DFDVDeFi Development
DeFi Development Corp. ("we," "our," "DeFi Dev," "us," or the "Company") is a publicly traded company focused on building and managing a digital asset treasury strategy centered on the Solana blockchain ecosystem. 10-K, Item 1
- Headquarters
- Boca Raton, FL
- CEO
- Joseph Mario Onorati
- Next results
- around Mar 29, 2027
All key numbers (33) From EDGAR
| EPS (ttm) | -9.18 | Sales (ttm) | 15.1M | Net income (ttm) | -199.1M | Sales growth | +442% | EPS growth | - | Sales Q/Q | +66.9% |
| Free cash flow | -30.0M | Gross margin | 97.8% | Oper. margin | -866.5% | Net margin | n/m | FCF margin | -198.9% | ROE | n/m |
| ROA | -97.9% | R&D / sales | 10.0% | Dividend | - | Debt/Eq | n/m | Curr. ratio | 1.21 | Cash | 4.3M |
| Op. cash flow (ttm) | -30.0M | EBITDA | -35.4M | EBITDA margin | -310.5% | Net debt | 116.2M | Quick ratio | 1.21 | Interest cover | -4.08 |
| Stock pay / sales | 14.7% | Shares out. | 31.0M | Shares Y/Y | -5.5% | Book / share | -0.39 | Cash / share | 0.14 | Sales / share | 0.49 |
| Asset turnover | 0.07 | Days sales out. | 2 | Sales 3Y CAGR | +74.3% |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Revenue growth sped up to +442.2%+4.8% → +442.2% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
-
Operating margin narrowed to -319.7%-143.0% → -319.7% · Operating income / revenue · 10-K ↗
DFDV against Crypto peers
Ten years, side by side → · All 32 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 32 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| DFDV DeFi Development | $15.1M | +442% | 97.8% | - | - | -198.9% | - |
| UPXI Upexi | $25.0M | +58.1% | 89.5% | -984.3% | - | -84.0% | - |
| BTCS BTCS | $16.6M | +305% | 26.9% | -746.3% | - | -47.1% | - |
| HSDT Solana Company | $12.1M | - | 95.5% | - | -94.9% | -223.2% | - |
| DJT Trump Media & Technology Group | $6.5M | +1.8% | 54.5% | - | -58.2% | -250.8% | 0.68 |
| TRON Tron Inc. | $5.1M | +10.0% | 25.7% | - | 3.6% | - | - |
Profitability
0 of 2- !Net margin below the peer median-1319.5% vs -169.8%
- !A profit in 0 of 4 years
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
Revenue and net income, FY2022 to FY2025
Revenue 11.4M Net income -73.8MFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $11.4M of revenue came from
by product, year to Dec 31, 2025- Digital asset treasury $9.2M · 81%
- Real estate platform $2.2M · 19%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
DFDV's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by business segment
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Digital asset treasury | 9.2M | 80.7% | - |
| Treasury | 9.2M | 80.7% | - |
| Real Estate Investment Trusts | 2.2M | 19.3% | +4.7% |
| Real estate platform | 2.2M | 19.3% | +4.7% |
10-K 0001805526-26-000006, segment and revenue notes (XBRL).
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Digital asset treasury | 9.2M | 80.7% | - |
| Real estate platform | 2.2M | 19.3% | +4.7% |
10-K 0001805526-26-000006, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Revenue | 2.2M | 2.0M | 2.1M | 11.4M |
| Cost of revenue | - | - | 32K | 249K |
| R&D | 427K | 792K | 655K | 1.1M |
| SG&A | 1.8M | 2.6M | 2.6M | 14.3M |
| Operating income | -1.7M | -3.4M | -3.0M | -36.4M |
| Interest expense | - | - | 0 | 8.9M |
| Pretax income | - | - | -2.7M | -73.8M |
| Income tax | - | - | 0 | 9K |
| Net income | -1.3M | -3.4M | -2.7M | -73.8M |
| EPS (diluted) | -0.21 | -0.46 | -0.28 | -4.00 |
| Diluted shares | 6.0M | 7.4M | 9.8M | 18.5M |
| Depreciation & amortization | 0 | 912 | 307K | 1.0M |
| EBITDA | -1.7M | -3.4M | -2.7M | -35.4M |
| Operating margin | -80.0% | -170.0% | -143.0% | -319.7% |
| Net margin | -58.7% | -168.4% | -129.9% | -648.1% |
| Revenue growth | - | -6.9% | +4.8% | +442% |
Balance sheet
From EDGAR| FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Cash | 981K | 5.1M | 2.5M | 5.9M |
| Short-term investments | - | - | 340K | 3.7M |
| Receivables | 38K | 86K | 195K | 52K |
| Current assets | 1.0M | 5.3M | 3.3M | 121.9M |
| Property & equipment | 0 | 28K | 41K | 0 |
| Goodwill | 0 | 607K | 607K | 607K |
| Total assets | 1.3M | 6.7M | 4.4M | 307.4M |
| Current liabilities | 205K | 675K | 593K | 80.8M |
| Total debt | - | - | 0 | 127.5M |
| Total liabilities | 812K | 868K | 874K | 208.1M |
| Shareholders' equity | 525K | 5.8M | 3.5M | 99.3M |
| Retained earnings | -3.3M | -6.6M | -9.4M | -91.8M |
Cash flow
From EDGARStock-based pay and leases
From EDGARFrom SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
Work on DFDV in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/DFDV/export.csv") into a cell.