$DFDVW

DeFi Development Corp.

CIK:0001805526|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 3,314	$ 1,986	$ 5,978	$ 2,273
Operating expenses:
Cost of revenue	21	28	124	34
General and administrative	4,059	4,677	10,065	5,221
Sales and marketing	120	681	373	1,146
Research and development	83	313	224	482
Depreciation and amortization	352	291	703	341
Net loss (gain) on digital assets	21,519	(21,194)	72,549	(21,194)
(Gain) loss from changes in fair value of contingent consideration	0	0	0	(64)
Total operating expenses	26,154	(15,204)	84,038	(14,034)
Operating (loss) income	(22,840)	17,190	(78,060)	16,307
Interest expense	(3,701)	(776)	(6,397)	(776)
Gain on retirement of debt	2,849	0	2,849	0
Gain (loss) from derivative instruments	25	0	(22,813)	0
Investment and other (expense) income, net	(3,619)	219	(6,255)	324
(Loss) income before income taxes	(27,286)	16,633	(110,676)	15,855
Income tax (expense) benefit	(1)	(1,201)	(1)	(1,201)
Net (loss) income	$ (27,287)	$ 15,432	$ (110,677)	$ 14,654
Net (loss) income per share:
Basic (in dollars per share)	$ (1.00)	$ 1.09	$ (4.13)	$ 1.21
Diluted (in dollars per share)	$ (1.00)	$ 0.84	$ (4.13)	$ 1.05
Weighted-average shares outstanding:
Basic (in shares)	27,351	14,136	26,807	12,066
Diluted (in shares)	27,351	19,332	26,807	14,685

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net (loss) income	$ (110,677,000)	$ 14,654,000
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Digital assets received as revenue (including interest income)	(6,870,000)	(1,206,000)
Digital assets paid for expenses	2,597,000	20,000
Depreciation and amortization	703,000	341,000
Amortization of debt discount	1,122,000	529,000
Share-based compensation	2,444,000	1,006,000
Deferred income taxes	0	1,201,000
Net loss (gain) on digital assets	72,549,000	(21,194,000)
Loss (gain) from derivative instruments	22,813,000	0
Gain on retirement of debt	(2,849,000)	0
Net loss (gain) on investment activity	1,507,000	(255,000)
(Gain) loss from changes in fair value of contingent consideration	0	(64,000)
Other	6,492,000	0
Changes in operating assets and liabilities:
Accounts receivable	47,000	(886,000)
Prepaid expenses	(271,000)	207,000
Other assets	(2,020,000)	(84,000)
Accounts payable and accrued expenses	(1,685,000)	2,561,000
Deferred revenue	(10,000)	1,124,000
Right of use liability, net	0	(11,000)
Net cash used in operating activities	(14,108,000)	(2,057,000)
Investing Activities
Purchase of digital assets	(4,326,000)	(60,605,000)
Proceeds from sales of digital assets	31,962,000	0
Acquired intangible assets	0	(644,000)
Purchases of investments	(1,842,000)	0
Proceeds from the sale of investments	785,000	0
Purchases of property and equipment	0	(2,000)
Net cash provided by (used in) investing activities	26,579,000	(61,251,000)
Financing Activities
Repayments of short-term debt	(107,000)	(53,000)
Proceeds from convertible notes	0	31,000,000
Repurchase of convertible notes	(4,958,000)	0
Proceeds from issuance of common stock, net of offering costs	2,135,000	32,840,000
Payments related to employee stock plan taxes	(153,000)	0
Proceeds from warrant exercises	55,000	2,000
Proceeds from issuance of common stock under employee stock plans	0	94,000
Repurchase of common stock	(10,502,000)	0
Payments of offering costs	(526,000)	(622,000)
Net cash (used in) provided by financing activities	(14,056,000)	63,261,000
Net (decrease) increase in cash and cash equivalents	(1,585,000)	(47,000)
Cash and cash equivalents, at beginning of period	5,920,000	2,517,000
Cash and cash equivalents, at end of period	4,335,000	2,470,000
Supplemental Information of Cash Paid Information
Cash paid for interest	3,418,000	6,000
Cash paid for taxes, net of refunds	292,000	23,000
Supplemental Schedule of Non-cash Investing and Financing Activities
Common stock issued for asset acquisition	0	3,000,000
Digital asset financing arrangement borrowings	135,262,000	0
Repayments of digital asset financing arrangements	87,878,000	0
Digital assets received from convertible notes and warrants	0	10,950,000
Digital assets received from common stock issuances	0	3,150,000
Common stock issuance in connection with equity line of credit commitment fee	5,322,000	0
Issuance of common stock on convertible notes	0	9,566,000
Financing of prepaid insurance premiums	$ 0	$ 516,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 4,335	$ 5,920
Investments	1,950	3,675
Digital assets pledged as collateral	101,618	103,943
Deferred offering costs	836	6,377
Other current assets	5,910	2,011
Total current assets	114,649	121,926
Digital assets, at fair value	65,158	136,000
Digital assets, at carrying value	20,526	45,764
Goodwill	607	607
Intangible assets, net	2,300	3,020
Other assets	93	93
Total assets	203,333	307,410
Current liabilities:
Accounts payable and accrued expenses	4,955	6,821
Digital asset financing arrangements	89,769	67,521
Loans payable	0	107
Other current liabilities	79	6,339
Total current liabilities	94,803	80,788
Long-term debt, net	120,564	127,361
Total liabilities	215,367	208,149
Commitments and contingencies (Note 15)
Stockholders' (deficit) equity:
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
Additional paid-in capital	212,562	202,581
Treasury stock	(22,022)	(11,520)
Accumulated other comprehensive (loss) income	0	(27)
Accumulated (deficit)	(202,574)	(91,773)
Total stockholders’ (deficit) equity	(12,034)	99,261
Total liabilities and stockholders’ (deficit) equity	203,333	307,410
Undesignated Preferred Stock
Stockholders' (deficit) equity:
Preferred stock, value	0	0
Series A Preferred Stock
Stockholders' (deficit) equity:
Preferred stock, value	0	0
Series B Preferred Stock
Stockholders' (deficit) equity:
Preferred stock, value	$ 0	$ 0