DEFT · DeFi Technologies Inc.

DeFi Technologies reported Q1 2026 results that demonstrated resilience amid a crypto bear market. Revenue of $11.2 million was down from $43.8 million in Q1 2025, primarily due to lower realized and unrealized gains. Core operating revenue (excluding gains/losses) was $6.3 million, down from $8.3 million, reflecting lower Valour management fees and staking income on reduced average AUM ($533.6 million vs. $789 million). Stillman Digital's trading commissions grew to $2.9 million from $2.1 million, indicating strength in institutional trading. Net income of $4.9 million compared to $30.0 million in the prior year, but remained positive despite the downturn. Operating expenses decreased to $11.4 million from $12.5 million, driven by cost discipline. The balance sheet strengthened significantly: working capital turned positive at $47.3 million from negative $5.1 million at year-end 2025, and total cash, treasury, and venture portfolio reached ~$156 million. Management highlighted April 2026 net inflows of $14.6 million, the second-highest monthly inflow in 12 months, suggesting a potential recovery. CEO Johan Wattenström expressed optimism about AUM growth and revenue acceleration through the remainder of 2026, citing the company's diversified platform and fortress balance sheet as key advantages.