DeFi Development Corp. Warrant (DFDVW) Financials
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 DFDVW SEC filings page.
DeFi Development Corp. Warrant (DFDVW) 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).
The business expanded sharply in FY2025, but financing and investment outpaced operations, leaving revenue far from covering the cost structure.
Revenue increased 5.4x from FY2024 to$11.4M , yet the scale-up did not produce operating leverage. Operating margin worsened from-143.0% to-319.7% , indicating that added activity arrived with a much heavier expense burden.
The 97.8% gross margin did not translate into operating profit: reported gross profit was
The funding profile changed materially: debt-to-equity rose from 0.0x in FY2024 to 1.3x in FY2025. Operating cash flow was
Financial Health Signals
DeFi Development Corp. Warrant does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
DeFi Development Corp. Warrant 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. Warrant 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. Warrant 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. Warrant 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. Warrant'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. Warrant 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. Warrant 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. Warrant 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. Warrant'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. Warrant 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. Warrant repurchased no shares in Q2 2026. Against the prior quarter it is down 100.0%.
Not reported for Q2 2026.
DFDVW 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% |
DFDVW 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.
DFDVW 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.
DFDVW 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.
Where DeFi Development Corp. Warrant Ranks
Frequently Asked Questions
What is DeFi Development Corp. Warrant's annual revenue?
DeFi Development Corp. Warrant (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 Corp. Warrant's revenue growing?
DeFi Development Corp. Warrant (DFDVW) revenue grew by 442.3% year-over-year, from $2.1M to $11.4M in fiscal year 2025.
Is DeFi Development Corp. Warrant profitable?
No, DeFi Development Corp. Warrant (DFDVW) reported a net income of -$73.8M in fiscal year 2025.
What is DeFi Development Corp. Warrant's EBITDA?
DeFi Development Corp. Warrant (DFDVW) had EBITDA of -$35.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does DeFi Development Corp. Warrant have?
As of fiscal year 2025, DeFi Development Corp. Warrant (DFDVW) had $5.9M in cash and equivalents against $127.4M in long-term debt.
What is DeFi Development Corp. Warrant's gross margin?
DeFi Development Corp. Warrant (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 Corp. Warrant's return on equity (ROE)?
DeFi Development Corp. Warrant (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 Corp. Warrant's free cash flow?
DeFi Development Corp. Warrant (DFDVW) 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. Warrant's operating cash flow?
DeFi Development Corp. Warrant (DFDVW) 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. Warrant's total assets?
DeFi Development Corp. Warrant (DFDVW) had $307.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are DeFi Development Corp. Warrant's capital expenditures?
DeFi Development Corp. Warrant (DFDVW) invested $2K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does DeFi Development Corp. Warrant spend on research and development?
DeFi Development Corp. Warrant (DFDVW) invested $1.1M in research and development during fiscal year 2025.
What is DeFi Development Corp. Warrant's current ratio?
DeFi Development Corp. Warrant (DFDVW) had a current ratio of 1.51 as of fiscal year 2025, which is generally considered healthy.
What is DeFi Development Corp. Warrant's debt-to-equity ratio?
DeFi Development Corp. Warrant (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 Corp. Warrant's return on assets (ROA)?
DeFi Development Corp. Warrant (DFDVW) had a return on assets of -24.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does DeFi Development Corp. Warrant's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, DeFi Development Corp. Warrant (DFDVW) held $9.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $18.0M over that year. Dividing the one by the other, the reported balance equals about 6 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is DeFi Development Corp. Warrant's Piotroski F-Score?
DeFi Development Corp. Warrant (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 Corp. Warrant's earnings high quality?
DeFi Development Corp. Warrant (DFDVW) 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. Warrant cover its interest payments?
DeFi Development Corp. Warrant (DFDVW) 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.