DeFi Technologies Inc. Announces Q3 2025 Financial Results: Revenues of $22.5 million, Operating Income of $9 million, and CEO Transition

Executive Summary

• DeFi Technologies reported Q3 2025 revenue of $22.5 M and operating income of $9 M, a decline from the prior year but still profitable.
• The company revised its 2025 revenue guidance down to $116.6 M (from $218.6 M) due to delayed DeFi Alpha arbitrage activity, while highlighting a strong balance sheet bolstered by a recent $100 M equity financing.
• Co‑founder Johan Wattenström will assume the roles of CEO and Executive Chairman; outgoing CEO Olivier Roussy Newton will remain as strategic advisor and cornerstone shareholder.

Key Details

• Revenue: $22.5 M (Q3 2025) vs. $28.1 M (Q3 2024); nine‑month revenue $80 M vs. $51.3 M prior year.
• Operating Income: $9 M (Q3 2025) vs. $14.4 M (Q3 2024); nine‑month operating income $39.4 M vs. a loss of $1.6 M prior year.
• AUM Growth: Valour’s assets under management reached $989.1 M as of Sept. 30 2025, up from $772.9 M (June 2025).
• Net Inflows: $38.8 M in Q3 2025; YTD inflows $116.2 M.
• Business Segment Highlights:
• Valour staking/lending income $7.4 M, management fees $2.8 M (both up YoY).
• Stillman Digital generated $2.2 M in trading commissions; nine‑month revenue $6.1 M, projected FY 2025 total ~$8.6 M.
• Reflexivity Research revenues fell to $109.5k (down from $468k YoY).
• DeFi Advisory launched with $192.4k revenue from two clients.
• Share Repurchase: 935,900 shares bought for $2.44 M (~$2.61 per share).
• Cash & Treasury: Cash $119.5 M; digital asset holdings $46.2 M; total liquidity $165.7 M.
• Equity Financing: Recent $100 M equity raise strengthens balance sheet for future arbitrage and product launches.
• DeFi Alpha Trades:
• May 2025 – locked‑token trade with $23.8 M discount (realizable over 3 years if SUI ≥ $3.51).
• Nov 2025 – locked‑token trade with $3.2 M discount (realizable over 3 years if SOL ≥ $167).
• Guidance Update: FY 2025 revenue now expected at $116.6 M; outlook contingent on market conditions and execution of DeFi Alpha strategy.
• CEO Transition: Johan Wattenström appointed CEO & Executive Chairman; Olivier Roussy Newton steps down as CEO, remains strategic advisor and major shareholder.

Notable Quotes

“We delivered revenues of $22.5 million and operating income of $9 million… Our $165.7 million balance sheet gives us the flexibility to launch new structured products… With Johan stepping in as CEO, we are entering our next phase of growth stronger than ever.” – Olivier Roussy Newton, outgoing CEO

“I look forward to leading DeFi Technologies into its next phase of growth… We will continue to scale our ETP platform globally and expand trading operations.” – Johan Wattenström, incoming CEO