Key Highlights
- DEFT shares climbed 32% during after-hours trading Tuesday
- Preliminary FY25 revenue reached $99.1M, representing a 215% increase from $31.4M the previous year
- Fourth quarter revenue of $20.0M fell below the $33.0M analyst estimate
- The firm achieved net income of $62.7M, reversing a $27.6M net loss from the previous fiscal year
- Annual financial statement filing faces delay while awaiting a SOC 2 Type 2 report from an external vendor — the postponement stems from administrative timing rather than auditor disputes or accounting concerns
DeFi Technologies released preliminary unaudited revenue figures of $99.1 million for fiscal year 2025, marking a 215% increase from the $31.4 million recorded in fiscal 2024. Market participants responded immediately — shares jumped 32% in after-hours activity.
The annual profitability reversal stood out as a major achievement in the preliminary results. The company recorded net income of $62.7 million, representing a $90.3 million improvement from the $27.6 million net loss reported in fiscal 2024.
While the annual figures impressed investors, fourth quarter revenue of $20.0 million came in below the $33.0 million consensus estimate among analysts. This shortfall deserves attention moving forward.
Valour, the asset management division, maintained average assets under management of $809.9 million throughout 2025. This performance came from introducing new products, sustained investor appetite, and positive digital asset market dynamics.
Valour’s ETP products attracted net inflows of $110.1 million during the fiscal year. The platform currently offers more than 100 listed products across global markets.
Stillman Digital and Platform Expansion
Stillman Digital, serving institutional clients, delivered its first complete year of operational results in 2025. CEO Johan Wattenström noted it has “further strengthened the institutional layer” of the overall platform.
Wattenström characterized the results as a reflection of “the strength of the business model we have built,” highlighting diversified revenue channels and varied product offerings as critical factors behind the company’s performance.
Filing Delay Explained
DeFi Technologies announced it will require additional time beyond the standard deadline to file audited annual financial statements for the year ended December 31, 2025. This includes the accompanying management discussion and analysis along with CEO and CFO certifications.
The company provided explicit reasoning: management is awaiting completion of a SOC 2 Type 2 report from an external vendor. This represents an independent verification process conducted by auditors.
The postponement bears no connection to any disputes with the company’s auditors. Management also confirmed the financial statements contain no errors and no weaknesses in internal financial reporting controls have been identified.
This clarification resonated with investors. The stock advanced sharply on the revenue and profitability data despite the filing postponement.
Fourth quarter revenue of $20.0 million represents the primary area of concern within an otherwise robust full-year performance.
