Filing Flows › DeFi Development (DFDV) › Q4 2025
DeFi Development (DFDV) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 30, 2026
DeFi Development (DFDV) reported revenue of $4.5M for the fourth quarter 2025 (Q4 2025), +614% from a year earlier and -3% from the quarter before.
DeFi Development, Q4 2025: revenue $4.5M (+614% year over year), net loss $144M, operating cash flow −$10.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.5M | -3% | +614% |
| Operating profit | −$125M | -273% | — |
| Net earnings | −$144M | -358% | — |
| Operating cash flow | −$10.9M | — | — |
What changed
Revenue was $4.5M in Q4 2025, up 614% year over year and down 3% from the previous quarter. Digital asset treasury was the largest line at 93% of revenue.
Operating costs exceeded revenue by $124.8M, an operating margin of -2780.5%. Total costs grew 9786% against revenue growth of 614%. The fastest-growing cost line was Other operating costs (+91769%). The quarter ended with a net loss of $144.5M, after a profit of $56.0M the previous quarter.
Operating cash flow was −$10.9M. Non-cash charges added back $352K of depreciation and amortization and $337K of share-based compensation. Working capital and other items added $132.9M.
Questions
What was DeFi Development's revenue in the fourth quarter 2025?
DeFi Development (DFDV) reported revenue of $4.5M for the fourth quarter 2025 (Q4 2025), +614% from a year earlier and -3% from the quarter before.
Source: DeFi Development 10-K on SEC EDGAR.