DeFi Development (DSDV) investor relations material

Executive summary

• Maintains core mission to provide leveraged Solana (SOL) exposure and maximize SOL per share (SPS) growth, with SPS reaching 0.0670 as of May 13, 2026, up 108% year-over-year.

• Shifted primary business strategy to focus on SOL and Solana-related digital assets, including validator operations, staking rewards, and winding down the Real Estate Platform segment.

• Repurchased 1.6 million shares for $10.5 million and $4.4M in principal of July 2030 Convertible Notes for $2.6M in cash, representing a 41% discount to par.

• All activities, including partnerships, validator operations, and the Treasury Accelerator, are aimed at amplifying SOL accumulation and ecosystem development.

Financial highlights

• Revenue rose to $2.7 million for Q1 2026, up from $0.3 million year-over-year, driven by digital asset treasury activities.

• Net loss widened to $83.4 million from $0.8 million year-over-year, mainly due to $51.0 million net loss on digital assets and $22.8 million loss from derivatives.

• Confident in sustaining operations for well over two years at current SOL prices and staking revenue, even if SOL drops by 50%.

• OPEX reduction is a priority to drive greater SPS growth.

• Cash and cash equivalents at quarter-end were $3.7 million, down from $5.9 million at year-end.

Outlook and guidance

• Reaffirmed June 2026 guidance of 0.075 SPS (fully converted) and maintains a long-term target of 1.0 SPS by December 2028.

• Remains bullish on Solana long-term, expecting continued SPS growth and expanding exposure to the Solana ecosystem.

• Treasury Accelerator partnerships (e.g., Allied Architects, DFDV UK) are intended as long-term growth drivers, with some unrealized impact possible in the next six months but full benefits likely over years.

• Substantially all Real Estate Platform operations expected to cease by end of Q2 2026.

• Uncertainty remains regarding the impact of Solana protocol upgrades and market volatility.