DeFi Development (DFDV) financial statements
DeFi Development reported revenue of $11M in fiscal 2025, up 74.3% a year over 3 years.
Net income was -$74M and the operating margin -319.7%, against -80.0% in 2022.
Free cash flow was -$18M, and the company returned $12M in net buybacks.
The diluted share count rose 206% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from DeFi Development's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $2M | $2M | $2M | $11M |
| Cost of revenue | — | — | $32,000 | $249,000 |
| Gross profit | — | — | $2M | $11M |
| Research and development | $426,828 | $792,131 | $655,000 | $1M |
| Selling, general and admin | $3M | $5M | $4M | $17M |
| Operating income | -$2M | -$3M | -$3M | -$36M |
| Interest expense | — | — | $0 | $9M |
| Pre-tax income | — | — | -$3M | -$74M |
| Income tax | — | — | $0 | $9,000 |
| Net income | -$1M | -$3M | -$3M | -$74M |
| EPS (diluted) | -$0.21 | -$0.46 | -$0.28 | -$4.00 |
| Diluted shares | 6M | 7M | 10M | 18M |
| Gross margin | — | — | 98.5% | 97.8% |
| Operating margin | -80.0% | -170.0% | -143.0% | -319.7% |
| Net margin | -58.7% | -168.4% | -129.9% | -648.1% |
Balance sheet
Fiscal years, from DeFi Development's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $981,125 | $5M | $3M | $10M |
| Receivables | $38,287 | $86,138 | $195,000 | $52,000 |
| Total current assets | $1M | $5M | $3M | $122M |
| Property, plant and equipment | $0 | $28,137 | $41,000 | $0 |
| Goodwill | $0 | $606,666 | $607,000 | $607,000 |
| Total assets | $1M | $7M | $4M | $307M |
| Total current liabilities | $204,896 | $675,095 | $593,000 | $81M |
| Long-term debt | — | — | $0 | $127M |
| Total liabilities | $811,535 | $867,847 | $874,000 | $208M |
| Shareholders' equity | $525,378 | $6M | $4M | $99M |
| Net debt | -$981,125 | -$5M | -$3M | $121M |
Cash flow
Fiscal years, from DeFi Development's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | -$1M | -$2M | -$2M | -$18M |
| Capital spending | $0 | $29,049 | $23,000 | $2,000 |
| Free cash flow | -$1M | -$2M | -$2M | -$18M |
| Stock-based compensation | $529,929 | $944,383 | $413,000 | $2M |
| Share buybacks (net) | — | — | -$5,000 | -$12M |
| Net borrowing | — | — | $0 | -$373,000 |
| Free cash flow margin | -47.6% | -79.7% | -116.2% | -157.8% |
Questions
What was DeFi Development's revenue in 2025?
$11M in fiscal 2025, from its 10-K filing.
How much free cash flow does DeFi Development generate?
-$18M in fiscal 2025 (operating cash flow minus capital spending).
From DeFi Development's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.