DeFi Development Corp.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $11.4M | $2.1M | $2.0M | $2.2M | — |
| Research and development | $1.1M | $655,000 | $792,131 | $426,828 | — |
| Operating expenses | $47.8M | $5.1M | $5.4M | $3.9M | — |
| Operating income | -$36.4M | -$3.0M | -$3.4M | -$1.7M | — |
| Interest expense | $8.9M | $0 | — | — | — |
| Pretax income | -$73.8M | -$2.7M | — | — | — |
| Income tax expense | $9,000 | $0 | — | — | — |
| Net income | -$73.8M | -$2.7M | -$3.4M | -$1.3M | — |
| Balance Sheet | |||||
| Cash and equivalents | — | $2.5M | $5.1M | $981,125 | — |
| Current assets | $121.9M | $3.3M | $5.3M | $1.0M | — |
| Total assets | $307.4M | $4.4M | $6.7M | $1.3M | — |
| Current liabilities | $80.8M | $593,000 | $675,095 | $204,896 | — |
| Total liabilities | $208.1M | $874,000 | $867,847 | $811,535 | — |
| Total debt | $127.5M | $0 | — | — | — |
| Stockholders' equity | $99.3M | $3.5M | $5.8M | $525,378 | $419,306 |
| Cash Flow Statement | |||||
| Cash from operations | -$18.0M | -$2.4M | -$1.6M | -$1.0M | — |
| Depreciation and amortization | $1.0M | $7,000 | $900 | $0 | — |
| Stock-based compensation | $1.7M | $413,000 | $944,383 | $529,929 | — |
| Capital expenditure | $2,000 | $23,000 | $29,049 | $0 | — |
| Free cash flow | -$18.0M | -$2.4M | -$1.6M | -$1.0M | — |
| Share repurchases | $11.5M | $5,000 | — | — | — |
| Impairments | $50,500 | $83,219 | — | — | — |
Shares outstanding 30.1M · Free float 84.7%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.