Filing Flows › DeFi Development (DFDV) › Q1 2026 › vs Q4 2025
DeFi Development (DFDV) Q1 2026 vs Q4 2025 (quarter over quarter)
DeFi Development's revenue fell $1.8M (-41%) from $4.5M in Q4 2025 to $2.7M in Q1 2026. The biggest changes: Treasury −$1.8M (-43%); Real Estate −$38K (-13%).
DeFi Development, Q1 2026: revenue $2.7M (+828% year over year), net loss $83.4M, operating cash flow −$9.8M. The chart draws each line against Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Treasury | $2.4M | $4.2M | −$1.8M | -43% |
| Real Estate | $262K | $300K | −$38K | -13% |
| Revenue | $2.7M | $4.5M | −$1.8M | -41% |
| Net loss | $83.4M | $144M | −$61.1M | -42% |
| Costs & expenses | $86.1M | $168M | −$82.0M | -49% |
| Operating costs | $57.9M | $129M | −$71.4M | -55% |
| Interest & other, net | $28.2M | $38.8M | −$10.6M | -27% |
| Cost of revenue | $103K | $127K | −$24K | -19% |
| Research & development | $141K | $391K | −$250K | -64% |
| Sales & marketing | $253K | $431K | −$178K | -41% |
| General & admin | $6.0M | $5.5M | $469K | +8% |
| Other operating costs | $51.4M | $123M | −$71.4M | -58% |
| Operating cash sources | $83.4M | $144M | −$61.1M | -42% |
| Depreciation & amortization | $351K | $352K | −$1K | -0.3% |
| Share-based compensation | $720K | $337K | $383K | +114% |
| Working capital & other | $72.5M | $133M | −$60.4M | -45% |
| Cash used in operations | $9.8M | $10.9M | −$1.1M | -10% |
| Net loss absorbed | $83.4M | $144M | −$61.1M | -42% |
Questions
How much did DeFi Development's revenue grow quarter over quarter in Q1 2026?
DeFi Development's revenue fell $1.8M (-41%) from $4.5M in Q4 2025 to $2.7M in Q1 2026.
What drove DeFi Development's revenue change in Q1 2026?
Treasury −$1.8M (-43%); Real Estate −$38K (-13%).