DeFi Development Corp Financials
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).
External financing rather than internal cash generation now drives a balance-sheet-heavy business built on a small revenue base.
The operating model changed when total assets expanded to$307.4M from$4.4M , even though operating cash flow remained negative, showing the larger footprint was funded externally rather than by the business paying for itself. With free cash flow essentially matching operating cash flow at about-$18.0M , the cash drain came from ongoing operations, not from heavy reinvestment in equipment.
The bottom line deteriorated far more than core operations: net loss reached
New capital did not sit idle: financing inflow of
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 scores -0.38, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($81.3M) 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.
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.
DeFi Development Corp earns $-4.1 in operating income for every $1 of interest expense (-$36.4M vs $8.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
DeFi Development Corp generated $11.4M in revenue in fiscal year 2025. This represents an increase of 442.3% from the prior year.
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 1211.3% from the prior year.
DeFi Development Corp reported -$73.8M in net income in fiscal year 2025. This represents a decrease of 2605.8% from the prior year.
DeFi Development Corp earned $-4.00 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1328.6% from the prior year.
Cash & Balance Sheet
DeFi Development Corp generated -$18.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 636.1% from the prior year.
DeFi Development Corp held $5.9M in cash against $127.4M in long-term debt as of fiscal year 2025.
DeFi Development Corp had 31M shares outstanding in fiscal year 2025. This represents an increase of 216.9% from the prior year.
Margins & Returns
DeFi Development Corp's gross margin was 97.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the prior year.
DeFi Development Corp's operating margin was -319.7% in fiscal year 2025, reflecting core business profitability. This is down 176.7 percentage points from the prior year.
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.
DeFi Development Corp's ROE was -74.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.5 percentage points from the prior year.
Capital Allocation
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.
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 230300.0% from the prior year.
DeFi Development Corp invested $2K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 91.3% from the prior year.
DFDV Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.7M-40.6% | $4.5M-3.0% | $4.6M+132.9% | $2.0M+591.6% | $287K-54.3% | $629K+1.5% | $619K+40.4% | $441K |
| Cost of Revenue | $103K-18.3% | $126K+43.2% | $88K+214.3% | $28K+300.0% | $7K-5.0% | $7K-7.9% | $8K0.0% | $8K |
| Gross Profit | $2.6M-41.3% | $4.4M-3.9% | $4.5M+131.7% | $2.0M+598.9% | $280K-54.9% | $621K+1.7% | $611K+41.1% | $433K |
| R&D Expenses | $141K-63.9% | $391K+45.4% | $269K-14.1% | $313K+85.2% | $169K-4.3% | $177K+17.0% | $151K-1.9% | $154K |
| SG&A Expenses | $6.0M+8.5% | $5.5M+55.0% | $3.6M-23.6% | $4.7M+761.3% | $543K-12.7% | $622K+10.3% | $564K-15.4% | $667K |
| Operating Income | -$55.2M+55.8% | -$124.8M-273.1% | $72.1M+319.3% | $17.2M+2046.8% | -$883K-30.1% | -$679K-49.5% | -$454K+46.7% | -$852K |
| Interest Expense | $2.2M-57.9% | $5.2M+78.0% | $2.9M+278.0% | $776K | $0 | N/A | N/A | N/A |
| Income Tax | $0+100.0% | -$19.1M-206.6% | $17.9M+1393.3% | $1.2M | $0 | N/A | N/A | N/A |
| Net Income | -$83.4M+42.3% | -$144.5M-357.9% | $56.0M+263.1% | $15.4M+2083.5% | -$778K-59.8% | -$487K-3.4% | -$471K+41.5% | -$805K |
| EPS (Diluted) | $-3.18 | N/A | $1.95+132.1% | $0.84+1150.0% | $-0.08 | N/A | $-0.05+37.5% | $-0.08 |
DFDV Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $229.7M-25.3% | $307.4M-36.0% | $480.0M+347.6% | $107.2M+2478.9% | $4.2M-5.0% | $4.4M-2.4% | $4.5M-5.7% | $4.8M |
| Current Assets | $127.8M+4.8% | $121.9M-30.1% | $174.4M+3026.7% | $5.6M+82.6% | $3.1M-6.7% | $3.3M+5.2% | $3.1M-9.0% | $3.4M |
| Cash & Equivalents | $3.7M-37.8% | $5.9M-32.7% | $8.8M+256.3% | $2.5M+37.2% | $1.8M-28.0% | $2.5M-9.7% | $2.8M-14.5% | $3.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | $52K0.0% | $52K-95.2% | $1.1M+73.1% | $631K+223.8% | $195K+17.6% | $166K+49.1% | $111K |
| Goodwill | $607K0.0% | $607K0.0% | $607K0.0% | $607K+0.1% | $607K-0.1% | $607K+0.1% | $607K0.0% | $607K |
| Total Liabilities | $219.5M+5.5% | $208.1M-11.9% | $236.2M+755.1% | $27.6M+2007.8% | $1.3M+49.9% | $874K+65.2% | $529K+7.2% | $494K |
| Current Liabilities | $91.7M+13.6% | $80.8M-5.6% | $85.5M+1563.7% | $5.1M+386.6% | $1.1M+78.2% | $593K+69.4% | $350K+11.2% | $315K |
| Long-Term Debt | $127.8M+0.3% | $127.4M-3.1% | $131.4M+519.7% | $21.2M | N/A | $0 | N/A | N/A |
| Total Equity | $10.2M-89.7% | $99.3M-59.3% | $243.8M+206.2% | $79.6M+2695.4% | $2.8M-18.7% | $3.5M-11.5% | $4.0M-7.2% | $4.3M |
| Retained Earnings | -$175.3M-91.0% | -$91.8M-249.7% | $61.3M+1060.3% | $5.3M+152.1% | -$10.1M-8.3% | -$9.4M-5.5% | -$8.9M-5.6% | -$8.4M |
DFDV Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.8M+10.2% | -$10.9M-119.2% | -$5.0M-291.8% | -$1.3M-62.0% | -$785K-338.5% | -$179K+56.6% | -$412K+39.5% | -$681K |
| Capital Expenditures | N/A | $0 | $0 | N/A | N/A | $10K | $0-100.0% | $7K |
| Free Cash Flow | N/A | -$10.9M-119.2% | -$5.0M | N/A | N/A | -$189K+54.1% | -$412K+40.1% | -$687K |
| Investing Cash Flow | $16.2M+9.6% | $14.8M+108.4% | -$175.1M-185.8% | -$61.3M | $0+100.0% | -$7K-133.3% | -$3K+54.7% | -$7K |
| Financing Cash Flow | -$8.6M-28.1% | -$6.7M-103.6% | $186.4M+194.9% | $63.2M+90172.9% | $70K+207.7% | -$65K-20.4% | -$54K-23175.9% | -$232 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $10.5M | N/A | N/A | N/A | $0 | $0 | N/A | N/A |
DFDV Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 96.1%-1.1pp | 97.2%-0.9pp | 98.1%-0.5pp | 98.6%+1.0pp | 97.6%-1.3pp | 98.8%+0.1pp | 98.7%+0.5pp | 98.2% |
| Operating Margin | -2072.8%+707.8pp | -2780.7%-4339.3pp | 1558.6%+693.1pp | 865.6%+1173.0pp | -307.5%-199.5pp | -108.0%-34.7pp | -73.3%+119.9pp | -193.2% |
| Net Margin | -3130.3%+88.8pp | -3219.1%-4430.5pp | 1211.4%+434.3pp | 777.0%+1048.0pp | -270.9%-193.4pp | -77.5%-1.4pp | -76.1%+106.4pp | -182.5% |
| Return on Equity | -818.0%-672.5pp | -145.5%-168.5pp | 23.0%+3.6pp | 19.4%+46.7pp | -27.3%-13.4pp | -13.9%-2.0pp | -11.9%+7.0pp | -18.9% |
| Return on Assets | -36.3%+10.7pp | -47.0%-58.7pp | 11.7%-2.7pp | 14.4%+33.1pp | -18.7%-7.6pp | -11.1%-0.6pp | -10.5%+6.4pp | -16.9% |
| Current Ratio | 1.39-0.1 | 1.51-0.5 | 2.04+1.0 | 1.08-1.8 | 2.89-2.6 | 5.52-3.4 | 8.89-2.0 | 10.86 |
| Debt-to-Equity | 12.53+11.3 | 1.28+0.7 | 0.54+0.3 | 0.27-0.2 | 0.46+0.5 | 0.00-0.1 | 0.13+0.0 | 0.12 |
| FCF Margin | N/A | -243.5%-135.7pp | -107.8% | N/A | N/A | -30.1%+36.5pp | -66.6%+89.3pp | -155.9% |
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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.
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 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 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) generated -$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) generated -$18.0M in operating cash flow during fiscal year 2025, representing cash generated from 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 cash runway?
Based on fiscal year 2025 data, DeFi Development Corp (DFDV) had $5.9M in cash against an annual operating cash burn of $18.0M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is DeFi Development Corp's Altman Z-Score?
DeFi Development Corp (DFDV) has an Altman Z-Score of -0.38, 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) 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 -4.1x, 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.
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.