DeFi Development Corp. Reports First Quarter 2025 Financial Results and Provides Strategic Update on Solana Treasury Activity

Rhea-AI Summary

DeFi Development Corp. (NASDAQ: DFDV) reported strong Q1 2025 financial results, marking significant improvements in key metrics. The company achieved a 379% year-over-year increase in annual recurring revenue to $1.37M, while SaaS revenue grew 163% to $191,000. Net loss improved by 19% to $(777,599), with a 31% improvement in cash flow from operations. The company has transformed its treasury strategy by accumulating over 595,988 SOL (worth over $100 million) through ten purchases, including a record single purchase of 172,670 SOL. Strategic initiatives include partnerships with BitGo and Kraken for institutional SOL staking, acquisition of a Solana validator business, and development of onchain-native investor reporting infrastructure. Operating expenses decreased by 18% to $1.17M, with notable reductions in G&A costs.

Positive

• 379% YoY growth in annual recurring revenue to $1.37M
• 163% YoY increase in SaaS revenue to $191,000
• 19% improvement in net loss from $(964,051) to $(777,599)
• 31% improvement in cash flow from operations
• 18% reduction in operating expenses to $1.17M
• Significant SOL accumulation reaching 595,988 tokens worth over $100M
• Strategic acquisition of Solana validator business for new revenue stream
• Partnerships with BitGo and Kraken for institutional SOL staking

Negative

• Continuing operational losses of $(883,167) in Q1 2025
• 12% increase in Sales & Marketing expenses
• 3% dilution in weighted average shares outstanding

Insights

Blockchain Financial Analyst

DeFi Dev Corp improved financials while transforming into a Solana treasury vehicle with $100M in SOL holdings and new validator revenue stream.

DeFi Development Corp has executed a strategic pivot, transforming into a vehicle primarily focused on Solana (SOL) accumulation while showing impressive financial improvements. The company has reduced its net loss by 19% year-over-year to $777,599 and decreased operating expenses by 18%, demonstrating significant operational discipline.

What's particularly notable is the dramatic 379% increase in annual recurring revenue related to their SaaS business, reaching $1.38 million. This substantial growth, combined with their 31% improvement in cash flow from operations, provides them with enhanced financial stability to execute their Solana accumulation strategy.

The company has aggressively built a position of 595,988 SOL tokens (worth over $100 million), effectively positioning themselves as a public market proxy for Solana exposure. Their recent acquisition of a Solana validator business represents a strategic move that creates a new revenue stream while maximizing their staking yield through self-staking – essentially allowing them to generate additional returns on their treasury holdings.

Their partnerships with institutional crypto custodians BitGo and Kraken enhance their credibility and infrastructure for managing large-scale crypto assets. The company is also improving transparency through onchain-native investor reporting tools, allowing shareholders to track Net Asset Value and SOL/share metrics – critical for a company whose value is increasingly tied to its crypto holdings.

This transformation positions DeFi Development Corp as one of the few public companies offering significant exposure to Solana's ecosystem, potentially allowing traditional investors access to SOL without directly holding cryptocurrency.

BOCA RATON, Fla., May 14, 2025 (GLOBE NEWSWIRE) -- DeFi Development Corp. (Nasdaq: DFDV) (“DeFi Dev Corp” or the “Company”), a public-market vehicle focused on long-term Solana (“SOL”) accumulation, today announced financial results for the first quarter ended March 31, 2025, and provided a strategic update on recent treasury activity.

Q1 2025 Financial Highlights:

• 379% year-over-year improvement in annual recurring revenue related to SaaS business
• SaaS revenue of approximately $191,000, up 163% year-over-year
• 31% year-over-year improvement in cash flow from operations
• 19% year-over-year improvement in net loss from operations

Strategic and Operational Highlights (Past 30 Days):

• Executed Solana purchases, bringing total SOL holdings to over $100 million (inclusive of staking rewards)
• Formalized partnerships with BitGo and Kraken to expand access to locked SOL and institutional SOL staking
• Completed corporate name change to DeFi Development Corp. and announced ticker symbol change to DFDV
• Continued development of onchain-native investor reporting infrastructure, including NAV and SOL/share dashboards at https://defidevcorp.com/dashboard
• Announced the acquisition of a Solana validator business, enabling a new revenue stream and allowing DeFi Dev Corp. to maximize staking yield through self-staking
• Purchased a record 172,670 SOL on May 12, 2025, marking our tenth purchase and bringing total treasury holdings to 595,988 SOL

Key Operating Results:

Metric	Q1 2025	Q1 2024	% Change
Loss from Operations	$(883,167)	$(1,018,252)	+13% (lower loss)
Net Loss	$(777,599)	$(964,051)	+19% (lower loss)
Operating Expenses	$1,170,339	$1,429,389	-18%
-  Sales & Marketing	$464,839	$415,626	+12%
-  Research & Development	$169,018	$173,384	-3%
-  General & Administrative	$543,912	$758,761	-28%
-  Depreciation & Amortization	$49,882	$72,985	-32
Weighted Avg. Shares Outstanding	1,424,649	1,382,730	+3%
Net Loss Per Share (Basic & Diluted)	$(0.55)	$(0.70)	+21% (lower loss)
Net Cash Used in Operating Activities	$(785,639)	$(1,146,227)	+31%
Annual Recurring Revenue	$1,376,067	$287,178	+379%

Management Commentary:

“The past month has been transformative. We immediately began executing on our new treasury strategy, aggressively accumulated over 500,000 SOL, acquired a validator, onboarded new validator partners, and introduced tools to raise the bar for transparency,” said Joseph Onorati, CEO of DeFi Development Corp. “We have one goal: aggressively grow SOL per share, operate with discipline, and create long-term alignment between the Company and our shareholders.”

Full financial results are available in the Company’s quarterly report on Form 10-Q, filed with the Securities and Exchange Commission on May 14, 2025.

About DeFi Development Corp.

DeFi Development Corp. (Nasdaq: DFDV) has adopted a treasury policy under which the principal holding in its treasury reserve on the balance sheet will be allocated to Solana (SOL). In adopting its new treasury policy, the Company intends to provide investors a way to access the Solana ecosystem. The Company’s treasury policy is expected to provide investors economic exposure to SOL investment.

We are an AI-powered online platform that connects the commercial real estate industry by providing data and software subscriptions as well as value-add services to multifamily and commercial property professionals as we connect the increasingly complex ecosystem that stakeholders have to manage.

We currently serve more than one million web users annually, including multifamily and commercial property owners and developers applying for billions of dollars of debt financing per year, professional service providers, and thousands of multifamily and commercial property lenders including more than 10% of the banks in America, credit unions, real estate investment trusts (“REITs”), debt funds, Fannie Mae® and Freddie Mac® multifamily lenders, FHA multifamily lenders, commercial mortgage-backed securities (“CMBS”) lenders, Small Business Administration (“SBA”) lenders, and more. Our data and software offerings are generally offered on a subscription basis as software as a service (“SaaS”).

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estimate," "expect," strategy," "future," "likely," "may,", "should," "will" and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) fluctuations in the market price of SOL and any associated impairment charges that the Company may incur as a result of a decrease in the market price of SOL below the value at which the Company’s SOL are carried on its balance sheet; (ii) the effect of and uncertainties related the ongoing volatility in interest rates; (iii) our ability to achieve and maintain profitability in the future; (iv) the impact on our business of the regulatory environment and complexities with compliance related to such environment including changes in securities laws or other laws or regulations; (v) changes in the accounting treatment relating to the Company’s SOL holdings; (vi) our ability to respond to general economic conditions; (vii) our ability to manage our growth effectively and our expectations regarding the development and expansion of our business; (viii) our ability to access sources of capital, including debt financing and other sources of capital to finance operations and growth and (ix) other risks and uncertainties more fully in the section captioned "Risk Factors" in the Company's most recent Annual Report on Form 10-K, Form S-3 and other reports we file with the SEC. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Investor Contact:
ir@defidevcorp.com

Media Contact:
Prosek Partners
pro-ddc@prosek.com

FAQ

What were DeFi Development Corp's (DFDV) Q1 2025 financial results?

In Q1 2025, DFDV reported a net loss of $(777,599), improved by 19% YoY, with annual recurring revenue up 379% to $1.37M and SaaS revenue growing 163% to $191,000. Operating expenses decreased 18% to $1.17M.

How much Solana (SOL) does DeFi Development Corp hold in its treasury?

DeFi Development Corp holds 595,988 SOL tokens worth over $100 million, including their latest record purchase of 172,670 SOL on May 12, 2025.

What strategic partnerships did DFDV announce in Q1 2025?

DFDV announced partnerships with BitGo and Kraken to expand access to locked SOL and institutional SOL staking, and acquired a Solana validator business for self-staking capabilities.

What was DFDV's improvement in cash flow from operations in Q1 2025?

DFDV reported a 31% year-over-year improvement in cash flow from operations, with net cash used in operating activities improving from $(1,146,227) to $(785,639).

How much did DeFi Development Corp's SaaS revenue grow in Q1 2025?

DFDV's SaaS revenue grew 163% year-over-year to approximately $191,000 in Q1 2025.