DeFi Technologies (DEFI) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of CAD 99.1 million ($99.1 million) in 2025, up from CAD 31 million ($31.4 million) in 2024, reflecting strong platform growth, diversification, and a 215% increase year-over-year.

• Net income for 2025 reached CAD 62.7 million ($62.7 million), with Q4 net income at CAD 28.9 million, demonstrating robust profitability and a $90.3 million improvement year-over-year.

• Assets under management (AUM) closed at CAD 622.3 million, with average AUM of CAD 809.9 million and net inflows of CAD 110.1 million in 2025.

• Expanded product suite to 102 ETPs, including launches on the London Stock Exchange and B3 in Brazil, marking first listings outside Europe.

• Maintained a strong balance sheet with CAD 178.7 million in cash, treasury, and venture portfolio value, and no significant debt.

Financial highlights

• Q4 2025 revenue was CAD 20 million ($20.0 million); full-year operating income was CAD 46.5 million, with Q4 operating income at CAD 7 million.

• Q4 effective staking and lending income was 4.7% on average AUM, up from 3.4% in Q3; management fee yield held at 1.2%.

• Stillman Digital contributed CAD 9.6 million ($9.6 million) in 2025 revenue, with Q4 revenue of CAD 3.3 million, up from CAD 2.2 million in Q3.

• Operating expenses decreased 14% to $52.6 million, driven by lower share-based payments and reduced general and administrative costs.

• Cash and USDT/USDC balance at year-end was $113.8 million, with digital asset treasury holdings of $35.5 million and a venture portfolio valued at $29.4 million.

Outlook and guidance

• No consolidated 2026 guidance provided due to market volatility, especially from the war in Iran and crypto price swings.

• Stillman Digital expected to grow revenues by 15%-20% in 2026, regardless of crypto price trends.

• Plans to scale Valour's structured product offerings and advance institutional fund structures in 2026.

• Intends to expand Stillman Digital's institutional execution and infrastructure, and broaden reach across new markets and distribution channels.

• Focus remains on scaling core drivers, expanding monetization, supporting institutional product development, and disciplined capital allocation.