DeFi Technologies Inc.

DEFT

$0.68

+4.64%

2026-09-03 16:00:01 EDT+$0.03

Financial Services

Financial - Capital Markets

NASDAQ

Active Trading

DeFi Technologies Inc. is a technology company specializing in creating exchange-traded products (ETPs) within Canada, which are designed to mirror the value ...

Price Action of DEFT

$0.68

+4.64%+$0.03

High—

Low—

52W High-75.7%

Rel. vol—

Interval

Range5.7h

Volume—SMA5SMA10

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DeFi Technologies Inc. (NASDAQ: DEFT) is a vertically integrated digital-asset technology and capital-markets company focused on bridging traditional investing with decentralized finance. The company’s core offering centers on exchange-traded products (ETPs) that are structured to provide regulated exposure to the performance of individual DeFi protocols or a diversified basket of ...DeFi Technologies Inc. (NASDAQ: DEFT) is a vertically integrated digital-asset technology and capital-markets company focused on bridging traditional investing with decentralized finance. The company’s core offering centers on exchange-traded products (ETPs) that are structured to provide regulated exposure to the performance of individual DeFi protocols or a diversified basket of DeFi instruments. In practice, the company positions these products as a mechanism for investors to gain indirect participation in DeFi markets without directly operating decentralized protocols themselves. Beyond ETP creation, DeFi Technologies provides a broader suite of services that support institutional participation in digital-asset markets. These services include asset management and related index-like and instrument development intended to translate underlying DeFi protocol value into investable exposures. The company also operates an arbitrage trading desk aimed at capturing low-risk market opportunities, alongside proprietary research activities that help inform product development and market strategy. Complementing the product and trading functions, DeFi Technologies offers OTC desk capabilities and digital asset liquidity solutions. This type of offering is typically designed to help facilitate execution and liquidity for counterparties, aligning with the company’s stated objective of serving institutional capital markets needs. In addition, the firm engages in early-stage investments across parts of the digital-asset ecosystem, reflecting an internal approach to staying close to innovation in DeFi infrastructure and related applications. From a “cost/BOM/financial” perspective, the company appears to run a mix of technology, market-trading, and financial-services operations, with significant activities tied to market operations (trading/liquidity) and product operations (ETP/index/instrument maintenance). Public filings and market-data metrics referenced in the provided overview suggest the business is actively traded and has market capitalization and enterprise value consistent with a small-cap financial-services technology platform. However, detailed internal cost breakdowns (e.g., unit economics, direct BOM, or segment-level gross margin drivers) are not provided in the dataset, so the business-cost structure can only be described at a high level: ongoing operational costs for trading, research, compliance/operations, and platform/product maintenance. Key people include CEO and Executive Chairman Johan Wattenstrom, with an executive team that also includes roles such as President and Chief Financial Officer. Overall, the company’s “wishes” or strategic direction implied by its positioning is to expand regulated institutional access to DeFi through standardized, exchange-listed wrappers, supported by trading, liquidity, and research capabilities that aim to improve execution and product robustness for investors.ExpandCollapse

Founded

1986

Employees

CEO

Johan Wattenstrom

Full Name

DeFi Technologies Inc.

Sector

Financial Services

Industry

Financial - Capital Markets

ROE

17.74%

Market Cap

$0.26B

Current Ratio

1.14

WACC

25.31%

ROIC

44.45%

Contact Information

https://defi.tech

+1 416 309 2139

333 Bay Street, Toronto, ON M5H 2R2

Key Metrics of DEFT

Snapshot

Latest / TTM · 6 periods

Market Cap

$263.54M

ROCE

23.4%

EV / EBITDA

5.18x

+4.7% YoY

FCF Yield

-18.3%

+32.9% YoY

Cash Conversion Cycle

-15.6d

Current Ratio

1.14

Quick take

TTM —

No major risk flags in selected headline metrics.

Financial Highlights of DEFT

Profitability trend

Latest / TTM · 6 periods

Gross Margin

28.9%

Net Margin

127.1%

P/E Ratio

19.35x

n/a

Debt / Equity

0.00

n/a

Current Ratio

1.14

Dividend Yield

0.0%

Understanding

TTM —

No major balance sheet stress in these headline ratios.

Calendar of DEFT

Upcoming

Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $0.00 · Revenue $8.67M · 3 analysts
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $0.01 · Revenue $9.54M · 3 analysts
Dec 31, 2026
FY2026 · Estimated annual results
Est. EPS $-0.02 · Revenue $35.96M · 3 analysts
Mar 30, 2027
Q1 FY2027 · Estimated results
Est. EPS $0.01 · Revenue $10.28M · 1 analysts

Recent history

Jun 30, 2026
Q2 FY2026 · Results reported
EPS $-0.04 · Revenue $3.03M
Mar 31, 2026
Q1 FY2026 · Results reported
EPS $0.01 · Revenue $1.80M
Dec 31, 2025
FY2025 · Annual results
EPS $0.17 · Revenue $75.84M
Sep 30, 2025
Q3 FY2025 · Results reported
EPS $0.01 · Revenue $31.72M
Jun 30, 2025
Q2 FY2025 · Results reported
EPS $-0.00 · Revenue $27.05M
Mar 31, 2025
Q1 FY2025 · Results reported
EPS CAD 0.12 · Revenue CAD 33.94M

Financial Statements of DEFT

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$75.8M	-22.3%	+68.4%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$62.4M	+259.8%	-397.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+70.4%	-24.3%	+205.7%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+37.4%	+218.6%	-250.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+82.3%	+305.7%	-276.8%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$-133.4M	-2.6%	-100.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	-175.8%	-32.1%	-100.0%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	3.8%	-93.7%	-100.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	0.88x	+10.8%	+4.1%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$824.6M	-37.6%	-9.7%

Actual vs Estimate

A Dec 31Q Sep 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	0.17 vs 0.12	+44.0%	-0.04 vs 0.00	-1334.0%
Revenue Surprise	$75.8M vs $100.6M	-24.6%	$3.0M vs $8.7M	-65.0%

Earnings Call Transcript of DEFT

1 transcript segments

Q2 2026

Unknown Speaker

Operator: Hi, everyone. Welcome to the DeFi Technologies second quarter 26. Financial review and shareholder call. Curtis Schlaufman: I am Curtis Schlaufman, VP of marketing. And communications. Joining me on the call today are chief executive officer, Johan Wattenstrom chief financial officer, Paul Sandor Bozoki, and president Andrew Forson. We will begin with opening remarks from Johan Wattenstrom followed by a review of our second quarter 26 financial results from Paul. We will then provide an update on growth initiatives and strategic priorities, from Andrew Forson, and we will open up, for Q&A after that. Mix of retail from the chat and, invite analysts to come on and ask questions live. Before we begin, I would like to remind everyone that statements made during today's call may constitute forward looking information. Under applicable securities laws. These statements include, but are not limited to, comments regarding the expected financial performance, business development, strategic initiatives, market expansion, product growth, and future opportunities. Forward looking statements are based on management's current expectations and assumptions and are subject to known and unknown risks and uncertainties. That could cause actual results to differ materially from those expressed or implied. With that, I will turn it over to Johan Wattenstrom. Johan Wattenstrom: Thank you, Curtis, and thank you everyone for joining us today. The second quarter was shaped by continued volatility across digital asset markets as lower crypto asset prices affected assets under management, which together with a mark to market adjustments weighted our reported financial results. While those market conditions impacted our financial numbers during the quarter, they have not changed our conviction in the long term opportunity or the progress across the business. Our focus remains on executing our strategy, strengthening the platform and creating long term value for shareholders. More importantly, the underlying business continues to move in the right direction. Our core business is becoming more scalable and efficient as we invest across our existing businesses, pursue strategic opportunities and advanced product innovation. Believe these efforts are strengthening the platform, enhancing our competitive position and expanding all our long term growth opportunities across all the business areas. Balor has listed over 100 ETPs and structured product across multiple exchanges globally, Aiming for another 8 more during Q3. During the quarter, Valor generated more than $22.8 million on net inflows reflecting continued customer demand for our product despite the challenging environment for the broader digital asset industry. We view these positive net inflows as an encouraging sign demonstrating continued demand for our product despite the weaker market environment and reinforcing our confidence in the long term opportunities ahead. Beyond Valor, we continue to broaden …

Leadership Team of DEFT

9 executives

Name	Title	Compensation	Gender	Year Born	Status
Johan Wattenstrom	Co-Founder, Chief Executive Officer & Executive Chairman	CAD 1,010,977	Male	1970	Active
Andrew Forson	President	CAD 458,777	Male	—	Active
Paul Sandor Bozoki	Chief Financial Officer	CAD 226,494	Male	1972	Active
Carson Rorai	Head of Special Projects	—	Male	—	Active
Philippe Lucet	General Counsel & Corporate Secretary	—	Male	—	Active
Curtis Schlaufman	Vice President of Marketing & Communications	—	Male	—	Active
Niclas Larsen	Chief Technology Officer of Valour Asset Management	—	—	—	Active
Rafael Recavarren	Head of Corporate Development	—	Male	—	Active
Andrea Disaro	Structured Products & Quantitative Analysis Principal	—	—	—	Active

Recent News of DEFT

Seeking Alpha8/14/2026Neutral

DeFi Technologies Inc. (DEFT) Q2 2026 Earnings Call Transcript

MarketBeat8/14/2026Neutral

DeFi Technologies Q2 Earnings Call Highlights

DeFi Technologies NASDAQ: DEFT reported lower second-quarter revenue and assets under management as digital-asset prices declined, while the company pointed to positive fund inflows, cost reductions and progress on institutional product initiatives.

PRNewsWire8/13/2026Neutral

DeFi Technologies Inc. Announces Second Quarter 2026 Financial Results with Revenue of $7.8 Million, Operating Loss of $2.3 Million, and Maintained Strong Balance Sheet

Revenue and Operating Loss: DeFi Technologies reported revenue of $7.8 million and operating loss of $2.3 million for the three months ended June 30, 2026. Strong balance sheet and liquidity: As of June 30, 2026, DeFi Technologies held $70.7 million in combined cash and USDT/USDC, $30 million in digital asset treasury holdings, $19.1 million in STRC/RWUSD, and a venture and private portfolio valued at $15.1 million, for total cash, treasury, and venture portfolio value of approximately $135 million.

PRNewsWire8/3/2026Neutral

DeFi Technologies Announces Shareholder Call to Discuss Q2 2026 Financial Results

TORONTO, Aug. 3, 2026 /PRNewswire/ -- DeFi Technologies Inc. (the "Company" or " DeFi Technologies") (Nasdaq: DEFT) (CBOE CA: DEFI) (GR: R9B), a financial technology company bridging the gap between traditional capital markets and decentralized finance ("DeFi"), today announces it will conduct a shareholder call on Friday, August 14, 2026 at 11:00 a.m. EST to discuss its financial performance for the three month period ending June 30, 2026.

PYMNTS7/27/2026Neutral

DeFi Technologies CEO Declares Confidence in Company Amid Crypto Bear Market

DeFi Technologies, a FinTech that bridges the gap between traditional capital markets and decentralized finance (DeFi), is better positioned in the current crypto bear market than it was in the previous one, CEO and Executive Chairman Johan Wattenström said in a letter to shareholders released Monday (July 27).

Historical Employee Count of DEFT

Current

Minimum

Maximum

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	0	40-F	Apr 2, 2026	View

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DeFi Technologies Inc.