.6% |
| Non-Current Liabilities | $120.6M+436.4% | $127.8M+50307.3% | $127.4M+45224.2% | $150.6M+84119.8% | $22.5M+12468.6% | $253K+41.8% | $281K+45.8% | $179K+546.5% |
| Long-Term Debt | $120.6M+468.4% | $127.8M | $127.4M | $131.4M | $21.2M | N/A | $0 | N/A |
| Total Equity | -$12.0M-115.1% | $10.2M+257.9% | $99.3M+2734.4% | $243.8M+6062.9% | $79.6M+1768.4% | $2.8M-42.6% | $3.5M-39.8% | $4.0M-34.0% |
| Retained Earnings | -$202.6M-3933.7% | -$175.3M-1627.3% | -$91.8M-879.4% | $61.3M+790.1% | $5.3M+162.8% | -$10.1M-33.4% | -$9.4M-41.0% | -$8.9M-62.5% |
Not reported in any period shown, so not listed: Inventory.
DFDV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-K | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.3M-237.3% | -$9.8M-1150.6% | -$10.9M-6003.9% | -$5.0M-1109.7% | -$1.3M-86.8% | -$785K+31.5% | -$179K+72.9% | -$412K+29.7% |
| Depreciation & Amortization | $352K+21.0% | $351K+602.0% | $352K+162.7% | $352K+590.2% | $291K+482.0% | $50K-31.5% | $134K+16546.0% | $51K+47563.6% |
| Stock-Based Compensation | $1.7M+81.1% | $720K+1233.3% | N/A | $331K+562.0% | $952K+806.7% | $54K-50.1% | N/A | $50K-95.9% |
| Capital Expenditures | N/A | N/A | $0-100.0% | $0 | N/A | N/A | $10K-49.9% | $0-100.0% |
| Free Cash Flow | N/A | N/A | -$10.9M-5681.0% | -$5.0M-1109.7% | N/A | N/A | -$189K+72.2% | -$412K+30.8% |
| Investing Cash Flow | $10.4M+117.0% | $16.2M | $14.8M+211071.4% | -$175.1M-5835233.3% | -$61.3M-924583.0% | $0+100.0% | -$7K+91.2% | -$3K+66.9% |
| Financing Cash Flow | -$5.4M-108.6% | -$8.6M-12401.4% | -$6.7M-10243.1% | $186.4M+345238.9% | $63.2M+27237600.0% | $70K+5581.8% | -$65K | -$54K-101.1% |
| Share Buybacks | $0 | $10.5M | N/A | N/A | $0 | $0 | $0 | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
DFDV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-K | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.4%+0.8pp | 96.1%-1.4pp | 97.2%-1.6pp | 98.1%-0.6pp | 98.6%+0.4pp | 97.6%-0.3pp | 98.8% | 98.7%-1.3pp |
| Operating Margin | -689.2% | -2072.8% | -2780.7% | 1558.6% | 865.6% | -307.5% | -108.0% | -73.3% |
| Net Margin | -823.4% | -3130.3% | -3219.1% | 1211.4% | 777.0% | -270.9% | -77.5% | -76.1% |
| Return on Equity | N/A | -818.0%-790.7pp | -145.5%-131.6pp | 23.0%+34.9pp | 19.4%+38.3pp | -27.3%-7.9pp | -13.9%+6.3pp | -11.9%+14.4pp |
| Return on Assets | -13.4%-27.8pp | -36.3%-17.6pp | -47.0%-35.9pp | 11.7%+22.2pp | 14.4%+31.3pp | -18.7%-1.1pp | -11.1%+6.5pp | -10.5%+14.8pp |
| Current Ratio | 1.21+0.1x | 1.39-1.5x | 1.51-4.0x | 2.04-6.8x | 1.08-9.8x | 2.89-9.0x | 5.52-2.3x | 8.89-19.4x |
| Debt-to-Equity | N/A | 12.53+12.1x | 1.28+1.3x | 0.54+0.4x | 0.27+0.2x | 0.46+0.4x | 0.00-0.1x | 0.13+0.1x |
| Asset Turnover | 0.020.0x | 0.01-0.1x | 0.01-0.1x | 0.01-0.1x | 0.02-0.1x | 0.070.0x | 0.14+0.1x | 0.140.0x |
| FCF Margin | N/A | N/A | -243.5% | -107.8% | N/A | N/A | -30.1% | -66.6% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| DeFi Development Corp. DFDV | FY2025 | $11.4M | -$73.8M | N/A | $165.7M | 25/100 |
| Gorilla Technology Group GRRR | FY2025 | $101.4M | -$11.3M | -11.1% | $378.5M | 49/100 |
| Amber International AMBR | FY2025 | $308K | -$13.5M | N/A | $95.2M | — |
| Allot Ltd ALLT | FY2025 | $102.0M | $3.7M | 3.6% | $368.9M | 65/100 |
| International Mny Express Inc IMXI | FY2025 | $607.8M | $32.7M | 5.4% | $425.1M | 62/100 |
| Xunlei Ltd XNET | FY2025 | $460.4M | $1.0B | N/A | $311.7M | 55/100 |
Where DeFi Development Corp. Ranks
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.
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.
How much debt does DeFi Development Corp. have?
As of fiscal year 2025, DeFi Development Corp. (DFDV) had $5.9M in cash and equivalents against $127.4M in long-term debt.
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 return on equity (ROE)?
DeFi Development Corp. (DFDV) has a return on equity of -74.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is DeFi Development Corp.'s free cash flow?
DeFi Development Corp. (DFDV) recorded an outflow of $18.0M in free cash flow during fiscal year 2025. This represents a -636.1% 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) recorded an outflow of $18.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are DeFi Development Corp.'s total assets?
DeFi Development Corp. (DFDV) had $307.4M in total assets as of fiscal year 2025, including both current and long-term assets.
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.
What is DeFi Development Corp.'s current ratio?
DeFi Development Corp. (DFDV) had a current ratio of 1.51 as of fiscal year 2025, which is generally considered healthy.
What is DeFi Development Corp.'s debt-to-equity ratio?
DeFi Development Corp. (DFDV) had a debt-to-equity ratio of 1.28 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is DeFi Development Corp.'s return on assets (ROA)?
DeFi Development Corp. (DFDV) had a return on assets of -24.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is DeFi Development Corp.'s P/E ratio?
DeFi Development Corp. (DFDV) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $165.7M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is DeFi Development Corp.'s price-to-sales ratio?
DeFi Development Corp. (DFDV) trades at 11.0x sales, its market capitalization divided by revenue of $15.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $165.7M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is DeFi Development Corp.'s Altman Z-Score?
DeFi Development Corp. (DFDV) has an Altman Z-Score of -0.13, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is DeFi Development Corp.'s Piotroski F-Score?
DeFi Development Corp. (DFDV) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are DeFi Development Corp.'s earnings high quality?
DeFi Development Corp. (DFDV) reported a net loss of $73.8M while operations used $18.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $36.4M against $8.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.
How financially healthy is DeFi Development Corp.?
DeFi Development Corp. (DFDV) scores 25 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.