Revenue remains highly erratic, swinging from a negative $4.3M in 2025Q2 to a positive $1.5M in 2025Q4, while gross margins reached a negative 107.6% in the most recent quarter.
| Sales/Revenue | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | -6.98M | 19.54M | -1.85M | 23.29M | -2.17M |
| Gross Margin % | 246.64% | -153868.98% | -512.07% | 91.11% | - |
| Gross Profit Growth % | -135.74% | 1158.53% | -107.93% | 1172.72% | - |
| Operating Expenses | -51.21M | 2.11M | 1.42M | 1.28M | -1.79M |
| OpEx % of Revenue | 1809.04% | -16631.83% | 394.63% | 4.99% | - |
| Selling, General & Admin | 0 | 2.09M | 1.35M | 1.13M | 0 |
| SG&A % of Revenue | - | -16480.41% | 374.61% | 4.43% | - |
| Research & Development | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - |
| Operating Income | 44.23M | 17.43M | -4.14M | -3.93M | -3.96M |
| Operating Margin % | -1562.39% | -137237.15% | -1148.67% | -15.37% | - |
| Operating Income Growth % | 153.82% | 520.88% | -5.41% | 0.8% | - |
| EBITDA | 44.23M | 17.43M | -4.14M | -3.93M | -3.19M |
| EBITDA Margin % | -1562.39% | -137237.15% | -1148.67% | -15.37% | - |
| EBITDA Growth % | 153.82% | 520.88% | -5.41% | -23.05% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 767.62K |
| EBIT | 44.23M | 17.43M | -4.14M | -3.93M | -3.96M |
| Net Interest Income | 1.15M | -192.38K | 102.38K | 184.25K | 0 |
| Interest Income | 1.15M | 0 | 102.38K | 184.25K | 0 |
| Interest Expense | 0 | 192.38K | 0 | 0 | 0 |
| Other Income/Expense | - | - | - | - | - |
| Pretax Income | 44.23M | 17.43M | -4.14M | -3.93M | -4.03M |
| Pretax Margin % | -1562.39% | -137237.15% | -1148.67% | -15.37% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | 44.23M | 17.43M | -4.14M | -3.93M | -4.03M |
| Net Margin % | -1562.39% | -137237.15% | -1148.67% | -15.37% | - |
| Net Income Growth % | 153.82% | 520.88% | -5.41% | 2.53% | - |
| Net Income (Continuing) | 44.23M | 17.43M | -4.14M | -3.93M | -4.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.54 | 1.60 | -0.38 | -0.36 | -1.61 |
| EPS Growth % | 121.25% | 521.05% | -5.56% | 77.64% | - |
| EPS (Basic) | 3.54 | 1.60 | -0.38 | -0.36 | -1.61 |
| Diluted Shares Outstanding | 12.49M | 10.88M | 10.9M | 10.91M | 2.5M |
| Basic Shares Outstanding | 12.49M | 10.88M | 10.9M | 10.91M | 2.5M |
| Dividend Payout Ratio | - | - | - | - | - |
NAV Valuation Volatility
As indicated by the company's historical financial filings, revenue generation remains highly erratic, swinging from a negative $4.3M in 2025Q2 to a positive $1.5M in 2025Q4, which underscores the fund's heavy reliance on unrealized valuation adjustments rather than consistent, recurring operational cash inflows from its portfolio.
The lack of a stable revenue trajectory suggests that the fund's top-line performance is tethered to the volatile valuation environment of its underlying private holdings. Investors should monitor whether the fund can transition toward more predictable management fee income as the portfolio matures, rather than relying on mark-to-market swings.
Based on reported figures, gross margins have fluctuated wildly, reaching a negative 107.6% in 2025Q4, which highlights the difficulty in maintaining consistent profitability when the cost of revenue is tied to the complex, subjective valuation of Level 3 private assets within the fund's portfolio.
These extreme margin swings appear to be an accounting artifact of how investment companies report valuation changes against operational costs. The lack of structural margin stability warrants further investigation into whether the fund's current expense base can be adequately covered by its existing investment income streams.
According to recent SEC filings, the company reported a net income of $39.0M in 2025Q4, yet this figure appears heavily influenced by non-cash valuation adjustments rather than operational efficiency, raising questions about the sustainability of such earnings in the absence of significant liquidity events or portfolio exits.
The disconnect between net income and operational cash flow suggests that reported earnings may not accurately reflect the underlying health of the management entity. Analysts should exercise caution when interpreting these figures, as they are highly sensitive to the subjective fair value assessments of private tech holdings.
As noted in financial statements, the fund's reliance on secondary market valuations for its private assets creates a potential liquidity trap, where the ease of trading DXYZ shares on public exchanges may mask the extreme illiquidity and valuation risk inherent in its underlying private tech portfolio.
Short-sellers may focus on the potential for a significant discount to NAV if market sentiment shifts and the fund is forced to reconcile its public share price with the actual realizable value of its holdings. This structural mismatch between public liquidity and private asset illiquidity remains a primary risk factor for investors.
Quick answers to the most common questions about buying DXYZ stock.
Destiny Tech100 Inc. (DXYZ) is profitable, generating $44.2M in net income for the fiscal year ending 2025 with a net profit margin of -1562.4%.
Destiny Tech100 Inc. (DXYZ) reported an operating income of $44.2M, resulting in an operating profit margin of -1562.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Destiny Tech100 Inc. (DXYZ) generated $-7.0M in gross profit for the year, representing a gross profit margin of 246.6%. This demonstrates the company's core pricing power and production efficiency.