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DeFi Development cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$4.3M in Q2 2026 · −$30.0M over twelve months

Operating cash flow−$4.3M
Free cash flow−$4.3M

Analysis

In Q2 2026, DeFi Development generated −$4.3M of operating cash flow. That is $3.0M less than in Q2 2025 (−$1.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$30.0M; the largest uses were other investing ($134M), other financing ($33.8M), operating cash flow ($30.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($117M), shares issued ($104M); the cash balance rose by $1.9M.

Operating cash flow was −$4.3M against net income of −$27.3M. The largest differences: impairments +$10.0M, stock-based pay +$1.7M, gains on investments +$915K.

Free cash flow

DeFi Development: free cash flow by quarterDeFi Development: free cash flow by quarter−$412KQ3 2024−$189KQ4 2024−$785KQ1 2025−$1.3MQ2 2025−$5.0MQ3 2025−$10.9MQ4 2025−$9.8MQ1 2026−$4.3MQ2 2026
Operating cash flow less capital spending.
DeFi Development: operating cash flow against capital spendingDeFi Development: operating cash flow against capital spendingOperating cash flowCapital spending−$412K$0Q3 2024−$179K$10KQ4 2024−$785K$0Q1 2025−$1.3M$0Q2 2025−$5.0M$0Q3 2025−$10.9M$0Q4 2025−$9.8M$0Q1 2026−$4.3M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$4.3M, Capital spending $0.

Capital allocation, year by year

DeFi Development: where the cash came from (up) and went (down), by fiscal yearDeFi Development: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2022: Operating cash flow −$1.0MFY2022: Shares issued $166K$166KFY2022FY2023: Operating cash flow −$1.6MFY2023: Shares issued $6.7MFY2023: Capital spending −$29KFY2023: Acquisitions −$60K$6.7MFY2023FY2024: Operating cash flow −$2.4MFY2024: Shares issued $1KFY2024: Capital spending −$23KFY2024: Buybacks −$5K$1KFY2024FY2025: Operating cash flow −$18.0MFY2025: Net borrowing $149MFY2025: Shares issued $135MFY2025: Capital spending −$2KFY2025: Buybacks −$11.5M$283MFY2025
Over these 4 years operating cash flow totalled −$23.0M; the largest uses were operating cash flow ($23.0M) and buybacks ($11.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.3M
Debt$121M
Net debt$114M
Cash runway3 months

DeFi Development is burning cash: its operations consume cash, a free cash flow of −$30.0M a year at the current rate against $6.3M of cash and investments: a runway of about 3 months before any new financing.

DeFi Development: debt maturities by year (FY2025)DeFi Development: debt maturities by year (FY2025)$134MYear 5$134MAfter year 5
Principal due in each year as disclosed in the annual report, against $6.3M of cash and investments now.

Where the cash came from and went

DeFi Development: sources (+) and uses (−) of cash, Q2 2026DeFi Development: sources (+) and uses (−) of cash, Q2 2026Other investing$10.4MOther financing−$5.5MOperating cash flow−$4.3MCash drawn (+) / kept (−)−$652KShares issued$176KTaxes on employees’ shares−$137K
DeFi Development: sources (+) and uses (−) of cash, TTM to Q2 2026DeFi Development: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$134MNet borrowing (+) / repaid (−)$117MShares issued$104MOther financing−$33.8MOperating cash flow−$30.0MBuybacks−$22.0MCash drawn (+) / kept (−)−$1.9M

From profit to cash

DeFi Development: net income to operating cash flow, Q2 2026DeFi Development: net income to operating cash flow, Q2 2026Net income−$27.3MDepreciation & amortization$352KStock-based pay$1.7MImpairments$10.0MGains on investments$915KReceivables−$5KPayables−$188KDeferred revenue−$13KPrepaid and other assets−$737KOperating cash flow−$4.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 20251—4471-4470
Q3 202511—4586-4574
Q2 202540—5563-5523
Q1 2025130—3300-3170
Q4 202426—2654-2627
Q3 202421—1774-1754

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$4.3M———$176K−$652K−$4.3M
Q1 2026−$9.8M—−$10.5M−$107K$2.0M$2.2M−$9.8M
Q4 2025−$10.9M——−$106K$4.9M$2.9M−$10.9M
Q3 2025−$5.0M——$118M$96.9M−$6.3M−$5.0M
Q2 2025−$1.3M——−$53K$32.8M−$668K−$1.3M
Q1 2025−$785K——$70K$70K$715K−$785K
Q4 2024−$179K−$10K———$251K−$189K
Q3 2024−$412K————$468K−$412K

DeFi Development: income statement and cash flow

DeFi Development, Q2 2026: revenue $3.3M (+67% year over year), operating margin -689.2%. The chart follows the revenue to costs, profit and cash.

DeFi Development: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.