Preliminary Unaudited Financial Highlights
Revenue
- Total revenue for the fiscal year ended December 31, 2025, was $99.1 million, compared to $31.4 million in fiscal 2024, representing a 215% increase.
- For the three months ended December 31, 2025, revenue was $20.0 million, compared to $(19.3 million) in Q4 2024.
Net Income
- Net income and comprehensive income for the fiscal year ended December 31, 2025 was a record $62.7 million, compared to a net loss of $(27.6 million) in fiscal 2024.
- For the three months ended December 31, 2025, net income was $28.9 million, compared to a net loss of $(22.3 million) in Q4 2024.
Q4 2025 vs. Q4 2024
- For the three months ended December 31, 2025, DeFi Technologies reported revenue of $20.0 million and net income of $28.9 million, compared to revenue of $(19.3 million) and a net loss of $(22.3 million) in Q4 2024.
- The year-over-year improvement of $51.2 million in net income reflects the Company's operational transformation and the resilience of its diversified business model across market cycles.
Operating Expenses
- Total operating expenses decreased 14% to $52.6 million, compared to $61.3 million in 2024.
- The decrease was driven primarily by a $6.0 million reduction in share-based payments and lower operating, general, and administrative costs, reflecting management's continued focus on operating discipline and efficiency.
Valour – Staking, Lending and Management Fees
- For the fiscal year ended December 31, 2025, Valour generated $13.1 million in staking and lending income, compared to $13.0 million in 2024.
- Management fees increased to $9.7 million, compared to $6.4 million in 2024, representing 51% growth, driven by higher average AUM.
- Average AUM throughout fiscal 2025 was approximately $809.9 million.
Stillman Digital
- For the fiscal year ended December 31, 2025, Stillman Digital generated $9.6 million in trading commissions revenue.
- This compares to $2.1 million in fiscal 2024 and reflects the first full year of contribution to DeFi Technologies' consolidated results following the October 2024 acquisition.
Reflexivity Research
- For the fiscal year ended December 31, 2025, Reflexivity Research generated $0.5 million in research revenue, compared to $1.4 million in 2024.
- Management is focused on reinvigorating the business through expanded distribution partnerships, new sponsorship revenue channels, and a refreshed product offering.
DeFi Advisory
- The Company launched its DeFi Advisory business line in Q3 2025, generating $0.3 million in advisory revenue for the fiscal year.
- DeFi Advisory is positioned as a full-stack partner for corporate digital asset treasury programs.
Preliminary Unaudited Cash and Treasury Position
- Cash balance: As of December 31, 2025, DeFi Technologies' consolidated cash including USDT/USDC balance stood at $113.8 million ($91.2 million of cash).
- Digital asset treasury holdings: As of December 31, 2025, the Company's digital asset treasury holdings totaled approximately $35.5 million.
- Venture portfolio: As of December 31, 2025, the Company's venture and private portfolio was valued at approximately $29.4 million.
Together, total cash, treasury, and venture portfolio value stood at approximately $178.7 million as of year-end. The Company regularly monitors its cash and digital asset reserves on a consolidated basis and allocates a portion of its digital asset treasury reserve to support ETP market risk hedging.
