DEFT

MKT CAP:$266M

DeFi Technologies Inc.

Market Cap

$266M

Financial Services·Financial - Capital Markets·🇨🇦 Canada·NASDAQ

Financials·Financial·🇨🇦·NASDAQ

Stock Price

$0.76-$0.13 (-14.52%)

Apr 23, 2026

Company Details

DeFi Technologies Inc., a technology company, develops exchange traded products that synthetically track the value of a single DeFi protocol or a basket of protocols in Canada. The company offers asset management services, such as indirect ...

CEO

Johan Wattenstrom

IPO Date

Aug 15, 2024

Website

defi.tech

Key Metrics TTM

Revenue

-$4M

— YoY

Net Income

-$51M

EPS (Diluted)

-$0.14

Free Cash Flow

-$129M

Revenue / Share

-$0.01

Gross Margin

317.7%

Operating Margin

1165.5%

Net Margin

1164.0%

FCF Margin

2927.0%

P/S

—

P/E

—

Earnings Reports

Q3 2025

May 13, 2026

PENDING

FY 2025

Apr 2, 2026

$76M+6.3%EPS $0.17

Q2 2025

Jul 29, 2025

$27M-81.2%EPS -$0.00

Q1 2025

May 14, 2025

$25M+254.1%EPS $0.09

FY 2024

Dec 31, 2024

$71MEPS -$0.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 24	-$16M	-$18M	-$8M
Q2 24	$144M	$144M	$72M
Q3 24	-$52M	-$52M	$4M
Q4 24	-$4M	-$4M	-$86M
Q1 25	$25M	$21M	$32M
Q2 25	$27M	$21M	-$617.4K

Valuation

Quarter	P/S	P/E
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	15.6x	—
Q1 25	9.9x	69.0x
Q2 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 24	-$42M	-$42M
Q2 24	$15M	$15M
Q3 24	$9M	$9M
Q4 24	-$78M	-$78M
Q1 25	-$57M	-$57M
Q2 25	-$3M	-$3M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 25	+254.1%	+18.2%
Q2 25	-81.2%	-61.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 24	$1M	—
Q2 24	$3M	1.7%
Q3 24	$9M	—
Q4 24	$7M	—
Q1 25	$5M	21.6%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 24	$2M	$372.0K
Q2 24	$24M	—
Q3 24	$11M	—
Q4 24	$12M	—
Q1 25	$7M	$3M
Q2 25	$6M	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 23	$4M	$17M	$21M
Q1 24	$5M	$198M	$203M
Q2 24	$10M	$184M	$194M
Q3 24	$11M	$292M	$303M
Q4 24	$17M	$386M	$403M
Q1 25	$15M	$290M	$305M
Q2 25	$26M	$254M	$280M
Q3 25	$120M	$111M	$231M
Q4 25	$91M	$39M	$130M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 24	284M	—	—
Q2 24	333M	+17.1%	—
Q3 24	355M	+6.8%	—
Q4 24	358M	+0.8%	—
Q1 25	367M	+2.4%	+29.2%
Q2 25	362M	-1.3%	+8.8%

Shares Outstanding