The company achieved a 96.1% gross margin in 2026Q1, though this is offset by a -157.3% operating margin that reflects heavy investment in platform development.
| Sales/Revenue | 13.76M | 11.39M | 2.1M | 2M | 2.15M | 1.98M | 1.56M |
| Revenue Growth % | 596.62% | 442.28% | 4.82% | -6.87% | 8.55% | 26.92% | - |
| Cost of Goods Sold | 346K | 249K | 31.9K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 2.19% | 1.52% | - | - | - | - |
| Gross Profit | 13.42M | 11.14M | 2.07M | 2M | 2.15M | 1.98M | 1.56M |
| Gross Margin % | 97.49% | 97.81% | 98.48% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 438.6% | 3.23% | -6.87% | 8.55% | 26.92% | - |
| Operating Expenses | -69.67M | 18.76M | 5.07M | 5.41M | 3.87M | 3.04M | 1.17M |
| OpEx % of Revenue | - | 164.78% | 241.53% | 269.98% | 179.98% | 153.28% | 74.8% |
| Selling, General & Admin | 21.82M | 16.57M | 4.11M | 4.62M | 3.44M | 3M | 1.06M |
| SG&A % of Revenue | - | 145.57% | 195.71% | 230.43% | 160.14% | 151.34% | 67.68% |
| Research & Development | 1.11M | 1.14M | 654.8K | 792.13K | 426.83K | 38.42K | 111.15K |
| R&D % of Revenue | - | 10.03% | 31.19% | 39.54% | 19.84% | 1.94% | 7.12% |
| Other Operating Expenses | -1.65M | 1.04M | 307.2K | 0 | 15.26K | 13.76K | 0 |
| Operating Income | 82.74M | -7.63M | -3M | -3.4M | -1.72M | -1.06M | 393.39K |
| Operating Margin % | 601.15% | -66.97% | -143.05% | -169.98% | -79.98% | -53.28% | 25.2% |
| Operating Income Growth % | - | -153.87% | 11.79% | -97.91% | -62.98% | -368.34% | - |
| EBITDA | 84.08M | -6.58M | -2.78M | -3.4M | -1.7M | -1.62M | 412.82K |
| EBITDA Margin % | 610.93% | -57.79% | -132.38% | -169.93% | -78.84% | -81.63% | 26.44% |
| EBITDA Growth % | 3252.07% | -136.73% | 18.35% | -100.72% | -4.84% | -491.83% | - |
| D&A (Non-Cash Add-back) | 1.35M | 1.04M | 223.98K | 912 | 24.49K | 0 | 19.43K |
| EBIT | -68.26M | -64.85M | -2.92M | -3.37M | -1.26M | -1.62M | 412.82K |
| Net Interest Income | -6.24M | -8.93M | 156.02K | 140.72K | 9.24K | 1.7K | -93.19K |
| Interest Income | 0 | 0 | 156.02K | 140.72K | 9.24K | 1.86K | 602 |
| Interest Expense | 6.24M | 8.93M | 0 | 0 | 0 | 160 | 93.79K |
| Other Income/Expense | -239.13M | -66.15M | 276.7K | 31.1K | 449.48K | -561.91K | -74.36K |
| Pretax Income | -156.39M | -73.78M | -2.73M | -3.37M | -1.27M | -1.62M | 319.02K |
| Pretax Margin % | -1136.31% | -647.98% | -129.87% | -168.42% | -59.09% | -81.63% | 20.43% |
| Income Tax | 9K | 9K | 0 | 0 | -9.24K | 0 | 0 |
| Effective Tax Rate % | -0.01% | -0.01% | 0% | 0% | 0.73% | 0% | 0% |
| Net Income | -156.4M | -73.79M | -2.73M | -3.37M | -1.26M | -1.62M | 319.02K |
| Net Margin % | -1136.38% | -648.06% | -129.87% | -168.42% | -58.66% | -81.63% | 20.43% |
| Net Income Growth % | -6056.68% | -2606.04% | 19.18% | -167.41% | 22% | -607.02% | - |
| Net Income (Continuing) | -156.4M | -73.79M | -2.73M | -3.37M | -1.26M | -1.62M | 319.02K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.96 | -4.00 | -0.28 | -0.46 | -0.14 | -0.18 | 0.04 |
| EPS Growth % | -2642.57% | -1333.09% | 38.79% | -216.19% | 22% | -607.01% | - |
| EPS (Basic) | - | -4.00 | -0.28 | -0.46 | -0.14 | -0.18 | 0.04 |
| Diluted Shares Outstanding | 26.26M | 18.45M | 9.77M | 7.4M | 8.74M | 8.74M | 8.74M |
| Basic Shares Outstanding | 26.26M | 18.45M | 9.77M | 7.4M | 8.74M | 8.74M | 8.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | 165.9% |
Treasury-linked liquidity volatility
As reported in recent financial statements, DFDV achieved a 442.28% year-over-year revenue expansion, signaling a rapid adoption of its AI-driven CRE platform that significantly outpaces traditional software peers, though the sustainability of this growth remains contingent on the firm's ability to maintain its current customer acquisition velocity.
The dramatic revenue surge suggests that the company's dual-track strategy of integrating AI analytics with crypto-native treasury models is resonating with a specific niche of tech-forward CRE professionals. However, investors should monitor whether this growth is organic or driven by one-time transactional fees, as the current trajectory may be sensitive to broader shifts in property market liquidity.
Based on the company's latest filings, DFDV maintains a robust 97.81% gross margin, which highlights the inherent scalability of its digital infrastructure, yet this efficiency is starkly contrasted by a -66.97% operating margin that reflects aggressive spending on platform development and market expansion.
The near-zero marginal cost of delivering data to additional users suggests a powerful software moat, provided the company can control its cloud and inference costs. The wide gap between gross and operating margins implies that the firm is currently prioritizing market share capture over immediate profitability, a strategy that warrants further investigation into its long-term expense discipline.
According to the provided income statement data, the company's -648.06% net margin is heavily influenced by non-operating items, likely stemming from the accounting treatment of its Solana-heavy treasury, which obscures the underlying operational performance of the core software business.
The extreme net loss appears to be a byproduct of mark-to-market accounting for digital assets rather than a failure of the core software model. Analysts should strip out these non-cash treasury fluctuations to determine the true operating health of the platform, as the current headline figures may lead to a systematic mispricing of the firm's actual earnings power.
As indicated by the company's $5.92M cash position relative to its significant operating losses, DFDV faces a precarious liquidity profile that may necessitate dilutive equity raises if the underlying treasury assets experience a prolonged downturn or if operational burn rates remain elevated.
The reliance on a crypto-forward treasury creates a double-jeopardy scenario where both CRE market softness and crypto-asset volatility could simultaneously impair the company's financial flexibility. Investors should remain cautious, as the current burn-to-win strategy leaves little room for error should the company's growth trajectory face a sudden, unexpected deceleration.
Quick answers to the most common questions about buying DFDV stock.
For fiscal year 2025, DeFi Development Corp. (DFDV) reported total revenue of $11.4M. This represents a 629.3% increase compared to $1.6M in 2020.
DeFi Development Corp. (DFDV) reported a net loss of $73.8M for the fiscal year ending 2025.
DeFi Development Corp. (DFDV) reported an operating income of $-7.6M, resulting in an operating profit margin of -67.0%. This margin reflects the operational efficiency of the business before interest and taxes.
DeFi Development Corp. (DFDV) generated $11.1M in gross profit for the year, representing a gross profit margin of 97.8%. This demonstrates the company's core pricing power and production efficiency.