Key Highlights
- Shares surged 32% during after-hours trading sessions on Tuesday
- Unaudited FY25 revenue reached $99.1M, representing a 215% increase from the previous year’s $31.4M
- Fourth-quarter revenue of $20.0M fell below the analyst estimate of $33.0M
- Net income reached $62.7M, marking a dramatic turnaround from the prior year’s $27.6M loss
- Filing of annual results will be postponed while awaiting a SOC 2 Type 2 verification from an external vendor — the delay is unrelated to auditor disputes or accounting concerns
DeFi Technologies released preliminary unaudited financial results showing $99.1 million in revenue for the fiscal year 2025, marking a substantial 215% increase from the $31.4 million recorded during fiscal 2024. Market participants responded enthusiastically — shares climbed 32% in extended trading.
The company’s transition to profitability represented one of the most compelling aspects of the financial disclosure. Net income totaled $62.7 million, reflecting a remarkable $90.3 million improvement from the $27.6 million net loss recorded during the previous fiscal year.
However, the fourth-quarter performance presented a contrasting narrative. Revenue for Q4 reached $20.0 million, underperforming against the Street’s expectation of $33.0 million. This shortfall merits closer examination.
$DEFT Earnings — Slightly Bearish 🐻
Revenue:
• Actual (FY2025): $99.1 million
• vs Consensus/Guidance: N/A (No external analyst consensus available. Stillman Digital segment closed fiscal 2025 ahead of its initial guidance range.)
• YoY Change (FY): +215% ($99.1M in FY2025…— William Paulson (@Billerrr1) March 31, 2026
Valour, which operates as the firm’s asset management division, maintained average assets under management totaling $809.9 million throughout 2025. This performance stemmed from fresh product introductions, sustained client interest, and supportive digital asset market dynamics.
The Valour ETP platform attracted net inflows of $110.1 million over the fiscal period. The division currently maintains a catalog exceeding 100 listed products across international markets.
Stillman Digital and Platform Expansion
Stillman Digital, which serves institutional clients, concluded its inaugural full year of operations in 2025. CEO Johan Wattenström characterized the division as having “further strengthened the institutional layer” within the company’s ecosystem.
Wattenström emphasized that the financial performance “reflect the strength of the business model we have built,” highlighting diversified revenue channels and product offerings as critical factors supporting operational resilience.
Filing Delay Explained
DeFi Technologies announced it would be unable to meet the regulatory deadline for submitting audited annual financial statements covering the period ending December 31, 2025. This encompasses the accompanying management discussion and analysis documentation, plus required CEO and CFO certifications.
Management provided explicit clarification regarding the postponement: the company is awaiting completion of a SOC 2 Type 2 compliance assessment from an external service provider. This represents an independent, third-party auditor validation process.
Importantly, the postponement stems from no disagreement whatsoever with the company’s auditing firm. Management additionally confirmed the absence of any concerns regarding financial statement accuracy or any identified deficiencies in internal financial reporting controls.
This transparency appeared to resonate with investors. Even with the filing postponement, shares moved substantially higher based on the strong revenue growth and profitability metrics.
The fourth-quarter revenue figure of $20.0 million represents the primary area of concern within an otherwise robust full-year financial report.
