DeFi Development Corp. (DFDV) Income Statement
DFDV 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsDFDV revenue and net income
Where DFDV's revenue goes
2025Each bar shows an amount and its share of revenue. DFDV kept −648.1% of revenue as net income.
DFDV profit margins
DFDV growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +442.3% | +74.3% | +48.8% | — |
| Gross profit | +438.6% | +73.0% | +48.1% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
DFDV quarterly EPS vs estimates
DeFi Development beat the analyst EPS estimate in 0 of the last 5 quarters. Next report: November 17, 2026.
DFDV income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $11.4M | $2.1M | $2.0M | $2.2M | $2.0M | $1.6M |
| Cost of revenue | $249,000 | $31,897 | $0 | $0 | $0 | $0 |
| Gross profit | $11.1M | $2.1M | $2.0M | $2.2M | $2.0M | $1.6M |
| Research & development | $1.1M | $654,803 | $792,131 | $426,828 | $38,417 | $111,153 |
| Sales, general & admin | $16.6M | $4.1M | $4.6M | $3.4M | $3.0M | $1.1M |
| Total operating expenses | $18.8M | $5.1M | $5.4M | $3.9M | $3.0M | $1.2M |
| Operating income | −$7.6M | −$3.0M | −$3.4M | −$1.7M | −$1.1M | $393,388 |
| Interest income | — | $156,020 | $140,720 | $9,241 | $1,856 | — |
| Interest expense | $8.9M | $0 | — | $0 | $160 | $93,791 |
| Income before taxes | −$73.8M | −$2.7M | −$3.4M | −$1.3M | −$1.6M | $319,025 |
| Income taxes | $9,000 | — | — | −$9,241 | −$1,696 | — |
| Net income | −$73.8M | −$2.7M | −$3.4M | −$1.3M | −$1.6M | $319,025 |
| EBITDA | −$63.8M | −$2.7M | −$3.4M | $458,725 | −$1.6M | $432,244 |
| EPS (diluted) | −$8.88 | −$0.57 | −$0.39 | −$0.14 | −$0.18 | — |
| Gross margin | 97.8% | 98.5% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | −67.0% | −143.0% | −170.0% | −80.0% | −53.3% | 25.2% |
| Net margin | −648.1% | −129.9% | −168.4% | −58.7% | −81.6% | 20.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.3M | $2.7M | $4.5M | $4.6M | $2.0M | $287,172 | $628,881 | $618,669 | $440,973 | $411,137 | $350,190 | $583,785 |
| Cost of revenue | $21,000 | $454,000 | $127,000 | $88,000 | $28,000 | $6,960 | $7,599 | $7,631 | $57,714 | $8,633 | $0 | $0 |
| Gross profit | $3.3M | $2.2M | $4.4M | $4.5M | $2.0M | $280,212 | $621,282 | $611,038 | $383,259 | $402,504 | $350,190 | $583,785 |
| Research & development | $83,000 | $141,000 | $391,000 | $269,000 | $313,000 | $169,018 | $176,223 | $151,190 | $154,006 | $173,384 | $349,629 | $246,883 |
| Sales, general & admin | $4.2M | $6.3M | $6.0M | $3.6M | $4.7M | $1.0M | $990,518 | $863,334 | $1.1M | $1.2M | $1.2M | $2.0M |
| Total operating expenses | $26.1M | $6.4M | $6.7M | −$67.5M | −$15.2M | $1.2M | $1.3M | $1.1M | $1.2M | $1.4M | $1.6M | $2.2M |
| Operating income | −$22.8M | −$4.2M | −$2.4M | $72.1M | $17.2M | −$883,167 | −$679,392 | −$454,089 | −$851,750 | −$1.0M | −$1.2M | −$1.6M |
| Interest income | — | — | — | — | — | $19,605 | $26,800 | $34,288 | $43,853 | $51,079 | $63,605 | — |
| Interest expense | $3.7M | $2.7M | $5.2M | $2.9M | $776,000 | $0 | — | $0 | $0 | — | — | — |
| Income before taxes | −$27.3M | −$83.4M | −$163.6M | $74.0M | $16.6M | −$777,599 | −$486,073 | −$471,255 | −$805,405 | −$964,051 | −$1.2M | −$1.6M |
| Income taxes | $1,000 | — | −$19.1M | $17.9M | $1.2M | — | — | — | — | — | — | — |
| Net income | −$27.3M | −$83.4M | −$144.5M | $56.0M | $15.4M | −$777,599 | −$486,073 | −$471,255 | −$805,405 | −$964,051 | −$1.2M | −$1.6M |
| EBITDA | −$21.7M | −$85.7M | −$158.0M | $77.2M | $17.7M | −$727,717 | −$545,459 | −$420,652 | −$755,725 | −$891,066 | −$1.2M | −$1.6M |
| EPS (diluted) | −$0.21 | −$3.18 | −$8.47 | −$0.10 | −$0.23 | −$0.08 | −$0.34 | −$0.05 | −$0.08 | −$0.10 | −$0.19 | −$0.20 |
| Gross margin | 99.4% | 83.0% | 97.2% | 98.1% | 98.6% | 97.6% | 98.8% | 98.8% | 86.9% | 97.9% | 100.0% | 100.0% |
| Operating margin | −689.2% | −157.3% | −52.4% | 1,558.6% | 865.6% | −307.5% | −108.0% | −73.4% | −193.2% | −247.7% | −355.8% | −280.7% |
| Net margin | −823.4% | −3,130.3% | −3,219.0% | 1,211.4% | 777.0% | −270.8% | −77.3% | −76.2% | −182.6% | −234.5% | −336.2% | −270.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in DFDV's financial statements (latest annual report filed March 30, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
DFDV financial results
In fiscal year 2025 (ended December 31, 2025), DeFi Development reported revenue of $11.4 million, up 442.3% from the year before. It had a net loss of $73.8 million, a net profit margin of −648.1%. Diluted earnings per share came to −$8.88. Over five years revenue grew at an average rate of 48.8% a year.
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DFDV income statement FAQ
What is DeFi Development's annual revenue?
DeFi Development reported total revenue of $11.4 million for fiscal year 2025, which ended on December 31, 2025. That was up 442.3% from $2.1 million the previous year.
Is DeFi Development profitable?
No. DeFi Development reported a net loss of $73.8 million in fiscal 2025, a net profit margin of −648.1%; its operating margin was −67.0%.
What is DeFi Development's gross margin?
DeFi Development's gross margin was 97.8% in fiscal 2025: for every $100 of revenue, DeFi Development kept $98 after the direct cost of its products and services.
How much does DeFi Development spend on research and development?
DeFi Development spent $1.1 million on research and development in fiscal 2025, 10.0% of revenue.
How fast is DeFi Development growing?
Revenue grew 48.8% a year on average over the last five fiscal years, from $1.6 million to $11.4 million.
What are DeFi Development's earnings per share?
DeFi Development earned $-8.88 per diluted share in fiscal 2025, compared with $-0.57 a year earlier.
When will DeFi Development report its next earnings?
DeFi Development is expected to report results for the quarter ending September 30, 2026 on November 17, 2026.
When does DeFi Development's fiscal year end?
DeFi Development's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 30, 2026.