DeFi Technologies (DEFI) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered $22.5M in revenue and $9M in operating income, marking the third consecutive profitable quarter and record average AUM of $950.7M, ending at $989.1M.

• Net inflows for ETP products reached $38.8M in Q3 and $116.2M year-to-date, with 99 products at quarter-end and 100 reached in October.

• CEO transition announced: Johan Wattenström appointed CEO and Executive Chairman, with Olivier Roussy Newton remaining as Strategic Advisor.

Financial highlights

• Q3 revenue was $22.5M, bringing nine-month cumulative IFRS revenue to $80M.

• Q3 operating income was $9M; net income after tax was $3.9M for Q3 and $33.8M for the nine months.

• Q3 average AUM rose to $950.7M from $760.2M in Q2, ending at $989.1M, driven by crypto price appreciation and positive ETP inflows.

• Valour generated $7.4M in staking/lending income and $2.8M in management fees, both up year-over-year.

• Stillman Digital contributed $2.2M in Q3 trading commissions; Reflexivity Research generated $109,500 in research revenue.

Outlook and guidance

• 2025 annual revenue guidance revised down from $218.6M to $116.6M due to delays in DeFi Alpha arbitrage opportunities and digital asset price consolidation.

• Achieving guidance depends on a modest crypto rally into year-end; bullish sentiment on crypto prices due to institutional and retail participation.

• Stillman Digital forecasted to close 2025 with $8.6M in revenue and margins in the 25-50% range.

• Valour plans further ETP launches and global expansion, with a robust pipeline extending into 2026.

• Staking rates expected to return to previous highs as capital from the $100M equity raise is deployed.