DeFi Development Corp.
DFDVNasdaqFinancials · Finance Services · DE · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | |
|---|---|---|---|---|
| Revenue | $11.4M | $2.1M | $2.0M | $2.2M |
| Operating income | −$36.4M | −$3.0M | −$3.4M | −$1.7M |
| Net income | $70.7M | −$2.7M | −$3.4M | −$1.3M |
| Total assets | $307.4M | $4.4M | $6.7M | $1.3M |
| Total liabilities | $208.1M | $874,000 | $867,847 | $811,535 |
| Equity | $99.3M | $3.5M | $5.8M | $525,378 |
| EPS (diluted) | $3.74 | $-0.28 | $-0.40 | $-0.18 |
| Shares out. | 1.4M | 11.1M | 7.1M | 7.1M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −319.7%
- Net margin
- 620.8%
- Return on equity
- 71.2%
- Return on assets
- 23.0%
- Return on capital (ROCE)
- −16.1%
- Liabilities / assets
- 67.7%
- Debt / equity
- 2.10×
- Book value / share
- $69.49
- Revenue growth (YoY)
- 442.2%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -0.39distress
- Accruals / assets
- 28.8%high accruals
- Beneish M-Score
- 1.75elevated
- Piotroski F-Score
- 3/9weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 2 severe● 4 warning● 2 good- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Negative operating cash flow
- High accruals — earnings-quality risk
- Beneish M-Score elevated — earnings-manipulation screen flag
- Strong return on equity (>15%)
- Revenue is growing year-over-year
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗May 15, 2026
- NT 10-Qmissed a reporting deadline ↗Nov 14, 2025
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Defi Dev LlcActivist (13D)Nov 25, 2025
- Citadel Advisors LlcPassive (13G)Oct 21, 2025
- Payward, Inc.Passive (13G)Jul 30, 2025
- Groundbreaker Technologies Inc.Passive (13G)Mar 17, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 5.3M | 6.1 | -6.0% |
| Apr 30, 2026 | 5.7M | 6.8 | -5.5% |
| Apr 15, 2026 | 6.0M | 6.1 | -7.7% |
| Mar 31, 2026 | 6.5M | 6.1 | +2.5% |
| Mar 13, 2026 | 6.3M | 4.5 | -6.1% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Results of operationsMay 13, 2026
- Entered a material agreementMay 1, 2026
- Director / officer change · Other material eventApr 6, 2026
- Director / officer change · Other material eventApr 6, 2026
- Results of operationsMar 30, 2026
- Director / officer changeFeb 19, 2026
- Regulation FD disclosureFeb 17, 2026
- Director / officer change · Other material eventJan 29, 2026
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.