What is DEFI DEVELOPMENT Warrent's earnings per share (EPS)?

DEFI DEVELOPMENT Warrent (DFDVW) reported diluted earnings per share of $-4.00 for fiscal year 2025. This represents a -1328.6% 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 Warrent Financials

DFDVW

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows DEFI DEVELOPMENT Warrent (DFDVW) 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).

Rhea AI DFDVW FY2025 2026-04-22

FY2025 became a balance-sheet story, with externally financed asset growth overwhelming the economics of the underlying revenue base.

In FY2025, $242.9M of financing was almost matched by $221.5M of investing outflow, so new capital was deployed into assets rather than parked as cash. That is why year-end cash was only $5.9M and the current ratio compression from 5.5x to 1.5x matters: the business became much more financed and much less liquid in the same year.

The top line reached $11.4M in FY2025, but operating loss widened to -$36.4M, showing that the larger footprint has not yet produced enough fixed-cost absorption. With interest expense at $8.9M, a meaningful share of the earnings drag now comes from capital structure, not only from operating overhead.

With $307.4M of assets supporting only $11.4M of revenue, the company currently looks asset-heavy with low turnover; the balance sheet is carrying capacity that the income statement is not yet monetizing. Free cash flow of -$18.0M was close to operating cash burn, which suggests the near-term drain is operations rather than heavy maintenance spending.

Financial Health Signals

Financial health score pending refresh

We are recalculating DEFI DEVELOPMENT Warrent's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Weak

2/9

DEFI DEVELOPMENT Warrent 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.

Earnings Quality Low Quality

0.24x

For every $1 of reported earnings, DEFI DEVELOPMENT Warrent 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

-4.1x

DEFI DEVELOPMENT Warrent 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

Export CSV

Earnings & Revenue

Revenue

$11.4M

YoY+442.3%

DEFI DEVELOPMENT Warrent generated $11.4M in revenue in fiscal year 2025. This represents an increase of 442.3% from the prior year.

EBITDA

-$35.4M

YoY-1211.3%

DEFI DEVELOPMENT Warrent'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.

Net Income

-$73.8M

YoY-2605.8%

DEFI DEVELOPMENT Warrent reported -$73.8M in net income in fiscal year 2025. This represents a decrease of 2605.8% from the prior year.

EPS (Diluted)

$-4.00

YoY-1328.6%

DEFI DEVELOPMENT Warrent 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

Free Cash Flow

-$18.0M

YoY-636.1%

DEFI DEVELOPMENT Warrent 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.

Cash & Debt

$5.9M

YoY+136.8%

DEFI DEVELOPMENT Warrent held $5.9M in cash against $127.4M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

31M

YoY+216.9%

DEFI DEVELOPMENT Warrent had 31M shares outstanding in fiscal year 2025. This represents an increase of 216.9% from the prior year.

Margins & Returns

Gross Margin

97.8%

YoY-0.7pp

DEFI DEVELOPMENT Warrent'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.

Operating Margin

-319.7%

YoY-176.7pp

DEFI DEVELOPMENT Warrent'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.

Net Margin

-648.1%

YoY-518.2pp

DEFI DEVELOPMENT Warrent'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

-74.3%

YoY+3.5pp

DEFI DEVELOPMENT Warrent'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

R&D Spending

$1.1M

YoY+74.4%

DEFI DEVELOPMENT Warrent 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+230300.0%

DEFI DEVELOPMENT Warrent 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.

Capital Expenditures

$2K

YoY-91.3%

DEFI DEVELOPMENT Warrent 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.

DFDVW 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+678.1%	$32K	N/A	N/A
Gross Profit	$11.1M+438.6%	$2.1M	N/A	N/A
R&D Expenses	$1.1M+74.4%	$655K-17.3%	$792K+85.6%	$427K
SG&A Expenses	$14.3M+448.6%	$2.6M-1.1%	$2.6M+45.0%	$1.8M
Operating Income	-$36.4M-1112.1%	-$3.0M+11.8%	-$3.4M-97.9%	-$1.7M
Interest Expense	$8.9M+65.4%	$5.4M	N/A	N/A
Income Tax	$9K	$0	N/A	N/A
Net Income	-$73.8M-2605.8%	-$2.7M+19.2%	-$3.4M-167.4%	-$1.3M
EPS (Diluted)	$-4.00-1328.6%	$-0.28	$-3.19	$-0.18

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

DFDVW Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$307.4M+6924.9%	$4.4M-34.5%	$6.7M+399.9%	$1.3M
Current Assets	$121.9M+3622.9%	$3.3M-38.1%	$5.3M+415.3%	$1.0M
Cash & Equivalents	$5.9M+136.8%	$2.5M-50.7%	$5.1M+417.3%	$981K
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	$52K-73.3%	$195K+126.4%	$86K+125.0%	$38K
Goodwill	$607K0.0%	$607K+0.1%	$607K	$0
Total Liabilities	$208.1M+23715.7%	$874K+0.7%	$868K+6.9%	$812K
Current Liabilities	$80.8M+13523.6%	$593K-12.2%	$675K+229.5%	$205K
Long-Term Debt	$127.4M	$0	N/A	N/A
Total Equity	$99.3M+2734.4%	$3.5M-39.8%	$5.8M+1007.2%	$525K
Retained Earnings	-$91.8M-879.4%	-$9.4M-41.0%	-$6.6M-103.2%	-$3.3M

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

DFDVW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	-$18.0M-643.1%	-$2.4M-54.3%	-$1.6M-53.1%	-$1.0M
Capital Expenditures	$2K-91.3%	$23K-20.8%	$29K	$0
Free Cash Flow	-$18.0M-636.1%	-$2.4M-52.9%	-$1.6M-56.0%	-$1.0M
Investing Cash Flow	-$221.5M-963130.4%	-$23K+74.2%	-$89K	$0
Financing Cash Flow	$242.9M+205958.5%	-$118K-102.1%	$5.8M+1833.0%	$298K
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	$11.5M+230300.0%	$5K	N/A	N/A

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

DFDVW Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	97.8%-0.7pp	98.5%	N/A	N/A
Operating Margin	-319.7%-176.7pp	-143.0%+27.0pp	-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	-74.3%+3.5pp	-77.9%-19.9pp	-58.0%+182.1pp	-240.2%
Return on Assets	-24.0%+38.3pp	-62.3%-11.8pp	-50.5%+43.9pp	-94.4%
Current Ratio	1.51-4.0	5.52-2.3	7.84+2.8	5.01
Debt-to-Equity	1.28+1.3	0.00-0.1	0.15-1.4	1.54
FCF Margin	-157.8%-41.6pp	-116.3%-36.6pp	-79.7%-32.1pp	-47.6%

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%

Frequently Asked Questions

What is DEFI DEVELOPMENT Warrent's annual revenue?

DEFI DEVELOPMENT Warrent (DFDVW) 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 Warrent's revenue growing?

DEFI DEVELOPMENT Warrent (DFDVW) revenue grew by 442.3% year-over-year, from $2.1M to $11.4M in fiscal year 2025.

Is DEFI DEVELOPMENT Warrent profitable?

No, DEFI DEVELOPMENT Warrent (DFDVW) reported a net income of -$73.8M in fiscal year 2025, with a net profit margin of -648.1%.

What is DEFI DEVELOPMENT Warrent's EBITDA?

DEFI DEVELOPMENT Warrent (DFDVW) had EBITDA of -$35.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does DEFI DEVELOPMENT Warrent have?

As of fiscal year 2025, DEFI DEVELOPMENT Warrent (DFDVW) had $5.9M in cash and equivalents against $127.4M in long-term debt.

What is DEFI DEVELOPMENT Warrent's gross margin?

DEFI DEVELOPMENT Warrent (DFDVW) 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 Warrent's operating margin?

DEFI DEVELOPMENT Warrent (DFDVW) 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 Warrent's net profit margin?

DEFI DEVELOPMENT Warrent (DFDVW) 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 Warrent's return on equity (ROE)?

DEFI DEVELOPMENT Warrent (DFDVW) 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 Warrent's free cash flow?

DEFI DEVELOPMENT Warrent (DFDVW) 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 Warrent's operating cash flow?

DEFI DEVELOPMENT Warrent (DFDVW) generated -$18.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are DEFI DEVELOPMENT Warrent's total assets?

DEFI DEVELOPMENT Warrent (DFDVW) had $307.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are DEFI DEVELOPMENT Warrent's capital expenditures?

DEFI DEVELOPMENT Warrent (DFDVW) invested $2K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does DEFI DEVELOPMENT Warrent spend on research and development?

DEFI DEVELOPMENT Warrent (DFDVW) invested $1.1M in research and development during fiscal year 2025.

Does DEFI DEVELOPMENT Warrent buy back shares?

Yes, DEFI DEVELOPMENT Warrent (DFDVW) spent $11.5M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does DEFI DEVELOPMENT Warrent have outstanding?

DEFI DEVELOPMENT Warrent (DFDVW) had 31M shares outstanding as of fiscal year 2025.

What is DEFI DEVELOPMENT Warrent's current ratio?

DEFI DEVELOPMENT Warrent (DFDVW) had a current ratio of 1.51 as of fiscal year 2025, which is generally considered healthy.

What is DEFI DEVELOPMENT Warrent's debt-to-equity ratio?

DEFI DEVELOPMENT Warrent (DFDVW) 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 Warrent's return on assets (ROA)?

DEFI DEVELOPMENT Warrent (DFDVW) 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 Warrent's cash runway?

Based on fiscal year 2025 data, DEFI DEVELOPMENT Warrent (DFDVW) 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 Warrent's Piotroski F-Score?

DEFI DEVELOPMENT Warrent (DFDVW) 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 Warrent's earnings high quality?

DEFI DEVELOPMENT Warrent (DFDVW) 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 Warrent cover its interest payments?

DEFI DEVELOPMENT Warrent (DFDVW) 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.