DFDV

MKT CAP:$79M

DeFi Development Corp.

Market Cap

$79M

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$4.80-$0.54 (-10.11%)

Apr 22, 2026

Company Details

DeFi Development Corp. is an AI-powered online platform that connects the commercial real estate industry by providing data and software subscriptions, as well as value-added services to multifamily and commercial property professionals. Th...

CEO

Joseph Mario Onorati

IPO Date

Jun 21, 2022

Website

defidevcorp.com

Key Metrics TTM

Revenue

$11M

+442.3% YoY

Net Income

-$74M

EPS (Diluted)

-$4.00

Free Cash Flow

-$18M

Revenue / Share

$0.62

Gross Margin

97.8%

Operating Margin

-319.7%

Net Margin

-648.1%

FCF Margin

-157.8%

P/S

7.0x

P/E

—

Earnings Reports

FY 2025

Mar 30, 2026

$11M+442.3%EPS -$4.00

Q4 2025

Mar 30, 2026

$4M+613.6%EPS -$6.59

Q3 2025

Nov 18, 2025

$5M+647.6%EPS $1.83

Q2 2025

Aug 14, 2025

$2M+350.4%EPS $0.84

Q1 2025

May 14, 2025

$287.2K-30.2%EPS -$0.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$431.8K	$431.8K	-$556.9K
Q2 22	$734.7K	$734.7K	-$380.5K
Q3 22	$525.4K	$525.4K	-$602.1K
Q4 22	$459.1K	$459.1K	-$180.9K
Q1 23	$467.2K	$467.2K	-$274.0K
Q2 23	$601.9K	$601.9K	-$246.4K
Q3 23	$583.8K	$583.8K	-$2M
Q4 23	$350.2K	$350.2K	-$1M
Q1 24	$411.1K	$402.5K	-$1M
Q2 24	$441.0K	$383.3K	-$851.8K
Q3 24	$618.7K	$611.0K	-$454.1K
Q4 24	$628.9K	$621.3K	-$679.4K
Q1 25	$287.2K	$280.2K	-$883.2K
Q2 25	$2M	$2M	$17M
Q3 25	$5M	$5M	$72M
Q4 25	$4M	$4M	-$125M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	8.7x	—
Q3 22	7.7x	—
Q4 22	9.0x	—
Q1 23	8.8x	—
Q2 23	9.4x	—
Q3 23	4.2x	—
Q4 23	5.5x	—
Q1 24	6.8x	—
Q2 24	5.0x	—
Q3 24	4.0x	—
Q4 24	3.5x	—
Q1 25	5.1x	—
Q2 25	86.1x	22.1x
Q3 25	30.4x	3.3x
Q4 25	10.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$216.7K	-$216.7K
Q2 22	-$99.4K	-$99.4K
Q3 22	-$458.1K	-$458.1K
Q4 22	-$249.5K	-$249.5K
Q1 23	-$213.7K	-$213.7K
Q2 23	-$108.2K	-$108.2K
Q3 23	-$586.2K	-$595.3K
Q4 23	-$659.4K	-$679.4K
Q1 24	-$1M	-$1M
Q2 24	-$680.8K	-$687.6K
Q3 24	-$412.0K	-$412.0K
Q4 24	-$179.3K	-$185.9K
Q1 25	-$785.6K	-$785.6K
Q2 25	-$1M	-$1M
Q3 25	-$5M	-$5M
Q4 25	-$11M	-$11M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$9.1K
Q4 23	$20.0K
Q1 24	$6.4K
Q2 24	$6.8K
Q3 24	$0
Q4 24	$6.6K
Q1 25	$0
Q2 25	$2.0K
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+135.3%	+106.8%
Q4 22	-44.5%	-61.9%
Q1 23	+8.2%	-25.0%
Q2 23	-18.1%	-23.9%
Q3 23	+11.1%	+97.1%
Q4 23	-23.7%	+149.4%
Q1 24	-12.0%	+92.8%
Q2 24	-26.7%	+52.4%
Q3 24	+6.0%	-51.7%
Q4 24	+79.6%	-18.0%
Q1 25	-30.2%	-18.1%
Q2 25	+350.4%	-1276.1%
Q3 25	+647.6%	-6388.6%
Q4 25	+613.6%	+9781.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$258.4K	59.9%
Q2 22	$208.8K	28.4%
Q3 22	$206.4K	39.3%
Q4 22	-$143.6K	-31.3%
Q1 23	$99.2K	21.2%
Q2 23	$103.9K	17.3%
Q3 23	$690.4K	118.3%
Q4 23	$592.0K	169.1%
Q1 24	$108.2K	26.3%
Q2 24	$105.1K	23.8%
Q3 24	$50.1K	8.1%
Q4 24	$149.5K	23.8%
Q1 25	$53.7K	18.7%
Q2 25	$952.3K	47.9%
Q3 25	$331.0K	7.2%
Q4 25	$337.0K	7.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$159.7K	$494.1K	$334.9K
Q2 22	—	$1M	—
Q3 22	$16.7K	$994.5K	$116.2K
Q4 22	$12.5K	$517.4K	$110.1K
Q1 23	$105.2K	$342.3K	$293.7K
Q2 23	$90.4K	$726.6K	$31.3K
Q3 23	$246.9K	$2M	$49.5K
Q4 23	$349.6K	$1M	$106.7K
Q1 24	$173.4K	$1M	$55.1K
Q2 24	$154.0K	$1M	$49.4K
Q3 24	$151.2K	$564.4K	$298.9K
Q4 24	$176.2K	$915.7K	$74.8K
Q1 25	$169.0K	$543.9K	$464.8K
Q2 25	$313.0K	$5M	$681.0K
Q3 25	$269.0K	$4M	$668.0K
Q4 25	$391.0K	$6M	$431.2K

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	—	-51.0%	—
Q2 22	—	-40.1%	—
Q3 22	135.3%	-175.2%	-39.9
Q4 22	-44.5%	58.7%	14.2
Q1 23	8.2%	-58.6%	-50.4
Q2 23	-18.1%	-13.4%	-31.5
Q3 23	11.1%	-280.7%	-269.6
Q4 23	-23.7%	-355.5%	-379.2
Q1 24	-12.0%	-229.9%	-241.9
Q2 24	-26.7%	-181.9%	-208.6
Q3 24	6.0%	-65.2%	-59.2
Q4 24	79.6%	-86.7%	-7.2
Q1 25	-30.2%	-290.2%	-320.3
Q2 25	350.4%	891.2%	1241.6
Q3 25	647.6%	1670.2%	2317.8
Q4 25	613.6%	-3518.8%	-2905.1

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$2M	$0	$2M
Q2 22	$1M	$0	$1M
Q3 22	$1M	$0	$1M
Q4 22	$981.1K	$0	$981.1K
Q1 23	$767.4K	$0	$767.4K
Q2 23	$2M	$0	$2M
Q3 23	$6M	$0	$6M
Q4 23	$5M	$0	$5M
Q1 24	$4M	$0	$4M
Q2 24	$3M	$0	$3M
Q3 24	$3M	$0	$3M
Q4 24	$3M	$339.9K	$3M
Q1 25	$2M	$425.3K	$2M
Q2 25	$2M	$595.0K	$3M
Q3 25	$9M	$1M	$10M
Q4 25	$6M	$4M	$10M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	9M	0.0%	—
Q2 22	9M	+0.0%	—
Q3 22	10M	+19.3%	+25.2%
Q4 22	9M	-16.2%	0.0%
Q1 23	9M	0.0%	0.0%
Q2 23	9M	+0.0%	0.0%
Q3 23	8M	-8.1%	-23.0%
Q4 23	6M	-23.1%	-29.3%
Q1 24	10M	+56.6%	+10.7%
Q2 24	10M	+0.0%	+10.7%
Q3 24	10M	+1.3%	+22.0%
Q4 24	10M	+0.9%	+60.1%
Q1 25	10M	+0.8%	+3.0%
Q2 25	19M	+93.9%	+99.7%
Q3 25	31M	+62.6%	+220.7%
Q4 25	18M	-41.3%	+86.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$24.2K	26
Q1 25	$11.0K	26
Q2 25	$76.4K	26
Q3 25	$177.9K	26
Q4 25	$280.5K	16

Revenue / Employee