Filing Flows › DeFi Development (DFDV) › Q2 2025
DeFi Development (DFDV) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 14, 2025
DeFi Development (DFDV) reported revenue of $2.0M for the second quarter 2025 (Q2 2025), +350% from a year earlier and +592% from the quarter before. Operating margin was 865.6%, net earnings $15.4M (777.0% of revenue).
DeFi Development, Q2 2025: revenue $2.0M (+350% year over year), operating margin 865.6%, net earnings $15.4M, operating cash flow −$1.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0M | +592% | +350% |
| Operating profit | $17.2M | — | — |
| Net earnings | $15.4M | — | — |
| Operating cash flow | −$1.3M | — | — |
What changed
Revenue was $2.0M in Q2 2025, up 350% year over year and up 592% from the previous quarter. Digital Asset Treasury was the largest line at 61% of revenue. Real Estate Platform added $339K year over year (up 77%), 22% of the total change.
Operating profit was $17.2M, a 865.6% margin (up 1058.8 points year over year). Net earnings were $15.4M. The effective tax rate was 7.2%.
Operating cash flow was −$1.3M. Non-cash charges added back $291K of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items used $17.9M.
Questions
What was DeFi Development's revenue in the second quarter 2025?
DeFi Development (DFDV) reported revenue of $2.0M for the second quarter 2025 (Q2 2025), +350% from a year earlier and +592% from the quarter before.
Was DeFi Development profitable in the second quarter 2025?
Operating profit was $17.2M (865.6% of revenue) and net earnings $15.4M.
Source: DeFi Development 10-Q on SEC EDGAR.