Northwire Canada EditionSaturday, October 17, 2026
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Earnings

DeFi Technologies Announces Preliminary Unaudited Full Year 2025 Financial Results with Record Revenue of $99.1 Million and Record Net Income of $62.7 Million; Appoints New Independent Chair of the Audit Committee

DeFi Technologies Clears Audit Hurdle With Record $99M Revenue, But Nasdaq Compliance Looms

By The Northwire Desk — AI Analysis Mar 31, 2026 · 17:00 DEFI · 0.79 DEFI TECHNOLOGIES INC.
Executive Summary
  • DeFi Technologies released audited full-year 2025 financial results on April 2, 2026, reporting record revenue of $99.1 million (+215% YoY) and record net income of $62.7 million, reversing a $27.6 million loss in FY2024.
  • The audited figures exactly match the preliminary unaudited results released on March 31, 2026.
  • The company reported a combined cash, digital-asset treasury, and venture portfolio balance of approximately $178.7 million as of December 31, 2025.
  • Subsidiary performance was highlighted: Valour maintained ~$809.9 million in average AUM, Stillman Digital generated $9.6 million in trading commissions (355% YoY growth), and the new DeFi Advisory segment contributed $0.3 million.
  • Operating expenses decreased 14% to $52.6 million, driven by reduced share-based compensation and lower SG&A.
  • The release coincides with the resolution of the Management Cease Trade Order (MCTO) issued on April 1, 2026, which was triggered by a delayed FY2025 audit due to a pending SOC 2 Type 2 report from a third-party counterparty.
Material Impact
  • The audited results are fully in line with the preliminary numbers disclosed three days prior, meaning the market has already priced in the $99.1 million revenue and $62.7 million net income.
  • The primary impact is procedural and risk-mitigating: filing the audited statements lifts the MCTO, removes the continuous disclosure default status, and restores normal insider trading privileges.
  • No new operational metrics, guidance updates, or strategic surprises were introduced. The narrative remains consistent with management's prior claims of a "fortress balance sheet" and vertically integrated growth model.
  • Given the lack of incremental information and the direct overlap with the March 31 release, the market-moving potential is limited to short-term relief from regulatory overhang.
DEFI · Price
Company Overview
  • DeFi Technologies operates as a vertically integrated digital asset infrastructure and asset management firm.
  • Flagship project: Valour Inc., a regulated digital-asset ETP issuer with approximately 100+ listed products across European and Latin American exchanges, managing ~$810 million in AUM.
  • Core subsidiaries include Stillman Digital (institutional prime brokerage and OTC trading), DeFi Alpha (proprietary arbitrage desk), Reflexivity Research (market intelligence), and DeFi Advisory (institutional consulting).
  • The company's strategy focuses on bridging traditional finance and decentralized ecosystems through regulated products, institutional liquidity provision, and strategic venture investments.
Read the original news release →

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Earnings