D
DeFi Development Corp.
DFDVCIK 0001805526NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthFinance ServicesDelawareFY ends Dec 31
Period
FY 2025
Revenue
$11.39M
Net Income
$-73.79M
Total Assets
$307.41M
Equity
$99.26M
Shares Out
29.50M
Op. Cash Flow
$-17.97M
Business
DeFi Development Corp. operates an AI-powered B2B fintech platform that connects commercial mortgage and small business borrowers with commercial property lenders. It offers an online marketplace and SaaS products—including loan matching, capital markets advisory services, a syndication investor portal, insurance technology, an equity marketplace, and generative AI tools—plus transaction referral and subscription services. The company serves two principal customer segments: borrowers (owners, operators, developers, and small business owners) and lenders (banks, credit unions, REITs, debt funds, agency and specialty lenders) through advisor-enabled portals. Distribution occurs digitally via multiple content-rich websites, borrower and lender portals, and platform partnerships and affiliates.
Summary from filing dated 2025-03-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Total revenue | 11 | 2 | — | — | |
| Cost of revenue | 249,000 | 32,000 | — | — | |
| Sales and marketing | 2 | 1 | 2 | 2 | |
| Research and development | 1 | 655,000 | 792,000 | 426,828 | |
| General and administrative | 14 | 3 | 3 | 2 | |
| Depreciation and amortization | 1 | 307,000 | 912 | — | |
| Net loss (gain) on digital assets | 27 | 0 | — | — | |
| Loss on disposition of Janover Pro | 2 | 0 | — | — | |
| (Gain) from changes in fair value of contingent consideration | −179,000 | 0 | — | — | |
| Total operating expenses | 48 | 5 | — | — | |
| Operating (loss) income | −36 | −3 | −3 | −2 | |
| Interest expense | −9 | 0 | — | — | |
| (Loss) gain from derivative instruments | −20 | 0 | — | — | |
| Investment and other (expense) income, net | −9 | 276,000 | — | — | |
| (Loss) income before income taxes | −74 | −3 | — | — | |
| Income tax (expense) benefit | −9,000 | 0 | — | — | |
| Net (loss) income | −74 | −3 | −3 | −1 | |
| Basic (in dollars per share) | −4 | −0.28 | −3.19 | −0.18 | |
| Diluted (in dollars per share) | −4 | −0.28 | −3.19 | −0.18 | |
| Basic (in shares) | 18 | 10 | 1 | 7 | |
| Diluted (in shares) | 18 | 10 | 1 | 7 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 6 | 3 | 5 | — | — | |
| Accounts receivable | 52,000 | 195,000 | 86,138 | 38,287 | — | |
| Prepaid expenses | 433,000 | 109,000 | 130,430 | 7,566 | — | |
| Investments | 4 | 340,000 | — | — | — | |
| Digital assets pledged as collateral | 104 | 0 | — | — | — | |
| Deferred offering costs | 6 | 114,000 | — | — | — | |
| Other current assets | 2 | 0 | — | — | — | |
| Total current assets | 122 | 3 | 5 | 1 | — | |
| Accounts receivable, non-current | 0 | 42,000 | — | — | — | |
| Property and equipment, net | 0 | 41,000 | 28,137 | 0 | — | |
| Digital assets, at fair value | 136 | 0 | — | — | — | |
| Digital assets, at carrying value, net | 46 | 0 | — | — | — | |
| Goodwill | 607,000 | 607,000 | 606,666 | 0 | — | |
| Intangible assets, net | 3 | 378,000 | 675,957 | 16,178 | — | |
| Other assets | 93,000 | 33,000 | 18,107 | 6,877 | — | |
| Total assets | 307 | 4 | 7 | 1 | — | |
| Accounts payable and accrued expenses | 7 | 340,000 | 539,136 | 159,380 | — | |
| Digital asset financing arrangements | 68 | 0 | — | — | — | |
| Loans payable | 107,000 | 0 | — | — | — | |
| Deferred revenue | 82,000 | 239,000 | — | — | — | |
| Other current liabilities | 6 | 14,000 | — | — | — | |
| Total current liabilities | 81 | 593,000 | 675,095 | 204,896 | — | |
| Long-term debt, net | 127 | 0 | — | — | — | |
| Contingent consideration | 0 | 179,000 | 178,819 | 0 | — | |
| Deferred revenue, non-current | 0 | 102,000 | — | — | — | |
| Total liabilities | 208 | 874,000 | 867,847 | 811,535 | — | |
| Commitments and contingencies (Note 16) | — | — | — | — | — | |
| Common stock, $0.00001 par value, 100,000,000 shares authorized, 27,718,159 and 9,909,473 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 0 | 0 | 14 | 71 | — | |
| Additional paid-in capital | 203 | 13 | 12 | 4 | — | |
| Treasury stock | −12 | 0 | — | — | — | |
| Accumulated other comprehensive (loss) income | −27,000 | 0 | — | — | — | |
| Accumulated (deficit) | −92 | −9 | −7 | −3 | — | |
| Total stockholders equity | 99 | 4 | 6 | 525,378 | 419,306 | |
| Total liabilities and stockholders equity | 307 | 4 | 7 | 1 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Digital assets received as revenue | −9 | 0 | — | — | |
| Marketable securities received as revenue | 0 | −226,000 | — | — | |
| Digital assets paid for expenses | 259,000 | 0 | — | — | |
| Amortization of debt discount | 2 | 0 | — | — | |
| Share-based compensation | 2 | 413,000 | 944,383 | 529,929 | |
| Loss (gain) from derivative instruments | 20 | 0 | — | — | |
| (Gain) from changes in fair value of contingent consideration | −179,000 | 0 | — | — | |
| Net (gain) loss on investment activity | 4 | −114,000 | — | — | |
| Other | 2 | 0 | — | — | |
| Accounts receivable | −605,000 | −151,000 | −47,851 | 72,345 | |
| Prepaid expenses | 309,000 | 26,000 | −116,218 | −5,172 | |
| Other assets | −124,000 | −2,000 | −11,230 | −4,483 | |
| Accounts payable and accrued expenses | 6 | −199,000 | 379,756 | 79,615 | |
| Deferred revenue | 787,000 | 258,000 | −5,379 | — | |
| Other liabilities | 36,000 | −3,000 | — | — | |
| Net cash used in operating activities | −18 | −2 | −2 | −1 | |
| Purchase of digital assets | −217 | 0 | — | — | |
| Proceeds from sale of digital assets | 15 | 0 | — | — | |
| Settlement of option contracts | −17 | 0 | — | — | |
| Proceeds from the settlement of convertible notes | 2 | 0 | — | — | |
| Disposition of Janover Pro | −1 | 0 | — | — | |
| Acquired intangible assets | −645,000 | 0 | — | — | |
| Purchase of investments | −2 | 0 | — | — | |
| Purchases of property and equipment | −2,000 | −23,000 | −29,049 | 0 | |
| Net cash used in investing activities | −222 | −23,000 | −89,049 | 0 | |
| Repayments of short-term debt | −373,000 | 0 | — | — | |
| Proceeds from convertible notes | 149 | 0 | — | — | |
| Proceeds from issuance of common stock, net of offering costs | 135 | 0 | 6 | 165,992 | |
| Proceeds from pre-funded warrants | 54 | 0 | — | — | |
| Proceeds from warrant exercises | 2,000 | 0 | — | — | |
| Proceeds from issuance of common stock under employee stock plans | 94,000 | 1,000 | — | — | |
| Payment for prepaid forward stock purchase | −76 | 0 | — | — | |
| Repurchase of common stock under repurchase program | −12 | −5,000 | — | — | |
| Payments of offering costs | −7 | −114,000 | — | — | |
| Net cash provided by (used in) financing activities | 243 | −118,000 | 6 | 297,523 | |
| Net increase (decrease) in cash and cash equivalents | 3 | −3 | — | — | |
| Cash paid for interest | 358,000 | 3,000 | — | — | |
| Income taxes paid (net of refunds received) | 2,000 | 0 | — | — | |
| Common stock issued for asset acquisition | 3 | 0 | — | — | |
| Debt securities purchased with digital assets | 18 | 0 | — | — | |
| Digital assets received for settlement of debt securities | 11 | 0 | — | — | |
| Marketable securities received for settlement of debt securities | 770,000 | 0 | — | — | |
| Digital asset financing arrangement borrowings | 172 | 0 | — | — | |
| Repayments of digital asset financing arrangements | 82 | 0 | — | — | |
| Digital assets received from convertible notes and warrants | 43 | 0 | — | — | |
| Warrant dividend distribution | 10 | 0 | — | — | |
| Digital assets received from common stock issuances | 3 | 0 | — | — | |
| Conversion of convertible notes to common stock | 22 | 0 | — | — | |
| Common stock issuance in connection with equity line of credit commitment fee | 6 | 0 | — | — | |
| Financing of prepaid insurance premiums | 516,000 | 0 | — | — | |
| Issuance of common stock for prepaid and accrued services | 0 | 4,000 | — | — |
Filings
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