DeFi Technologies (DEFI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $11.2 million and net income was $4.9 million, demonstrating profitability and operational resilience despite a challenging crypto market downturn.

• The balance sheet was strengthened with $156 million in combined cash, digital assets, and venture portfolio, and positive working capital of $47.3 million as of March 31, 2026.

• Platform monetization continued with diversified revenue streams across asset management, trading, and capital markets infrastructure.

• Stillman Digital contributed $2.9 million in trading commissions, up 38% year-over-year.

• Strategic capital deployment focused on growth initiatives, infrastructure, and new institutional product structures.

Financial highlights

• Q1 2026 revenue was $11.2 million, down from $43.8 million in Q1 2025; net income was $4.9 million, down from $30.0 million in Q1 2025.

• Core operating revenue (excluding realized/unrealized gains/losses) was $6.3 million, compared to $8.3 million in Q1 2025.

• Operating expenses decreased to $11.4 million from $12.5 million year-over-year, reflecting cost discipline.

• Average AUM was $533.6 million, with a low of $427 million during the quarter.

• Ended the quarter with $103.4 million in cash and stablecoins, $23.5 million in treasury holdings, and a venture/private portfolio valued at $29.1 million.

Outlook and guidance

• Management expects improving market conditions in 2026 to drive AUM growth, stronger ETP demand, and revenue acceleration.

• April 2026 net inflows were $14.6 million, the second strongest in 12 months.

• Stillman Digital is guided for 15%-20% revenue growth in 2026, tracking toward $12 million.

• Monetization rate for Valour expected to recover to 4.5% for the year, after a Q1 low of 3.5%.

• No formal consolidated guidance issued pending more visibility on UCITS and fund structures.