DeFi Development Corp.DFDV
DeFi Development Corp. Revenue Disclosure
NOTE 3—REVENUE
We earn revenue from digital assets through our treasury strategy and from providing customers with our AI-powered online real estate platform and from other value-added products and services.
DIGITAL ASSET TREASURY
We earn reward revenue from participating in securing the Solana Network through external staking providers and from our owned and managed validators. Securing the Solana Network, known as the proof-of-stake consensus protocol, involves creating and validating transactions on the blockchain. This validation process is done through a validator infrastructure called a validator node. In exchange for providing these services, a validator will receive reward revenue in the form of SOL. The amount of reward revenue a validator will receive varies based on several factors including, the Solana Network’s annual inflationary rate, validator performance, and the amount of SOL that is delegated to the validator compared to the total Solana Network. Reward revenue is typically received at the end of each Solana epoch, which is less than three days.
External Staking Revenue
We delegate (“stake”) a portion of our SOL holdings, primarily consisting of locked SOL, to external validators. Our staked SOL holdings are subject to a bonding period of one epoch and may be unstaked at our discretion subject to an unbonding period also of one epoch. Under these staking arrangements, we provide a right to the validator to utilize our staked SOL holdings, while maintaining ownership, to perform the validation process on our behalf. In exchange, we will receive a portion of the validator’s total earned rewards in the form of SOL, net of any commission fees. We evaluated these arrangements under the principal versus agent guidance in ASC 606 and determined that we act as an agent and recognize revenue on a net basis. As an agent to these arrangements, we do not have the ability to control the validation services provided to the Solana Network. The amount of revenue recorded is equal to the fair value on the date the SOL is received.
Validator Revenue
We receive rewards, in the form of SOL, from providing validation services directly to the Solana Network through our owned validators. Rewards for validation services provided are received at the end of each epoch. We evaluated this arrangement under the principal versus agent guidance in ASC 606 and determined that we act as a principal and recognize the rewards received on a gross basis, including rewards generated from tokens staked by us, if any. As a principal in this arrangement, we control the operations of our validators and are responsible for fulfilling the validation services to the Solana Network. The amount of revenue recorded is equal to the fair value on the date the SOL is received.
Additionally, we also manage the operations of several validators for a fee, as specified under the service arrangement, which is received in SOL. Under these service arrangements we are responsible for performing the act of providing validation services to the Solana Network. We evaluated these service arrangements under the principal versus agent guidance in ASC 606 and determined that we act as a principal and recognize the fee received, under the arrangement, on a gross basis. As a principal in this arrangement, we control the fulfillment of providing the validation services to the Solana Network. The amount of revenue recorded is equal to the fair value on the date the SOL is received.
REAL ESTATE PLATFORM
We earn platform revenue from fees charged to our customers that utilize our technology platform which matches lenders and borrowers. These fees include a share of the revenue per transaction by the lender, typically 1% of the loan amount, and in some cases a fixed negotiated fee from the borrower. We have evaluated the terms of the contract with these customers and have determined that we act as an agent and recognize revenue on a net basis at the time the lending transaction is fully funded and closed.
We also derive revenue from our software as a service ("SaaS") offerings which provide data, transparency and other tools to help customers navigate the complex components of the multifamily and commercial property lifecycles and includes debt, equity, insurance and technology. Contracts with customers utilizing our SaaS offerings are subscription based and last between to three years. We act as the principal in these contracts and recognize revenue ratably over the contract term on a gross basis. The amount of revenue earned is equal to the annual rate per the contract or when the services are performed throughout the contractual period.
DISAGGREGATION OF REVENUE
The following table shows the disaggregation of revenue for the periods presented:
| Year ended December 31 (in thousands) | 2025 | 2024 | ||||||||||||
| Digital asset treasury | $ | 9,188 | $ | — | ||||||||||
| Real estate platform | 2,198 | 2,100 | ||||||||||||
| Total revenue | $ | 11,386 | $ | 2,100 | ||||||||||
DEFERRED REVENUE
The following table presents changes in both current and noncurrent deferred revenue for the periods presented:
| December 31 (in thousands) | 2025 | 2024 | ||||||||||||
| Beginning balance | $ | 341 | $ | 83 | ||||||||||
| Deferred revenue additions | 2,268 | 626 | ||||||||||||
| Revenue recognized | (1,145) | (368) | ||||||||||||
| Janover Pro disposition | (1,382) | — | ||||||||||||
| Ending balance | $ | 82 | $ | 341 | ||||||||||
As of December 31, 2025, we had no deferred revenue related to contracts greater than one year. Deferred revenue decreased for the year ended December 31, 2025 due to the disposal of JPro, see Note 7—Acquisitions and Dispositions for further discussion.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.