Key Highlights

  • Third-quarter 2026 Net Income was USD 66.6 million, against USD 56.0 million.
  • Diluted earnings per share were USD 1.91, against USD 1.95.
  • Total Revenue was USD 2.4 million, against USD 4.6 million a year earlier.
  • Cash and cash equivalents were USD 11.2 million at September 30, 2026.

DeFi Development Corp (NASDAQ:DFDV) reported third-quarter 2026 Diluted Earnings per Share of USD 1.91, against an estimate of a loss of USD 0.17. Total revenue was USD 2.43 million, against an estimate of USD 4.60 million. The company operates a digital asset treasury strategy and holds a real estate platform.

The filing states that net income was USD 66,591 thousand for the quarter, against USD 56,026 thousand. After preferred stock dividends of USD 126 thousand, net income attributable to common shareholders was USD 66,465 thousand, against USD 56,026 thousand.

Revenue and Operating Results

Total revenue was USD 2,432 thousand for the quarter, against USD 4,625 thousand. Digital asset treasury revenue was USD 2,379 thousand, against USD 3,794 thousand, and real estate platform revenue was USD 53 thousand, against USD 831 thousand. For the nine months, total revenue was USD 8,410 thousand, against USD 6,898 thousand, with digital asset treasury revenue of USD 8,037 thousand, against USD 5,000 thousand.

Operating income was USD 36,103 thousand for the quarter, against USD 72,086 thousand. Interest expense was USD 3,359 thousand, against USD 2,933 thousand. A gain from derivative instruments was USD 33,400 thousand, against USD 4,639 thousand, and Investment and other income, net, was USD 447 thousand. Income before income taxes was USD 66,591 thousand and there was no income tax expense, against USD 17,935 thousand.

For the nine months, the company reported a net loss of USD 44,086 thousand, against net income of USD 70,680 thousand. Operating loss was USD 41,957 thousand, and the nine-month results included interest expense of USD 9,756 thousand, a gain on retirement of Debt of USD 2,849 thousand, a gain from derivative instruments of USD 10,587 thousand and investment and other expense, net, of USD 5,808 thousand.

Per-Share Data and Taxes

Basic net income per share attributable to common shareholders was USD 2.24, against USD 2.70, and diluted net income per share was USD 1.91, against USD 1.95. Weighted-average basic shares were 29,682 thousand, against 20,759 thousand, and diluted shares were 35,922 thousand, against 29,510 thousand. For the nine months, basic and diluted loss per share was USD 1.59, against basic net income per share of USD 4.71 and diluted USD 3.74.

The filing states that the effective tax rate for both the three and nine months ended September 30, 2026 was 0.0%, against 24.3% and 21.3% for the three and nine months ended September 30, 2025.

Digital Assets and Balance Sheet

At September 30, 2026, digital assets accounted for at carrying value had a net carrying amount of USD 86,318 thousand and a Fair Value of USD 106,087 thousand. The company's staked SOL, or dfdvSOL, had a gross carrying amount of USD 81,123 thousand, accumulated impairments of USD 4,139 thousand and a fair value of USD 91,979 thousand. Digital assets pledged as Collateral were USD 225,933 thousand, against USD 103,943 thousand at December 31, 2025, and digital assets at fair value were USD 117,727 thousand, against USD 136,000 thousand.

Cash and cash equivalents were USD 11,241 thousand, against USD 5,920 thousand at December 31, 2025, and total current assets were USD 251,230 thousand. Net cash from financing activities was USD 38,276 thousand for the nine months, against USD 249,636 thousand, and cash paid for interest was USD 6,640 thousand. Goodwill was USD 607 thousand.

The filing also describes a September 2025 securities purchase agreement with ZeroStack to purchase convertible notes for 93.3 thousand SOL, or USD 23.1 million. On December 29, 2025, the parties entered into a note settlement agreement under which the company settled the notes, including principal, accrued interest and fees, for approximately USD 11.0 million in SOL, USD 1.75 million in cash and approximately USD 0.8 million of ZeroStack common shares.