DeFi Technologies Inc. reported audited full‑year 2025 results that set new company records, with revenue of $99.1 million and net income of $62.7 million. The revenue jump of 215% from the $31.4 million reported in 2024 and the swing from a $27.6 million loss to a $62.7 million profit underscore a dramatic turnaround in the company’s financial performance.
The company did not disclose a full‑year operating‑income figure; the $9 million operating income cited in the original article refers to the third quarter of 2025. For the fourth quarter, revenue was $20.0 million and net income $28.9 million. Operating expenses fell 14% to $52.6 million from $61.3 million in 2024, driven by lower share‑based payments and general‑administrative costs, which helped support the strong profitability shown in the full‑year results.
Segment performance highlights the diversified nature of DeFi Technologies’ business. Valour’s asset‑management arm recorded record net inflows of $138.2 million, while Stillman Digital’s trading commissions grew 355% in 2025, reflecting the first full year of contribution after its October 2024 acquisition. DeFi Alpha’s trading desk also added substantial cumulative revenue, contributing to the overall profitability across the company’s three core segments.
The company delayed filing its audited 2025 statements because a SOC 2 Type 2 report is still pending. In addition, Nasdaq issued a notice regarding a bid‑price deficiency, giving DeFi Technologies until September 1, 2026 to meet listing requirements. The company also disclosed a material weakness in 2024 related to accounting for locked tokens, and it restated its Q2 and Q3 2024 financials in April 2025. The discount for lack of marketability (DLOM) on private‑fund investments decreased from $86.5 million at 12/31/2024 to $32.8 million at 12/31/2025, reflecting changes in valuation assumptions.
Investors reacted with a short‑term surge in extended‑hours trading, but overall sentiment remained cautious due to the audit‑delay and Nasdaq compliance concerns. The market’s mixed reaction reflects the tension between the company’s strong earnings turnaround and the uncertainties surrounding its regulatory and reporting timelines.
CEO Johan Wattenstrom said the results reflect the strength of the business model, noting that Valour continued to scale its global ETP platform with more than 100 listed products and strong inflows, while Stillman Digital delivered its first full year of contribution and further strengthened the institutional layer of the platform. He added that across the business, DeFi Technologies has demonstrated that it is not reliant on any single product, revenue stream, or market environment.
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