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DeFi Development (DFDV) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · DeFi Development (DFDV) Q2 2026 earnings results →
Q2 2026 Revenue up 67% year over year to $3.3M · 823¢ of every $1 of revenue lost · operating margin -689.2%
DeFi Development made $3.3M in Q2 2026 (+67% Y/Y): Treasury $3.3M, Real Estate $58K. Operating margin -689.2%, net loss $27.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
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What changed this quarter
Revenue was $3.3M in Q2 2026, up 67% year over year and up 24% from the previous quarter. Treasury was the largest line at 98% of revenue. Treasury added $2.0M year over year (up 170%), 154% of the total change. Real Estate declined 93%.
Operating costs exceeded revenue by $22.8M, an operating margin of -689.2%. The quarter ended with a net loss of $27.3M, narrower than the previous quarter's $83.4M loss.
Operating cash flow was −$4.3M. Non-cash charges added back $352K of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items added $20.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $3.3M | +67% | -689.2% | −$27.3M | −$4.3M |
| Q1 2026 | 10-Q | May 19, 2026 | $2.7M | +828% | n/m | −$83.4M | −$9.8M |
| Q4 2025 | 10-K | Mar 30, 2026 | $4.5M | +614% | n/m | −$144M | −$10.9M |
| Q3 2025 | 10-Q | Nov 19, 2025 | $4.6M | +647% | n/m | $56.0M | −$5.0M |
| Q2 2025 | 10-Q | Aug 14, 2025 | $2.0M | +350% | 865.6% | $15.4M | −$1.3M |
| Q1 2025 | 10-Q | May 14, 2025 | $287K | -30% | -307.5% | −$778K | −$785K |
| Q4 2024 | 10-K | Mar 27, 2025 | $629K | +80% | -108.0% | −$486K | −$179K |
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About DeFi Development
DeFi Development Corp. ("we," "our," "DeFi Dev," "us," or the "Company") is a publicly traded company focused on building and managing a digital asset treasury strategy centered on the Solana blockchain ecosystem. We also provide an artificial intelligence (“AI”) platform that connects commercial mortgage and small business borrowers looking for debt to refinance, build, or buy commercial property, including apartment buildings, to commercial property lenders. During 2025, we pivoted our primary business strategy to the acquisition, long-term holding, and active management of Solana ("SOL") and SOL-related digital assets. Our treasury strategy includes accumulating SOL, locked SOL, liquid staking tokens such as dfdvSOL, and other SOL-denominated or SOL-native positions, and actively supporting the Solana ecosystem.
In its own words, from its 10-K, filed Mar 30, 2026.
DeFi Development against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +67% against the peers' median +18%. Operating margin: -689.2% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| DFDV DeFi Development | Q2 2026 | $3.3M | +67% | -689.2% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: DeFi Development 10-Q on SEC EDGAR · CIK 1805526 · Finance Services
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results