Filing Flows › DeFi Development (DFDV) › Q3 2025
DeFi Development (DFDV) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 19, 2025
DeFi Development (DFDV) reported revenue of $4.6M for the third quarter 2025 (Q3 2025), +647% from a year earlier and +133% from the quarter before.
DeFi Development, Q3 2025: revenue $4.6M (+647% year over year), net earnings $56.0M, operating cash flow −$5.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.6M | +133% | +647% |
| Operating profit | $72.1M | +319% | — |
| Net earnings | $56.0M | +263% | — |
| Operating cash flow | −$5.0M | — | — |
What changed
Revenue was $4.6M in Q3 2025, up 647% year over year and up 133% from the previous quarter. Digital Asset Treasury was the largest line at 82% of revenue. Real Estate Platform added $212K year over year (up 34%), 5% of the total change.
Operating profit was $72.1M, a 1558.6% margin (up 1632.0 points year over year). Net earnings were $56.0M. The effective tax rate was 24.2%.
Operating cash flow was −$5.0M. Non-cash charges added back $352K of depreciation and amortization and $331K of share-based compensation. Working capital and other items used $61.7M.
Questions
What was DeFi Development's revenue in the third quarter 2025?
DeFi Development (DFDV) reported revenue of $4.6M for the third quarter 2025 (Q3 2025), +647% from a year earlier and +133% from the quarter before.
Source: DeFi Development 10-Q on SEC EDGAR.